Beijing Financial Supervision Bureau: The city has not approved any trading venues to set up branches

On November 16th, the Beijing Municipal Bureau of Local Financial Supervision issued the “Risk Prompt on the Unauthorized Operation of Branches of Trading Sites”. The “Risk Prompt” stated that Beijing has not approved any trading venues to establish branches. He also pointed out that it is illegal to conduct business activities in Beijing if there is a foreign exchange trading venue (focusing on financial asset exchanges). "Risk Tips" emphasizes that according to the "Implementation Opinions of the General Office of the State Council on Clearing and Reorganizing Various Types of Trading Sites" (Guo Dang Fa [2012] No. 37) and the Inter-Ministerial Joint Meeting on Clearing and Reorganizing Various Trading Vendors on Clearing Branches of Trading Places Relevant requirements, the establishment of trading venue branches should be approved by the provincial people's government where the trading place is located and the provincial people's government where the proposed branch is located to carry out business activities.