Three futures brokerages authorised to open branches in Hong Kong. The China Securities Regulatory Commission has granted permission to three mainland futures brokerages to establish branches in Hong Kong. The names of the three companies have not been announced, and the State Council must still approve the decision. But the move represents a policy turnaround by the financial regulator, which had previously barred futures brokerages from setting up in Hong Kong on account of the non-convertibility of the renminbi and the general caution China has exercised in developing its financial markets and allowing domestic players to expand overseas.
Regulations tightened for overseas insurers looking to establish representative offices. The China Insurance Regulatory Commission (CIRC) has published a change to the regulations governing overseas insurance companies setting up representative offices in China. The CIRC will now restrict the opening of China-based branches to companies with industry experience of 20 years of more. Previously there was no minimum limit on the length of time an outfit has operated, but only requirements pertaining to the companys performance and compliance.
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