Photo taken on Feb. 22, 2016 shows an electronic stock indicator of a securities firm in Shenyang, capital of northeast China's Liaoning Province.
BEIJING, Jan. 16 (Xinhua) -- China Securities Regulatory Commission (CSRC) released on January 13 securities brokerage business management measures, effective as from February 28, 2023, reported Xinhua Finance recently.
CSRC took the move to strengthen sector management, protect the legitimate rights and interest of investors, and maintain the securities market order.
The measures contain content of six aspects on definition of securities brokerage business, client behavior management, detailed business procedures, client rights and interest protection, internal control and compliance management, and regulatory accountability.
As CSRC highlighted, securities brokerage business belongs exclusively to securities firms and related business operation shall obtain approval for related licenses from CSRC.
CSRC required in the rules stricter client behavior management. Securities companies are required to pragmatically carry out client identification, client suitability management, real name-based account use related work, etc. to strictly perform their client management responsibilities.
To better protect investors, CSRC required securities companies to separately list trading commission and other taxes and charges such as stamp duty to protect investors' rights to know. Securities companies shall also provide conveniences for investors to close or transfer their accounts.
Tightening also regulatory accountability, the measures reinforce daily supervision over illegal cross-border securities brokerage business. Relevant violations will be cracked down in the principle of effective containment of new violations and orderly resolving existing violations.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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