China is drafting the application documents and translating relevant laws and regulations in a hope to submit the application of the Multilateral Memorandum of Understanding (MMOU) of the International Organization of Securities Commissions (IOSCO) within this year, said a Chinese securities regulatory chief on Thursday.

Shang Fulin, chairman of China Securities Regulatory Commission (CSRC), said at the two-day 31st Annual Conference of the IOSCO that closed on Thursday that great attention has been paid to opening wider for overseas participation in the rapidly growing capital market of the Chinese mainland.

He said along with the increasing international activities in cross-border listings, investments and operations, there is a growing need for cross-border regulatory assistance, adding " therefore, we are fully aware of the importance and urgency of joining the MMOU."

So far, the CSRC has signed 29 bilateral memorandum of understandings (MOUs) with capital market authorities from 26 countries and regions. In 2005, the CSRC provided 34 cross-border assistance to overseas counterparts and received four assistance from abroad.

Shang was elected on Thursday to take up the position of Deputy Chair of the Executive Committee of the IOSCO, and Jane Diplock, chairperson of the New Zealand Securities Committee, was re- elected as chairperson of the Executive Committee.

IOSCO announced that IOSCO Emerging Markets Committee will meet in Shanghai from Sept. 19 to 21.

Source: Xinhua