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CHINA'S SECURITIES regulator is warning fund managers to avoid comments that might "negatively affect" China's deflating stock market in order to ensure a "harmonious and successful Olympic Games".
In a strongly worded notice to local fund houses, the China Securities and Regulatory Commission (CSRC) stressed that "stability is the top priority of the regulator". It said that some people working in the financial industry had recently made "improper and inaccurate comments" and that staff lacked "considerate thoughts".
Fund companies should "better monitor speeches by employees" and should be "very careful" about public utterances and blog content. Companies that "disobey the rules or have [ negative] social impact" should "take responsibility for the results".
The CSRC also ordered staff not to comment publicly on the trend of stock indices, provide stock tips, comment on investment portfolios or say anything that might damage the "good image of the fund industry".
S.E.C. Warns Wall Street About Rumor-Mongering
The Securities and Exchange Commission announced on Sunday that it and other regulators would begin examining rumor-spreading intended to manipulate securities prices.
The timing of the announcement, made before the markets opened in Asia, was meant to warn broker-dealers, hedge funds and investment advisers to quell any spreading of rumors before trading started Monday. Full Text
China's fund managers told to silence negative comments on stock market
CHINA'S SECURITIES regulator is warning fund managers to avoid comments that might "negatively affect" China's deflating stock market in order to ensure a "harmonious and successful Olympic Games". Full Text
On the eve of the Olympics, all eyes are on Beijing. Beyond the spectacular architecture (BusinessWeek.com, 7/30/08) and staging at the Olympic Green, another scene, decidedly less euphoric, is playing out in factories across the country. "As the day of the long-awaited opening ceremony arrives, China's economy is indeed slowing," writes Jing Ulrich, Hong Kong-based chairman of China Equities with JPMorgan (JPM), in an Aug. 7 research note. A slowdown in export growth is "rippling across the economy," she adds. "New orders at factories have declined, and the country's property market has seen a sharp drop in transaction volumes."........Full Article