China to Scrutinize Foreign Businesses in the New Futures Market
Foreign businesses will have to obtain regulatory approval to market, promote and sell futures products in China, according to an updated draft of the country’s first law governing the futures and derivatives market.
The draft law on futures and derivatives was submitted Monday to the National People's Congress Standing Committee, the national legislature’s top decision-making body, for a third reading by lawmakers, usually the final step before a legislation is passed. The new law is expected to take effect by the end of the year.
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