China’s securities authority is preparing to establish a new regtech department that will be headed by an ex-vice governor of the Chinese central bank.
The China Securities Regulatory Commission (CSRC) is currently in the process of establishing a tech regulatory department (科技监管局) according to a recent report from National Business Daily.
The move comes after CSRC issued the “Regtech General Establishment Plan” (监管科技总体建设方案) at the end of August 2018, which outlined five fundamental data analysis capabilities, and 32 regulatory analysis scenarios across seven major categories.
CSRC is reportedly establishing the tech regulatory department under the general planning and direction of the Chinese central bank.
49 year-old Tao Qian (姚前), the general manager of China Securities Depository and Clearing Corporation Limited (CSDC) and a former vice-governor of the Chinese central bank, is expected to head CSRC’s new tech regulation department according to internal sources.
Tao Qian first joined the Chinese central bank at the end of 2010, where he served as head of the Central Bank Digital Currency Research Institute.