On July 11, the Financial Stability Development Committee of the State Council (hereinafter referred to as the Financial Commission) held its 36th meeting to study and fully implement the requirements of "zero tolerance" for illegal and criminal acts in the capital market. The meeting was chaired by Liu He, member of the Political Bureau of the CPC Central Committee, vice premier of the State Council, and director of the Finance Committee. Member units of the Finance Committee and relevant responsible comrades of relevant units participated in the meeting.
The meeting believed that the integrity of market entities is related to the long-term healthy development of the capital market. Fraudulent issuance, financial fraud and other illegal and criminal acts are the "cancers" of the capital market, damage the legitimate rights and interests of investors, endanger the market order, restrict the effective functioning of the capital market, and must be resolutely, decisively and promptly corrected. For some time, due to the shortcomings of the system construction, the capital market has lower crimes and crimes, and many cases of vicious financial fraud have occurred. The newly revised securities law has greatly increased the cost of criminal offences in the capital market. The regulatory rules and regulations are constantly being improved, and a strong framework for three-dimensional punishment has been established. The CSRC and relevant departments should further strengthen securities law enforcement and judicial work, and resolutely combat and curb capital market violations. Criminal activities, protect the rights and interests of investors, especially small and medium investors, and respond to the expectations of all sectors of society.
The meeting called for the full implementation of the "zero tolerance" requirement for illegal and criminal acts in the capital market, taking multiple measures to strengthen and improve securities law enforcement, and make every effort to maintain a healthy and stable capital market and a good ecology. First, severely investigate and punish major crimes and crimes, speed up investigation, punishment, and transfer work, and punish severely and severely in accordance with the law. The second is to strengthen civil compensation and criminal accountability, to speed up the implementation of the newly amended securities law implementation rules, and to promptly initiate "class actions" in accordance with the law for typical cases with significant social impact. The third is to deepen the reform of the delisting system, further improve the delisting standards, simplify the delisting procedures, strengthen the delisting supervision, strictly implement the delisting system, and form a market-oriented and normalized exit mechanism with "incoming and outgoing, survival of the fittest". The fourth is to cooperate with the legislature in accelerating the revision of criminal law and other work, further improve the legal system for punishing illegal and criminal acts, and increase the intensity of penalties. Fifth, improve the securities law enforcement system and mechanism with Chinese characteristics that meet the needs of capital market development, strengthen the basic system of administrative law enforcement, unify law enforcement standards, standardize law enforcement behavior, improve law enforcement efficiency, and strengthen special law enforcement forces. Sixth, the Securities Regulatory Commission and relevant departments established a "Coordination Working Group to Combat Illegal Activities in the Capital Market" to form a joint force to combat illegal activities in the capital market and jointly maintain the health and stability of the capital market. Seventh, strengthen the guidance of public opinion, multi-channel and multi-platform to strengthen the law enforcement propaganda of key cases, deliver a clear signal of "zero tolerance" to the market, give full play to the warning and education functions of investigation and handling of typical cases, and promote the formation of a good market ecology that respects the law and trust And culture.
The meeting also studied other matters.