The China Securities Regulatory Commission (CSRC) has set a year-end deadline for setting up a new two-tier regulatory structure, with nine regional branches scheduled to start operations on January 1.
The imminent launch of the CSRC's regional branch network coincides with the People's Bank of China's (PBOC) new organisational structure on which the CSRC is modelled.
The PBOC also will start the ball rolling on January 1.
The move by the mainland's securities regulator is to centralise its power over the sector and to lessen interference by local authorities.
'From January 1, the CSRC will be responsible for the staffing and finance allocation of the nine regional branches,' a securities commission official said yesterday.
This followed the CSRC's takeover of supervisory power and personnel from the scores of securities offices under regional authorities since September.
The process is due to be completed by the year's end.
