According to news on the website of the Ministry of Public Security on 5 May, the Ministry of Public Security recently issued a circular requiring public security organs throughout the country to conscientiously implement the decisions and arrangements of the Party Central Committee and the State Council, take the opportunity of fully implementing the stock issuance registration system, take the initiative to adapt to the new situation and new changes, earnestly enhance the sense of responsibility and mission, further strengthen the work of cracking down on and preventing securities crimes, and make every effort to ensure the smooth implementation of the stock issuance registration system, effectively maintain the order of the capital market, and effectively protect the interests of investors.

The circular requires that we give full play to our functions and roles and severely crack down on securities criminal activities in accordance with the law. It is necessary to strengthen investigation and study, and promptly adjust the tactics and priorities of cracking down on securities crimes in view of the new characteristics that have emerged after the comprehensive implementation of the stock issuance registration system. We should persist in not tolerating and thoroughly investigating the crime of fraudulent issuance of securities, and in particular, we must intensify the crackdown on suspected crimes of controlling shareholders and actual controllers. For crimes of illegal disclosure or non-disclosure of important information, it is necessary to adhere to "zero tolerance" to crack down on it strictly and earnestly maintain market order. For intermediary organizations to cooperate in carrying out financial fraud, providing false supporting documents, issuing major inaccurate supporting documents, and other illegal crimes, it is necessary to strengthen the discovery, transfer, and investigation of leads, so as to ensure that both "punishing the chief evil" and "chasing accomplices" are also "pursued by accomplices". With regard to crimes of breach of trust that harm the interests of listed companies, it is necessary to persist in speedy investigation and quick investigation, and protect the interests of listed companies in accordance with the law. For crimes of issuing stocks, companies, and enterprise bonds without authorization, it is necessary to crack down on organizers and relevant intermediaries in accordance with law. In light of the new situation under the registration system, it is necessary to crack down on crimes such as defrauding state funds and special funds for science and technology, and infringing on trade secrets in accordance with the law. With regard to the use of the stock issuance registration system to carry out fraud crimes such as telecommunications network fraud and "virtual disks", while cracking down hard, it is necessary to continuously improve the ability of early warning and interception, establish an all-round and wide-coverage anti-fraud publicity system, and effectively enhance investors' anti-fraud awareness and anti-fraud ability. It is necessary to firmly establish a sense of distress and bottom-line thinking, actively cooperate with regulatory authorities to prevent and resolve risks, and effectively maintain the safety and stability of the capital market.

The circular requires that the construction of specialization should be comprehensively strengthened and the efficiency of the work of cracking down on securities crimes should be effectively improved. It is necessary to strengthen overall coordination, broaden the talent reserve, carry out targeted education and training, and continue to promote the generation of core combat effectiveness in combating securities crimes. It is necessary to innovate investigation methods, explore the establishment of a professional crackdown and defense system, improve the integrated crackdown work mechanism, and achieve a full-chain crackdown on securities crimes. It is necessary to further optimize the connection between executions and executions, strengthen communication and coordination with relevant departments, and investigate and deal with a number of typical cases in accordance with the law through carrying out special operations and joint supervision, so as to form a strong deterrent. It is necessary to intensify the crackdown on cases of refusal and obstruction of securities administrative law enforcement in accordance with the law, and maintain the seriousness of securities administrative law enforcement.

The circular requires that fair and civilized law enforcement be strictly regulated to better protect the legitimate rights and interests of market participants in accordance with the law. It is necessary to focus on optimizing the market-oriented rule of law and international business environment, implement the criminal justice policy of leniency and severity, not only severely crack down on all kinds of crimes, maintain the order of the market economy, but also minimize the impact on the normal production and operation activities of enterprises. It is necessary to strictly implement the relevant provisions on case jurisdiction in accordance with law, accurately apply criminal compulsory measures in accordance with law, and protect the lawful rights and interests of parties. It is necessary to base on the actual needs of various capital market entities for listing and financing, further improve public security administrative management services, continuously simplify and optimize service processes, and improve handling efficiency. It is necessary to fully publicize the institutional measures of public security organs in cracking down on securities crimes, standardizing law enforcement work, and serving the development of enterprises, improve the efficiency and effect of law popularization, enhance the awareness of listed companies, public companies and their operators of risk prevention, legal operation and sound management, and ensure the high-quality development of the capital market in the new era. (Zhongxin Finance)