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China Securities Regulatory Commission

"CSRC" redirects here. For other uses, see CSRC (disambiguation).
China Securities Regulatory Commission (CSRC)
中国证券监督管理委员会

Main entrance
Agency overview
Formed1992
JurisdictionPeople's Republic of China
HeadquartersBeijing
Agency executive
Parent agencyState Council
Websitewww.csrc.gov.cn Edit this at Wikidata
China Securities Regulatory Commission
Simplified Chinese中国证券监督管理委员会
Traditional Chinese中國証券監督管理委員會
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Zhèngquàn Jiāndū Guǎnlǐ Wěiyuánhuì
Alternative Chinese name
Simplified Chinese中国证监会
Traditional Chinese中國証監會
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Zhèng Jiān Huì

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. 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]

China Futures Market Monitoring Center

The China Futures Market Monitoring Center (CFMMC), sometimes also referred to as the China Futures Margin Monitoring Center, is one of 19 CSRC-affiliated organizations that support the CSRC's work,[9]: 68  formally a non-profit organization established by the State Council.[10] It operates one of two trade repositories for commodities and equity derivatives in China, together with the China Securities Internet System (CSIS).[11]: 11  It was established on 18 May 2006.[12]

List of chairpersons

No. Name Took office Left office
1 Liu Hongru 26 October 1992 30 March 1995
2 Zhou Daojiong [zh] 31 March 1995 3 July 1997
3 Zhou Zhengqing [zh] 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

References

  1. ^ Huang, C.W. (Winter 2008). "Company Law and the Independent Director System in Contemporary China". Hastings International and Comparative Law Review. 31. Archived from the original on 2 October 2023. Retrieved 14 January 2019., p. 411.
  2. ^ Yin, Dina J. (2004). "Investor Regulations: An American Answer to a Chinese Problem". Rutgers L. Rev. 57: 421. Archived from the original on 14 January 2019. Retrieved 14 January 2019. pg. 421.
  3. ^ "China Regulator's New Slogan Fuels Buying Spree in State Firms". Bloomberg News. November 24, 2022. Retrieved November 24, 2022.
  4. ^ "Decoding Chinese Politics". Asia Society. Archived from the original on 3 October 2023. Retrieved 2 October 2023.
  5. ^ Lockett, Hudson; Leahy, Joe (2024-01-16). "Beijing tells some investors not to sell as Chinese stock rout resumes". Financial Times. Archived from the original on 2024-01-18. Retrieved 2024-01-23.
  6. ^ "China regulators lift stock net-selling ban for mutual funds". Reuters. January 8, 2024. Retrieved January 23, 2024.
  7. ^ Friedman, William I. (2002). "One Country, Two Systems: The Inherent Conflict Between China's Communist Politics and Capitalist Securities Market". Brook. J. Int'l L. 27: 484–85. Archived from the original on 16 April 2023. Retrieved 14 January 2019.
  8. ^ a b Huang, C.W. (Winter 2008). "Company Law and the Independent Director System in Contemporary China". Hastings International and Comparative Law Review. 31. Archived from the original on 2 October 2023. Retrieved 14 January 2019., note 1.
  9. ^ "People's Republic of China: Financial Sector Assessment Program- Detailed Assessment of Observance of the Iosco Objectives and Principles of Securities Regulation". International Monetary Fund. 26 December 2017.
  10. ^ "Overview of China's Futures Market". Huatai Futures. Retrieved 4 January 2025.
  11. ^ "OTC Derivatives Market Reforms: Implementation progress in 2022" (PDF). Financial Stability Board. 7 November 2022.
  12. ^ "How Can Investors Protect Their Rights and Interests through CFMMC?". China Financial Futures Exchange. Retrieved 4 January 2025.
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