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◎ reporter Liang Yinyan
May 15thHeartofvegasThe China Securities Regulatory Commission released a summary of law enforcement in 2023 and identified five key points of law enforcement work in 2024. This year, the CSRC will 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. and focus on strengthening clue discovery, strict investigation of major cases, improve the efficiency of law enforcement, continue to deepen cooperation, pay attention to punishment and prevention of the five key work To speed up the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.
Last year, 42 listed companies suspected of crime were transferred.
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.Heartofvegas539 administrative penalties were imposed, an increase of 40% over the same period last year, 1073 people (families) were responsible for punishment, an increase of 43% over the same period last year, 103 people were banned from the market, an increase of 47% over the same period last year, and confiscation of 63%Heartofvegas.89 billion yuan, an increase of 140% over the same period last year, and 118 cases and clues suspected of securities and futures crimes were transferred to public security organs.
The CSRC insists on investigating to the end and putting an end to "reporting with illness" and "entering the disease through the mouth". Data show that in 2023, four cases of issuers submitting false financial data during the issuance declaration stage were investigated and dealt with.
Focusing on the abuse of accounting policies, large amounts of asset impairment to adjust profits and other illegal acts, the CSRC seriously investigated and dealt with 32 companies with bad circumstances, and severely cracked down on illegal acts of financial fraud in the name of impairment.
On the basis of increasing the intensity of administrative punishment, the CSRC comprehensively uses a variety of means, such as compulsory delisting, criminal liability, civil compensation and so on, to comprehensively increase the illegal cost. 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.
In addition, the CSRC will step up its punishment against the "first evil" and the "key minority" and minimize the adverse impact on the company's operation as far as possible. If Ye, the actual controller of the company in the Qixin shares case, instructs the company to engage in fraudulent issuance and illegal information disclosure, the CSRC fines Ye 14 million yuan and takes measures to ban access to the securities market for life.
Keep an eye on "internal and external collusion", "self-theft" and "recidivism"
The CSRC pays close attention to the lack of diligence and due diligence, compacts the responsibility of the "gatekeeper", adheres to the "multi-investigation of one case" and the "double penalty system", and urges and guides intermediary institutions to improve the quality of practice. 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".
At the same time, the CSRC pays close attention to "internal and external collusion", "self-theft" and "recidivism", and maintains a high-handed law enforcement situation against illegal reduction, market manipulation, and insider trading.
The first is to 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.
The second is to crack down on internal and external collusion to manipulate stock prices. 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 and dealt with, and the relevant responsible units and personnel in the cases of Jintuo shares (safeguarding rights), Senyuan Electric (safeguarding rights) and Xinmei Star (safeguarding rights) were respectively imposed on 6.HeartofvegasFines and confiscations of 60 million yuan, 610 million yuan and 95.67 million yuan.
The third is to deal with recidivism of market manipulation seriously. For example, Wang Mou copper gang manipulated seven stocks and was fined 1.5 billion yuan by the CSRC and transferred to the public security organ for criminal responsibility; Ren Moucheng gang committed a crime again after being punished three times by the CSRC. The CSRC imposed a fine of 297 million yuan and took measures to ban access to the securities market for life.
The fourth is to actually investigate and deal with new types of illegal cases. 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.
Fifth, we should strictly investigate and deal with insider trading of key personnel. For example, Zhang, chairman of logarithmic Technology, issued a fine of more than 3500 yuan for insider trading in the company's stock, and took measures to ban access to the securities market for life; Huang, a counterparty director of Suotong Development, was fined more than 5000 million yuan for insider trading.
No hidden corner of financial supervision and law enforcement
In addition, the CSRC keeps a close eye on bonds, private equity, futures and other areas, resolutely showing its sword to illegal acts, leaving no dark corner or dead corner in financial supervision and law enforcement.
First, 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.
The second is to strengthen the law enforcement against private placement and futures violations. 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.
Third, severely crack down on employees' violations of laws and regulations. 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.
Focus on law enforcement in five areas
It is reported that in 2024, the CSRC will focus on law enforcement work in five areas:
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, and illegal reduction, and closely guard against and severely crack down on market manipulation, insider trading and other illegal acts that affect the normal order of 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, case handling and so on.
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".
In □ 2023, the CSRC investigated and dealt with 717 illegal cases of securities and futures, imposed 539 administrative penalties, punished 1073 people (families) who were responsible, banned 103 people from the market, confiscated 6.389 billion yuan, and transferred 118 suspected illegal and criminal cases and clues to the public security organs.
In □ 2024, the CSRC will focus on strengthening clue discovery, strictly investigating major cases, improving the efficiency of law enforcement, continuously deepening cooperation, and paying attention to both punishment and prevention.