"Zhangzi Island" was pursued criminal responsibility, a necessary move for the rule of law in the capital market
■ Editorial
Investigating the criminal responsibility of "Zhangzidao" is a manifestation of the comprehensive and three-dimensional accountability system that the supervisory authority further strengthens the organic connection between administrative punishment and criminal punishment and civil compensation.
On September 11, the China Securities Regulatory Commission issued an announcement stating that in accordance with the Regulations on the Transfer of Suspected Criminal Cases by Administrative Law Enforcement Organs (State Council Order No. 310), the China Securities Regulatory Commission decided to transfer the suspected securities crime cases of Zhangzidao and related personnel to the public security authorities for criminal investigation. responsibility.
From the sudden announcement of Zhangzidao in 2014 that scallops were "off the road", resulting in a huge loss of 763 million in the third quarter of the year, the scallops on Zhangzidao "missed" 4 times in less than 6 years. This "farce" triggered the stock market. extensive attention.
This eventually led the China Securities Regulatory Commission to verify its serious fraudulent information disclosure and impose administrative penalties in accordance with the law.
The investigation of criminal responsibility by the public security organs this time is also a manifestation of the supervisory authorities' further strengthening of the comprehensive three-dimensional accountability system for the organic connection of administrative penalties with criminal penalties and civil compensation, and the continuous improvement of law enforcement in major violations of the capital market.
Throughout the history of fraud in Zhangzidao, its clumsy tactics and courage to deceive can be described as unscrupulous in infringing upon investors' rights and interests. To a certain extent, it also represents the abnormal mentality behind the repeated belief of some listed companies: even if the truth is disclosed, Just accept a small fine.
This is exactly the limitation of the original securities regulations.
Moreover, due to factors such as the difficulty of fixing evidence, it also caused the lack of criminal responsibility.
This time, Zhangzidao was chased for criminal responsibility. Thanks to the advancement of technical means, the China Securities Regulatory Commission used Beidou Navigation to locate information on its fishing vessels to solve the problems of difficulty in investigating, verifying, and discovering the state of seabed harvesting, and obtained it. Falsified key evidence such as inflated operating costs.
This also shows that under the existing legal framework, listed companies can also be held criminally responsible for illegal acts such as fraud.
This will surely form a sufficient deterrent to violating companies, truly use the red line of the rule of law to daunt violators, purify the stock market ecology, and effectively protect the rights and interests of investors.
Including Zhangzidao, the China Securities Regulatory Commission transferred 10 suspected securities crimes such as financial fraud of listed companies to the public security organs in accordance with the law, and it also issued a strong warning signal to the outside world: trying to pass the speculative game of "small (punish) and broad (return)" The countdown has entered.
As the Supreme Court Chief Zhou Qiang pointed out in the Supreme Law Work Report last year, the Supreme Law issued judicial interpretations in 2019 to punish the crimes of manipulating the securities and futures markets and insider trading in accordance with the law, and work with the central bank, China Banking Regulatory Commission, and China Securities Regulatory Commission to protect investors and financial consumers in accordance with the law. Legal rights.
With the increasing normalization of multi-departmental joint law enforcement, it is helpful to solve the pain points of the limited effectiveness of single administrative supervision in the past. By giving full play to the law enforcement authority of various functional agencies, a synergistic effect of co-management is formed, thereby eliminating regulatory blind spots and increasing illegal costs. It also provides important assistance for the rule of law (stock) market.
This time, a series of more powerful and comprehensive accountability of Zhangzidao by the supervisory authority is also a concrete manifestation of this governance thinking.
The Chinese stock market is undergoing a series of major reforms, including the creation of the Science and Technology Innovation Board, the launch of the registration system, and the listing of new shares under the GEM registration system.
The gradual promotion of the registration system not only involves moderate relaxation of IPOs, refinancing, mergers and acquisitions and reorganizations, but also provides a lower-cost and faster financing channel for new enterprises such as science and technology innovation, but also involves multiple links such as transactions, letter Phi, and delisting. Systematic reforms were carried out.
Especially in the key links related to the compliance and compliance of listed companies such as information disclosure and delisting, the effectiveness of legal supervision has been further strengthened, and vicious and illegal acts such as capital market fraud and fraud have been severely cracked down to achieve a greater degree of survival of the fittest. While escorting the sound development of the system, it also protects the interests of investors to the greatest extent.
This time, Zhangzidao's criminal punishment not only provided comfort to the injured investors, it was also a necessary move to safeguard the legalization of the capital market.
This year, my country’s international and domestic environment is facing many uncertain factors. Under the condition of accelerating the formation of a new pattern of "dual cycle" development, it is particularly important to maintain the healthy development of the domestic capital market.
With the removal of a small number of “worms”, the stock market’s upward trend will be consolidated, thereby attracting more investors to enter the market and strongly supporting the high-quality development of the financial market and economy.