Chinanews.com, July 15 According to the website of the China Securities Regulatory Commission, on July 15, the China Securities Regulatory Commission issued the "Administrative Punishment Measures for Securities and Futures Illegal Acts" (hereinafter referred to as the "Punishment Measures"), which will come into effect on the date of promulgation.
The China Securities Regulatory Commission pointed out that with the rapid development of the capital market, administrative penalties in the securities and futures field are facing a new situation, and higher requirements are set for strengthening the construction of law enforcement capabilities and improving the level of administration according to law.
Therefore, it is necessary to formulate and promulgate special administrative penalties for securities and futures violations to provide strong institutional support for further enhancing the effectiveness of inspection and penalties.
From July 17 to August 16, 2020, the China Securities Regulatory Commission publicly solicited opinions from the public on the "Punishment Measures", and listened to the opinions of relevant parties through seminars and written comments.
All sectors of the society generally support the content of the "Punishment Measures", and the CSRC has carefully studied the suggestions for amendments and improvements made one by one, and all reasonable suggestions have been absorbed and adopted.
There are 41 articles in the "Punishment Measures".
The main contents include:
The first is to clarify the procedures for filing a case and the authority for law enforcement.
If clues of illegality are found and the relevant conditions are met, the case shall be filed.
In order to ensure the smooth progress of administrative punishment work in accordance with the law, law enforcement authorities and measures have been further clarified and refined, including the implementation of measures such as freezing, sealing up, seizing, sealing up, restricting exits, restricting transactions, requiring relevant entities to submit documents and materials, and non-cooperation The circumstances and consequences of the investigation.
The second is to standardize investigation and evidence collection.
It further clarified the investigation and evidence collection standards and requirements for the main types of evidence such as physical evidence, documentary evidence, party statements, and electronic data, and standardized case investigation and evidence collection.
Provisions are made for the conversion of evidence under specific circumstances and the provision of professional support by entrusting intermediary agencies.
The third is to improve the review mechanism.
The China Securities Regulatory Commission has established an Administrative Punishment Committee to put forward trial opinions and conduct legal review of cases transferred to it in accordance with regulations.
According to the authorization of the "Administrative Punishment Law", it is stipulated that the administrative punishment decision should be made within one year from the date of filing the case. In case of special circumstances, it can be extended with the approval of the person in charge of the unit. Each extension shall not exceed six months.
The fourth is to implement the "three systems" of administrative law enforcement.
The whole process of law enforcement is recorded in the form of written records, archived and preserved, and audio and video records can be made for the law enforcement process that is prone to controversy; before an administrative penalty decision is made, a legal review shall be carried out in accordance with the law; the administrative penalty decision shall be made public in accordance with the provisions of government information .
The fifth is to strengthen the protection of the rights of the parties and the supervision of law enforcement personnel.
Before an administrative penalty decision is made, an advance notice of administrative penalty shall be served to the party concerned, and the party's rights of statement defense, hearing, and file review shall be protected in accordance with the law.
Law enforcement personnel must be loyal to their duties, act in accordance with the law, be fair and honest, and must not abuse their power or take advantage of their positions to seek improper benefits.
The Securities Regulatory Commission stated that in the next step, it will earnestly implement the "Opinions on Strictly Cracking Down on Securities Illegal Activities According to Law" issued by the Central Office and the State Council, further standardize law enforcement, improve law enforcement efficiency, and implement the "Securities Law" and the "Administrative Punishment Law". In accordance with the provisions of the Punishment Measures, we will severely crack down on various securities and futures illegal activities in accordance with the law, and effectively increase the investigation and punishment of major violations, so as to provide for the construction of a standardized, transparent, open, dynamic and resilient capital market. More solid legal protection.