The China Securities Regulatory Commission has announced the promotion of three officials, an insider said, speculating that they may be in charge of three newly established departments.

Huo Da, deputy director of the department of market supervision, is being promoted to director of the bond supervision department, Caixin Media quoted an insider as saying.

Chen Ziqiang, vice-president of the Securities Association of China, will head the commission’s private equity supervision office, the source said.

Chen Huaping, deputy director of the intermediary supervision department, will direct the office that cracks down on illegal securities activities.