BEIJING, Feb 22 (Reuters) - China plans to overhaul its securities regulator, merging some departments and creating four units to fill existing gaps, as it looks to reduce unnecessary red tape and create more effective oversight of its fast-developing markets.
The China Securities Regulatory Commission (CSRC) will merge departments overseeing areas from initial public offerings (IPOs) to futures trading, as well as boosting its oversight of illegal trading activity.
China is looking to attract increased investment in its domestic markets, long plagued by concerns over inefficiency, regulator meddling and a lack of transparency.
The process of restructuring will help the regulator get rid of overlapping departments and fill current “vacuum” areas which are not sufficiently covered, CSRC spokesman Deng Ge said at a news conference on Friday.
The merged departments include those overseeing funds, share issuance, IPOs and futures trading, while the four new units will focus on regulating corporate debt, private equity funds, innovative business and illegal securities and futures trading. (Reporting by Zhang Xiaochong and Koh Gui Qing; Writing by Adam Jourdan; Editing by Robert Birsel)