In accordance with the requirements in the Decisions On Canceling The First Group Of Administrative Approval Programs issued by the State Council (Guofa [2002] No. 24), we hereby issue the Notice on abolishing the examination and approval requirements of certificates for lawyers and law firms engaging in legal services concerning securities businesses as follows:
I. From November 1, 2002, when the State Council issued the Decisions, the following administrative approval programs shall be canceled: the approval of certificates of law firms engaging in legal services concerning securities businesses, the approval of certificates of lawyers engaging in legal services concerning securities businesses, and the filing of foreign law firms assisting Chinese enterprises in issuing stocks or listing stocks in stock exchanges overseas. Lawyers and law firms engaging in legal services concerning securities businesses shall no longer be restricted to certificates. The Notice by the Ministry of Justice of the People's Republic of China and the China Securities Supervision Commission on issuing the Interim Regulations concerning the affirmation of certificates for lawyers and law firms engaging in legal services concerning securities businesses (Sifatong [1993] No.008) shall be simultaneously annulled.
II. The Ministry of Justice, the departments (bureaus) of justice at the levels of provinces, autonomous regions and cities directly under the Central Government, and the China Securities Supervision Commission shall no longer accept the applications submitted by lawyers or law firms for certificates engaging in legal services concerning securities businesses or the filing submitted by foreign law firms assisting Chinese enterprises in issuing stocks or listing stocks in stock exchanges overseas; no examinations or approvals shall be furnished by the Ministry of Justice and the China Securities Supervision Commission over the applications or filings submitted.
III. Following the abolishing of administrative examination and approval programs, China Securities Supervision Commission and the Ministry of Justice shall make administrative norms and standards, improve the supervision methods, further strengthen the punishment and other measures during and after the punishable events, as well as the supervision and administration of lawyers and law firms engaging in legal services concerning securities businesses.
China Securities Supervision Commission
Ministry of Justice of the People's Republic of China
December 23, 2002
