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.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 20 2018 23:13:08

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16September 20 2018 23:13:08

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 20 2018 23:13:08

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords