China to Probe Largest Brokerage for Alleged Rule Violations
- Citic Securities says will cooperate, all operations normal
- Firm's president among executives already under investigation
A pedestrian walks past a Citic Securities branch in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s securities regulator will probe Citic Securities Co. for alleged rule violations in the latest move against the country’s largest brokerage, where some top executives have already been placed under investigation.
The firm received a notice from the China Securities Regulatory Commission on Thursday saying it will be investigated because it allegedly violated regulations on the supervision and administration of securities firms, Citic said in a Shanghai stock exchange statement. The brokerage said it will fully cooperate with the probe and that all of its operations are normal.