Original title: Capital market administrative law enforcement strikes a heavy blow and uses heavy codes
Source: China Securities Journal
The China Securities Regulatory Commission recently notified the first three financial fraud cases that were punished by the new Securities Law, and the Guangdong Rongtai case was one of them. At present, more details of the case have been disclosed, Guangdong Rongtai has been found to have three illegal facts, and the supervisory authority has made an administrative penalty decision. Experts pointed out that under the new Securities Law, regulatory authorities have made heavy use of violations of laws and regulations, and the effectiveness of administrative law enforcement in the capital market has continued to increase, which will have a greater deterrent effect on the market.
Find out the three major illegal facts
The Guangdong Securities Regulatory Bureau found that Guangdong Rongtai had three illegal facts: failed to disclose the 2019 annual report within the prescribed time limit; related reports failed to disclose related parties and daily operating related transactions in accordance with regulations; 2018 and 2019 annual reports falsely increased profits .
A reporter from China Securities News learned that the China Securities Regulatory Commission has made an administrative penalty decision on Guangdong Rongtai and related personnel in accordance with the law, and decided to fine a total of 14.5 million yuan for the violators in the case. Among them, Guangdong Rongtai was fined 3 million yuan, the actual controller was fined 3.3 million yuan, and other responsible persons were fined 200,000 to 1.6 million yuan.
Song Yixin, a lawyer at Shanghai Hanlian Law Firm, said that under the new securities law, regulatory authorities have made heavy use of violations of laws and regulations, and the effectiveness of administrative law enforcement in the capital market has continued to increase, which will have a greater deterrent effect on the market.
Four aspects to strengthen the deterrence of supervision and law enforcement
In addition to the Guangdong Rongtai case, the China Securities Regulatory Commission also notified Yihua Life,China Diving(Rights protection) case. This batch of cases showed long-term systematic financial fraud, involving a huge amount of money, a long duration, and the longest span of 4 years; the core decision-making and organization of the actual controller, subjective malignancy is obvious; the fraudulent methods are complex and hidden, and the form is constantly renovated. The China Securities Regulatory Commission stated that in recent years, the China Securities Regulatory Commission has continued to increase its investigation and punishment of vicious cases of financial fraud and market manipulation, resolutely implement the requirements of the new securities law, effectively increase the cost of violations of the capital market, and strengthen the deterrence of regulatory enforcement.
Recently, the China Securities Regulatory Commission held a press conference. Dong Wenyuan, deputy director of the Office of the Penalty Committee of the China Securities Regulatory Commission, responded to a question from a reporter from China Securities News on “How to increase penalties for major violations”, saying that in the next step, the China Securities Regulatory Commission will continue to maintain a high-pressure posture and increase the investigation and punishment of major cases. Strengthen, strictly and promptly investigate and deal with major illegal cases such as fraudulent issuance, financial fraud, market manipulation, and insider trading in accordance with the law. Persist in precise strikes, severely punish key minorities, and increase accountability for the controlling shareholders, actual controllers, directors, supervisors, and other responsible personnel for securities violations.
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