Exclusive: China Securities Regulator Gets New Top Disciplinary Official
China’s securities regulator got a new top disciplinary official as President Xi Jinping’s anti-graft campaign intensifies in the financial sector.
Wang Huimin was relieved as the discipline inspection team leader of the China Securities Regulatory Commission (CSRC) as he reached the civil servant retirement age of 60. Named to succeed him was Fan Dazhi, 54, who was previously the top disciplinary official at Bank of China, one of the big four state-owned commercial banks.
The top disciplinary officials at large financial institutions and regulators are appointed by the Communist Party’s top disciplinary watchdog, the Central Commission for Discipline Inspection (CCDI). The agency has recently announced a series of changes in its appointees to financial institutions. Wang was in the CSRC post since 2014.
Fan was the secretary of the discipline inspection commission at Bank of China since March 2017. He was dispatched by the CCDI as the discipline inspection team leader at the bank in January. Fan said the assignment of discipline inspection teams to state-owned financial institutions aims to effectively prevent and control financial risks through keeping a close eye on the banks’ top management and key business areas such as credit approval.
Before his CCDI career, Fan was the head of state-backed Hua Xia Bank Co. Previously he held various positions at other Beijing state-owned financial institutions, including Beijing International Trust Co., Beijing Offshore Financing and Investment Center and Beijing State-Owned Assets Management Co. He also acted as the chairman of the supervisory board of UBS Securities Co.
Earlier this month, the CCDI replaced Wang Yungui as the discipline inspection team leader at China Development Bank, the country’s policy bank. Wang later joined China Merchants Bank, the fifth-largest bank on the Chinese mainland by market value, as a vice president.
Contact editor Han Wei (weihan@caixin)
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