Financial Supervision Departments Sequentially Strictly Investigate the Suggestions of Off-site Funding Experts
It is necessary to combine "prevention and prevention" to control the disorder of off-site allocation of funds
□ Reporter Wen Lijuan
Over-the-counter funding has been around for a long time, and it has become more “lively” every time the stock market picks up. In the past few days, the A-share market has increased significantly, and investors' enthusiasm for entering the market has risen, and the off-site funding platform has become active, which is likely to resurrect.
At a time when market sentiment is rising, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission have shouted about off-site funding.
On July 8th, the China Securities Regulatory Commission stated that over-the-counter capital allocation is an illegal securities business activity, and the capital allocation operators will be held accountable in accordance with the law, and focused on exposing 258 illegal over-the-counter capital allocation platforms and their operating agencies, prompting investment The risk of off-site allocation. On July 11, the China Banking and Insurance Regulatory Commission stated that it urged the guidance of funds to "extract from reality", strictly prohibit bank insurance institutions from participating in off-site allocations in violation of regulations, and strictly investigate the behavior of increased leverage and speculation.
The so-called over-the-counter capital allocation refers to the so-called stock allocation companies other than financing and margin trading. Industry insiders interviewed by a reporter from the Legal Daily believe that the two financial regulatory authorities have issued a strict investigation of off-site funding within a week because China's economy is still in a recovery period. , May cause greater harm to the real economy. With the implementation of the new securities law, the policy does not allow it, the market does not recognize it, and the regulatory authorities strictly supervise it. There will be no room for the development of OTC funding business.
Focused exposure has little effect
Funding platform is still active
"Some unscrupulous institutions or individuals have created off-site funding websites, mobile apps, WeChat public accounts, and other platforms, claiming to provide up to 10 times more stocks, to "use your stocks, I pay" leveraged stocks, high profits. Trading, low threshold, ``fund safety, fast cash withdrawal'' and other gimmicks, inducing investors to participate in OTC fund-raising activities.” On July 8th, the CSRC issued a document to give the above-mentioned OTC risk risk tips, and concentrated exposure. A total of 258 illegal off-site funding platforms were approved.
"Legal Daily" reporter sorted out and found that these 258 illegally engaged in off-site allocation platforms belong to a variety of industries, covering technology companies, asset management, commercial trade, investment management, investment consulting, network technology, financial information services, cultural communication and other fields And even the field of breeding.
However, the CSRC's exposure does not seem to be enough to warn these illegally engaged off-site funding platforms. "Legal Daily" reporter noted that most of these exposed fund-raising platforms are still very active, and the fund-raising business is also developing normally. Taking the "top-level capital allocation" in the exposure list as an example, the platform not only has monthly capital allocation, but also daily capital allocation. The capital allocation is as low as 100 yuan and the leverage is as high as 10 times.
The fund-raising business of "168 Fund-raising" is still "normal operation". As of 23:00 on July 13, the platform data shows that the cumulative number of people allocated has reached 358,800, the cumulative amount of funds allocated has reached 36.854 billion yuan, and the cumulative profit has earned 68.547 billion yuan. Among them, the balance of monthly allocation is 52.678 billion yuan, and the balance of daily allocation is 26.854 billion yuan.
In addition, a reporter from Legal Daily found that among the exposed funding platforms, many companies have been engaged in the off-site funding business for many years, and the ways of cooperation and funding sources are varied.
Taking Baoshang as an example, Shenzhen Baoshang E-Commerce Co., Ltd., its operating agency, will use different funding channels according to the amount of funds of funders. The company's official website stated that "Bao Shang" is an intermediary service website invested and operated by Bao Shang E-Commerce Co., Ltd. that focuses on securities allocation and lending business. It cooperates with third-party payment platforms, securities companies, and banks to guarantee deposits. Payment platform recharge supervision, trading account securities company supervision, and bank custody of account funds provide safe, fast, and flexible funds for investors. According to media reports, Baoshang Electronics' small-value allocation account is conducted through a third-party payment institution, while the large-value allocation account is directly transferred via online banking.
Off-site allocation is very harmful
Violations must be cracked down
According to Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, most of the institutions that provide off-site funding are some leather bag companies and so-called "fund lending companies". They use websites, WeChat and App to mislead investors, speculate and collect money with money. Over-the-counter allocation rates and high commissions that are several times higher than those of securities companies have generated huge profits.
In Dong Dengxin's view, the high leverage capital provided by OTC not only disturbs the market order, increases stock market volatility, but also may cause losses to investors' personal property. Even, some of the accounts provided by the funding platform do not have a brokerage interface at all, and investors do not place orders at all, that is, they do not actually buy stocks or futures, but only display positions on the accounts provided by the funding platform. The funding platform has formed a pair of gambling, that is, "virtual disk".
"The over-the-counter capital allocation is rising again. The main risk is that it may cause the funds to run out of control. Once the overall market falls sharply, if it cannot be cashed out at the first time, the funding institutions may fall into the quagmire, which will trigger a liquidity crisis in the stock market." Scholar Song Qinghui said.
Therefore, in recent years, the regulators have frequently made efforts to crack down on off-site funding.
The China Securities Regulatory Commission said recently that under the newly revised Securities Law, securities financing and securities lending business is a franchise business of securities companies, and no unit or individual may operate without the approval of the China Securities Regulatory Commission. OTC fund-raising activities are essentially securities financing and securities lending business that only securities companies can carry out according to law. Relevant institutions or individuals who have not obtained the corresponding securities business operation qualifications to engage in OTC fund-raising activities constitute illegal securities business activities, which is illegal. Will be held legally responsible.
In addition, in November 2019, the Supreme People's Court issued the "Minutes of the National Court Civil and Commercial Trial Work Conference", which emphasized the illegality of off-site funding, and made it clear that the off-site funding contract is an invalid contract and the off-site funding participation The person will bear the relevant risks and responsibilities.
According to the public information, the reporter of Legal Daily found that at present, in many civil disputes over the capital allocation contract, the court has ruled that the capital allocation contract is invalid, and the property acquired by the capital allocation contract should be returned by the funder. Many people were also sentenced to fixed-term imprisonment for the crime of illegal business by the court. If they set up a "virtual disk" scam, they were convicted of fraud.
As of July 13th, the Chinese judgment documents online searched for "allocation contracts" and "invalid contracts" as keywords. There have been 42 civil judgments this year, of which the Zhejiang courts have the most judgments, 23; "Private allocation" and "illegal business" were searched as keywords. Since this year, there have been 9 criminal judgments and rulings, and 2 civil judgments and rulings.
On June 30, the Fuzhou Intermediate People's Court of Fujian Province issued by the Chinese Judgment Documents Network criminal ruling on the second instance of the crime of illegal operation of Lin, Huang, Huang and Hua showed that Lin, Huang, Huang and Hua A certain strategic company cooperates in the stock allocation and stock trading business, and the salesperson calls to induce customers to download the App and conduct stock allocation and stock speculation.
After that, Lin registered a company named "1 Strategy" and found someone to design a 1App platform for promotion, so that the salesperson would use a virtual high-power allocation and lied that the professional teacher guided the trading to achieve a profit of 70% or 80%. , Making false profit screenshots and other methods to induce the victim to buy and sell shares on a 1App trading software that is not connected to the real stock market, the amount deposited by the customer on the platform is entered into the corporate account of a company applied by 3 people, and Did not flow into the real stock market. Three people attracted customers to deposit (deposit) hundreds of thousands of yuan.
Therefore, Huang and Huang were sentenced to two years and three months in prison and fined 20,000 yuan. The remaining two were sentenced to one year and eight months and two years and one month, respectively, and fined 15,000 yuan and 18,000 yuan.
Strengthen supervision and build a line of defense
Maintain the order of the capital market
The over-the-counter funding that was considered the culprit of the "stock crash" in 2015 has always been the most sensitive nerve that affects the A-share market. The CSRC and the local securities regulatory bureaus have since applied three orders to securities firms in their jurisdictions, and it is strictly prohibited to provide any convenience for off-site funding . Overall, OTC funding has converged significantly.
A number of securities company practitioners told the "Legal System Daily" reporter that the market environment has improved greatly in the past two years, and investors have basically received no calls or text messages from investors who have received funding companies.
However, due to the convenience of the drainage and exhibition industry in the network environment, the illegal institutions are constantly making new tricks, which also bring new challenges to the supervision.
This time the CSRC focused on exposing a group of illegally engaged in off-site funding platforms and their operating agencies. In Song Qinghui's view, it will have a great impact on the funding companies. The "funding rivers and lakes" will gradually change, which may cause Allocation companies operate more covertly, and may also allow the allocation companies to "close up".
“Under the “bull market” atmosphere, off-site funding is very active. The CSRC exposed the funding companies to protect investors, but whether the exposure can play a significant deterrent effect remains to be further observed.” Song Qinghui said, “However, Under strict supervision, it is expected that off-site allocation of funds will be difficult."
It is understood that, in addition to publicizing off-site funding platforms, at present, the CSRC and the relevant securities regulatory bureaus are cooperating with public security organs to vigorously investigate and deal with off-site funding platforms and institutions. At present, several illegal off-site funding cases have entered the judicial process. In the next step, the CSRC will coordinate and cooperate with the market supervision department and the network information department to clean up and close off-site funding advertisements and off-site funding platforms.
Regarding how to further crack down on off-site allocation violations, the chief economist of Galaxy Securities Liu Feng believes: first, the supervisory layer should do a good job in investor education, strengthen investor appropriate management and investor account management; second, we must understand How does the illegal allocation platform "send" funds to the stock market, that is, strengthen the supervision of account changes; finally, we must check the nature of the allocation company and the source of illegal and illegal funds. We should work together to prevent the off-site allocation of laws and regulations from the root causes and maintain the order of the capital market.
Song Qinghui suggested that in order to control the phenomenon of illegal off-site allocation of funds, we must proceed from three aspects: "prevention", "fighting" and "sparseness".
"Through clear regulations and a complete and strict supervision system, allow regulators and investors to build a line of defense together. The crackdown on off-site funding violations must be normalized, and regulatory agencies must continue to increase their monitoring efforts, actively investigate and handle them, and expose them in a timely manner. , Strictly punish in accordance with the law; those suspected of committing crimes are transferred to the public security organ for investigation and criminal prosecution." Song Qinghui said, "At the same time, we must also think about how to meet the needs of more investors' leveraged transactions under the premise of controllable risks."