Rule revisions outlined for securities

The China Securities Regulatory Commission (CSRC),on Friday released revised draft rules for asset-backed securitization (ABS) of securities firms and subsidiaries of fund companies.

The revisions would allow fund management companies, in addition to securities firms, to do ABS business.

The commission would cancel administrative examination and approval of ABS businesses and companies need only to have filings with the Asset Management Association of China.

"We pay attention to underlying assets, integrity and investor protection," said Deng Ge, a spokesman for CSRC.