A survey conducted by PricewaterhouseCoopers (PWC) showed that respondents remained optimistic under the credit crunch, but the pace of regulatory development…
On April 18 2008, the CSRC promulgated the Administrative Rules on Material Asset Restructuring of Listed Companies. This represents another major move to improve the basic system of the domestic stock market in China, and signifies that the M&A and restructuring of China's listed companies has entered a new era of standardization and development.
The Provisions detail the approval procedure of the board of directors of a listed company on material asset reorganization and related information disclosure obligations.
The Circular allows commercial banks to engage in gold futures trading and specifies the conditions such as having the qualifications to trade in derivatives.
The new circular issued by the CBRC represents a step towards the wider acceptance of commodities futures transactions, helping banks generate more business, provide more flexibility in gold trading, and improve competitiveness. The various conditions, application procedures and other requirements are extensive; while there are still some concerns about the operation of the new regulation, it is a step in the right direction.
A material asset reorganization shall be constituted when the purchase or sale of assets by a listed company and by the companies in which it has a controlling interest or that it controls reaches any of the specified benchmarks