Our reporter Wu Xiaolu
Recently, the China Securities Regulatory Commission disclosed three insider trading tickets involving Xinmao Technology’s merger and acquisition in 2017.The subjects involved in the case were all fined 600,000 yuan, with a total fine of 2.4 million yuan.Among them, intermediary staff were also fined and banned from the market for 10 years.
A reporter from Securities Daily reviewed the website of the CSRC. As of May 30, the CSRC and the local CSRC have issued 114 administrative penalty decisions, with a total fine of 661 million yuan.From the perspective of applicable laws, 67 securities are applicable to the new securities law, accounting for 58.77%.Judging from the types of violations, there are more letters and disclosures, and insider trading, with 41 and 39, accounting for 35.96% and 34.21%, respectively.
The experts interviewed said that with the implementation of the new securities law and the application of big data and other related technologies by the regulatory authorities, the law enforcement capacity has been continuously improved, and the penalties for violations of laws and regulations in the capital market have been significantly increased, and the relatively hidden insider trading category. , The probability of market manipulation cases being investigated and dealt with has also increased significantly.In the future, supervision will still maintain a "high-pressure" situation for all kinds of illegal acts, and investigate and deal with them in a serious and serious manner.
Fight insider trading
"Multiple investigations in one case" has become a trend
Insider trading has always been one of the priorities of the SFC's enforcement.The reporter combed and found that since the beginning of this year, there have been more and more cases of "multiple investigations in one case" for insider trading violations.Not only the perpetrators of insider trading will be punished, but also those who deliberately leak inside information or recommend others to buy.
For example, on March 14 this year, the Dalian Securities Regulatory Bureau disclosed 9 tickets for insider trading involving major asset restructuring and the largest shareholder equity pledge auction in East China; 5 tickets for insider trading in cooperation.The subjects involved in the above cases include the actual controllers or executives of listed companies, personnel of securities companies, project leaders or participants of banks, etc. who are aware of inside information.
In addition to the penalty for buying stocks using inside information, there are also penalties for selling at a profit.In May, the Guangdong Securities Regulatory Commission issued 2 tickets involving Guangzhou Langqi insider trading. Chen Moubin and Deng Mou, two senior executives of Guangzhou Langqi, were informed in advance that the company would make provision for falling prices of inventories in Ruili warehouse and Huifeng warehouse, and sell them. Out of the shares, they avoided losses of 679,400 yuan and 303,700 yuan respectively, and were eventually fined and confiscated 1,358,900 yuan and 803,700 yuan.
Talking about the punishment characteristics of insider trading cases this year, Zheng Yu, a law professor at the School of International Finance and Law of East China University of Political Science and Law, said in an interview with a reporter from Securities Daily that first, the punishment targets are not limited to company personnel, investment bank related personnel, and those who know inside information. The immediate family members are all in the published administrative punishment decision; secondly, the punishment tends to be based on the principle of "preponderance of evidence", which is mainly due to the concealment and implication of insider trading; thirdly, with the implementation of the new securities law, The penalties were further enhanced, and the amount of fines and confiscations increased significantly.
In an interview with a reporter from Securities Daily, Wang Zhibin, a lawyer from Shanghai Minglun Law Firm, said that false statements, insider trading, and market manipulation are the most common types of securities violations.Compared with false statements, investigation and evidence collection for insider trading and market manipulation are more difficult.In recent years, with the application of big data-related technologies, the number of insider trading and market manipulation cases investigated and dealt with by regulatory authorities has been increasing.
For violations of laws and regulations
Over 150 million yuan fined during the year
Since the implementation of the new securities law, the amount of fines imposed on Xinpi violation cases has risen sharply.According to the reporter's sorting out, among the above-mentioned 41 illegal tickets, the total amount of fines and confiscated is 154 million yuan, which is close to the amount of fines and confiscated for the whole year of 2020.
According to the 2021 and 2022 securities and futures inspection and law enforcement investor protection evaluation reports released by the Investment Fund Company, in 2020, the penalty amount of the CSRC Punishment Committee and the dispatched agencies for cases of illegal information disclosure will be 70 million yuan and 88 million yuan, respectively. A total of 158 million yuan; the penalties in 2021 will be 628 million yuan and 180 million yuan respectively, a total of 808 million yuan, a year-on-year increase of 411.39%.
Zheng Yu believes that the violation of the law will directly affect the judgment of all market participants, and the consequences will be very bad.Therefore, for such violations, it is necessary to maintain a state of "high-pressure law enforcement", and deal with them seriously and quickly.At the same time, more effective investor education should be used to avoid follow-up speculation without fundamental support, and the market should be supplemented by the spear of supervision to form an effective restraint mechanism to fundamentally prevent listed companies and their actual controllers from making false disclosures.
It is worth noting that among the above 114 fines, there are 7 fines for accounting firms that failed to perform their duties diligently and private equity institutions for violations of laws and regulations, with a total of 44.131 million yuan and 660,000 yuan respectively.In addition, fines for lending accounts have also become the norm. On March 9, the Qinghai Securities Regulatory Bureau disclosed two fines, involving the lender and the borrower, which were fined 50,000 yuan and 100,000 yuan respectively.
Zheng Yu said that with the in-depth implementation of the new securities law and the continuous strengthening of regulatory technical means, new types of illegal activities such as illegal allocation of funds, multi-account manipulation, and inappropriate information on self-media will be vigorously cracked down.
Song Yixin, a lawyer from Shanghai Hanlian Law Firm, told the "Securities Daily" reporter that with the improvement of the level and ability of supervision and law enforcement, the probability of illegal and criminal cases being investigated and punished further increased, and the regulatory authorities have increased penalties for violations of laws and regulations.However, there are still companies who take risks in order to obtain benefits. In response to various violations of laws and regulations, the regulatory authorities need to maintain a "high pressure" posture.(Securities Daily)
【Editor: Shi Rui】
