From Bloomberg:
China may prevent foreign investors from taking control of domestic brokerages, a setback to Wall Street’s ambitions to tap the world’s fastest-growing stock market, people familiar with the planned rules said.
Overseas companies will be limited to owning stakes in publicly traded brokerages, with the foreign holding capped at 20 percent, said the two people, asking not to be identified before the rules are approved. The China Securities Regulatory Commission has submitted the draft rules to the State Council, the nation’s highest decision-making body, they said. [Full Text]
