CSRC briefs two cases of illegal transaction

Updated: 2013-07-06 04:05


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BEIJING - The China Securities Regulatory Commission (CSRC) announced Friday two cases of illegal transaction and responded to the concerns over regulations on several hot issues.

The CSRC reported the embezzling of customer deposit of 41 million yuan ($6.64 million) investigated in Huazheng Futures, an authorized private broker, and the illegal insider dealing case of a private paper company spotted by Shenzhen Stock Exchange.

Besides, the CSRC said that the launch of treasury futures will not influence the operation and general trend of the domestic stock market as bond futures have a higher access threshold and are more suitable for institutional investors.

The CSRC announced Friday that the State Council, China's cabinet, has authorized the China Financial Futures Exchange (CFFE) to launch treasury bond futures.

It will take about two months for the CFFE to prepare for the listing of treasury bond futures, which will serve as a tool for managing the price fluctuations of treasury bonds.

The CSRC also responded to the concerns over Yu'ebao, a newly explored business by Alipay, a subsidiary of the e-commerce giant Alibaba Group, to offer nearly 800 million users the option to directly invest with the private Tianhong Fund using spare cash from Alipay accounts.

The CSRC said the business complies with CSRC's demands in all the transaction sectors, and it has been monitored by the CSRC after Alipay submitted detailed regulatory and accounting materials.

The CSRC said in a statement on June 21 that Alipay failed to file for some of its fund sales payment and settlement accounts involved in the new business, a procedure required by the commission for supervision purposes.