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China’s Supreme Prosecutor’s Office to combat securities violations and crimes issued cases and promoted amendments to the law
China News Service, Beijing, November 6 (Reporter Zhang Su) Liao Mouqiang, a financial “famous mouth”, earned more than 43 million yuan (RMB, RMB, Same thing below), for which he was confiscated by the Commission China Securities Regulator of its illegal income and fined more than 86 million yuan.
On the 6th, the Supreme People’s Prosecutor’s Office of China and the China Securities Regulatory Commission jointly issued 12 typical cases of securities violations, including the case of Liao Mouqiang. There were 6 criminal cases and 6 administrative violations. Zheng Xinjian, Director of the Fourth Prosecutor’s Office of the Supreme People’s Prosecutor’s Office of China, believes that this measure demonstrates the cohesion of the securities regulatory authorities, prosecution bodies and other relevant departments to jointly combat trust and value determination and future crimes. At the same time, these typical cases also focus on interpretation and reasoning, which has a warning and educational effect in raising awareness of the rule of law of various subjects and investors in the capital market and the prevention of illegal crimes.
The data also demonstrates the attitude of the prosecution to severely punish securities and future crimes in accordance with the law. From January 2017 to September 2020, prosecutors across the country approved the arrest of 302 people for various securities and future crimes and the prosecution of 342 people. Among them, 102 arrests and 98 prosecutions were approved from January to September of this year, 15% and 27% more respectively.
Teng Biyan, Director of the Office of the Administrative Punishment Committee of the China Securities Regulatory Commission, presented that since the XIX 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 confiscations was 19,304 million yuan. The application of the law sends a clear signal of “zero tolerance” and provides a strong legal guarantee for the reform of the registry system and the healthy development of the capital market.
Zheng Xinjian revealed that, judging by the types of securities and futures crimes handled by the prosecution bodies in recent years, crimes related to the use of inside information and the use of undisclosed information 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.
To continue to intensify the punishment of crimes that endanger the order of the securities and futures markets, such as financial fraud, insider trading and market manipulation, Teng Biyan believes that a system of “accountability” should be established. three-dimensional accounts “. He also said that it is necessary to actively promote the improvement of the civil litigation and securities compensation system, and to support the investor protection agencies to participate in the litigation as a representative in accordance with the law.
Zheng Xinjian said that the Supreme People’s Prosecutor’s Office actively promoted the revision of the relevant provisions of the criminal law on future securities and crimes in order to increase the cost of future securities and crimes. In addition, the revision of the norms for the prosecution of securities and future crimes began. (End up)
