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Tags: China | Financial Markets | Money | China Securities Regulatory Commission | securities fraud

China Cross-Agency Team to Crack Down on Securities Fraud

China's stock market
China is calling on several agencies to form a "crack team" to avert securities fraud. (Dreamstime)

Thursday, 16 September 2021 07:23 AM

China has set up a cross-agency team, led by the country's securities watchdog, to coordinate crackdown efforts against illegal activities in capital markets.

The China Securities Regulatory Commission (CSRC) said on Thursday it recently held the first meeting with other team members, including the country's propaganda department, supreme court, supreme procuratorate, police, ministry of justice and ministry of finance.

Cracking down on securities misbehavior is vitally important to building an open, transparent and vibrant capital market that serves high-quality growth of the economy, CSRC said in a statement on its website.

China is seeking to channel more household savings into equities and bonds to fund innovation and economic expansion amid lingering Sino-U.S. tensions and signs of slowing domestic growth.

CSRC said the newly established team will promote better coordination between the central and local governments, and different Chinese regions, to better regulate capital markets.

It will also step up punishment of misconduct including book-cooking, market manipulation and insider trading with "zero tolerance," while improving China's system to protect the interest of individual investors.

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
China has set up a cross-agency team, led by the country's securities watchdog, to coordinate crackdown efforts against illegal activities in capital markets.
China Securities Regulatory Commission, securities fraud
173
2021-23-16
Thursday, 16 September 2021 07:23 AM
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