Original Title: Today’s Viewpoint: All parties join forces to escort the stable and healthy development of the capital market
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On January 8, the chief lawyer of the China Securities Regulatory Commission, Jiao Jinhong, stated at the 26th (2022) China Capital Market Forum that in 2021, the China Securities Regulatory Commission and the public security organs have uncovered a number of major cases of market manipulation and transferred them to the public security organs. 177 clues to suspected criminal cases were notified, and 419 suspects were transferred. The number of clues transferred has increased significantly over the previous year.
“Don’t stretch your hand, you will be caught”-the regulatory authorities have always “zero tolerance” for violations of laws and regulations. At the same time, in the face of some new situations and new problems that have emerged during the rapid development of the capital market, it has become a consensus to give full play to the efforts of all parties to crack down on violations of securities laws and regulations.
In July 2021, the “Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law” (hereinafter referred to as the “Opinions”) issued by the Central Office and the State Council clearly stated that the securities and futures supervision and management institutions and the public security, judicial, market supervision and other departments should be strengthened. The work of relevant localities is coordinated to form a synergistic force for effectively cracking down on illegal securities activities. It is clear that “establish a coordination work group to combat illegal activities in the capital market, increase coordination of major cases, improve information sharing mechanisms, promote the formulation of important rules, and coordinate the resolution of major issues.”
Subsequently, the China Securities Regulatory Commission took the lead in establishing a coordinating working group to combat illegal activities in the capital market; on September 18, 2021, the Supreme People’s Procuratorate’s Procuratorate in the China Securities Regulatory Commission was inaugurated and established to explore the establishment of a working mechanism for procuratorial work in the China Securities Regulatory Commission. It is an important task clearly defined in the “Opinions”.
From the China Securities Regulatory Commission to the public security organs, to judicial organs, and procuratorial organs, multi-departmental cooperation has formed a joint force to crack down on violations of capital market laws and regulations from point to face, improving the efficiency of capital market law enforcement and improving the crackdown on capital market violations. In addition to the overall effectiveness of crime, it can also achieve a high degree of unification of the market effect, legal effect and social effect of supervision and law enforcement, and to a certain extent curb the occurrence of illegal and criminal activities in securities and futures, and further optimize the ecological environment of the capital market.
The concerted efforts of all parties to crack down on violations of laws and regulations in the capital market is also an important manifestation of practicing the people’s character of capital market supervision and protecting the legitimate rights and interests of investors.
Protecting the legitimate rights and interests of investors from infringement is an important mission for the development of the capital market. my country has the world‘s largest investor group with the most active transactions. At present, individual investors in the A-share market have exceeded 190 million, of which 97% are small and medium investors with a stock market value of less than 500,000. Violations of laws and regulations not only severely damage the market ecology, but also affect investor confidence. The joint efforts of various departments to eliminate the black sheep in the capital market is the best interpretation of protecting the legitimate rights and interests of investors.
Looking further, the joint efforts of all parties to crack down on illegal activities in the capital market provide an important guarantee for the comprehensive deepening of capital market reforms and better use of capital market functions, which is conducive to the steady progress of the comprehensive registration system reform. With the gradual implementation of the registration system reform, while relaxing front-end access, higher requirements have been put forward for strengthening back-end supervision and law enforcement. The concerted efforts of all parties to “put on shackles” for illegal behaviors in the capital market, in line with the fundamental interests of the market and investors, is the only way to ensure the deepening of reforms.
The more the merrier. It can be expected that the comprehensive law enforcement system constructed by multiple departments will play an increasingly important role in cracking down on violations of laws and regulations in the capital market and escort the stable and healthy development of the market.
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