March 18th, 2009 | China Daily New rules unveiled for State-owned assets in financial institutions
The Ministry of Finance has unveiled new rules regulating the transfer of State-owned assets in financial institutions, said a statement on the ministry’s website.
According to the statement, the new rules will take effect on May 1.
They require the transfer of State-owned assets in unlisted financial institutions to be handled by provincial or higher level of property rights exchange institutions.
The transfer of State-owned assets in listed financial institutions also must go through a liable securities exchange system, according to the new rules. If the majority shareholder of the listed financial institution wants to make such a transfer, it also must file an application through the Ministry of Finance.