According to the Notice of the General Office of the State Council on Transferring the Shanghai Stock Exchange and the Shenzhen Stock Exchange to the China Securities Regulatory Commission for direct management,

In order to further strengthen the management of the securities market and straighten out the management system of the stock exchanges, the State Council decided to hand over the Shanghai Stock Exchange and the Shenzhen Stock Exchange to the China Securities Regulatory Commission for direct management. The general manager and deputy general manager of a stock exchange are appointed by the China Securities Regulatory Commission, while the chairman and vice chairman are nominated by the China Securities Regulatory Commission and elected by the board of directors.

Extended data:

1In August, 1997, the State Council decided to put the Shanghai and Shenzhen stock exchanges under the supervision of the China Securities Regulatory Commission. At the same time, securities supervision offices of China Securities Regulatory Commission were established in Shanghai and Shenzhen.

1 1 in June, the central government held a national financial work conference, and decided to reform the national securities management system, straighten out the securities supervision system, exercise vertical leadership over local securities supervision departments, and put the securities operating institutions originally supervised by the People's Bank of China under the unified supervision of the China Securities Regulatory Commission.

1in April, 1998, according to the institutional reform plan of the State Council, it was decided to merge the the State Council Securities Commission and the China Securities Regulatory Commission to form a ministerial-level institution directly under the State Council. After these reforms, the functions of China Securities Regulatory Commission have been significantly strengthened, and a centralized and unified national securities supervision system has basically taken shape.

1In September, 1998, the State Council approved the Provisions on the Function Allocation, Internal Organization and Staffing of China Securities Regulatory Commission, which further clarified that China Securities Regulatory Commission is an institution directly under the State Council and the competent department of the national securities and futures market, and further strengthened and clarified the functions of China Securities Regulatory Commission.

The behaviors targeted by the CSRC include market manipulation, illegal operation (securities services), violation of laws and regulations (brokerage futures), illegal reduction and short-term trading, and 40 cases were filed.

General Office of the State Council-Notice of Direct Management of China Securities Regulatory Commission

Baidu encyclopedia-CSRC