On April 12, 2024, the China Securities Regulatory Committee ("CSRC") released a public consultation draft of theProvisions on Program Trading Management in Securities Markets (for Trial Implementation)(《证券市场程序化交易管理规定（试行）（征求意见稿）》, the "Draft Provisions"). On May 15, 2024, CSRC finalized the Draft Provisions and issued the officialProvisions on Program Trading Management in Securities Markets (for Trial Implementation)(《证券市场程序化交易管理规定（试行）》, the "Program Trading Provisions"), which will take effect as of October 8, 2024. The finalized Program Trading Provisions are substantially the same as the Draft Provisions. The Program Trading Provisions are the first comprehensive rules on program trading issued at the central financial regulator level, which intend to address a series of critical issues relating to program trading in China's securities markets.