Legislature mulls restrictions on securities regulators

BEIJING - China's top legislature on Monday began to review a law revision that will specifically restrict securities regulators from having business interests in firms they oversee.

Staff members of the government's securities regulatory body can not work for agencies that are under their supervision either during their tenure or within the statutory period after leaving public office, according to the draft revision to the Law on Securities Investment Funds submitted to the National People's Congress (NPC) Standing Committee for deliberation.

China's Law on Civil Servants forbids public functionaries from finding employment in for-profit institutions directly related to their government work within two years after leaving office, and the time limit is extended to three years for those who hold leadership positions in government agencies.

It was the third time for the draft revision to be reviewed by lawmakers. Generally, a bill will be adopted by the top legislature after two or three readings.

The NPC Standing Committee will hold its bi-monthly session from Dec 24 to 28 in Beijing.