The Administrative Rules for Financial Advisory Businesses in Mergers, Acquisitions and Reorganisations of Listed Firms (the “Rules”) issued by the China Securities Regulatory Commission (CSRC) took effect on 4 August 2008.

The purpose of the Rules is to regulate the activities of securities firms, securities consulting firms and other financial advisors advising in mergers, acquisitions and reorganisations of listed companies. CSRC authorisation is required for activities regulated by the Rules, which apply to financial advisory services such as transaction valuations, schematic designs, advising on mergers and acquisitions and reorganisations which have a significant influence on stock equity structures, assets, liabilities, revenues and profits.

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