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

On September 9th, the press conference of the Supreme Prosecutor's Supreme Law, the Ministry of Public Security, and the China Securities Regulatory Commission's "Strictly cracking down on securities illegal crimes to create a good environment for the rule of law for the capital market" was held today. The important content of the press conference is as follows:

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

Liu Yongqiang, deputy director of the Securities Regulatory Commission's Evaluation Bureau, stated at the Supreme Procuratorate's press conference that the field of mergers and acquisitions and reorganizations is still a "heavy disaster area" in 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.

Securities Regulatory Commission: Resolutely investigate illegal acts that malicious speculation in the form of pseudo -market value management

Liu Yongqiang, deputy director of the Securities Regulatory Commission's Inspection Bureau, revealed the key areas of the next inspection and law enforcement, and severely affected the quality illegal behavior of listed companies.

Insist on a case, seriously investigating many intermediary agencies who have not diligently responsible for legal responsibilities, and further compact the duties of "seeing the door". Adhere to the full chain accountability, resolutely investigate and handle inside of the listed company with the manipulating gang to collude, maliciously specify in the form of pseudo -market value management, and continue to increase the key links of the M & A and reorganization of the merger Behavioral investigation.

When talking about recent cases of violations of cases, Liu Yongqiang added that the characteristics of manipulating markets, chainization, and circles were prominent. Among them, the large shareholders pledged the stocks of listed companies at a high proportion, breeding bad motivations for "pseudo -market value management". They also form a gray and black interest chain of funding intermediaries, marketing customers, "black mouths", 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.

Ministry of Public Security: The "Liangkang" fraud cases have been detected, Ye Fei broke the news series cases

Li Bingyang, deputy director of the Economic Crime Investigation Bureau of the Ministry of Public Security, stated at the meeting that from January to August 2022, the national public security organs investigated insider trading, using uninterrupted information transactions, manipulating markets, disclosure of information disclosure, fraudulent issuance There were more than 700 criminal cases, and organized the detection of "Kangmei Pharmaceuticals, Kangdexin Financial Fake Case", "Ye Fei Breaking News Series", "Jiamei Packaging Black Mouth Case" with great influence and high social attention. Securities criminal cases; investigating more than 1,400 cases of illegal business securities and futures crimes, which strongly safeguarded the order of the capital market and protected investors' legitimate rights and interests.

CSRC: Persist in the work of "zero tolerance" to severely crack down on securities illegal criminal activities in accordance with the law

On September 9, 2022, the Supreme People's Procuratorate jointly issued a typical case of five securities crimes with the Supreme People's Procuratorate, the Ministry of Public Security, and the China Securities Regulatory Commission. In the next step, the CSRC will continue to implement the "Opinions on Stringing Strict Securities' illegal Activities in accordance with the law", adhere to the work policy of "zero tolerance", continuously strengthen the work of work with the public prosecutor's authority, and severely crack down on securities illegal crimes in accordance with the law. Give full play to the role of demonstration and education of typical cases, continue to strengthen the "strict" supervision atmosphere, and jointly promote the formation of a good capital market ecology that is trustworthy and trustworthy.

Supreme Procuratorate: In the first half of the year, 147 people rose by 93.4% of the prosecution of securities crimes in the first half of the year.

Director of the Fourth Procuratorate of the Supreme People's Procuratorate and Zhang Xiaojin, director of the Procuratorate of the Supreme People's Procuratorate in the China Securities Supervision and Administration Commission of the Supreme People's Procuratorate, introduced the situation of procuratorial organs in recent years in punishing securities crimes.

The first is to severely punish securities crimes in accordance with the law. From 2021 to June this year, the national procuratorial organs sued a total of 376 crimes of various types of securities. Among them, 147 people prosecuted from January to June this year, an increase of 93.4%year -on -year. This range has risen relatively large. A number of cases of financial fraud, manipulating markets, and insider transactions have been handled by a number of major social influence, forming a high -pressure situation in combating securities crimes.

The second is to improve the institutional mechanism of the procuratorial handling of securities cases. On September 18, 2021, the Procuratorate of the Supreme Procuratorate was unveiled and established; continued to strengthen the construction of seven securities criminal cases such as Beijing, Tianjin, Liaoning, Shanghai, Chongqing, Qingdao, and Shenzhen to centrally handle cases of difficult and complicated securities crimes; Strengthen the construction of procuratorial organs in a large number of cases in Zhejiang and Jiangsu.

The third is to strengthen judicial standardization. On April 30 this year, the Supreme Procuratorate and the Ministry of Public Security jointly issued a revised securities crime file pursuit standard. The United Law of the Supreme Law, the Ministry of Public Security, and the China Securities Regulatory Commission selected 5 typical cases from the more successful securities crime cases in recent years to release them. Next, we will also compile typical cases and guide cases to guide securities crimes.

The fourth is to protect investors' rights and interests in accordance with the law. The procuratorial organs implement the entire process of pursuing the case, adhere to the "chase", and use various methods such as "one case and double investigation" of money laundering crimes and supporting special representative lawsuits to help investors recover economic losses.

Fifth, pay attention to the governance of the source of the complaint.In close combination of supervision and handling cases, assisting the pulse listed companies, financial institutions, and industry supervision have universal problems and loopholes, through the issuance of procuratorial proposals and carried out corporate compliance involved in the case, to achieve "handling one case and governance", which is both, bothTreatment of "sickness", prevent "not illness", and promote source governance.Sixth, strengthen administrative judicial communication and cooperation.The procuratorial organs of various localities have established a sound work mechanism with local securities regulatory and judicial departments to carry out comprehensive collaboration in information sharing, case business, talent training, expert assistance, and cadre exchanges to jointly build law enforcement judicial joint efforts.

Zhang Xiaojin said that in the next step, the procuratorial organs will continue to fully implement the "zero tolerance" requirements, work closely with securities regulatory agencies and judicial organs, continue to increase punishment for securities crimes, protect investors' rights and interests in accordance with the law, and provide capital market reform and development in accordance with the law, provide the capital market reform and developmentPowerful judicial security.

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