Top securities official probed for corruption
Print Edition
A DEPUTY head of China’s securities regulator is being investigated for suspected “serious breaches of discipline,” the Communist Party’s anti-graft watchdog said yesterday, using the usual euphemism for corruption.
The statement by the Central Commission for Discipline Inspection gave no further details of the probe into Yao Gang, a vice chairman of the China Securities Regulatory Commission.
The move comes as authorities work to restore confidence in the stock market after a fumbled intervention and suspicion of irregular trading following market turmoil that began in June.
Since then, authorities have swept up market participants, journalists, fund managers and media commentators in a crackdown on alleged manipulation.
China’s financial regulators have been under heavy pressure since stock markets collapsed in mid-June following a long bull run, though the statement made no mention of the markets.
Yao, 53, is the second senior CSRC official to come under investigation following the market turmoil.
In September, the graft watchdog began a probe into Zhang Yujun, an assistant chairman at the securities regulator, also for suspected serious violations of discipline.
The government said yesterday it had asked financial regulators to improve their supervision of market players to better protect consumer rights.
China will conduct random checks across the securities and futures sectors next year, a top regulator said.
The CSRC has developed a work plan to enhance the regulation of securities and futures trading. It has also decided to punish parties in five cases of securities manipulation with administrative penalties.
Financial market regulators are asked to enhance supervision of market players to protect the rights of consumers, according to a guideline released by the State Council yesterday.
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