China's Supreme Procuratorate to combat securities violations and crimes issued cases and promoted amendments to the law
China News Service, Beijing, November 6th (Reporter Zhang Su) Liao Mouqiang, a financial "famous mouth", made more than 43 million yuan (RMB, RMB) from stock and futures trading by first establishing positions, publicly recommending shares, and then selling in reverse. The same below), he was therefore confiscated by the China Securities Regulatory Commission of his illegal income and fined more than 86 million yuan.
On the 6th, the Supreme People’s Procuratorate of China and the China Securities Regulatory Commission jointly issued 12 typical cases of securities violations, including the case of Liao Mouqiang. Among the cases, there were 6 criminal cases and 6 administrative violations.
Zheng Xinjian, Director of the Fourth Procuratorate of the Supreme People's Procuratorate of China, believes that this move demonstrates the cohesion of the securities regulatory authorities, the procuratorial organs and other relevant departments to jointly fight against securities and futures crimes.
At the same time, these typical cases also focus on interpretation and reasoning, which has a warning and educational effect on enhancing the awareness of the rule of law of various subjects and investors in the capital market and preventing illegal crimes.
The data also demonstrates the prosecution's attitude to severely punish securities and futures crimes in accordance with the law.
From January 2017 to September 2020, procuratorial organs across the country approved the arrest of 302 people for various securities and futures crimes and prosecution of 342 people.
Among them, 102 arrests and 98 prosecutions were approved from January to September this year, up 15% and 27% respectively.
Teng Biyan, Director of the Office of the Administrative Punishment Committee of the China Securities Regulatory Commission, introduced that since the 19th National Congress of the Communist Party of China, the CSRC has made 810 administrative punishment decisions and 82 market ban decisions. The amount of fines and confiscated is 19.304 billion yuan. Law enforcement sends a clear signal of "zero tolerance", providing a solid legal guarantee for the reform of the registration system and the healthy development of the capital market.
Zheng Xinjian revealed that, judging from the types of securities and futures crime cases handled by the procuratorial organs in recent years, insider trading, trading using undisclosed information and other securities trading crimes have accounted for 65.7% of the total number of cases.
Since the beginning of this year, there has been a marked increase in criminal cases involving listed companies, such as fraudulent issuance and illegal disclosure by prosecutors.
In order to continue to intensify the punishment of crimes endangering the order of the securities and futures markets, such as financial fraud, insider trading, and market manipulation, Teng Biyan believes that a "three-dimensional accountability" system must be established.
He also said that it is necessary to actively promote the improvement of the securities civil litigation and compensation system, and support investor protection agencies to participate in litigation as a representative in accordance with the law.
Zheng Xinjian said that the Supreme People’s Procuratorate actively promoted the revision of the relevant provisions of the criminal law on securities and futures crimes in order to increase the cost of securities and futures crimes. In addition, the revision of standards for prosecution of securities and futures crimes was initiated. (Finish)