The China Securities Depository and Clearing Corporation Limited ("CSDC") has recently issued the revised Implementing Rules on the Registration and Clearing Business for Margin Trading and Securities Lending (the "Rules"). The amended articles take effect immediately from the date of issuance.
According to the Rules, the following specific revisions are introduced this time. First, the words "protecting the legitimate rights and interests of investors" are added to the Article 1. Second, Article 57 is revised to read: "credit securities accounts of investors shall not be used to buy or accept securities, other than securities that could be used to offset margin, or to participate in the private placement, the subscription for or redemption of open-end funds characterized by stock trading or by bond trading, or bond repurchases, etc."