TNAG-2792-FCO40-4031-Relations-between-Hong-Kong-and-China-1993 — Page 109

CONFIDENTIAL

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機密

24.

The

State

Council Securities Policy Committee

to

take over

SCSPC

(SCSPC) and the China Securities Regulatory Commission

(CSRC) were established in October 1992 supervision of the securities sector from PBOC(4) is responsible for overall policy making (5), while CSRC is charged with day-to-day management of the securities

markets.

The China Securities Association, comprising

various members of the securities sector, helps to

establish rules and procedures for self-regulation.

(4) SCSPC is composed of a Chairman and two deputy Chairmen, one of whom is the head of CSRC. Other members include

deputy ministers/governors of 14 other agencies, including PBOC and MOF. Nevertheless, PBOC continues

hold responsibility for investment funds, bonds issued by financial institutions, and licensing of securities institutions.

SCSPC has five main responsibilities:

organising and preparing legislation,

(5)

(1)

(2)

researching and

stock market,

(3)

implementing strategies for the

(4)

(5)

drawing up the stock markets 'plan', including setting annual quotas, at both the national and provincial levels, for share issues,

coordinating and arbitrating between different organisations involved in the securities market State Commission for Restructuring the Economic System, and State Planning Commission, and

e.g.

PBOC,

MOF,

supervision of the securities market, principally in terms of macro-management.

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CONFIDENTIAL

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