5depositcasino| fined 6.389 billion yuan! China Securities Regulatory Commission's latest disclosure

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Source: voice of Securities Daily

Our reporter Wu Xiaolu

On May 15, the CSRC issued a summary of law enforcement in 2023. In 2023, the CSRC investigated and dealt with 717 illegal cases of securities and futures, an increase of 19% over the same period last year, administrative penalties were imposed on 539 cases, an increase of 40% over the same period last year, and 1073 people (families) were punished, an increase of 43% over the same period last year.5depositcasino8.9 billion yuan, an increase of 140% over the same period last year; 118 cases and clues suspected of securities and futures crimes were transferred to public security organs, effectively maintaining the operation order of the capital market and effectively protecting the legitimate rights and interests of investors. the effectiveness of cracking down on illegal acts of securities and futures continues to show, and the "zero tolerance" crackdown on high pressure has been continuously consolidated.

Eradicate the "malignant tumor" in the capital market, such as fraudulent issuance and financial fraud.

Pay close attention to the "key minority", strive to eradicate fraudulent issuance, financial fraud and other capital market "cancer", and promote the improvement of the quality of listed companies.

Specifically, adhere to the "declaration is to take responsibility." For suspected major violations of laws and regulations5depositcasinoIssuers and intermediary agencies, even if they withdraw their applications for listing, persist in checking to the end, put an end to "declaration with illness" and "enter the disease through the mouth", and improve the quality of listed companies from the source. In 2023, four cases of false financial data submitted by issuers during the issuance declaration stage were investigated and dealt with.

Adhere to systematic governance. Focus on the abuse of accounting policies, large amounts of asset impairment to adjust profits and other illegal acts, seriously investigate and deal with 32 companies with bad circumstances, and severely crack down on illegal acts of financial fraud in the name of impairment. Dig deep into the interest chain of financial fraud, in view of the cross-correlation of the subjects involved in many financial fraud cases, the high similarity between suppliers and customers, and the cooperation of upstream and downstream fraud, series and parallel analysis, comprehensive arrangement, centralized investigation and handling, effectively purify the ecosystem of listed companies.

Adhere to three-dimensional accountability. On the basis of increasing the intensity of administrative punishment, we should comprehensively use a variety of means, such as compulsory delisting, criminal liability and civil compensation, to comprehensively increase the cost of breaking the law. In 2023, 32 listed companies investigated and dealt with by the CSRC were forcibly delisted and 42 listed companies suspected of crimes were transferred to the public security organs.

Insist on accurate accountability. Adhere to seeking truth from facts, not in vain, equal to excessive punishment, increase the punishment of the "first evil" and "key minority", and reduce the adverse impact on the company's operation as much as possible. For illegal occupation guarantee cases, distinguish the main responsibilities of listed companies, actual controllers and Dong Jiangao, and deal with them separately so as to avoid causing "secondary harm" to the company.

Compacting the responsibility of the "janitor"

Pay close attention to the lack of diligence and due diligence, compact the responsibility of the "janitor", and supervise and guide intermediary institutions to improve the quality of practice.

Insist on "investigating more than one case". On the basis of investigating and dealing with cases of information disclosure violations such as fraudulent issuance and financial fraud in accordance with the law, we should comprehensively verify the due diligence of the intermediary agencies involved in the case, and seriously deal with those suspected of breaking the law and crimes, and will never tolerate them.

Adhere to the "double penalty system". Severely punish intermediary agencies that fail to fulfill their duties, and impose "double penalties" on institutions and personnel in accordance with the law. In 2023, administrative penalties were imposed on 25 intermediary institutions and 94 employees. In addition to the application of "property penalty" in accordance with the law, we should make full use of legal empowerment to explore the application of "qualification penalty".

Keep an eye on "internal and external collusion", "self-theft" and "recidivism"

We should pay close attention to "internal and external collusion", "self-theft" and "recidivism", maintain a high-handed law enforcement situation against illegal reduction, market manipulation, and insider trading, and actively create a fair, transparent and predictable trading environment.

Strictly investigate the illegal reduction of holdings. Focus on major shareholders, especially controlling shareholders, and actual controllers, and resolutely investigate and deal with nine cases of illegal reduction.

Crack down on internal and external collusion to manipulate stock prices. In accordance with the law, some listed companies' actual controllers and Dong Jiangao will be severely punished to manipulate the market in the name of market value management by making use of the advantages of funds, shareholding and information. In 2023, nine cases of actual controllers and executives of listed companies colluding with hot money to manipulate the company's stock price were investigated.

To deal with recidivism of market manipulation seriously. Individual lawbreakers who have been punished for manipulating the market for many times and who have not stopped being punished shall be dealt with severely and severely in accordance with the law.

From the actual investigation and handling of a new type of illegal cases. By means of data analysis, we will crack down on new types of illegal activities in the capital market that are constantly changing and escalating in accordance with the law, and resolutely curb the momentum of spread. For example, in accordance with the law, some gangs use over-the-counter individual stock options and other financial derivatives to magnify the manipulation of earnings, and some personnel manipulate LOF funds, convertible bonds and other illegal acts. Actively cooperate with public security organs to investigate and deal with illegal market manipulation activities in which illegal gangs use remote manipulation software to hide traces of transactions, quickly sell warehouses, smash and ship goods, and seek huge illegal interests.

Strictly investigate and deal with insider trading of key personnel. There are listed companies or purchasers of listed companies, controlling shareholders, actual controllers, and Dong Jiangao of counterparties to major asset restructuring transactions of listed companies, put professional ethics behind them, take advantage of their identity to obtain inside information, and "steal from themselves" for their own illegal profits must be severely punished.

Leave no dark corner or dead corner for financial supervision and law enforcement

Keep a close eye on bonds, private equity, futures and other fields, resolutely highlight the sword to illegal acts, leaving no dark corner or dead corner of financial supervision and law enforcement.

We will resolutely crack down on illegal activities in the bond market. Seriously investigate and deal with the illegal disclosure of information and misappropriation of funds hidden behind the default of bonds. Eight cases of bond violations were handled in 2023, involving 4 cases each of the exchange and the interbank bond market.

We will step up law enforcement against illegal private placement and futures. In 2023, 29 private placement and futures cases were handled, including misappropriation of fund property, violation of investor appropriateness system, illegal promised income, illegal investment operation, failure to disclose information in accordance with regulations, and so on.

Severely crack down on violations of laws and regulations by employees. We will strengthen the management of employees, crack down on violations of laws and regulations, and be strictly accountable to institutions that lack effective control. Handle 61 cases of employees violating laws and regulations, covering illegal types such as illegal trading of stocks, private entrustment by clients, and fund practitioners using undisclosed information to trade.

Strictly investigate major cases

In 2024, the China Securities Regulatory Commission will fully implement the spirit of the 20th National Congress of the Communist Party of China and the Central Financial Work Conference, thoroughly implement the "Several Opinions of the State Council on Strengthening Supervision and Preventing Risks and Promoting High-Quality Development of the Capital Market", and severely crack down on serious harm to the smooth operation of the market. Illegal activities in the securities and futures markets that infringe on the legitimate rights and interests of investors, have bad social impact, and have strong public response, are in order to accelerate the construction of safe, standardized, transparent, open, dynamic, Resilient capital markets protect them.

The first is to strengthen clue discovery. Increase the application of scientific and technological supervision, continuously improve the sensitivity and accuracy of clue discovery, strengthen cross-department, cross-field and cross-market supervision collaboration, strengthen the linkage between on-site supervision and off-site supervision, the linkage between information disclosure and transaction supervision, and the linkage between on-site inspection and inspection investigation, and resolutely Eliminate regulatory gaps and blind spots.

The second is to strictly investigate major cases. Focus on cracking down on illegal and irregular activities such as fraudulent issuance, financial fraud, occupation of guarantees, and illegal reduction of holdings, closely guard against and severely crack down on illegal activities that affect normal market order such as market manipulation and insider trading, and provide an open, fair and just market order for investors to enter the market.

The third is to improve the effectiveness of law enforcement. Strengthen the full-cycle management of the entire process of case handling, strengthen process supervision, dynamic management, and control of key links, and effectively improve the quality of investigation and handling. Optimize the allocation of law enforcement forces and quickly investigate and deal with major cases through models such as "joint investigation","replacing training with cases" and "assisting team leaders".

The fourth is to continue to deepen cooperation. Give full play to the institutional advantages of public security and procuratorial organs in office and convenient communication, and jointly deploy and supervise work related to case handling in conjunction with public security and procuratorial organs. Strengthen linkage with relevant ministries and commissions and local governments in information reporting, data sharing, case handling, etc., and form a work pattern in which each performs its duties, organically connects, and works together to govern.

The fifth is to pay attention to both punishment and prevention. Give full play to the functions of "punishment","governance","prevention" and "education" of inspection and law enforcement, so that those who challenge the bottom line of the law pay the due price, and use penalties to promote reform and management to achieve the cultivation and restoration of the market ecology. Improve the transparency of law enforcement, promptly report the handling of cases such as financial fraud and market manipulation and typical cases, and achieve the effect of "handling one case, educating one party, and warning one party".