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CSRC Holds the 16th Meeting of International Advisory Council in Beijing

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The CSRC’s International Advisory Council (IAC) convened its 16th meeting in Beijing on November 10th and 11th, 2019. Member of the Political Bureau of the CPC Central Committee and Vice Premier Liu He met and exchanged views with IAC members and guests. Relevant officials from Ministry of Finance (MOF), People’s Bank of China (PBC), China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC), and State Administration of Foreign Exchange (SAFE) attended the meeting.

The theme of this IAC meeting was “Enhancing Fundamental Regimes and Deepening Reform and Opening-up of China’s Capital Markets”. 13 IAC members and guests, including IAC Chair Sir Howard Davies and Vice Chair Mrs. Laura M. Cha, together with CSRC Chairman Yi Huiman, Vice Chairman Fang Xinghai, were present at the meeting. Dr. Pan Gongsheng, Deputy Governor of the PBC and Administrator of the SAFE, was invited to delivered a keynote speech. Heads of CSRC departments and affiliated institutions also participated in the discussions.

Against the backdrop of current international economic and financial landscape and key tasks of reform and regulation in China’s capital markets, the meeting discussed topics including development of the STAR Market and registration-based IPO reform, monitoring and regulation of cross-border capital flow in opening-up, and credible deterrence in the enforcement of securities regulation and investor protection. The IAC members spoke highly of the important achievements China has made to reform and open up its capital markets in this year. They unanimously agreed that China’s decisive policies and measures for further opening-up will inject strong impetus to building a capital market featured by compliance, transparency, openness, vitality, and resilience. Members also shared experiences in and offered targeted advice on allowing the capital market to better perform its functions in direct financing so as to optimize financial structure, pushing through the STAR Market and registration-based IPO reform smoothly so as to foster innovation capacity of high-quality enterprises, improving legal framework and credible deterrence and nurturing a market culture of compliance and integrity so as to protect legitimate rights and interests of investors, as well as enhancing Reg Tech and regulatory cooperation so as to improve mechanisms for monitoring and supervising cross-border capital flow.

Established in June 2004 upon the approval of the State Council, the IAC serves as the think tank of the CSRC. Consisting of senior officials from overseas financial regulators, senior executives of financial institutions and renowned experts and academics, the IAC meets annually to provide continuous insight into the CSRC’s efforts in drawing experiences from international markets, intensifying international exchanges, and promoting the reform and opening-up as well as steady and sound development of China’s capital markets.

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Regulator Information

Abbreviation: CSRC
Jurisdiction: China

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