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Regulator publishes credit system rules

Updated: 2012-08-01 15:51
By Chen Jia ( chinadaily.com.cn)

The top securities regulator published the first package of regulations for the credit system of the stocks and futures markets to protect investors' interests and boost confidence amid the economic slowdown.

"It's necessary to strengthen the construction of the credit system to reform and develop Chinese capital markets," an official from the China Securities Regulatory Commission said on July 31. The regulations will be in place in September.

According to the new regulations, the commission will build a national profile database and information search system to disclose the credit quality of market participants.

Reward and punishment measures will be applied to encourage trustworthy behavior, according to the CSRC official. The official declined to provide further details.

The CSRC also set up a validity period for credit information.

Information about general illegal activities or defaults will be stored in the system for five years, while information about criminal punishments and serious administrative penalties will be stored for 10 years.

At the same time, strict measures to keep the information safe will be launched.

chenjia1@chinadaily.com.cn

 
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