(Yicai Global) May 15 -- Shenzhen-based Guosen Securities’ board has approved Deng Ge, former vice director of China Securities Regulatory Commission's listing department and its first spokesperson, to serve as the firm's chief executive, per a statement the company released today.

Born in 1968, Deng, who holds a master's degree in law from Beijing’s prestigious Renmin University, became CSRC spokesman in November 2013 and deputy head of its listing office in 2017.

He will take over in April from Yue Kesheng, who was also a CSRC official, serving as the deputy manager of the Shanghai Stock Exchange's trading division between 1992 to 1997. Born in 1961, Yue, who is stepping down for reasons of age, will serve as a consultant and chairman of Guosen Futures.

The revolving door of ex-CSRC mid-level officials going on to work for brokerages after leaving office is common within the sector as these ex-functionaries have a keen grasp of policies and can steer securities firms around obstacles with their rich regulatory experience, an analyst noted. Rules bar CSRC officials from going to work for companies they previously oversaw within three years after leaving the agency, but they can evade these constraints through transfers or recommendation processes, news portal Caixin Global reported on May 14.

Guosen Securities is a state-backed financial services firm with over 70 branches and 11,500 staff in China with offices in 47 major cities in the country.

Editor: Ben Armour