China News Service, June 23, according to the website of the China Insurance Regulatory Commission, in order to standardize the administrative punishment procedures for the banking and insurance industries after the institutional reform, increase the cost of violating financial laws and regulations, seriously rectify the chaos in the financial market, and prevent and resolve financial risks. The "Administrative Punishment Measures of the China Banking and Insurance Regulatory Commission" (hereinafter referred to as the "Measures") will be issued and effective as of August 1, 2020. The Measures stipulate that the efficiency of punishment should be improved, and the behaviors such as repeated investigations and repeated offenses, failure to cooperate with supervision and law enforcement, serious consequences for harm, and severe social impacts should be punished according to law.
Data Map: China Banking Regulatory Commission. Photo by Jia Tianyong, China News Agency reporter
The Measures focus on standardizing administrative punishment procedures, enhancing the efficiency of administrative punishment, and enhancing the credibility of law enforcement. It comprehensively regulates the administrative punishment procedures of the banking and insurance industry, with the focus on the following aspects:
One is to integrate and optimize the administrative punishment work mechanism. The "Measures" integrated and optimized the administrative punishment procedures for the banking and insurance industries, established the basic principles of fair, just, open, legal procedures, and equivalent punishment, and established a "punishment and separation" punishment working mechanism, stipulating the Banking and Insurance Regulatory Commission They and their agencies set up administrative punishment committees, which clarified the respective responsibilities of the investigation department and the case trial department.
The second is to improve the administrative punishment workflow. The "Measures" regulates the entire process of punishment work such as jurisdiction, filing investigation, trial review, rights notification and hearing, decision and execution of administrative punishment cases, summarizes and solidifies the mature practices in practice, and at the same time improves the punishment work according to the actual supervision work Process, strengthen the organic connection between work links, and improve the efficiency of administrative punishment.
The third is to increase administrative penalties in accordance with the law. In order to increase the cost of violating laws and regulations, and strictly rectify the chaos in the financial market, the "Measures", while standardizing the punishment work process, also focus on promoting greater enforcement of punishment, such as optimizing jurisdiction regulations, facilitating timely law enforcement, strengthening investigation and coordination, and improving punishment efficiency It clearly punishes those who repeatedly investigate and commit repeated crimes, do not cooperate with supervision and law enforcement, cause serious consequences, and cause severe social impacts, and punish them in accordance with the law. Emphasis is placed on accountability of personnel. Legal responsibility, while strengthening the connection between administrative punishment and party discipline accountability, stipulates that after an administrative punishment decision is made, it should be reported to the discipline inspection and supervision department in accordance with the regulations.
The fourth is to fully protect the legitimate rights and interests of the parties. The Measures stipulate that before making a penalty decision, the parties shall be informed in advance of the facts, reasons and basis for the decision to make an administrative penalty, and that they have the right to make a statement, and if they meet the conditions for a hearing, the party may apply for a hearing in accordance with the law, and may not be involved in the defense of the party. Increased penalties. If it is clear that the parties are dissatisfied with the administrative penalty decision, they have the right to file an administrative review or administrative lawsuit.
The head of the relevant department of the China Banking and Insurance Regulatory Commission said that the "Measures" adheres to the principle of strict punishment according to law, and promotes greater punishment for violations of laws and regulations, for example: in terms of punishment jurisdiction, optimizing jurisdictional authority provisions, strengthening supervision linkage, and coordinating the deployment of supervision resources, It is convenient to investigate and deal with in the nearest time. In the connection of investigation and punishment, the division of responsibilities was refined, the working standards were clarified, the coordination of investigation and punishment was strengthened, and the quality and efficiency of the work were improved.
With regard to the application of punishment, the situation of severe punishment is clearly clarified, and it is emphasized that those who have serious harm and severe social impacts shall be punished according to law. With regard to the accountability of personnel, it is stipulated that while investigating and prosecuting bank insurance institutions, the responsibilities of relevant responsible personnel shall be investigated and investigated simultaneously in accordance with the law. In connection with the discipline law, after the decision on administrative punishment is made, relevant information should be submitted to the discipline inspection and supervision department in a timely manner to strengthen the connection between administrative punishment and accountability of the party discipline.
"Next, in the implementation of the Measures, the China Banking Regulatory Commission will continue to maintain a high pressure of accountability for violations of laws and regulations, continue to deeply control the chaos in the financial market, effectively maintain the order of the financial market, and protect the legitimate rights and interests of financial consumers. The person in charge said.
Talking about the measures for protecting the legitimate rights and interests of the parties stipulated in the "Measures", the person in charge said that one is to establish a "check and review separation" working mechanism. The second is to clarify the avoidance rules, stipulating that staff involved in administrative punishment that have a direct interest in the punishment case, etc., should be avoided according to law. The third is to standardize investigation and evidence collection, requiring investigators to conduct a case investigation with at least two persons, and should present legal documents and notice of investigation (on-site inspection). The fourth is to provide advance notice and inform the parties of the right to make a statement, a hearing, etc. before making a penalty decision. Fifth, clarify the avenues for rights remedy. If the parties are dissatisfied with the administrative penalty decision, they have the right to file an administrative reconsideration or administrative lawsuit.