Beginning on April 13, 2009, securities brokers can only undertake the customer canvass and customer service activities as an agent for one securities firm.
Under the Tentative Provisions for the Management of Securities Brokers (“Provisions”) released by the China Securities Regulatory Commission (CSRC) on March 16, 2009, securities brokers must register, via the securities firms, to the Securities Association of China and obtain the securities broker certificates issued by the securities firms before they engaging in the aforementioned activities.
Besides, the Provisions also stipulated that securities firms must provide the pre-practice training with no less than 60 hours for securities brokers. They must also submit the annual securities broker management reports to branches of the CSRC in places where they are located prior to January 31 each year. (Mar 28th 2009)