China's stock market regulator has drafted rules to allow overseas bourses to set up representative offices on the mainland, a move set to help them lure more Chinese quality listings.

Overseas stock exchanges, which have operated for at least 20 years, can apply to open one mainland representative agency, the China Securities Regulatory Commission said in the rules unveiled late Wednesday.

The securities watchdog is soliciting public opinion on the draft regulation through May 10. The rules will also apply to the bourses in Hong Kong, Macau and Taiwan.

Overseas stock bourses such as the New York Stock Exchange and the Nasdaq Stock Market have said they would like to set up representative offices on the mainland to be closer to Chinese listing candidates.

The NYSE has applied to Chinese regulators to set up an office in Beijing and would get permission soon, Chief Executive John Thain said in November, on a trip to the mainland.

The representative office of a foreign stock exchange must file reports on overseas-listed Chinese mainland companies within two months after the end of each year, according to the draft rules.

The offices should also inform the stock regulator of any penalties imposed on an overseas-traded mainland company in a timely manner, according to the rules.

Editor: Yan