The former chairman of Huarong Investment Stock Corp, Qin Ling, stands accused of using his position to seek benefits for others, accepting bribes, and embezzlement.
The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.
In the event of a default, Shanghai Clearing House can initiate rapid disposal of non-cash collateral, demand the disposal of a clearing member’s other assets, or perform a forced liquidation, among other measures.
Currently, Chinese banks mostly trade bonds only in the interbank market. The move will increase their allowed scope for bond investments and improve the real economy’s access to financing.
The individual learned of a gaming company’s acquisition plans months in advance and used 14 stock accounts set up by acquaintances to profit from the information.
Morgan Stanley has become the latest foreign firm to control a securities JV in China, while JP Morgan becomes the first foreign firm to own a majority stake in an asset management JV.
The Shanghai and Shenzhen stock exchanges are consulting on rule changes that will allow Chinese investors to trade Hong Kong-listed dual-class shares via Stock Connect.
The bank's former chairman is said to have channelled bribes to a party official from the now-missing former chairman of a conglomerate, CEFC China Energy.
The new measures encourage banks to set up subsidiaries to invest in debt-for-equity swaps, helping them to offload distressed debt and ease rising NPL pressures.
Representative offices of foreign exchanges have 12 months to register with the CSRC, and are prohibited from engaging in any profit-making activities in China.