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December 25, 2012

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Ban on ex-CSRC fund staff a timely rule

CHINA'S securities regulator will bar former employees of its fund supervision department from working in the fund industry for a certain period to prevent them from taking advantage of their previous positions, according to a draft law submitted for deliberation yesterday.

Senior regulators of the fund supervision department of the China Securities Regulatory Commission are banned from taking any post in the fund industry for three years after their resignation or retirement, while general staff members are barred for two years, according to a draft amendment to the securities investment fund law that was filed to the Standing Committee of the National People's Congress.

Recent data from the Investor Journal showed that 31 senior executives of 30 fund companies are former CSRC officials.





 

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