China News Service, November 6th. Teng Biyan, Director of the Office of the Administrative Punishment Committee of the China Securities Regulatory Commission, stated on the 6th that since the 19th National Congress of the Communist Party of China, the CSRC has made 810 administrative punishment decisions, 82 decisions on market bans, and fines. With an amount of 19.304 billion yuan, a clear signal of "zero tolerance" was sent through strong law enforcement, providing a solid legal guarantee for the reform of the registration system and the healthy development of the capital market.
On November 6, the Supreme People’s Procuratorate and the China Securities Regulatory Commission jointly held a press conference on "Strictly Cracking Down on Securities Violations and Crimes and Maintaining Financial Market Order", releasing 12 typical cases of securities violations and crimes, introducing the background and main cases of the release of typical cases of securities violations and crimes Features and the work of procuratorial organs and the China Securities Regulatory Commission in punishing securities and futures crimes, and answering questions from reporters
Teng Biyan introduced at the meeting that the 6 typical cases of securities violations released today are: Yamou Co., Ltd. Information Disclosure Violation, Huaxou Co., Ltd. Information Disclosure Violation, Liao Mouqiang Manipulation of the Securities Market Case, Tong Mou Investment company manipulation of the securities market case, Zhou and insider trading case, Jimou trust company insider trading case.
This batch of typical cases has the following characteristics:
First, it reflects the main types and changing trends of current illegal activities in the capital market.
The six typical cases covered major illegal types of listed companies such as financial fraud, information disclosure violations, market manipulation, insider trading, etc., including listed companies, intermediaries, private equity fund managers, natural persons and other illegal entities. Some new features and trends of illegal behaviors in recent years: For example, Yamou shares used fictitious overseas projects to implement financial fraud, which is a case of misrepresentation that has had a bad influence in recent years; The first case of "grabbing the hat" manipulation; the case of manipulating the securities market through a certain investment company is a new type of case involving private equity fund managers using asset management products; the case of Jimou trust company insider trading, which uses entities as the main body to implement insider trading.
Second, it embodies the clear enforcement attitude of the China Securities Regulatory Commission on "zero tolerance" for violations of laws and regulations.
In recent years, the China Securities Regulatory Commission has taken multiple measures to strengthen and improve securities law enforcement, and severely punish all types of major violations in accordance with the law, releasing a clear signal of "zero tolerance".
In the case of Zhou and insider trading, the China Securities Regulatory Commission gave full play to the advantages of the execution link mechanism, imposed administrative penalties in accordance with the law when the public security organs terminated the investigation, and resolutely implemented "zero tolerance" for violations of laws and regulations.
In the case of a company in China that violated the law on information disclosure, the CSRC has precisely cracked down and increased accountability for the controlling shareholders, actual controllers, directors, supervisors, and other "key minority" who manipulated listed companies for fraud.
In a cross-border financial fraud case of a company in Ya, I will make full use of the international law enforcement cooperation mechanism to investigate and collect evidence, effectively preventing listed companies from attempting to “cover the sky and cross the sea” through overseas business fraud and evade supervision. The responsibilities of intermediary agencies force them to be diligent and fulfill their responsibilities, and further consolidate the responsibilities of "gatekeepers" in the capital market.
The third is to demonstrate the supervision concept of "four awes and one force", and build a three-dimensional accountability system.
The punishment of illegal acts in the capital market is a three-dimensional organic system. The decision of the China Securities Regulatory Commission on administrative punishment is not an end, but a starting point.
For example, the financial fraud case of a company in Ya, in addition to facing administrative penalties and criminal liability, will also face huge civil compensation.
Hua Mou Co., Ltd. has been punished by the CSRC several times, and has been delisted because its financial indicators touched the relevant provisions of the Exchange’s listing rules.
Through the unity of administrative law enforcement, criminal justice, civil litigation, self-discipline and media supervision, etc., the social and legal effects of law enforcement are fully realized.
Teng Biyan said that in recent years, in accordance with the overall deployment of the Party Central Committee and the State Council on further improving the quality of listed companies, the China Securities Regulatory Commission has taken multiple measures to strengthen administrative law enforcement, focusing on investigating cases of financial fraud, illegal information disclosure, market manipulation, and insider trading. Continuously improve the efficiency of law enforcement, and accurately pursue accountability of various illegal entities in accordance with the law.
Since the 19th National Congress of the Communist Party of China, the China Securities Regulatory Commission has made 810 administrative punishment decisions, 82 market ban decisions, and fines and confiscated 19.304 billion yuan. Through strong law enforcement, it has sent a clear signal of "zero tolerance" and is a reform of the registration system. And the healthy development of the capital market provides a solid guarantee of the rule of law.
Teng Biyan pointed out that in the next step, the China Securities Regulatory Commission will continue to fully implement the "zero tolerance" requirement, work closely with judicial authorities, and crack down on securities illegal and criminal activities in accordance with the law, and strive to maintain the health and stability of the capital market and a sound ecosystem.