Reporter Wu Xiaolu

Since the beginning of this year, the CSRC has adhered to "zero tolerance" and severely cracked down on all kinds of illegal securities and futures activities. According to incomplete statistics on the websites of the China Securities Regulatory Commission and the local securities regulatory bureau, since the beginning of this year, as of March 3, the CSRC and the local securities regulatory bureau have issued 30 fines (administrative penalty decisions), with a total of 46 million yuan confiscated.

According to the reporter's combing, among the above-mentioned fines, 25 were related to illegal fines for letter phi, ranking first; 13 insider trading fines, increasing the number of "nest cases"; 2 fines for illegal stock recommendation. In addition, fines for market manipulation, stock speculation by practitioners of securities companies, lending of securities accounts, undisclosed over-proportional shareholding, and trading during the restricted period have also appeared.

Securing the "cage" of the letter disclosure system

Strengthen the "trinity" punishment

Over the years, the number of information disclosure violations has been the highest. In this regard, Zheng Yu, a professor at the School of International Finance and Law of East China University of Political Science and Law, told the "Securities Daily" reporter that whether it is a regular report or an interim report, information disclosure is a "regular action" and "mandatory action" for listed companies, and the disclosure of false information or illegal non-disclosure of information is very easy to be investigated, so the illegal fine of information is always in the first place.

"Many of the consequences of misrepresentation are continuous, easy to cover up in the short term, difficult to sustain in the long term, and have a high probability of exposure." Chen Bo, a partner at DeHeng Shanghai Law Firm, told the Securities Daily reporter.

According to the reporter's combing, most of the above 25 illegal fines involved capital occupation, illegal guarantees, illegal related party transactions, financial fraud, etc. Among them, 2 were financial fraud, such as the financial fraud of Tomorrow Aerospace, a subsidiary of Xinyan Co., Ltd., and the listed company and related responsible persons were fined a total of 705.<> million yuan.

In addition, Zhongxin Technology was involved in failing to truthfully disclose the occupation of funds of related parties and illegal guarantees in accordance with regulations, resulting in illegal disclosure of the company's credit disclosure, and the Zhejiang Regulatory Bureau issued 9 fines to 9 people, including the actual controller, directors and executives of the company, with a total fine of 660.<> million yuan.

Talking about how to further prevent and combat the violation of the law of information disclosure, Tian Lihui, vice president of Guangxi University and dean of the Institute of Financial Development of Nankai University, told the reporter of "Securities Daily" that to prevent and combat illegal information disclosure, it is not only necessary to continue to strengthen the "trinity" punishment method of administrative and civil criminal, so that they "dare not violate it"; It is also necessary to continue to firmly entrench the "cage" of the disclosure system, and continuously optimize the details of the disclosure requirements, so that the work of disclosure cannot be violated; It is also necessary to strengthen the education and warning work for legal persons and key personnel of information disclosure, so that they "do not want to violate the law."

Insider information is increasingly concealed

Expert: If you show your head, you must crack down

Insider trading was the second highest type of offence after information disclosure offences, with a total of 13 fines issued during the year. Insider traders include insiders, couples or friends. Buying or selling based on inside information is punishable.

The reporter found that the number of insider trading "nest cases" increased this year. In January this year, the Guangdong Securities Regulatory Bureau issued three insider trading fines all insider trading Omar Appliances; The four insider trading fines disclosed by the CSRC in March were all insider trading Three Gorges Water Conservancy.

Speaking about why insider trading "nest cases" have increased, Tian Lihui said, "Under China's 'zero tolerance' and strong regulatory pressure, most insider insiders do not dare to try the law by themselves and directly trade to make profits, but want to indirectly obtain economic or personal benefits through the transactions of others." They thought they could hide from the sky and cross the sea, but in fact, they just covered their ears and stole bells, forming a 'nest case'. ”

Regarding how to combat insider trading, Zheng Yu said that in recent years, under the background of strengthening the registration of insider information personnel of listed companies and strengthening the supervision of confidentiality and abnormal stock price fluctuations, insider trading has shown a trend of becoming more and more hidden and more innovative, which has brought certain difficulties to the investigation and punishment of regulatory authorities. Therefore, through a series of new investigation and punishment principles, such as the principle of "preponderance of evidence" and the principle of "high probability" for insider trading, insider trading is severely cracked down on a fair and reasonable basis, forming a strict regulatory signal of "do not stretch out your hand, you will be caught" or "if you stretch out your hand, you will be severely punished".

Crack down on illegal stock recommendation

Investors can be encouraged to report

Among the two illegal stock recommendation fines issued during the year, financial magnate Yiwei manipulated the market and illegally engaged in securities investment consulting, which attracted market attention. In the end, Yi Wei was fined a total of 2.5594 million yuan by the CSRC for manipulating Sanfu Outdoors; for illegally engaging in securities investment consulting business, he confiscated 12.2394 million yuan of illegal gains and imposed a fine of 22 million yuan. On the whole, Yi Wei was fined a total of 2000.9988 million yuan for the two crimes, and the amount of fines and confiscations temporarily ranked first.

"In recent years, illegal acts such as illegal stock recommendation, stock market blacktalk, and counterfeiting of legal securities business institutions or personnel on the Internet have spread to the market, causing property losses to netizens and affecting the stable and healthy development of the capital market." Lui Zhilu said.

"Stock market blackouts are the worst securities violations, and the victims are investors with the least discernment." Chen Bo said.

In December last year, the Secretariat of the Cyberspace Administration of China and the General Office of the China Securities Regulatory Commission issued the Work Plan for the Governance of Online Information Content of Illegal Securities Activities, establishing and improving a normal long-term working mechanism to minimize the online living space of "black mouths" and illegal stock recommendation activities in the stock market.

"In the context of the continued rapid development of Internet platforms such as Douyin and WeChat, China's self-media and quasi-self-media tools and personnel continue to grow. In addition, China's stock market is expected to gradually improve this year. Under the lure of interests, there will be more illegal stock recommendation cases, and more illegal stock recommendation fines will also be brought about. Tian Lihui said that in view of the effectiveness of law enforcement in the past, illegal stock recommendation in the video category may be the focus of crackdown. Self-media personnel must learn the law, understand the law, earn money according to law, and cannot directly or indirectly obtain illegal benefits through illegal stock recommendation.

Speaking of cracking down on illegal stock recommendation, Lui Che Lu said that in addition to bringing illegal stock recommendation platforms into the scope of normalized supervision and eliminating illegal securities and futures activities such as illegal stock recommendation from the source, we should also give full play to the power of the masses, increase the amount of rewards for whistleblowers, and encourage investors to report. At the same time, it is necessary to strengthen investor education, identify illegal stock recommendation platforms, and improve prevention awareness. (Securities Daily)