The China Securities Regulatory Commission ("CSRC") recently drafted the Provisions on Banning the Access to the Securities Market (Draft for Comment) (the "Draft for Comment") for public comments. The solicitation for comments has ended by this date.
Main revisions of the Draft for Comment are as follows: Firstly, further specifying the types of market access prohibition; secondly, further specifying the banning rules for trading; thirdly, further specifying the objects whose access to the market is banned and circumstances under which the banning applies. Among others, the Draft for Comment divides the banning of market access into two types, namely, "prohibition from engaging in securities business or securities service business, or serving as directors, supervisors or senior executives of the securities issuer" and the trading access prohibition. The former type is banning measures following the current Provisions, while the latter is the newly added measures. On this basis, the law enforcement organs may choose to apply the matching type of access prohibition separately or in combination according to the identity and responsibility of the relevant responsible person, the type of illegal act, the social harm of the illegal act, and the severity of illegal circumstances.
(Source: China Securities Regulatory Commission)
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