Chinese lawmakers are moving closer to finalizing long-awaited revisions to the national Securities Law after five years of efforts to update the statute in line with the country’s fast-changing capital markets, reported Caixin.
The Standing Committee of the National People’s Congress (NPC), China’s top legislature, will convene its bi-monthly session next week to review draft revisions to nine measures including the Securities Law, the NPC said on Monday.
The review comes eight months after the previous reading of the revised law in April, which was the third reading by legislators. The development indicates completion of final revisions is nearing, analysts said. Once past the final review, the new Securities Law may be enacted as soon as the end of this year.
The draft revision submitted for the third review in April added a new section addressing special requirements for going public on the new high-tech board to create the legal grounds for the pilot program, although the new section was lacking specific details.