China

CSRC Issues the Administrative Provisions on Deferred and Exempted Information Disclosure by Listed Companies

The CSRC issued the "Regulations on the Management of Postponement and Exemption of Information Disclosure by Listed Companies" to enhance supervision over disclosure postponement and exemptions, safeguarding investors' rights. The regulations outline two types of exemption categories, three exemption methods, emphasise company responsibilities, and strengthen regulatory constraints, aiming to guide listed companies in the proper and compliant use of the regulations after seeking public feedback.

Date of Release: 25 April 2025 Implementation on: 1 July 2025 Applicable to: Financial institutions and market Participants

CSRC Amends the Administrative Measures for Major Asset Restructuring of Listed Companies to Deepen Reform of the M&A Market

The CSRC has revised the “Administrative Measures for Major Asset Restructuring of Listed Companies” to deepen reforms in the mergers and acquisitions (M&A) market. Key changes include introducing phased payment mechanisms for stock-based transactions, simplifying review procedures, easing restrictions on related-party transactions, and encouraging private equity participation. These updates aim to boost market vitality and efficiency, with the new rules taking effect immediately.

Date of Release: 16 May 2025 Implementation on: 16 May 2025 Applicable to: Financial institutions and market Participants

CSRC Issues the Provisional Rules on the Administration of Programmatic Trading in the Futures Market

The CSRC has issued the “Trial Measures for the Administration of Programmatic Trading in the Futures Market”, effective from October 9, 2025. The regulation, comprising 7 chapters and 37 articles, aims to strengthen oversight of algorithmic and high-frequency trading by defining key terms, requiring pre-trade reporting, enhancing system access controls, and improving risk management and monitoring. It also outlines responsibilities for futures companies, exchanges, and regulatory bodies to ensure fair access to technical resources and maintain market order.

Date of Release: 13 June 2025 Implementation on: 9 October 2025 Applicable to: Financial institutions and market Participants

CSRC Announces Permission for Qualified Foreign Investors to Participate in ETF Options Trading

The CSRC announced that, starting October 9, 2025, qualified foreign institutional investors (QFIIs) will be allowed to participate in on-exchange ETF options trading, strictly for hedging purposes. This move is part of broader efforts to optimise the QFII system, expand their investment scope, and provide better risk management tools, thereby encouraging long-term and stable foreign investment in China's A-share market. Further reforms are expected to deepen institutional openness in the capital market.

Date of Release: 18 June 2025 Implementation on: 9 October 2025 Applicable to: Financial institutions and market Participants CSRC Issues Opinions on Establishing the Sci-Tech Growth Segment on the STAR Market to Enhance Institutional Inclusiveness and Adaptability

The CSRC has issued a new policy titled “Opinions on Establishing the Sci-Tech Growth Tier on the STAR Market” to enhance the inclusiveness and adaptability of the STAR Market's regulatory framework. This initiative introduces a new "Sci-Tech Growth Tier" to support high-potential, innovative companies, especially those not yet profitable—by reopening the use of the fifth listing standard and launching six key reforms, including pilot programs for institutional investor participation, IPO pre-review mechanisms, and expanded eligibility for frontier tech sectors like AI and commercial space. The goal is to better serve technological innovation and modern industrial development while strengthening investor protection and market functionality.

Date of Release: 18 June 2025 Implementation on: 18 June 2025 Applicable to: Financial institutions and market Participants

NFRA, Ministry of Science and Technology, and National Development and Reform Commission jointly issue the Implementation Plan for High-Quality Development of Technology Finance in the Banking and Insurance Industries

The NFRA released a plan aimed at enhancing institutional development in the area of technology financial services. The plan emphasises improving organizational systems, regulatory alignment, cybersecurity, and technological capabilities within the banking and insurance sectors to support the modernisation of financial supervision. Date of Release: 1 April 2025 Implementation on: As stipulated by the plan’s rollout schedule Applicable to: Banking and insurance institutions, financial technology firms under NFRA supervision

The NFRA and the Shanghai Municipal Government Issue the Action Plan to Support the Development of Shanghai as an International Financial Center

The NFRA and the Shanghai Municipal Government jointly issued a plan to promote the prudent development of carbon finance in Shanghai. The initiative supports financial institutions in enhancing their capacity to serve the carbon market, improving risk management frameworks, and advancing innovation in green and sustainable finance to strengthen Shanghai’s role as a carbon finance hub. Date of Release: 18 June 2025 Implementation on: As per the joint plan timeline Applicable to: Financial institutions in Shanghai and carbon finance market participants NFRA Designates China Reinsurance (Group) Corporation as an Internationally Active Insurance Group To actively engage in international insurance supervision and governance, safeguard global financial stability, and promote the high-level opening of China’s insurance industry, the NFRA designated China Reinsurance (Group) Corporation as an internationally active insurance group. The designation follows an assessment conducted in accordance with the Common Framework for the Supervision of Internationally Active Insurance Groups issued by the International Association of Insurance Supervisors (IAIS). NFRA will guide the company in strengthening its risk management system and enhancing its international competitiveness. Date of Release: 12 June 2025 Implementation on: Implementation not expected Applicable to: China Reinsurance (Group) Corporation and insurance industry regulators

SSE Issues Self-regulatory Rules to Promote Comprehensive Program Trading Oversight

Under the guidance of the CSRC, the SSE issued new Implementation Rules on Program Trading Regulation to strengthen oversight, ensure market fairness, and protect investors. The rules cover areas such as reporting, trading behavior, high-frequency trading, and Northbound Stock Connect, and are aligned with national regulatory goals. The SSE is also seeking feedback on draft guidelines for Northbound investors, aiming to align domestic and international practices while allowing for market-specific adjustments.

Date of Release: 3 April 2025 Implementation on: 3 April 2025 Applicable to: Financial institutions and market Participants

SSE Revises the Stock Listing Rules and Supporting Rules and Guidelines

The SSE has revised its Stock Listing Rules and related guidelines for both the Main Board and STAR Market, with approval from the CSRC. These updates aim to align with the new Company Law and other higher-level regulations, enhance corporate governance, and better protect small and medium-sized investors. Key changes include clarifying audit committee responsibilities, strengthening duties of directors and senior management, improving shareholder rights protections, and refining disclosure requirements related to reorganisations and internal supervision structures. Date of Release: 25 April 2025 Implementation on: 25 April 2025 Applicable to: Financial institutions and market Participants

SSE Revises Restructuring Review Rules to Enhance Market Vitality and Transaction Efficiency

The SSE has revised the Restructuring Review Rules and related guides to streamline procedures and support high-quality development in the capital market. Key changes include simplifying the review process for share issuance restructurings, loosening eligibility for rapid financing, and enhancing disclosure requirements for complex M&A scenarios such as cross-industry deals and installment payments. The SSE also introduced pre-application consultations, improved review efficiency, and supported exemplary transactions that promote technological innovation and market inclusiveness, while continuing to strengthen supervision and regulatory guidance.

Date of Release: 16 May 2025 Implementation on: 16 May 2025 Applicable to: Financial institutions and market Participants

No relevant regulatory news found this quarter

CSRC Seeks Public Comments on the Draft Revision of the Administrative Measures for the Custody Business of Securities Investment Funds

The CSRC has publicly solicited opinions on the revised draft of the "Administrative Measures for Securities Investment Fund Custody Business" to enhance supervision, risk prevention, and promote high-quality development in the fund custody industry. The revisions aim to strengthen the responsibilities of custodians, protect investor interests, and support innovative organisational structures within the custodian firms. Key changes include enhancing entry requirements, strengthening operational and risk isolation regulations, reinforcing custodian responsibilities, establishing an improved exit mechanism, and permitting high-quality custodian firms to establish wholly owned subsidiaries dedicated to custody services.

Consultation Period: N/A

Applicable to: Financial institutions and market Participants