Great Wall Securities banned from opening new margin trading accounts

The China Securities and Regulatory Commission (CSRC) has punished six mainland brokerages for rules violations by their margin trading businesses, South China Morning Post reported, citing a statement from CSRC spokesperson Zhang Xiaojun. The most sever punishment came for Great Wall Securities, which Zhang said had broken regulations against selling products to unqualified investors, distributing trust products containing multiple types of trusts, and facilitating clients’ provision of financing to other individuals, and the firm would be banned from opening new margin trading accounts for three months. The sanctions came two months after the CSRC hit three top brokerages with the same ban in Febrary.