CSRC fines three top brokerages for dealings with Citadel subsidiary

Updated 2017-05-25 15:30:36 Global Times

The China Securities Regulatory Commission (CSRC) has fined three securities companies and one futures brokerage more than 400 million yuan (.19 million) in total for violating regulations through their dealings with Citadel (Shanghai) Trading, domestic media reported Wednesday.

The CSRC fined CITIC Securities, Haitong Securities, Guosen Securities and Guosen Futures, with CITIC Securities receiving the largest fine of 308 million yuan, according to a report on chinanews.com. The commission also seized 61.66 million yuan from the company and fined two of its executives 100,000 yuan each.

CITIC Securities violated regulations related to financing and securities lending by dealing with Citadel (Shanghai) Trading after the latter company had not engaged in securities trading for six months, CITIC Securities said in a statement Wednesday.

Under CSRC rules, securities companies cannot provide financing or securities lending services to companies that have not engaged in securities trading for the previous six months.

The CSRC punished Haitong Securities and Guosen Securities for violating margin finance rules in their respective dealings with Citadel (Shanghai) Trading. Haitong Securities was fined more than 2.5 million yuan, and Guosen Securities and Guosen Futures were totally fined about 105 million yuan, the report noted.

The Shenzhen Stock Exchange banned Citadel (Shanghai) Trading, a subsidiary of the hedge fund giant Citadel, during the stock market crash of 2015, Caixin reported Wednesday.

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