CSRC streamlines powers to check corruption

The headquarters of China Securities Regulatory Commission in Beijing, July 7, 2006. Capital market regulator may relax approval requirements for IPOs, corporate refinancing China's securities watchdog vowed on Friday to streamline its regulatory powers in an attempt to eradicate power abuse and corruption within the agency. The China Securities Regulatory Commission said it was considering removing the approval requirements for initial public offerings and refinancing plans of companies that are outside the purview of the country's Securities Law, to reduce administrative controls and boost market efficiency, Zhang Xiaojun, a CSRC spokesman, told a news conference on Friday. At Friday's conference, the regulator said that the Shanghai and Shenzhen stock exchanges are drafting rules and regulations for the new IPO scheme, and said that preparations for the launch are "well on the way". The report said Haitong Securities Co, China's second-biggest brokerage by assets, and eighth-ranked Guosen Securities Co－whose president hanged himself weeks ago－both confirmed that they were being probed by the CSRC.