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The China Securities Regulatory Commission is an agency directly under The State Council. It supervises and administers the securities and futures markets nationwide in accordance with laws, regulations and the authorization of The State Council, maintains the order of the securities and futures markets and ensures their lawful operation.
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The China Securities Regulatory Commission (CSRC) is located in Beijing, with one chairman, four vice chairmen and one head of the discipline inspection team at the CSRC. It has 20 functional departments, 1 inspection team and 3 centers. In accordance with Article 14 of the Securities Law, the CSRC also has a stock issue review committee, which is composed of professional personnel of the CSRC and other relevant experts hired by the CSRC. The CSRC has set up 36 securities regulatory bureaus in provinces, autonomous regions, municipalities directly under the central government and planned cities, as well as the offices of the Shanghai and Shenzhen securities Regulatory Commissioners.
28 - [29]
In March 2023, the Central Committee of the Communist Party of China and The State Council issued the"
Plan for reforming Party and state institutions
". The China Securities Regulatory Commission has been reorganized into an agency directly under The State Council.
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- Chinese name
- China Securities Regulatory Commission
- Foreign name
- China Securities Regulatory Commission
- Establishment time
- October 1992
- Office address
- 19 Financial Street, Xicheng District, Beijing [7]
- nature
- Agencies directly under The State Council
- Administrative level
- Leading ministerial level
- Abbreviated form
- China Securities Regulatory Commission ( CSRC )
- Current chairman
- Wu Qing [38]
In October 1992,
Securities Commission of The State Council
(Securities Commission of The State Council) and the China Securities Regulatory Commission (CSRC) were established, marking the beginning of the formation of a unified regulatory system for China's securities market. The Securities Commission of The State Council is the state's competent organ for unified macro-management of the securities market. The CSRC is the supervisory and executive body of the Securities Commission of The State Council and supervises the securities market in accordance with laws and regulations.
After the establishment of the Securities Commission of The State Council and the China Securities Regulatory Commission, their scope of authority has gradually expanded with the development of the market. In November 1993, the State Department decided to
futures
The Securities Commission of The State Council is responsible for the pilot work of the market, and the China Securities Regulatory Commission is responsible for the specific implementation. In March 1995, The State Council formally approved the Plan for the Organizational Establishment of the China Securities Regulatory Commission, confirming that the CSRC is a public institution directly under The State Council at the vice-ministerial level and a supervisory and executive body of the Securities Commission of The State Council, which supervises the securities and futures markets in accordance with laws and regulations.
In August 1997, The State Council decided to put the Shanghai and Shenzhen stock exchanges under the supervision of the China Securities Regulatory Commission. At the same time, the offices of securities regulators of the China Securities Regulatory Commission were set up in Shanghai and Shenzhen. In November, the Central government held a national financial Work Conference and decided to reform the national securities management system, rationalize the securities supervision system, exercise vertical leadership over local securities supervision departments, and transfer securities operating institutions formerly supervised by the People's Bank of China to the China Securities Regulatory Commission.
In April 1998, according to the institutional reform plan of The State Council, it was decided to merge the Securities Commission of The State Council and the China Securities Regulatory Commission to form ministerial-level public institutions directly under The State Council. After these reforms, the functions of the China Securities Regulatory Commission have been significantly strengthened, and a centralized and unified national securities supervision system has basically taken shape.
In September 1998, The State Council approved the Provisions on the Function Allocation, Internal Organization and Staffing of the China Securities Regulatory Commission, which further clarified that the CSRC is a public institution directly under The State Council and the competent authority of the national securities and futures market, and further strengthened and clarified the functions of the CSRC.
On May 1, 2015, the China Securities Regulatory Commission announced a number of cancelled administrative approval items and other matters, including the cancellation of 8 administrative approval items and 1 professional qualification license and identification items, and the retention of 4 industrial and commercial registration pre-approval items.
In March 2023, the Central Committee of the Communist Party of China and The State Council issued the"
Plan for reforming Party and state institutions
". The China Securities Regulatory Commission has been reorganized into an agency directly under The State Council. The China Securities Regulatory Commission has been restructured from a public institution directly under The State Council to an agency directly under The State Council, strengthened its capital market supervision responsibilities, and placed under the National Development and Reform Commission the responsibility of reviewing corporate bond issuance, and the China Securities Regulatory Commission is uniformly responsible for reviewing corporate (enterprise) bond issuance. The investor protection responsibility of the China Securities Regulatory Commission has been transferred to the State Financial Regulatory Administration. The staff of the China Securities Regulatory Commission shall be put under the unified and standardized administration of state civil servants, and the salary and treatment standards of State civil servants shall be implemented.
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The China Securities Regulatory Commission is responsible for implementing the guidelines, policies, decisions and arrangements of the Party Central Committee on financial work, and implementing the centralized and unified leadership of the Party Central Committee on financial work into the process of performing its duties. The main responsibilities are:
(1) Implement unified supervision and management of the securities industry in accordance with the law, and strengthen the supervision responsibility of the capital market.
(2) To study and formulate policies and development plans for the securities and futures fund market. To draft relevant laws and regulations on securities and futures fund market, and put forward proposals for enactment and amendment. To formulate relevant regulatory rules and regulations for securities and futures fund markets.
(3) To supervise the issuance, listing, trading, custody and settlement of stocks, convertible bonds, depositary receipts and other equity securities determined by The State Council to be the responsibility of the China Securities Regulatory Commission, and to supervise the activities of investment funds such as real estate investment trusts in the fields of securities, equity, private placement and infrastructure.
(4) To supervise the issuance, listing, listing, trading, custody and settlement of corporate (enterprise) bonds, asset-backed securities and other fixed income securities determined by The State Council to be the responsibility of the China Securities Regulatory Commission on the stock exchange market, supervise the listing and trading activities of government bonds on the stock exchange market, and be responsible for unified law enforcement work in the bond market.
(5) To supervise the securities market behaviors of listed companies, non-listed public companies, bond issuers and their shareholders, actual controllers and persons acting in concert who must fulfill relevant obligations according to laws and regulations.
(6) To supervise the listing, trading, settlement and delivery of domestic futures contracts and standardized option contracts according to the division of labor, and to supervise and administer the derivatives business carried out by securities and futures fund operating institutions according to law.
(7) To supervise stock exchanges and other national securities trading venues designated by The State Council to be under the responsibility of the China Securities Regulatory Commission, and to administer senior management personnel of securities and futures exchanges and relevant national securities trading venues in accordance with regulations.
(8) To supervise securities and futures fund operating institutions, securities registration and settlement companies, futures settlement institutions, securities finance companies, securities and futures investment consulting institutions, securities credit rating agencies, fund custody institutions, and fund service institutions, and formulate administrative measures for the employment and practice of directors, supervisors, senior managers and practitioners of relevant institutions and organize their implementation.
(9) To supervise domestic enterprises in issuing stocks, depositary receipts, convertible bonds and other securities and listing activities overseas, and supervise companies listed overseas in issuing convertible bonds and domestic securities and futures fund operating institutions in setting up branches overseas. Supervise overseas institutions to set up securities and futures fund institutions and engage in related businesses in China, overseas enterprises to issue securities and go public in domestic exchange markets, and qualified foreign investors to invest in domestic securities and futures.
(10) Supervise the information dissemination activities of the securities and futures fund market, and be responsible for the statistics and information resource management of the securities and futures fund market.
(11) Jointly with relevant departments to implement filing management and continuous supervision of accounting firms, law firms and institutions engaged in asset evaluation, credit rating, financial consulting and information technology system services engaged in securities service business according to law.
(12) Responsible for the science and technology supervision of the securities and futures fund industry, establish a science and technology supervision system, formulate science and technology supervision policies, build a regulatory big data platform, and carry out science and technology application and safety risk monitoring, analysis, evaluation, early warning, inspection and disposal.
(13) Investigate violations of laws and regulations in the securities and futures fund market according to law, and take relevant measures or penalties. Crack down on illegal securities and futures fund financial activities according to law, organize risk monitoring and analysis, and dispose of or coordinate to promote the disposal of securities and futures fund market risks according to law. Organize and coordinate the cleaning up and rectification of various trading venues, and guide the relevant work of risk disposal.
(14) To guide and supervise local financial supervision related to securities and futures funds in accordance with the requirements of establishing a local financial supervision system dominated by local agencies of the central financial management department, and to guide and coordinate local governments to fulfill their territorial responsibilities for the disposal of relevant financial risks.
(15) To carry out foreign exchanges and international cooperation in the securities and futures fund industry.
(16) Completing other tasks assigned by the Party Central Committee and The State Council.
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Two committees
Stock issue review committee
In accordance with relevant laws, administrative regulations and the provisions issued by the China Securities Regulatory Commission, to examine whether the application for stock issuance meets the relevant conditions; To examine the relevant materials and written opinions issued by securities service institutions such as sponsors, accounting firms, law firms, asset assessment agencies and related personnel for stock issuance; To examine the preliminary examination reports issued by the relevant functional departments of the CSRC; To submit opinions on the examination and approval of the application for stock issuance according to law.
Administrative penalty committee
Formulate rules for identifying violations of securities and futures, try cases transferred by inspection departments, preside over hearings in accordance with legal procedures, and formulate opinions on administrative penalties.
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Functional department
The China Securities Regulatory Commission has the following internal organs at the level of full department:
(1) General Office (Party Committee office). To be responsible for the daily operation of the organ, to undertake information, emergency duty, supervision and supervision, news and publicity, government affairs disclosure, letters and visits, security, confidentiality, and financial affairs of the organ. To undertake the daily work of the Office of the Party Committee of the China Securities Regulatory Commission.
(ii) Integrated Operations Division. To undertake research on the overall development plan of the capital market and major issues, deepen research on the reform of the capital market, draft comprehensive documents, and undertake the comprehensive coordination of related work across business lines of the China Securities Regulatory Commission.
(3) Issuance Supervision Department. To formulate the issuance supervision system, undertake the registration of domestic initial public offerings of stocks, depositary receipts, and securities issuance in China by companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange, supervise and inspect the listing review behavior of the stock exchange, and organize on-site inspection and special verification.
(4) Department for Public Company Regulation. To formulate a regulatory system for non-listed public companies and listed companies on the Beijing Stock Exchange, supervise the listing (listing) of the Beijing Stock Exchange and the national SME share transfer system, non-listed public companies and listed companies on the Beijing Stock Exchange, and supervise the issuance of securities by non-listed public companies and listed companies on the Beijing Stock Exchange.
(5) Market Supervision Division I. To coordinate the construction of the multi-level capital market and the supervision of the financial infrastructure of the securities market; to undertake the supervision and risk management of the securities market trading, settlement, registration, custody and stock option business; to lead the operation monitoring and analysis of the domestic and foreign capital markets and risk prevention and response; to guide the statistics of the securities and futures market and the compilation of the domestic stock exchange index.
(6) The Second Division of Market Supervision (to clean up and rectify the office of various trading venues). To formulate and organize the implementation of regulatory systems for private investment funds and regional equity markets, to undertake the supervision and inspection of private investment funds, to crack down on the financial activities of illegal securities and futures funds, and to clean up and rectify various trading venues.
(7) Securities fund institutions supervision Department. To formulate regulatory systems for securities fund operating institutions, securities investment consulting institutions, fund custody institutions, fund service institutions and qualified foreign investors, implement access management for the above institutions and their businesses according to law, supervise and manage their business activities and personnel's professional behavior, and carry out risk monitoring and individual risk disposal.
(8) Department of Supervision of listed companies. To formulate regulatory rules for companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange. To supervise and guide the exchange to supervise the information disclosure and corporate governance of relevant listed companies and relevant entities. To undertake the registration of mergers and acquisitions. To carry out risk disposal of listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange.
(9) Department of Futures Supervision. To formulate regulatory systems related to futures market and derivatives business carried out by futures operating institutions, and handle relevant approval, approval, registration and filing applications according to law. To supervise the futures market and derivatives related activities carried out by futures operating institutions and futures service institutions. Monitor, monitor and prevent futures market risks.
(10) Bond Supervision Department. To formulate development plans, policies and systems for the exchange bond market. Supervise the issuance and listing of corporate (enterprise) bonds and asset-backed securities on the stock exchange market, and carry out risk prevention and control. To supervise the bond business activities of corporate (enterprise) bond issuers and intermediaries. Regulating real estate investment trusts in the infrastructure sector.
(11) Inspection Bureau. To undertake the audit of securities and futures fund market. Formulate an audit and enforcement system. To organize, coordinate, manage and supervise the investigation and related work of illegal cases of securities and futures funds, and handle the transfer of suspected criminal cases. To undertake unified law enforcement work in the bond market. To organize the investigation of overseas regulatory cooperation cases and the investigation of foreign-related illegal cases in the domestic securities and futures market.
(12) Department of Science and Technology Supervision. To formulate scientific and technological planning and supervision system for the securities and futures fund industry and organize their implementation. To undertake the work of network security, data security, relevant critical information infrastructure supervision and information technology system service organization filing. To organize and carry out standardization work and regulatory science and technology research. To undertake basic data management and coordination of securities and futures markets.
(XIII) Rule of Law Division. Draft relevant laws and regulations, formulate relevant rules and regulations and regulatory policies. To undertake legal review, legal advisory services, commitment of parties to administrative law enforcement, administrative reconsideration, administrative litigation, freeze and seal up review, integrity construction and other work. To carry out the filing and supervision of the securities legal business of the law firm. To undertake the work related to investor protection, promote the application of public solicitation of shareholder rights, advance compensation, mediation, support litigation, representative litigation and other means to protect the legitimate rights and interests of investors.
(14) Office of the Administrative Penalty Committee. Formulate the administrative punishment system of securities and futures fund market according to law, and undertake the trial and response work of major cases. To guide the work of systematic administrative punishment and undertake the implementation of fines and fines.
(15) Accounting Department. To formulate financial information disclosure norms and regulatory systems in the capital market, to carry out the filing and supervision of securities service business of audit and evaluation institutions, to implement cross-border regulatory cooperation, to guide and supervise the management of financial budget assets in the system and the implementation of relevant financial disciplines, and to coordinate capital market charges and tax policies.
(16) Department of International Co-operation (Hong Kong, Macao and Taiwan Affairs Office). To undertake the two-way opening of the capital market, record and manage the overseas issuance of listed securities by domestic enterprises, carry out cross-border capital market monitoring and analysis and risk prevention, undertake cross-border regulatory exchanges and cooperation, foreign affairs management, and related affairs involving Hong Kong, Macao and Taiwan.
(17) Department of Personnel and Education (Organization Department of the Party Committee). To undertake systematic cadre personnel, cadre supervision, organizational establishment, wages and benefits, education and training, personnel and retired cadres management and other work.
(18) Department of Internal Audit (Office of the Party Committee Inspection Work Leading Group). To formulate systematic internal audit and inspection work systems and methods, organize the implementation of systematic internal audit and inspection work, and undertake the internal control supervision and evaluation work of the institutions within the organs of the China Securities Regulatory Commission.
(19) Party Building Work Bureau (Propaganda Department of the Party Committee). To undertake work related to the Party Committee of the China Securities Regulatory Commission's implementation of the responsibility for comprehensively and strictly governing the Party. To undertake the work of party building in the system, and guide the construction of grass-roots party organizations, the construction of Party members, the construction of Party conduct and clean government, and the work against corruption. To be responsible for the propaganda work of the Party. To lead systematic united front work and group organization.
Party committee. To be responsible for the party building and discipline inspection work of the organs and units directly under the government in Beijing, and to lead the work of the organs' mass organizations. The Party committee of the government organ establishes the discipline inspection commission of the government organ and the units directly under it in Beijing to undertake the work related to discipline inspection and the construction of Party style and clean government.
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CSRC discipline inspection team
The discipline inspection and supervision group of the Central Commission for Discipline Inspection and the State Supervision Commission of the CSRC is directly led and uniformly managed by the Central Commission for Discipline Inspection and the State Supervision Commission. The main responsibilities include: performing supervision and discipline enforcement responsibilities in accordance with the Party Constitution and other party regulations, performing supervision and investigation duties in accordance with the Constitution, the Supervision Law and the authorization of the Central Commission for Discipline Inspection and the State Supervisory Commission, focusing on supervising the leading team of the CSRC and its members, the cadres at the bureau level of the organs of the CSRC, as well as the cadres in the dispatched organs and regulatory units of the CSRC system; Guide and urge the Commission for Discipline Inspection of the CSRC organ to fulfill its supervision responsibility, conduct business guidance and supervision and inspection of the discipline inspection work of the dispatched agencies and meeting management units of the CSRC system, assist the Party Committee of the CSRC system to do a good job of inspection work, and promote the Party organizations at all levels of the CSRC system to fulfill the responsibility of comprehensively and strictly governing the Party; Daily management and supervision of the cadres in the discipline inspection and supervision team of the CSRC; Complete other tasks assigned by the Central Commission for Discipline Inspection and the State Supervisory Commission.
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The China Securities Regulatory Commission has 572 administrative staff. There will be one chairman and four vice-chairmen; 77 director-level leaders (including 1 chief lawyer, 1 chief risk officer, 1 chief inspector, 1 full-time deputy secretary of the Party Committee of the organ, 1 secretary of the discipline inspection committee of the organ).
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Research center
To study and draft medium - and long-term development strategies and plans for the capital market; To investigate and study the major problems encountered in the development, operation and supervision of the capital market, and provide support for regulatory decision-making; To provide advice on the drafting of capital market regulations, policies and measures or specific regulatory work; Other work assigned by CSRC.
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Information center
Construct and manage the wide area network of the CSRC, the computer LAN and computer room of the CSRC, and other private networks; Build and manage the SFC e-government system, video teleconference system, E-mail system, Internet station, information system, etc.; Organize and coordinate various departments and units of CSRC to put forward information system construction requirements, submit them to development units, participate in online testing, take charge of acceptance and undertake operation and maintenance services; To be responsible for the management of electronic office equipment; Organize and ensure the security of the CSRC's network and information, and cooperate with the technical support work of confidentiality and cryptography; To undertake other work assigned by SFC.
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Administrative center
China Securities Regulatory Commission
Inspector General
To undertake major, urgent, cross-regional cases in the securities and futures market, as well as other cases approved by superiors.
There are 20 functional divisions within the inspection corps, which are office (Party Committee office), investigation from one to fifteen, internal audit from one, internal audit from two, technical support and discipline inspection (supervision). The office (Party Committee Office) is responsible for the administrative affairs and party management of the Corps; Responsible for the investigation of major, urgent, sensitive and cross-regional cases such as insider trading, market manipulation, false statements and fraudulent issuance in the securities and futures market, the 15 investigation departments are coordinated by five investigation teams; Internal audit Division I and II are responsible for the internal audit review of the cases submitted by the investigation division of the squadron; The Technical Support Department is responsible for the technical services related to case investigation, electronic forensics, information coordination, and the development of technical support systems for auditing and handling cases. The Discipline inspection (supervision) Office is responsible for the construction of clean government and the discipline inspection and supervision of the Corps.
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The China Securities Regulatory Commission (CSRC) establishes securities regulatory bureaus in provinces, autonomous regions, municipalities directly under the Central Government and cities separately listed in the state plan as its representative offices. Its main duties are: to supervise and administer the securities and futures business activities of listed companies, securities and futures operating institutions, securities and futures investment consulting institutions, law firms, accounting firms, asset appraisal institutions and other intermediary institutions engaged in securities business within its jurisdiction according to the authorization of the China Securities Regulatory Commission; To investigate and punish cases involving violations of laws and regulations within the jurisdiction under supervision.
List of agents
Letter from the Chairman and Party Committee of the China Securities Regulatory Commission
Remember:
Wu Qing
[23]
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Li Chao, Vice Chairman and Member of the Party Committee of China Securities Regulatory Commission
[24]
Fang Xinghai, Vice Chairman and Member of the Party Committee of China Securities Regulatory Commission
[25]
Chen Huaping, Vice Chairman and Member of Party Committee of China Securities Regulatory Commission
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Leader of the discipline inspection team of the Central Commission for Discipline Inspection and the State Supervision Commission in the China Securities Regulatory Commission, Member of the Party Committee of the China Securities Regulatory Commission: Fan Dazhi
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Wang Jianjun, Vice Chairman and Member of the Party Committee of China Securities Regulatory Commission
[1]
[6]
[8]
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Liu Hongru
(October 1992-March 1995)
Zhou Daojiong
(March 1995 - May 1997)
Zhou Zhengqing
(May 1997 - February 2000)
Zhou Xiaochuan
(February 2000 - December 2002)
Shang Fulin
(December 2002 - October 2011)
Xiao Gang
(March 2013 - February 2016)
Fukai Building, 19 Financial Street, Xicheng District, Beijing
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China Securities Regulatory Commission
