China Securities Regulatory Commission
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The China Securities Regulatory Commission (CSRC) is a government agency directly under the State Council of the People's Republic of China.[1] It is the main regulator of the securities industry in China.
History
Indicative of the role of the CSRC, China's highest court, the Supreme People's Court–at least as of 2004–has declined to handle securities-related litigation directly, instead deferring such judgments to the CSRC.[2]
In November 2022, it stated its role to build "a capital market with Chinese characteristics".[3]
In 2023, the CSRC was upgraded to a government agency directly under the State Council as part of the plan on reforming Party and state institutions. Additionally, it was granted responsibility auditing corporate bond issuances from the National Development and Reform Commission.[4]
In late 2023 and early 2024, the CSRC instructed some institutional investors not to sell stocks in order to stabilize share prices.[5][6]
Functions
China's first Securities Law was passed December 1998, and became effective July 1, 1999. The nation's first comprehensive securities legislation, it grants CSRC "authority to implement a centralized and unified regulation of the nationwide securities market in order to ensure their lawful operation".[7] The CSRC oversees China's nationwide centralized securities supervisory system, with the power to regulate and supervise securities issuers, as well as to investigate, and impose penalties for "illegal activities related to securities and futures".[8] The CSRC is empowered to issue opinions or "Guideline Opinions", which are not legally binding, as guidelines for publicly traded corporations.[8]
Affiliated bodies
A number of Chinese financial sector bodies, including all mainland national stock exchanges and futures exchanges and several self-regulatory organizations, are placed under the direct authority of the CSRC:[9]Template:Rp
- Shanghai Stock Exchange (SHSE)
- Shenzhen Stock Exchange (SZSE), including ChiNext
- National Equities Exchange and Quotations (NEEQ), including the Beijing Stock Exchange (BSE)
- Dalian Commodity Exchange (DCE)
- Shanghai Futures Exchange (SHFE)
- Zhengzhou Commodity Exchange (ZCE)
- China Financial Futures Exchange (CFFEX)
- Securities Association of China (SAC)
- China Futures Association (CFA)
- Asset Management Association of China (ACAM)
- China Securities Depository and Clearing Corporation (CSDC)
- China Securities Investor Protection Fund (SIPF)
- China Securities Finance (CSF)
- China Futures Market Monitoring Center (CFMMC)
- China Market Statistics & Monitoring Center (CMSMC)
- China Institute of Finance and Capital Markets (CIFCM)
- China Securities Information Technology Service (CSITS)
- China Minority Investors Service Center (CSISC)
For example, the CSRC appoints the chairperson and CEO of the exchanges.[9]Template:R/superscript
List of chairpersons
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| No. | Name | Took office | Left office |
|---|---|---|---|
| 1 | Liu Hongru | 26 October 1992 | 30 March 1995 |
| 2 | Template:Ill | 31 March 1995 | 3 July 1997 |
| 3 | Template:Ill | 12 July 1997 | 23 February 2000 |
| 4 | Zhou Xiaochuan | 24 February 2000 | 27 December 2002 |
| 5 | Shang Fulin | 27 December 2002 | 29 October 2011 |
| 6 | Guo Shuqing | 29 October 2011 | 17 March 2013 |
| 7 | Xiao Gang | 17 March 2013 | 20 February 2016 |
| 8 | Liu Shiyu | 20 February 2016 | 26 January 2019 |
| 9 | Yi Huiman | 26 January 2019 | 7 February 2024 |
| 10 | Wu Qing | 7 February 2024 | Incumbent |
See also
- National Financial Regulatory Administration
- China Securities Journal
- List of financial supervisory authorities by country
References
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External links
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