Who is charged with maintaining a fair and orderly market in a particular security?

China Securities Regulatory Commission (CSRC), a ministerial-level public institution directly under the State Council, performs a unified regulatory function, according to the relevant laws and regulations, and with the authority by the State Council, over the securities and futures market of China, maintains an orderly securities and futures market order, and ensure a legal operation of the capital market.

 China Securities Regulatory Commission is located in Beijing, with appointed one chairman, four vice chairmen, one secretary of the Disciplinary Inspection Commission (on the vice-ministerial level) and three assistants to the chairman. CSRC has eighteen functional departments, one inspection division and three centers. In accordance with Article 14 of the“Securities Law of the People’s Republic of China”, CSRC has set up a public offering review committee, which is formed of professionals of CSRC and invited experts from without the committee. China Securities Regulatory Commission has established thirty-six securities regulatory bureaus in provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state plan, and, in addition, Shanghai Commissioner Office and Shenzhen Commissioner Office.

Pursuant to the relevant laws and regulations, China Securities Regulatory Commission performs the following duties in the supervision and administration of the securities market:

1. Study and formulate policies and development plans for the securities and futures markets; draft the relevant laws and regulations on the securities and futures markets as well as put forward suggestions for formulation or modification of the said laws and regulations; and work out the relevant rules, regulations and measures for the securities and futures markets;

2. Exercise a vertical administration over the domestic securities and futures regulatory institutions and conduct a unified supervision over the securities and futures markets; and perform a regulatory supervision over the managements and the managerial officials of the relevant securities companies;

3. Supervise the issuance, listing, trading, custody and settlement of stocks, convertible bonds, bonds of securities companies, and bonds and other securities under the charge of CSRC as assigned by the State Council; supervise the securities investment bonds; approve the listing of corporate bonds; and supervise the trading of the listed treasury bonds and corporate bonds;

4. Supervise the securities market behaviors of the listed companies and their shareholders who shall fulfill the relevant obligations according to the relevant laws and regulations;

5. Supervise the listing, trading and settlement of domestic contract-based futures; and monitor the overseas futures businesses of the domestic institutions in accordance with the relevant regulations;

6. Supervise the securities and futures exchanges as well as their senior managerial personnel in accordance with the relevant regulations; and supervise the securities and futures associations in the capacity of a competent authority;

7. Supervise the securities and futures business institutions, securities investment fund management companies, securities depository and clearing corporations, futures clearing institutions, securities and futures investment consulting institutions, and securities credit rating institutions; examine and approve the qualifications of fund custodian institutions, and supervise their fund custody businesses; formulate and implement measures on the qualifications of senior management for the relevant institutions; and guide the Securities Association of China and the Futures Associations of China in the administration of the qualifications of the personnel engaged in securities and futures businesses;

8. Supervise the direct or indirect issuance and listing of shares overseas by domestic enterprises as well as the listing of convertible bonds by the companies listed overseas; supervise the establishment of securities and futures institutions overseas by domestic securities and futures business institutions; and supervise the establishment of securities and futures institutions in China by overseas institutions for securities and futures businesses;

9. Supervise the communication of the securities and futures information; and take charge of the management of the statistics and information resources for the securities and futures markets;

10. Work with the relevant authorities in the examination and approval of the qualifications of the accounting firms, the asset evaluation institutions and their personnel for securities and futures intermediary businesses; and supervise the law firms, the lawyers and the eligible accounting firms, the asset appraisal institutions and their personnel in their securities and futures business activities;

11. Investigate and penalize the activities in violation of the relevant securities and futures laws and regulations;

12. Administer the foreign exchanges and international cooperation affairs of the securities and futures sector in the capacity of a competent authority; and

13. Perform other duties as assigned by the State Council.

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