Edited by Sean Griffith, Jessica Erickson, David H. Webber and Verity Winship
Chapter 28: CSRC enforcement of securities laws: preliminary empirical findings
This chapter considers public enforcement of the securities laws in China. It draws on a unique, handcollected dataset comprising all 447 sanction decisions taken by the China Securities Regulatory Commission (CSRC), China’s primary securities regulator, during the period from 2006 through 2012. This study reveals that the patterns of those efforts have shifted over time, from an initial focus on violations of disclosure rules to targeting a much wider spectrum of wrongdoing including, in particular, insider trading and investment advisor violations. In enforcing China’s securities laws, the CSRC also does not typically assume individual or corporate liability alone, but frequently holds culpable both firms and the individuals responsible for the malfeasance in question.
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