National People's Congress Approves Significant Amendments to China's Securities Law in Effort to Strengthen Chinese Securities Markets

November 4, 2005

On October 27, 2005, the Standing Committee of the National People’s Congress approved amendments to China’s 1998 Securities Law. Among other things, such amendments increase disclosure requirements, provide shareholders with recourse against directors and managers who violate fiduciary duties, and impose harsher penalties for violations of the securities laws. The amendments will take effect January 1, 2006.

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