Official of China’s securities watchdog under investigation for ‘serious violation’ amid uptick in market regulation
- Yao Qian is the director of the department of technology supervision at the China Securities Regulatory Commission
- He is being investigated by the Central Commission for Discipline Inspection and a local inspection unit, according to official announcements
An official with China’s securities regulator, who also directed a research institute within China’s central bank, is under investigation for “serious violation of discipline and law”, days after directives from authorities to further regulate the country’s financial markets.
Yao Qian currently serves as the director of the department of technology supervision at the China Securities Regulatory Commission (CSRC), and was the first director of the digital currency research institute within the People’s Bank of China (PBOC).
He is being investigated by the Central Commission for Discipline Inspection (CCDI) and a local inspection unit, according to official announcements published on Friday. The CCDI is the highest supervisory body of the Chinese Communist Party.
The investigation comes amid a series of moves led by the CSRC to tighten screws on the country’s capital markets and restore confidence among domestic and overseas investors.
“The latest round of inspections led by China’s regulatory authorities covered various aspects of the financial system, signalling a strengthening of oversight,” said Shen Meng, director of Beijing-based investment firm Chanson & Co.
The department of technology supervision’s functions, which were laid out late last year after the securities watchdog revamped its organisational structure, include drafting and implementing rules for securities, futures and fund industries, as well as regulating data, cybersecurity and other “relevant critical information infrastructure”, according to an official document published in December on the CSRC’s website.
