China Securities Regulatory Commission ("CSRC") recently issued the revised Provisions on Banning the Access to the Securities Market (the "Provisions") for implementation from July 19, 2021.

The Provisions mainly involve the following revisions: (1) clarifying the types of market access prohibition; (2) adjusting the rules applicable to the transaction prohibition; (3) specifying the objects whose access to the market is banned and the circumstances under which the banning applies. In accordance with Article 221 of the Securities Law, the Provisions divide the banning of market access into two types, namely, "prohibition from engaging in securities business or securities service business, or serving as directors, supervisors or senior executives of the securities issuer" (identity-based prohibition) and "prohibition from trading any securities in stock exchanges or other national securities trading venues approved by the State Council (collectively the "stock exchanges")" (trading-based prohibition). Law enforcement bodies may choose to apply the appropriate type of access prohibition separately or in combination.

(Source: China Securities Regulatory Commission)