China drafts rules to tighten management of company registrations

A security surveillance camera overlooking a street is pictured next to a nearby fluttering flag of China in Beijing

BEIJING (Reuters) – China’s central bank and market regulator issued draft rules on Monday requiring companies to improve the management of their registration information, with any deferred registration filings likely to be subject to the rules.

The proposals aim to improve transparency and strengthen the enforcement of anti-money laundering laws, the two regulators said in a joint-statement on their websites.

The regulators will seek feedback on the draft rules from the public before they take effect from March 1, with a grace period for businesses to comply.

(Reporting by Cheng Leng, Stella Qiu, Ryan Woo; Editing by Kirsten Donovan)