Revisions will end CSRC approval of IPOs

A draft amendment to the Securities Law may end the authority of the China Securities Regulatory Commission to review and approve new share issues.

The amendment received an initial review on Monday by the Standing Committee of the National People's Congress, the top legislature, which is holding its bimonthly session.

The amendment would lead to the dissolution of the stock issue examination committee of the CSRC. Instead, share issues would be reviewed by the nation's stock exchanges.