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The Shanghai Stock Exchange said yesterday it has set up its first listings review committee. The committee, made up of officials, lawyers, accountants and scholars, has the power to decide on the listing, suspension and de-listing of securities on the exchange.

The move was made in accordance with the new Securities Law promulgated at the beginning of this year. Before the law took effect, both issuance and listing reviews were vetted by the China Securities Regulatory Commission, the country's securities watchdog. The new Securities Law stipulated that listings reviews should be passed to the exchange.

Separate listings committees for equities and bonds previously existed at the exchange, but they were composed mainly of exchange staff and did not operate transparently.

Song Yixin, a lawyer from the Shanghai Newhope Law Firm, said the listings committee is expected to raise the credibility of the exchange.

Of the 36-member committee, more than half come from law firms, accounting companies, research institutes and stockbrokerages and banks.

"The biggest benefit for the investors is that it provides a social examination system," Song said. "Chances are very small that these celebrity members will risk their fame for fraud."

He endorsed the new practice as a "good beginning."

In its May regulation on stock listings, the Shanghai Stock Exchange announced that the examination rights of stock listing, suspension and de-listing goes to the exchange itself. This time, the examination expands to bonds.

At least five members out of the 36 will take part in every approval process, including a lawyer and an accountant.

(China Daily June 13, 2006)