BEIJING – The limitation on foreign stakes in securities firms in China is scheduled to be scrapped on April 1 as the country moves ahead with opening its financial industry to foreign investors, according to the top securities regulator.

Eligible foreign investors can file applications for the registration of new securities firms or change of the actual controller of existing ones in accordance with applicable laws and regulations after the new regulation goes into effect, said the China Securities Regulatory Commission.

The State Council brought forward the cancellation scheduled in 2021 to 2020 in a statement released in July 2019.

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