March 29, 2019 / 9:11 AM / 6 months ago

CORRECTED-UPDATE 1-JPMorgan, Nomura get approval to set up China brokerage JVs

(Corrects year in paragraph 4 to 2017, not last year)

SHANGHAI, March 29 (Reuters) - JPMorgan Chase & Co and Nomura Holdings Inc on Friday received Chinese regulatory approval to set up brokerage joint ventures, in the latest step to widen foreign firms’ access to the financial sector.

The China Securities Regulatory Commission (CSRC) told a news conference in Beijing it would resolutely implement a national policy of further opening up its market. Details of the decision were not immediately known.

JPMorgan and Nomura did not have an immediate comment.

In November, Beijing gave approval for UBS Group to hold the majority stake in its securities joint venture, making it the first foreign bank to take such control under new rules announced in 2017.

JPMorgan and Nomura applied to set up majority-controlled joint ventures in China last year. Unlike UBS, neither has a mainland joint venture and would need to start such an operation from scratch.

China, aiming to open its financial sector, has taken steps in the last couple of years to relax foreign ownership in life insurance and asset-management joint ventures. (Reporting by Sumeet Chatterjee, Zhang Xiaochong and John Ruwitch; Writing by Samuel Shen; Editing by Clarence Fernandez)

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