CSRC: The field of mergers and acquisitions and reorganizations is still an "heavy disaster area" in the insider transaction

Zhongxin Jingwei, September 9th. The Supreme Prosecution held a press conference on the 9th. Liu Yongqiang, deputy director of the Securities Regulatory Commission's Visited Bureau, said that the field of mergers and acquisitions was still a "heavy disaster area" in insider trading.

Some media asked: From the perspective of the inspection and enforcement of the Securities and Futures Commission in recent years, what new characteristics and changes are there in securities illegal acts?

According to Liu Yongqiang, with the in -depth advancement of the illegal work of securities in accordance with the law, the promotion of violations of the securities market has been initially curbed, the market ecology continues to purify, and the atmosphere of strict supervision has gradually formed. Judging from the recent investigation of cases in accordance with the law, there are three characteristics

First, the disclosure of financial fraud illegal information occur from time to time. New models and new models such as supply chain finance and commercial factoring have gradually become "vests" to cover up fraud, and individual cases present a series of development trends. Mass shareholders' funds occupation and illegal guarantee, such as various sets of company funds, seriously damage the interests of listed companies. Enterprises engage in hidden dangers such as securities illegal acts and bond defaults, major illegal forced delisting and other risks.

Second, the specialization of marketing, chainization, and circles are prominent. Large shareholders pledge the stocks of listed companies with high proportion, breeding the "pseudo -market value management" bad motivation, and also form a gray -black interest chain with funding agencies, marketing customers, "black mouths" in the stock market, and asset management institutions. The "cloud division warehouse" funding technology, procedural transactions, high -frequency transactions and other informationization and intelligent tools have been upgraded rapidly, becoming a new challenge for abnormal trading monitoring and administrative investigation and evidence collection.

Third, the field of mergers and acquisitions is still the "heavy disaster area" of insider trading. The insider of the actual controller and the "insiders of listed companies" in the "listed company" of the "insiders of the listed company" was issued. The case of the target company and the opponent's executives of the mergers and acquisitions and reorganizations also showed a high incidence, and the inside information management and control were defective. The number of nests and string cases has increased, and the phenomenon of insider transactions in borrowing accounts is more common, and inside trading of damage type occurs. (Zhongxin Jingwei APP)

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