The commission is now getting more help from the China Securities Regulatory Commission, its cross-border counterpart.
In October, the China Securities Regulatory Commission introduced new rules relaxing restrictions on securities companies offering wealth-management services.
As with most good-intentioned bureaucratic solutions, the ban, imposed by the China Securities Regulatory Commission, has not worked.
But it's also because the China Securities Regulatory Commission has dramatically boosted its oversight capacity as the market has developed.
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Mr Shang's former job running the China Securities Regulatory Commission goes to Guo Shuqing, who until recently was chairman of China Construction Bank, a giant state-controlled bank.
Now, VIEs have come under the scrutiny of Chinese regulators, the China Securities Regulatory Commission (CSRC), which has asked the State Council to take action against VIEs.
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In the past week, the China Securities Regulatory Commission, the country's top securities watchdog, has instructed brokerage and fund-management firms across the country to examine their bond-trading books for irregularities.
Notably, the Shanghai index dropped by approximately 3 percent on May 20, the same day that the China Securities Regulatory Commission Chairman Shang Fulin said that the international board launch is not very far away.
On May 9, the China Securities Regulatory Commission announced that it will experiment with letting small and private companies issue junk bonds, a change that could make it easier for such companies to obtain credit.
Guo Shuqing, the head of the China Securities Regulatory Commission, said that the regulator had already reached an agreement with the Chinese central bank and the State Administration of Foreign Exchange to raise the QFII limit.
Amid worries that new IPOs would drain money away from markets and hurt overall share price level, China Securities Regulatory Commission slowed down IPO approvals after June, and then shut down the IPO market completely in December.
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Guo Shuqing, a former top banker who took over as head of the China Securities Regulatory Commission in October, has publicly discussed ways to bolster the markets and help make them more friendly for investors as well as for smaller companies seeking new sources of capital.
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The China Securities and Regulatory Commission since last year has taken steps to address investor concerns, including lowering trading fees and tightening delisting rules.
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