CSRC exits signal shakeup

Added 6th June 2016

The China Securities Regulatory Commission has lost five senior officials recently, according to mainland media.

CSRC exits signal shakeup

The leavers include two deputy directors from the listed company supervision department and enforcement bureau and three officials from the public offering supervision and listed company supervision units, according to Caixin.

After the A-shares market crash in the second half of last year, the regulator put a hold on all staff movements. That has since been lifted. 

Lu Zefeng, deputy director of public offering supervision, who had his resignation on hold for a time, is likely to turn to university teaching, the report said, quoting an unnamed source.

In 2014, the CSRC froze inititial public offerings for several months and began restructuring its departments. Since then, the public offering supervision unit has had eight out of nine division heads leave.

The two most recent departures are Yang Jiaohong and Jiang Yan, the report said. Yang may seek employment in a private investment fund.

Among the others, three remained working in other CSRC departments or in other government institutions, one is now working at Zhong De Securities, while the other two were prosecuted for wrongdoing.

Numerous senior appointments were made by the Chinese regulator after the stock market crash due to the much-criticised circuit breaker system which in January was introduced but quickly scrapped as well as a revamp of the rules on leverage trading.

The CSRC appointed Liu Shiyu as chairman in February, replacing Xiao Gang. Zhao Zhenping became one of the four CSRC vice chairmen last week.

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