China News Service, June 18th. According to the website of the China Securities Regulatory Commission, in order to implement the new "Securities Law" and the new "Administrative Penalty Law" and other higher-level laws, the China Securities Regulatory Commission recently issued revised "Securities Market Banned Regulations" (below (Referred to as the "Regulations"), which will come into force on July 19, 2021.
This revision follows the thinking of "limited goals, problem-oriented, respect for history, and stable expectations", and completes the content that is indeed necessary to be revised according to the upper law.
The main revisions include:
One is to further clarify the types of market bans.
According to Article 221 of the new "Securities Law", the securities market prohibition measures are divided into "no securities business, securities service business, and no director, supervisor or senior manager of a securities issuer" (hereinafter referred to as identity prohibition) And the two categories of "no securities trading on stock exchanges and other national securities trading venues approved by the State Council (hereinafter collectively referred to as securities trading venues)" (hereinafter referred to as trading bans). The law enforcement unit may choose to apply separately or in combination based on actual conditions. The matching ban type.
The second is to further clarify the applicable rules for trading bans.
Fully learn from domestic and foreign regulatory experience, combined with my country’s market reality, clarify that trading bans refer to the prohibition of all securities (including securities investment fund shares) directly or indirectly traded or listed on securities exchanges. The ban on trading lasts the longest. No longer than 5 years.
At the same time, we will do a good job in policy linkage and risk prevention and control, and make exceptions for 7 types of situations to avoid overlapping meetings of different policies and triggering secondary risks in law enforcement.
The third is to further clarify the objects and applicable circumstances of market bans.
According to the actual situation of market development and changes in recent years, the coverage of prohibited objects has been improved.
In terms of applicable circumstances, it is clear that situations where information disclosure is seriously illegal and cause adverse effects are listed as life-time bans on the market. At the same time, it is clear that trading bans apply to illegal acts that seriously disrupt the order of securities transactions or transaction fairness.
In accordance with the requirements of the relevant legislative procedures, the China Securities Regulatory Commission publicly solicited opinions from the public on the relevant content of the Regulations from January 15 to February 14, 2021, and conducted serious research and absorption of the collected opinions.
From the perspective of soliciting opinions, all parties generally agree with the revised ideas, framework arrangements and main system content of the Regulations. They believe that the Regulations are complete, well-considered, and relatively mature. It is recommended that they be published as soon as possible, and no important institutional arrangements of the Regulations have been proposed. Substantive opinions.
Considering that the trading ban is a type of banning measures added to the new "Securities Law", which is different from identity banning, the CSRC is based on scientific legislative principles and a pragmatic attitude, and is fully learning from domestic and foreign experience. On the above, the relevant applicable rules have been carefully determined.
That is, only a five-year limit is set for the ban on transactions. Within the five-year limit, the law enforcement agency can adopt a matching ban based on the actual illegal situation, so as to deal with complex and diverse illegal practices and ensure the system Start smoothly.
Judging from the public opinion solicitation, the aforementioned institutional arrangements have been generally recognized by all parties in the market.
The Securities Regulatory Commission stated that in the next step, in accordance with the requirements of the Party Central Committee and the State Council on "zero tolerance" for illegal behaviors in the capital market, the new "Securities Law", the new "Administrative Punishment Law" and the "Regulations" related content will be implemented and severely cracked down in accordance with the law. For all types of capital market violations, the main theme of "strict" law enforcement shall be maintained for a long time, and the coordination and cooperation with judicial organs shall be strengthened, and the comprehensive use of civil, administrative and criminal accountability methods will further increase the cost of violations of laws and regulations, and improve the capital market. Good service to build a new development pattern to provide strong law enforcement guarantee.