Nearly 400 listed companies were the hardest hit areas for violations of laws and regulations when they collected “tickets” during the year

In 2020, strict supervision will run through the capital market. Through strong inspection and law enforcement, the securities regulatory system has transmitted the signal of “zero tolerance” for violations. < p > < p > according to the data of tonghuashun, as of December 29, 394 listed companies in the two markets received 560 “tickets” from the securities regulatory system and the Shanghai and Shenzhen stock exchanges for various violations. During this period, the securities regulatory authorities also imposed 329 penalties on shareholders, senior executives and other subjects of listed companies. According to the preliminary statistics of the reporter of the economic information daily, 77 of the 889 punishment records were fined, with a total amount of 665 million yuan. In 2018 and 2019, there were 481 punishment records and 661 punishment records, involving 288 million yuan and 96 million yuan respectively. < / P > < p > from July 22, 2019, the first batch of companies listed on the science and technology innovation board to August 24, 2020, the gem reform and the pilot registration system were officially implemented, and the registration system reform has made continuous breakthroughs. At the regulatory level, we should pay more attention to information disclosure and constantly improve the information disclosure rules. From the perspective of punishment reasons, half of the 889 punishment records involve the violation of Xinpi. Among them, 138 were involved in false or seriously misleading statements of information disclosure, and 315 were involved in the failure to disclose the company’s major events in time and the failure to disclose the company’s regular performance reports in time. < / P > < p > the case investigation also shows that the violation of Xinpi is the “disaster area” for the listed companies. According to tonghuashun data, according to the statistics on the announcement day of case filing investigation, 94 investigation notices were issued by the securities regulatory system during the year, of which 71 were “suspected of information disclosure violations”, accounting for three-quarters. < p > < p > the Shanghai and Shenzhen stock exchanges also continued to strengthen the supervision of credit approval. In September, Shenzhen Stock Exchange issued the measures for the assessment of information disclosure of Listed Companies in Shenzhen Stock Exchange (revised in 2020), recording the assessment results of information disclosure of Listed Companies in the integrity file and informing the relevant regulatory departments of China Securities Regulatory Commission and the local securities regulatory bureau of listed companies. In November, the Shanghai Stock Exchange issued guidance No. 3 on the application of self regulatory rules for listed companies classified supervision of information disclosure, focusing on the “two distinctions” between companies and matters, and focusing on information disclosure matters. According to the data obtained from the website of Shanghai and Shenzhen stock exchanges, from January 1 to December 25, 2020, a total of 2426 inquiry letters were issued by the two exchanges, including 755 letters from the SME board and 1004 letters from the gem. < / P > < p > the regulatory authorities have been increasing their penalties for violations of laws and regulations in the capital market. The reporter learned from the website of China Securities Regulatory Commission that as of December 28, China Securities Regulatory Commission has issued 87 decisions on administrative punishment to listed companies, intermediaries, individuals and other subjects this year. The above-mentioned punishment involves insider trading, breach of credit and phi regulations and other issues, including a number of large tickets, which reflects the strength of cracking down on and deterring illegal acts. < p > < p > according to the information released on the website of China Securities Regulatory Commission, in March this year, China Securities Regulatory Commission imposed an administrative penalty on the case of Wang YaoYuan and Wang Chengcheng’s insider trading in jiankangyuan Pharmaceutical Group Co., Ltd., with a total fine of more than 3.6 billion yuan. In August, according to the decision on administrative punishment issued by the CSRC, Wu lianmo, the actual controller and chairman of the board of directors of Jared at that time, conducted a case investigation and trial on his manipulation of “Jared”. He decided to confiscate 85.3219 million yuan of illegal income and impose a fine of 427 million yuan on Wu lianmo’s manipulation of the securities market, with a total fine of 513 million yuan. < / P > < p > behind the heavy punishment and high pressure is the consistent “zero tolerance” attitude of the securities regulatory authorities towards the violations of laws and regulations in the capital market. In November, the 16th meeting of the Central Committee for comprehensively deepening reform deliberated and adopted several opinions on strictly cracking down on illegal securities activities according to law. On December 26, the 24th session of the Standing Committee of the 13th National People’s Congress deliberated and passed the criminal law amendment (11), which greatly increased the criminal punishment for four types of securities and Futures Crimes, including fraudulent issuance, information disclosure fraud, intermediary agencies providing false documents and market manipulation, and strengthened the criminal responsibility for “key minority” such as controlling shareholders and actual controllers He is responsible for investigating and compacting the “gatekeeper” responsibilities of the sponsor and other intermediary institutions. < / P > < p > “this means that once fraudulent issuance, false information disclosure, false statements and other acts are involved in the future, the amount of fine for individuals has no” ceiling. ” Liu Junhai, Professor of Law School of Renmin University of China, said in an interview with the economic information daily that in terms of strengthening the criminal responsibility investigation of key minority such as controlling shareholders and comprehensive actual controllers, the focus of punishment for listed companies should be on the controlling shareholders and actual controllers behind them, so as to avoid the phenomenon that public investors suffer secondary injury due to the punishment of listed companies. “This amendment to the criminal law explicitly brings into the criminal law crackdown circle the behaviors of controlling shareholders and actual controllers, such as instigating fraudulent issuance, making false information disclosure and concealing related matters, which lead to false information disclosure. In addition, it has also upgraded the manipulation forms of deceptive trading, demagogic trading and hat grabbing trading from judicial interpretation to law. It can be said that this amendment to the criminal law has wiped out several key nodes with high crime incidence in the capital market. ” < / P > < p > “this is of great practical significance to further improve the regulatory system of the capital market, enhance the modernization level of regulatory capacity, strengthen the protection of investment rights and interests, and build an investor friendly society.” Liu Junhai said. < / P > < p > Disclaimer: the purpose of this article reprinted by CNFC is to convey more information, and it does not represent the opinions and positions of CNFC. The content of this article is for reference only, and does not constitute an investment proposal. 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