Top Securities Regulator to Unify Rules for Regional Equity Markets

(Beijing) — Regional platforms for the exchange of equity shares in non-public companies, which are collectively referred to as the Fourth Board in China, will face unified standards and regulations from the China Securities Regulatory Commission (CSRC), the country's top securities regulatory body.

These platforms, deemed an important but underdeveloped supplement to the Shanghai and Shenzhen stock exchanges and the national over-the-counter market, were approved and overseen by provincial-level governments. The CSRC has submitted a draft policy to the State Council for jointly supervising and governing these regional markets, people familiar with the matter told Caixin. The rules are expected to be approved and announced this month.