On 15 July 2021, China Securities Regulatory Commission (CSRC) promulgated the “Measures for Administrative Penalties against Illegal Securities and Futures Activities” (hereinafter “the Measures”, 证券期货违法行为行政处罚办法), which entered into force on the same day. The Measures clarifies the procedures for case filing and the powers of law enforcement, and strengthens the protection of the parties' rights and the supervision over law enforcement officers.
According to the Measures, an administrative penalty decision shall be made within one year of the case filing, which may be extended under special circumstances but shall not exceed six months. The CSRC and its local offices shall record the entire process of administrative penalties in the form of a written statement or otherwise, and keep such records on file. If necessary, the process of administrative penalties that is likely to cause disputes may be recorded by audio and video. Provided that the entity or individual under investigation refuses to cooperate, the law enforcement officers shall give a written explanation of the relevant situation.
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Contributors: CJO Staff Contributors Team
