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On 20 October 2009, the Securities Regulatory Commission of China alongside the State Secrecy Administration adopted the “Provisions on Strengthening the Secrecy and Archives Management Work Related to Issuance and Listing of Securities Overseas”. The Provisions state that any entity listed or that is in the process of issuance and listing of securities in a foreign country has to comply with the Securities Law, noting that the Chinese laws preempt the laws of the country in which the entity’s securities are or will be listed. In particular, the companies operating in foreign countries have to obtain approval from the national regulators before it provides any data or documents relating to state secrets to overseas regulatory agencies. Furthermore, the Provisions note that companies that are in the process of overseas issuance and listing of securities are obliged to store the data in China.
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