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Provisions on Equity Administration of Securities Companies

On July 5, 2019 the China Securities Regulatory Commission ("CSRC") issued the Provisions on Equity Administration of Securities Companies ("Provisions"). The Provisions are effective immediately from the date of issuance.

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THE VARIABLE CAPITAL COMPANY (VCC) IN SINGAPORE

In further effort to augment the Fund Industry in Singapore, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) launched the Variable Capital Compan