China approves new securities law with registration-based IPO system

BEIJING - China's National People's Congress has approved amendments to the 1999 Securities Law, including stricter information disclosure and tougher penalties for fraud.

The amendment is believed to be a milestone that updates the law in line with China's fast-changing capital markets. Caixin says the 1999 law has been tweaked several times, but had until now undergone only one comprehensive revision in 2006. The new law will take effect on March 1, 2020. www.webershandwick.cn (ATI).