More than two years after China first introduced the rules for registration-based IPOs, the Shanghai and Shenzhen stock exchanges are laying the groundwork for a roll-out across the A-share market.

The two bourses recently proposed updated rules governing listed companies and new listings. The rules ask intermediaries to serve as “watchdogs,” update corporate governance requirements, and encourage companies to disclose information more effectively.

The drafts of the updated rules were published on the same day as the conclusion of the annual central economic work conference, during which China’s top leaders laid out tasks for the coming year, including implementing the registration-based IPO system across the board.