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China’s securities regulator acts tough on market violations

Updated: Jul 8,2018 8:31 AM     Xinhua

BEIJING — China’s securities regulator has continued to crack down on capital market violations, meting out more administrative penalties in the first half of the year.

The China Securities Regulatory Commission (CSRC) handed out 159 administrative penalties in the first half, up 41 percent year-on-year, CSRC Vice-Chairman Yan Qingmin said at a conference.

A total of 6.4 billion yuan (about $965 million) of fines or confiscation orders were imposed, a record high, Yan said.

The crackdown on the capital market is part of efforts to ensure financial stability and prevent risk. Defusing major risk is one of the “three tough battles” the country must win in the coming three years, along with poverty alleviation and pollution control.

Last year, the CSRC handed out 7.5 billion yuan of administrative penalties, up from 4.3 billion yuan from 2016, Yan said.

Regulators should continue to toughen administrative punishment over market violations, he said.