China limits foreign executives in securities firms

BEIJING - China Securities Regulatory Commission (CSRC) recently published the Circular on Implementation the Administration Rules Concerning Senior Executive Personnel in Securities Companies, stipulating that the proportion of foreign senior executives employed by Chinese securities dealers should not exceed 30% of the total, and that those employed by foreign-invested securities dealers should not exceed 50%.

Senior executives of securities dealers in office at present time must pass qualification test within five years.

However, before the administration rules which will become effective on November 15, 2004, CSRC still handles qualification applications according to existing rules and procedures, the circular said.

As for qualification of general manager and deputy general manager of sub-companies and business office of securities companies, existing rules still apply.

(Asia Pulse/XIC)