China Securities Regulatory Commission


The China Securities Regulatory Commission is a government agency directly under the State Council of the People's Republic of China. 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.
In November 2022, it stated its role to build "a capital market with Chinese characteristics".
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.
In late 2023 and early 2024, the CSRC instructed some institutional investors not to sell stocks in order to stabilize share prices.

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". 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". The CSRC is empowered to issue opinions or "Guideline Opinions", which are not legally binding, as guidelines for publicly traded corporations.

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:
For example, the CSRC appoints the chairperson and CEO of the exchanges.

List of chairpersons

No.NameTook officeLeft office
1Liu Hongru26 October 199230 March 1995
231 March 19953 July 1997
312 July 199723 February 2000
4Zhou Xiaochuan24 February 200027 December 2002
5Shang Fulin27 December 200229 October 2011
6Guo Shuqing29 October 201117 March 2013
7Xiao Gang17 March 201320 February 2016
8Liu Shiyu20 February 201626 January 2019
9Yi Huiman26 January 20197 February 2024
10Wu Qing7 February 2024Incumbent