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Original title Passing a “zero tolerance” sign
The China Securities Regulatory Commission and the Supreme People’s Prosecutor’s Office (hereinafter referred to as the Supreme People’s Prosecutor’s Office) yesterday published 12 typical cases of securities violations, including 6 typical cases of criminal securities offenses and 6 typical cases of administrative securities violations .
The competent person in charge of the China Securities Regulatory Commission stated that the publication of typical cases can not only use the case to convey a “zero tolerance” signal to the market, but also further strengthen administrative and enforcement cooperation of criminal law and effectively improve the effectiveness of law enforcement and supervision. In the next step, the China Securities Regulatory Commission will continue to implement the “zero tolerance” requirement for various violations of laws and regulations, strengthen coordination and cooperation with judicial authorities, continuously improve the level of professionalization of the application of the administrative law, improve the consistency of administrative law enforcement, and crack down on all types of securities violations in accordance with the law. criminal activities.
102 arrests in the first 9 months
The 6 typical cases of securities crime released this time include: Xin Mou Co., Ltd., Wen Mouyi, Liu Mousheng fraudulent issuance of shares, illegal disclosure of important information; Zhong Moutong Machinery Manufacturing Co., Ltd., Lu Mouwang and other fraud Bond issuance, issuance of certification documents, material misrepresentation, bribery of non-state personnel, Tang Moubo cases and others manipulating the stock market; Case: Teng Mouxiong and Lin Moushan fabricated and disseminated false information about securities transactions.
Among them, the actual controller of Xinmou Co., Ltd. (hereinafter Xinmou Company) and CFO Liu Mousheng, to achieve the company’s listing purpose, the organizational unit staff use external loans, use of your own funds or forged bank documents, etc. , Fabricated relevant financial data, recorded the aforementioned false material content in the listing application documents and the prospectus submitted to the Securities Regulatory Commission, defrauded the approval of the share issue and raised funds of 257 million yuan in the offering public. After Xin’s company went public, he continued to falsify financial data using the aforementioned methods and revealed false financial reports that conceal important facts.
According to Zheng Xinjian, Director of the Fourth Prosecutor’s Office of the Supreme People’s Prosecutor’s Office, in recent years, the organs of the prosecution, the securities regulatory authorities and the public security organs have assumed their responsibilities, cooperated with each other, supervised each other and mutually constrained, and have continuously improved the system and mechanism to handle cases of securities and future crimes, and have strengthened specialization Capacity building to effectively improve the quality and efficiency of case handling. Statistics show that from 2017 to September 2020, prosecutors across the country approved the arrest of 302 people for various securities and futures 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.
Case of “black mouth” named in the stock market
The 6 typical cases of administrative securities violations released this time include information disclosure, market manipulation and insider trading violations. They are primarily targeted at the three “persistent diseases” that threaten the health and stability of the capital market. All of them have received wide attention from society and have certain typical Cases of influence.
In the case of Liao Mouqiang manipulating the stock market, Liao Mouqiang was the guest host of a well-known show and a weekly show on the Shanghai CBN Radio and Television Channel. From March to November 2015, Liao Mouqiang used the influence of his well-known securities show host to publicly evaluate and recommend stocks on his Weibo and blog, and monitor the use of 13 securities accounts, including his own account prior to recommendation. . Buy relevant stocks first and sell them collectively on the day or the day after the stock recommendation, for short-term price differences. During the period in question, Liao Mouqiang carried out the aforementioned manipulations 46 times, involving 39 actions, and the total illegal profits amounted to 43.1048 million yuan.
The remaining 5 typical cases of administrative securities violations also include: Information Disclosure Breach of Ya Co., Ltd., Hua Co., Ltd. Information Disclosure Breach, Securities Market Manipulation by a Company of investment, Zhou Mou and Insider Trading Case, Ji Mou Trust Company insider use case.
Teng Biyan, director of the Office of the Administrative Punishment Committee of the China Securities Regulatory Commission, introduced that since 2017, the entire system of the China Securities Regulatory Commission has made 810 administrative punishment decisions on related offenses, 82 decisions on market bans and a fine of 19.304 million yuan. In the next step, the China Securities Regulatory Commission will work closely with judicial bodies to crack down on criminal and illegal securities activities in accordance with the law, and strive to maintain the health and stability of the market. capital and a solid ecosystem.
Build a system of “three-dimensional responsibility”
Teng Biyan stated that administrative punishment, as a link in the entire chain of accountability and punishment, is not and should never be the “end point” of accountability for offenders. It is necessary to increase the link with the public, the prosecution and various agencies, and use administrative and administrative supervision in a comprehensive manner. Sanctions, civil damages, criminal liability and other methods have established a system of “three-dimensional accountability”.
In terms of further strengthening cooperation with judicial bodies, Teng Biyan proposed three main directions of work: one is to improve the efficiency of transferring criminal cases; the other is to actively support the promotion of judicial interpretation and standards of prosecution for the application of criminal, civil and administrative law. Strengthen the institutional supply of capital market governance; the third is to actively promote the improvement of compensation systems and civil securities litigation, support investor protection agencies to participate in litigation as representatives in accordance with the law, promote the demonstration and trial mechanism for securities disputes and futures, and increase the efficiency of civil liability.
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Editor-in-Chief: Wang Han
