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Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
China will increase penalties for fraudulent issuance of securities and other capital market violations starting next year.
The maximum prison sentence will be increased from five to 15 years, under an amendment to criminal laws passed at a meeting of the Standing Committee of the National People’s Congress on Saturday, China’s securities regulator said in a statement. The amendment will take effect on March 1.
For revealing false information, the maximum sentence will be changed from three to 10 years, and the upper limit of a fine of 200,000 yuan ($ 30,572) will be removed, the China Securities Regulatory Commission said.
China will also impose a maximum 10-year prison sentence on lawyers and accountants for fraud in issuing securities and major transactions, he said.
– With the assistance of John Liu and Jessica Sui
