Persist in “zero tolerance” to crack down on illegal crimes, the CSRC continues to optimize the market ecology

Summary

[Insist on “zero tolerance” to crack down on illegal crimes and continue to optimize the market ecology]On December 28, the chairman of the China Securities Regulatory Commission, Yi Huiman, said at the 30th anniversary of the establishment of China’s capital market, speeding up the improvement of securities enforcement systems and mechanisms, and enhancing securities enforcement capabilities And the level of specialization, continue to optimize the market ecology. (Securities Daily)

On December 28, Chairman Yi Huiman of the China Securities Regulatory Commission in China CapitalmarketThe 30th anniversary of the establishment of the forum stated that it will speed up the improvement of the securities law enforcement system and mechanism, enhance the securities law enforcement capabilities and professionalism, and continue to optimize the market ecology.

Looking back on 2020, the supervisory authorities continued to send a clear signal of “zero tolerance” for violations of laws and regulations in the capital market.

Market participants believe that, in the context of the upcoming full implementation of the registration system, the supervisory authority has clarified the expectations of all participants in the capital market through the “establishment of the system”, with “zero tolerance”attitudeCrack down on violations of laws and regulations, for maintenanceMarket Order, Promote illegalcost,strengtheninvestmentIt is of great significance to protect and promote the long-term sustainable development of the capital market.

　　The Financial Committee mentions “zero tolerance” four times during the year

According to a reporter from Securities Daily, since this year, the State Council’s financial stability has developedCommittee(Hereinafter referred to as the Finance Committee) 7 publicmeetingAmong them, there were five statements on cracking down on violations of the capital market, and four of them mentioned “zero tolerance.”

On April 15th, the 26th meeting of the Financial Committee proposed to deal with fraud and fraud more seriously. On May 4, the 28th meeting of the Financial Committee proposed a “zero tolerance” for fraudulent behavior in the capital market. On July 11, the 36th meeting of the Financial Committee proposed to fully implement the “zero tolerance” requirement for illegal and criminal acts in the capital market, and take multiple measures to strengthen and improve securities law enforcement.jobs. On October 31, the Financial Committee held a special meeting and proposed to resolutely rectify various financial chaos and “zero tolerance” for all types of illegal activities. On November 21, the 43rd meeting of the Financial Committee proposed to uphold a “zero tolerance” attitude to maintain market fairness and order.

On November 2, the 16th meeting of the Central Committee for Comprehensive Deepening Reform deliberated and approved the “Several Measures on Strictly Cracking down on Illegal Securitiesopinion“. The meeting proposed to speed up the improvement of the judicial system and mechanism of securities law enforcement and increase the investigation and punishment of major illegal cases. This is the first time that the central government has reviewed and approved a special document on cracking down on illegal securities activities.

On December 26, the Criminal Law Amendment (11) was reviewed and passed.Significantly increased fraudulent issuance, fraudulent information disclosure, provision of false certification documents by intermediaries, andMarket manipulationFour types of securitiesfuturesCriminal penalties for crimes, strengthen theshareholder、Actual controlPeople waiting”Key minorityThe China Securities Regulatory Commission stated that this revision of the Criminal Law is another major legislative activity involving the capital market after the completion of the revision of the Securities Law, demonstrating the country’s firm determination to “zero tolerance” to combat securities and futures crimes.

In addition, according to incomplete statistics from the China Securities Regulatory Commission’s website, a reporter from the Securities Daily said that as of December 29 this year, the China Securities Regulatory Commission and local securities regulatory bureaus have issued a total of 314 administrative penalty decisions, with a fine of over 4 billion yuan. In addition, in the first half of this year alone, the China Securities Regulatory Commission transferred 59 suspected securities crime cases and clues to the public security organs.

Tsinghua University School of LawprofessorTang XinzaiacceptIn an interview with a reporter from the Securities Daily, this year, the supervisory authorities have stepped up their crackdowns on illegal activities in the capital market. This will help maintain market order, increase illegal costs, promote the long-term sustainable development of the capital market, protect the interests of investors, and promote the overall macroeconomic environment. Economic development has great significance.

KindulawyerOfficepartnershipZhang Yongliang told a reporter from the Securities Daily, “The development of relevant legal amendments will help to increase the punishment for all kinds of capital market violations, and it will also help to form stable and predictable regulatory requirements. ‘The situation of severely cracking down on violations of laws and regulations by all market participants in accordance with the law.”

Guo Li, a professor at Peking University Law School, told the “Securities Daily” reporter that a “zero tolerance” approach to crack down on violations of laws and regulations has multiple implications for the standardized development of my country’s capital market.First, it is conducive to maintaining market fairness and order, further strengthening investor protection, and enhancing investor confidence; second, it is helpful to the smooth implementation of the concept of “building a system without intervention”; third, it is punishable, deterring, and preventing gradual failure, helping to prevent Resolve the weightBig financeRisk tackling battles and protracted battles, to maintain the bottom line of systemic financial risks.

　　The SFC’s crackdown on violations continues to deepen

Next year is the first year of the “14th Five-Year Plan”. The “14th Five-Year” plan also proposes to improve the modern financial supervision system, improve the transparency and legalization of financial supervision, and “zero tolerance” for violations of laws and regulations. Recently, the China Securities Regulatory Commission has also frequently revealed its next steps to crack down on illegal activities in the capital market.

On December 26, the China Securities Regulatory Commission stated that the next step will be to accelerate the revision and improvement of criminal prosecution standards, continue to deepen cooperation with judicial authorities, and adhere to “zero tolerance” to combat fraudulent issuance, information disclosure and fraud and other securities and futures crimes. , Effectively increase the cost of illegality.

Recently, the chief attorney of the China Securities Regulatory Commission Jiao Jinhong stated in an interview that the next step, the China Securities Regulatory Commission will set up a coordinating working group for cracking down on illegal activities in the capital market to form a strong joint force for cracking down on illegal activities in securities, and further enhance the effectiveness of law enforcement; improve the securities law and criminal law Measures, such as revising the standards for prosecution of criminal cases, revising the judicial interpretation of civil compensation for false statements, etc.; when conditions are ripe, the Investment Service Center will promptly and steadily initiate securities class actions in accordance with the law.

In addition, Jiao Jinhong said that the China Securities Regulatory Commission will study strengthening securities law enforcement, optimize the establishment of securities inspection law enforcement agencies, and promote the improvement of securitiesjoint ventureThe development of this market requires a securities enforcement system and mechanism with Chinese characteristics.

Regarding the implementation of the “zero tolerance” requirement, what aspects of the capital market need to continue to exert force next year? Guo Li believes that, first of all, the criminal law amendment will be officially implemented on March 1, 2021, and it is necessary to do a good job in implementing the criminal law.Secondly, the crackdown on violations of laws and regulations in the capital market should cover multiple levels including exchanges, the New Third Board, and over-the-counter markets.Market system, To strengthen cooperation and coordination between different regulatory bodies. Third, grasp the “critical minority” and implement the “gatekeeper” responsibility. Fourth, innovate ideas, strengthen the use of supervisory technology, and at the same time improve the incentive mechanism to realize the supervision of the whole people and the whole society. For example, make good use of the securities class action mechanism and the reward reporting system for securities violations.

Zhang Yongliang stated that, first of all, when the securities law, criminal law and other national laws have been revised and perfected, it is necessary to further combine the spirit of legislation and practice to formulate complete specific rules and detailed measures to ensure the comprehensive and orderly progress of the registration system reform; Clarify the responsibility boundary between intermediary agencies and listed entities, and between various intermediary agencies, and urge intermediary agencies to diligently perform their duties; in addition, further attention should be paid to the issue of civil compensation for small and medium investors, and promotion practices should be actively carried out to fully protect the legitimate rights and interests of investors.

(Source: Securities Daily)

(Editor in charge: DF520)

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