Provisions on the Regulatory Duties of the Local Offices of the China Securities Regulatory Commission (2025 Revision)

Order of the China Securities Regulatory Commission
(No. 229)

The Provisions on the Regulatory Duties of the Local Offices of the China Securities Regulatory Commission, as deliberated and adopted at the 4th Executive Meeting of the China Securities Regulatory Commission on April 18, 2025, are hereby issued with effect from May 19, 2025.

Chairman: Wu Qing
April 18, 2025

Annexes: 1. Provisions on the Regulatory Duties of the Local Offices of the China Securities Regulatory Commission
2. Explanation of the Revision of the Provisions on the Regulatory Duties of the Local Offices of the China Securities Regulatory Commission

Provisions on the Regulatory Duties of the Local Offices of the China Securities Regulatory Commission
(Issued by Order No. 118 of the China Securities Regulatory Commission on October 29, 2015, amended according to the Decision to Amend the Provisions on the Regulatory Duties of the Local Offices of the China Securities Regulatory Commission issued by Order No. 199 of the China Securities Regulatory Commission on May 31, 2022, and revised by Order No. 229 of the China Securities Regulatory Commission on April 18, 2025)

Chapter I General Provisions
Article 1 For the purposes of specifying the regulatory duties of the local offices of the China Securities Regulatory Commission (“local offices”) and improving the supervision of securities, futures, and funds, these Provisions are developed in accordance with the Securities Law of the People's Republic of China, the Securities Investment Fund Law of the People's Republic of China, the Futures and Derivatives Law of the People's Republic of China, the Regulation on the Administration of Futures Trading, the Regulation on the Supervision and Administration of Securities Companies, the Regulation on the Risk Disposal of Securities Companies, the Regulation on the Supervision and Administration of Private Investment Funds, and other laws and administrative regulations.
Article 2 The China Securities Regulatory Commission (“CSRC”) forms local offices in accordance with the law. Local offices are under the vertical leadership of the CSRC, perform regulatory duties in their own names in accordance with the law, and are responsible to the CSRC.
Article 3 The Party committee of the CSRC shall strengthen the leadership and supervision of Party committees of local offices.
While performing regulatory duties, local offices shall adhere to and strengthen the Party's leadership over the work on the capital market, resolutely maintain the authority and centralized and unified leadership of the CPC Central Committee, and implement the guidelines, policies, decisions, and arrangements of the CPC Central Committee on the financial work.
Article 4 Local offices are responsible for the front-line supervision of the securities, futures, and funds markets, and in the regulatory spirit of diligently performing duties, daring to regulate, being good at regulation, and strictly holding violators liable, strengthen institutional supervision, conduct supervision, functional supervision, look-through supervision, and ongoing supervision, effectively maintain the openness, fairness, and impartiality of the capital market, protecting the lawful rights and interests of investors, especially minority investors, preventing and disposing of market risks within their respective jurisdictions in accordance with the law, and promoting the stable and sound development of the capital market within their respective jurisdictions.
Article 5 The regulatory duties of local offices shall be determined and fulfilled under the principles of statutory powers, legal authorization, consistency between powers and duties, openness and transparency, and fairness and impartiality.
The regulatory duties of local offices shall be authorized by the rules of the CSRC, except as expressly provided for by any law or administrative regulation.
Where specific arrangements need to be made since the matters on regulatory duties involve the coordination and cooperation of the functional departments and local offices of the CSRC, stock and futures exchanges, securities depository and clearing institutions, and industry associations, among others, the CSRC shall develop the work protocols.
Article 6 Local offices shall perform the following regulatory duties according to the applicable provisions:
(1) Conducting the routine supervision of relevant entities and business projects within their respective jurisdictions in accordance with the law to discover violations of laws and regulations in a timely manner.
(2) Preventing and disposing of the relevant market risks within their respective jurisdictions in accordance with the law.
(3) Investigating the violations of laws and regulations on securities, futures, and funds and imposing administrative sanctions, among others, in accordance with the law.
(4) Cracking down on illegal securities, futures, and funds activities in accordance with laws and regulations.
(5) Providing securities, futures, and funds investors with education and protection.
(6) Conducting statistics, investigations, and research in light of market development and regulatory practice within their respective jurisdictions and offering opinions and recommendations on improvement of regulatory policies and regulations to the CSRC, among others.
(7) Other duties prescribed by laws and administrative regulations and authorized by the CSRC and other regulatory tasks assigned by the CSRC.
Article 7 Local offices shall, within their respective duties, establish and improve the mechanisms for information sharing and regulatory cooperation with stock and futures exchanges, securities depository and clearing institutions, industry associations and other self-regulatory organizations, the relevant entities administered by the CSRC, and other local offices, according to the provisions issued by the CSRC, to cooperate and support each other and perform duties in accordance with the law.
Article 8 Local offices shall join in the local financial work coordination mechanism within their respective jurisdictions, establish and improve the mechanisms for regulatory cooperation with the relevant departments of local people's governments and the local offices or branch offices of other financial administrative departments of the State Council within their respective jurisdictions, build the comprehensive supervision system, optimize the regulatory enforcement environment, promote the regulated operation and sound development of the capital market within their respective jurisdictions, and coordinate with each other in effectively preventing and disposing of financial risks in the regions.
Article 9 Local offices shall establish and improve the internal decision-making mechanism for performance of regulatory duties, and in accordance with the law, assume the legal liability for regulatory actions taken by them within the scope of authorized duties.
In performing regulatory duties, local offices may consult and request guidance from the relevant functional departments of the CSRC in respect of the business matters involved. The functional departments of the CSRC shall provide guidance and replies according to the division of duties.
Article 10 Local offices that encounter any of the following major issues and matters in performing regulatory duties shall, according to the applicable provisions, request instructions from or report to the CSRC, and handle them in accordance with the replies of the CSRC:
(1) Major reform and innovation measures, advancement of major projects, major emergencies, handling of cases involving major violations of law and complicated cases within their respective jurisdictions, major circumstances of first impression, and major risk events, among others.
(2) Important documents needing to be submitted to the CSRC for approval and important meetings and important activities, among others, organized by local offices.
(3) Regulatory business within the scope of powers but is of great significance or is particularly sensitive.
(4) Circumstances on which there are substantially dissenting opinions in the research and implementation of major decisions.
(5) Major issues concerning cross-regional, cross-field, cross-industry, and cross-system work that needs the coordinated advancement by the CSRC.
(6) Other major matters on which instructions shall be requested or which shall be reported.
Article 11 The CSRC may, as needed, directly conduct on-site inspections, take administrative regulatory measures, open cases for investigation, and impose administrative sanctions, among others, on the relevant entities within the jurisdictions of local offices. The relevant functional departments of the CSRC shall notify the relevant local offices in a timely manner, and send a copy of regulatory results to the relevant local offices. The relevant local offices shall provide assistance and cooperation according to the applicable provisions.
The CSRC shall, according to the applicable provisions, conduct supervisory inspection on the performance of regulatory duties by local offices.
Chapter II Routine Supervision
Article 12 Local offices shall implement administrative licensing and administrative recordation in accordance with the provisions of laws and administrative regulations and the CSRC's authorization.
Local offices shall, according to the applicable provisions, accept administrative licensing matters on which local offices conduct preliminary examination and the CSRC conducts reexamination and make decisions, and issue preliminary examination opinions.
Where the relevant functional departments of the CSRC need local offices' inspection and verification of the relevant matters or issuance of regulatory opinions when handling administrative licensing and administrative recordation, local offices shall provide assistance.
Article 13 For a company to apply for an initial public offering and listing of stock or a company to apply for a public offering of stock to unspecific qualified investors and listing on the Beijing Stock Exchange, the local office at the place of registration of the company is responsible for the supervision of the offering and listing guidance; or if the company is registered overseas, the local office at the place of principal business within China of the company shall conduct supervision.
Article 14 Local offices are responsible for inspecting the following subjects:
(1) Securities issuers, listed companies, unlisted public companies, and their shareholders, actual controllers, acquirers, persons acting in concert, and others with information disclosure obligations which must fulfill relevant obligations in accordance with the law.
(2) Securities companies, managers of publicly offered funds, futures companies, their subsidiaries, branches, and their shareholders, actual controllers, and affiliates.
(3) Trustees and underwriters of corporate (enterprise) bonds, custodians of publicly offered funds, managers of asset-backed securities, depository banks of client trading settlement funds, and other institutions.
(4) Service institutions for the sales of publicly offered funds, sales payment, share registration, accounting, valuation, investment consulting, and evaluation, among others, and their branch offices.
(5) Managers of privately offered funds, custodians of privately offered funds, service institutions for privately offered funds, and their shareholders, partners, and actual controllers.
(6) Managers of publicly offered infrastructure investment trusts, managers of infrastructure asset-backed securities, operational management institutions of publicly offered infrastructure investment trusts, custodians of publicly offered infrastructure investment trusts, and custodians of infrastructure asset-backed securities.
(7) Securities, futures, and funds broker-dealer firms that engage in derivatives trading business.
(8) Securities investment consulting and futures trading consulting institutions and their branch offices.
(9) Accounting firms, asset appraisal institutions, credit rating institutions, and law firms that provide securities, futures, and funds services to clients within the respective jurisdictions of local offices and their branch offices.
(10) Financial consulting institutions that engage in securities, futures, and funds business.
(11) Information technology system service institutions for securities, futures, and funds.
(12) Representative offices in China of overseas stock and futures exchanges and representative offices in China of overseas securities institutions.
(13) Others prescribed by laws, administrative regulations, and the provisions issued by the CSRC.
Article 15 The inspection matters may cover the information disclosure, governance, internal control, business rules, practicing activities, cybersecurity and information security, investor protection, and integrity supervision and restraints, among others, of relevant subjects, and the specific inspection matters shall be determined by local offices in accordance with laws, administrative regulations and the provisions issued by the CSRC.
Where the relevant subjects shall continuously satisfy statutory conditions in accordance with the law to obtain administrative licensing or according to the applicable provisions, conduct recordation, local offices shall, according to the applicable provisions, inspect their continuous satisfaction of statutory conditions.
Article 16 Local offices shall, in accordance with the relevant inspection measures and protocols developed by the CSRC and in light of the actual circumstances of their jurisdictions, make specific inspection plans and inspect market players as set forth in Article 14 of these Provisions.
Article 17 Local offices are responsible for receiving the recordation and reporting materials on business and financial affairs legally submitted by the subjects as set forth in Article 14 according to the applicable provisions and reviewing and analyzing such materials.
Article 18 Local offices shall, in the performance of duties in routine supervision, establish and improve the mechanism for contact and communication with relevant subjects within their respective j......