Task force on illegal share activity launched
26 February 2007
China has set up a task force to crack down on illicit activities in the securities market and help related agencies pursue suspected crimes, Reuters reported. The committee will include the vice chairman of the China Securities Regulatory Commission, the deputy governor of the central bank and the deputy head of the Supreme Court. China's securities market has been plagued by fraud in the past due to lax supervision, which has prompted prompting Beijing to launch repeated crackdowns. In December 2006, the government said that it had found many unlisted firms had made public share issues without approval and numerous illegal brokerages were found to be dealing in shares issued by these companies.