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CSRC and CBIRC Jointly Promulgate Administrative Measures on Custodian Business for Securities Investment Funds

CSRC and CBIRC jointly revised and promulgated the Administrative Measures on Custodian Business for Securities Investment Funds (CSRC Decree No.172), effective July 11, 2020. The measures permit foreign bank branches in China to apply for fund custodian licenses with net asset requirements calculable from foreign headquarters, improve supervisory requirements and net asset criteria, streamline application processes, and extend regulation to non-bank financial institutions. Qualified financial institutions including foreign bank branches may now submit custodian license applications.

Measures for the Administration of Domestic Securities and Futures Investment by QFIIs and RQFIIs

CSRC Decree No. 176 establishes revised measures governing Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) domestic securities and futures investment in China, effective 25 September 2020. The decree supersedes prior CSRC measures on QFII/RQFII administration and sets compliance obligations for foreign institutional investors accessing Chinese capital markets.

Provisions on Supervision and Administration of Depository Receipts under Stock Connect

CSRC issued Announcement [2022] No. 28 establishing provisions for the supervision and administration of depository receipts under the Stock Connect scheme between domestic and overseas stock exchanges. The rules establish regulatory requirements for cross-border depository receipts, including eligibility criteria, disclosure obligations, and ongoing compliance requirements for participating securities firms and investors.

CSRC Expands QFII and RQFII Access to Commodity Futures, Options

CSRC, in joint deliberation with the People's Bank of China and the State Administration of Foreign Exchange, announces that starting November 1, 2021, Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors will be eligible to trade commodity futures, commodity options and stock index options listed on approved trading venues. Stock index options trading is limited to hedging purposes only.

CSRC Announcement 2020 No. 63

CSRC published Announcement [2020] No. 63, dated September 25, 2020. The announcement was issued by China's securities regulatory authority. No specific regulatory content or compliance obligations are available from the source document.

MIAX Options Exchange Fee Schedule - Liquidity Taker Report Fee Changes

The SEC published notice of MIAX Options Exchange's filing to amend its Fee Schedule, effective immediately upon filing. The exchange proposes to increase the annual fee for all Liquidity Taker Event Reports, establish annual and monthly fees for the new Purge Liquidity Taker Report, create a discount program for subscribers holding multiple annual subscriptions to two or more Reports, and establish a sunset period discontinuing monthly subscription options for all Reports.

Proposed Amendment to Exchange Rule 531(d) - Purge Liquidity Taker Report Timeframe

MIAX proposes to amend Exchange Rule 531(d) to update the timeframe used for the Purge Liquidity Taker Report from the current timeframe to 500 microseconds. The timeframe measures the time difference between when the first response executing against a resting quote was received by the Exchange and when the purge message to cancel that resting quote was received. The Report is an optional daily product providing Market Makers with liquidity response and taker time details for executions occurring before and after receipt of a purge message.

Amend Listing Criteria for Multiple Crypto Asset Trusts

MIAX proposes to amend Exchange Rules 402 and 403 to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts holding multiple crypto assets. This is a competitive filing substantively identical to Nasdaq ISE's proposal that was recently approved by the SEC. The rule change would allow listing and trading of options on trusts holding crypto assets such as Bitcoin.

Rule Change for Multi-Crypto Trust Options Listing

MIAX has filed a proposed rule change (SR-MIAX-2026-13) with the SEC to amend Exchange Rules 402 and 403 to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts holding multiple crypto assets. The proposal is substantively identical to Nasdaq ISE's approved framework for similar products. The SEC is publishing this notice to solicit public comments on the proposed rule change.

Increases Fees for Liquidity Taker Event Reports and Establishes Purge Report Charges

MIAX Options Exchange proposes to amend its Fee Schedule to: (i) increase the annual fee for all Liquidity Taker Event Reports; (ii) establish annual and monthly fees for the Purge Liquidity Taker Report; (iii) establish a discount program for market participants with multiple annual subscriptions to two or more Reports; and (iv) establish a sunset period for monthly subscriptions to the Reports. The Simple Order Report, Complex Order Report, Resting Simple Order Report, and Purge Report are voluntary Member-specific reports providing liquidity response time details for executions against orders resting on the Simple Order Book or Strategy Book.