The China Securities Regulatory Commission (CSRC) has recently announced the first batch of blacklisted entities for violating the law and a lack of credibility in the securities and futures market, which includes 563 persons and 66 institutions.
The China Securities Regulatory Commission (CSRC). (File photo: VCG)
CSRC issued a regulatory document to establish a specific publicity system on July 1, 2018. According to CSRC, publicizing the blacklist is part of the country's efforts to build the social credit system, as well as an important means to promote the credit construction and improve the credit level in the capital market.
The blacklist information will be updated monthly and the market entities on the list will be publicized for one year.
Among the first batch of blacklisted entities, the vaccine manufacturer Changsheng Biotechnology Corporation was punished for issuing bogus information, including misleading statements and major omissions about the quality of its product and the misrepresentation in the annual report and internal control self-assessment report from 2015 to 2017. CSRC decided to warn the corporation and fined it 600,000 yuan.
These credit failures will be restricted from high-speed rail and air travel, according to official documents implemented on May 1, 2018.
(Compiled by Wu Mingyu)