China names ICBC’s Yi Huiman as head of securities regulator

Bloomberg

Yi Huiman, a banking veteran who most recently chaired China’s largest lender, was named head of the country’s securities regulator, a role that puts him at the forefront of opening up the financial system to overseas firms.
Yi, 54, will replace Liu Shiyu, who ran the China Securities Regulatory Commission for three years, state-run Xinhua News Agency reported, citing a decision by the State Council. People’s Bank of China’s Deputy Governor Zhu Hexin is set to replace Yi as chairman at Industrial and Commercial Bank of China Ltd., according to people close to matter, asking not to be identified due to sensitivity.
Liu will move to the All China Federation of Supply and Marketing Cooperatives as its deputy communist party secretary, according to a statement on the agency’s website.
A Beijing-based press officer at ICBC said he isn’t aware of the situation, while a CSRC spokesman said he had no relevant information to provide. They both commented before the Xinhua report. The PBOC didn’t immediately respond to a request for comment outside of normal working hours.
The CSRC is a central part of the government’s effort to give foreign companies access to its more than $40 trillion financial industry. Under rules introduced last year, the agency handles applications for overseas majority stakes in the securities and asset management sectors.
It’s also responsible for the country’s capital markets, another area where authorities are keen to see increased offshore participation.
China’s financial opening-up made some headway under Liu’s supervision. A former banker, he took over the CSRC in February 2016. With one exception, previous heads have stayed in the role for two to three years.
UBS Group AG recently became the first foreign company to gain CSRC approval for a majority stake in a local securities venture under the new rules. Nomura Holdings Inc. and JPMorgan Chase & Co. have also filed applications.