China’s Securities Regulator Launches Strike Team Targeting Capital Market Malfeasance

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The China Securities Regulatory Commission (CSRC) has led the establishment of a new unit to target illegal activity on the Chinese capital market.

On 16 September CSRC announced the establishment of a “coordinating work team to strike against illegal activity on the capital market.”

CSRC said that the move was part of efforts to implement the Chinese central government’s “Opinions Concerning Lawfully and Strictly Striking against Illegal Securities Activity” (关于依法从严打击证券违法活动的意见).

The inaugural meeting of the work team convened on the same date called for “strengthening punishment of major cases, continuing to focus on conduct in breach of laws and regulations including financial forgery, market manipulation and insider trading; strengthening the foundations of the rule of law, and accelerating the establishment of a law and liability system for a capital market with Chinese characteristics.”

The meeting said that this would “have major significance for the establishment of a standardised, transparent, open, active and resilient capital market, and servicing high-quality economic development.”

CSRC said that the launch of the team is “a necessary requirement for refining a securities judicial and enforcement system with Chinese characteristics, and is an urgent necessity for expediting and improving a healthy capital market development ecosystem.”

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