Do Securities Companies Investing Indirectly Abroad Need Approval from the State Securities Commission?
Pursuant to Clause 1, Article 87 of the 2019 Securities Law (effective January 1, 2021), securities companies, and securities investment fund management companies must obtain written approval from the State Securities Commission before undertaking the following activities:
+ Temporary suspension of operations, except in cases of force majeure;
+ Offering and listing securities of securities companies and securities investment fund management companies abroad;
+ Indirect overseas investment;
+ Establishing or closing branches, representative offices domestically and abroad; establishing subsidiaries abroad; altering business operations at branches; establishing or closing transaction offices;
+ Changing names, locations of branches, representative offices, transaction offices;
+ Performing services stipulated in point b, clause 1, Article 86 of this Law.
=> Thus, based on the above regulations, securities companies making indirect overseas investments must obtain prior consent from the State Securities Commission.
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