BEIJING — China is expected to revise its Securities Law this year in accordance with the country’s 2015 legislation plan, a lawmaker said on March 10.
Yin Zhongqing, deputy director of the Financial and Economic Affairs Committee of the National People’s Congress (NPC), said the draft revision was approved by his committee last July and will be deliberated during the NPC Standing Committee meetings in late April this year.
In just over a year, lawmakers in Yin’s committee carried out research in south China’s Guangdong province and southwest China’s Chongqing municipality and studied securities legislation from both home and abroad, said Yin.
The Securities Law has been revised four times since it was created in December 1998.
“Compared to previous revisions, the draft will make a comprehensive overhaul, adding more than 100 clauses, amending more than 100 clauses and deleting more than 20 clauses,” said Yin.
The draft will reform stock and registration issues, and provide more protection to investors, especially medium and small investors and retail investors, Yin said.
It will also strengthen supervision, cancel administrative approval for seven items and increase punishment for violators.