Chinanews.com, November 21. On the 21st, Yi Huiman, chairman of the China Securities Regulatory Commission, said in a keynote speech at the 2022 Financial Street Forum Annual Meeting that in terms of legal protection, the common practice in international mature markets is to severely punish criminal activities in securities. The harsh law will make those who do bad things pay a heavy price.
Yi Huiman said that we have given full play to the institutional and governance advantages of socialism with Chinese characteristics, and built a capital market legal system and securities law enforcement and judicial system with Chinese characteristics.
In particular, the Central Office and the State Office issued the "Opinions on Strictly Cracking down on Securities Illegal Activities in accordance with the Law", and the new Securities Law and the Criminal Law Amendment (Eleventh) have been implemented one after another. The long-standing low cost of illegal activities has been fundamentally reversed, and
"zero tolerance "Three-dimensional law enforcement deterrence has been significantly enhanced, and the market ecology has improved significantly
.
Yi Huiman also said that in terms of investor protection, we continue to improve the investor protection system that connects education and publicity in advance, regulatory services in the event, and rights protection and relief after the event.
In particular, it not only draws lessons from overseas beneficial experience, but also makes institutional arrangements to prevent abuse of litigation in light of national conditions, and establishes a securities class action system with Chinese characteristics, which effectively protects the legitimate rights and interests of investors.
In the first "Kangmei case", 52,000 small and medium-sized investors were compensated 2.46 billion yuan, realizing the organic unity of legal effects, social effects and market effects.
(China New Finance and Economics)