Function
China's Securities Law (passed December 1998, effective July 1, 1999), the nation's first comprehensive securities legislation, grants CSRC "authority to implement a centralized and unified regulation of the nationwide securities market in order to ensure their lawful operation." The CSRC oversees China's nationwide centralized securities supervisory system, with the power to regulate and supervise securities issuers, as well as to investigate, and impose penalties for, "illegal activities related to securities and futures." The CSRC is empowered to issue Opinions or Guideline Opinions, non-legally binding guidance for publicly-traded corporations. Its functions are similar to that of the Securities and Exchange Commission in the United States.
Among its responsibilities include:
- Formulating policies, laws and regulations concerning markets in securities and futures contracts.
- Overseeing issuing, trading, custody and settlement of equity shares, bonds, investment funds.
- Supervising listing, trading and settlement of futures contracts; futures exchanges; securities and futures firms.
Indicative of the role of the CSRC, China's highest court, the Supreme People's Court–at least as of 2004–has declined to handle securities-related litigation directly, instead deferring such judgments to the CSRC.
The headquarters for the China Securities Regulatory Commission is in Beijing. Focus Place 19, Jin Rong Street, West District Beijing 100032.
Read more about this topic: China Securities Regulatory Commission
Famous quotes containing the word function:
“The function of literature, through all its mutations, has been to make us aware of the particularity of selves, and the high authority of the self in its quarrel with its society and its culture. Literature is in that sense subversive.”
—Lionel Trilling (1905–1975)
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