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texasholdemset| In 2023, the China Securities Regulatory Commission issued 539 administrative penalties and fined 6.389 billion yuan

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Our reporter Wu Xiaolu

May 15thTexasholdemsetThe Securities Regulatory Commission released a summary of law enforcement in 2023. Since 2023, in accordance with the requirements of "comprehensively strengthening financial supervision", the CSRC has strengthened political guidance, faithfully performed its duties, made concerted efforts of the system, and cracked down on all kinds of violations of laws and regulations with "zero tolerance". Strive to achieve supervision and law enforcement "long teeth with thorns", angular, strong foundation, strict supervision and strict management, spare no effort to maintain the smooth operation of the capital market, protect the legitimate rights and interests of investors, and provide a strong legal guarantee for the high-quality development of the capital market.

texasholdemset| In 2023, the China Securities Regulatory Commission issued 539 administrative penalties and fined 6.389 billion yuan

Strong maintenance

The operation order of capital market

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.Texasholdemset8.9 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.

First, we should pay close attention to the "key minority" and strive to eradicate the "cancer" of the capital market such as fraudulent issuance and financial fraud, so as to improve the quality of listed companies. Insist that "to declare is to take responsibility". For suspected major violations of laws and regulationsTexasholdemsetIssuers 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.

The second is to pay close attention to the lack of diligence and due diligence, tighten the responsibility of the "gatekeeper", and urge 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".

Third, 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.

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.

Fourth, 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.

Strictly investigate major cases

Improve the effectiveness of law enforcement

In 2024, the CSRC will fully implement the spirit of the 20th CPC National Congress and the Central Financial work Conference, and thoroughly implement the "opinions of the State Council on strengthening Supervision, guarding against risks and promoting the High-quality Development of the Capital Market". Severely crack down on illegal acts in the securities and futures market that seriously endanger the smooth operation of the market, infringe upon the legitimate rights and interests of investors, have a bad social impact, and are strongly reflected by the masses. To speed up the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.

One is to strengthen the clue discovery. We will increase the application of science and technology supervision, constantly improve the sensitivity and accuracy of clue discovery, strengthen cross-departmental, cross-disciplinary and cross-market supervision cooperation, strengthen the linkage between on-site supervision and off-site supervision, information disclosure and transaction supervision, and on-site inspection and inspection investigation, and resolutely eliminate regulatory gaps and blind areas.

The second is to strictly investigate major cases. We will focus on cracking down on illegal acts such as fraudulent issuance, financial fraud, occupation guarantee, illegal reduction, and so on, and closely guard against and severely crack down on illegal acts that affect the normal order of the market, such as market manipulation and insider trading, so as to provide an open, fair and fair market order for investors to enter the market.

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

Fourth, continue to deepen cooperation. We should give full play to the advantages of the mechanism of public security and procuratorial work in office and convenient communication, and jointly deploy and supervise the handling of cases by public security and procuratorial organs. Strengthen the linkage with relevant ministries and local governments in information communication, data sharing, and case handling, so as to form a work pattern of performing their respective duties, organic convergence, and joint governance.

Fifth, pay attention to both punishment and prevention. Give full play to the functions of inspection and law enforcement, "punishment", "governance", "prevention" and "education", let those who challenge the legal bottom line pay the due price, and promote reform and management with punishment, so as to realize the conservation and restoration of the market ecology. Enhance the transparency of law enforcement, timely inform the handling of financial fraud, market manipulation and other cases and typical cases, so as to achieve the effect of "handling a case, educating one, and warning one party".


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