Frontline departments. In the eyes of market participants, the core power departments of the China Securities Regulatory Commission (CSRC) are front-line departments that hold administrative approval powers, including the Issuance Department, the GEM Department, the Listing Department, the Fund Department, the Institutions Department, the Accounting Department, the International Department, the Futures Department I, and the Futures Department II. . The China Securities Regulatory Commission is a ministerial-level institution directly under the State Council. In accordance with laws, regulations and authorization from the State Council, it uniformly supervises and manages the national securities and futures markets, maintains the order of the securities and futures markets, and ensures their legal operation.