On December 29, the official Weibo of the China Securities Regulatory Commission released the latest progress of the "Amethystum Storage Case", as the first case of commitment by the parties to the administrative law enforcement, the four intermediaries promised to pay a total of about 127.5 billion yuan, and about 10 percent of investors' losses have been compensated through the advance compensation procedure in the early stage8.6 billion yuan, deducting the part of self-compensation, the four intermediaries should also pay a total of about 1$8.9 billion. Industry insiders said that the landing of the first party commitment case has made the party commitment system as a new law enforcement model, which has attracted the attention of all parties in the market. Under this system, the interests of investors have been protected to the greatest extent and the highest efficiency, and the parties suspected of violating the law have been severely punished, and at the same time, the efficiency of law enforcement has been improved, and the losses of investors have been quickly compensated, which has played an important role in protecting the interests of investors. 
The first party committed to the landing of the caseApproximately 108.6 billion yuanIn the early stage, the China Securities Regulatory Commission (CSRC) imposed administrative penalties on Guangdong Amethystum Information Storage Technology Co., Ltd. (hereinafter referred to as Amethystum Storage) fraudulent issuance, information disclosure violations and violations, and imposed administrative penalties and market bans on relevant responsible personnel, and transferred the suspected criminal offenders to the public security organs in a timely manner in accordance with the law (the procuratorate has approved the arrest), severely punished the "first evil", and held accountable in all directions. At the same time, the China Securities Regulatory Commission (CSRC) has carried out relevant investigations into the four intermediaries involved in the case, namely China Securities Construction Investment**, Grant Thornton Certified Public Accountants (Special General Partnership), Rongcheng Certified Public Accountants (Special General Partnership), and Guangdong Hengyi Law Firm (hereinafter collectively referred to as the "Four Intermediaries"). The four intermediaries submitted an application to the China Securities Regulatory Commission for the application of the commitment system of the parties to the administrative law enforcement, and the China Securities Regulatory Commission signed a commitment recognition agreement with the four intermediaries in the Amethystum storage case in accordance with the provisions of the "Law and the Implementation Measures for the Commitment System of the Parties to Administrative Law Enforcement" promulgated by the China Securities Regulatory Commission. According to the commitment recognition agreement signed by the four intermediaries in the "Amethystum Storage Case", the four intermediaries have compensated investors for losses of about 10 through the advance compensation procedure in the early stage8.6 billion yuan, and the "Amethystum Storage Case" has also become the first case to apply the administrative law enforcement party commitment system since it was implemented on January 1, 2022. According to the commitment recognition agreement, the four intermediaries shall fulfill the following commitments to correct the suspected illegal acts, compensate the relevant investors for losses, and eliminate the damage or adverse effects: First, pay the commitment fee. The total amount of commitment that should be paid by the four intermediaries is about 127.5 billion yuan, of which about 10 billion yuan has been compensated for investors' losses through the advance compensation procedure in the early stage8.6 billion yuanAccording to the "Provisions on the Implementation of the Party Commitment System for Administrative Law Enforcement", if the parties compensate the investors by themselves, the commitment can be deducted from the part of the self-compensation, so the four intermediaries should also pay the commitment of about 1$8.9 billion. The second is to carry out self-examination and rectification. The four intermediaries shall conduct self-examination and rectification in accordance with the rectification requirements put forward by the China Securities Regulatory Commission, seriously investigate the responsibility of the responsible persons and take internal disciplinary measures, strengthen the ability of compliance and risk control management, effectively improve the quality of practice, and submit a written rectification report to the China Securities Regulatory Commission, which shall conduct verification and acceptance. It is a new type of law enforcement modelIt plays an important role in protecting the interests of investorsThe so-called administrative law enforcement party commitment system, is the "law" and "derivatives law" stipulated in the new law enforcement method, refers to the China Securities Regulatory Commission suspected of illegal units or individuals during the investigation, the party under investigation promises to correct the suspected illegal acts, compensate the relevant investors for losses, eliminate damage or adverse effects, the China Securities Regulatory Commission may decide to suspend the investigation, the parties to fulfill the commitment, the China Securities Regulatory Commission can terminate the case investigation of the administrative law enforcement mode. Industry insiders said that the party commitment system, as a new law enforcement model, has played an important role in protecting the interests of investors. According to the analysis of industry insiders, on the one hand, due to the strong confrontation of the traditional "administrative punishment + civil litigation", it may go through a long period of administrative reconsideration, administrative litigation, as well as the first instance, second instance and enforcement of civil litigationOn the other hand, the above-mentioned process also consumes more law enforcement resources and social resources, and sometimes it is difficult to achieve the unity of legal and social effects. Therefore, the person believes that the commitment system of the parties to administrative law enforcement can protect the interests of investors to the greatest extent, and on the basis of realizing the severe punishment of the violators, the case will be handled in a more pragmatic and efficient way, so as to restore market order as soon as possible, effectively resolve social contradictions, and save social resources. According to the calculation of the insured company, a total of 17,471 investors were injured in this case, with a total loss of 10More than 9.7 billion yuan, 16,986 investors received 108.6 billion yuan in compensation, accounting for 97% of the total number of people injured22%, 98% of the total amount payable93%。For eligible investors who have not received compensation in the advance compensation, they can continue to apply for compensation according to the announcement issued by the insurance company. Generally speaking, the party commitment system for administrative law enforcement is of great significance in improving the efficiency of law enforcement, compensating investors for losses in a timely manner, and restoring market order as soon as possible, and is widely applicable in mature overseas capital markets. To this end, the "Measures for the Implementation of the Commitment System of Administrative Law Enforcement Parties" has also been specially promulgated. The China Securities Regulatory Commission said that in the next step, the China Securities Regulatory Commission will continue to intensify the crackdown on violations of laws and regulations in the capital market, use a variety of law enforcement methods, including the administrative law enforcement party commitment system, to punish counterfeiting, increase investor protection, strengthen the responsibility of intermediaries, and escort the steady and far-reaching implementation of the registration system. Editor: Joey.
Review: Muyu.