On November 14, the Discipline Inspection and Supervision Group of the ** Commission for Discipline Inspection and the State Supervision Commission in the China Securities Regulatory Commission and the Hunan Provincial Supervision Commission announced that An Qingsong, former secretary of the Party Committee and president of the China ** Industry Association, was reviewed and investigated. According to the report, An Qingsong has successively held important positions in the Listed Company Supervision Department of the China Securities Regulatory Commission and the Qingdao and Tianjin Securities Regulatory Bureaus.
The relevant responsible comrades of the discipline inspection and supervision group of the China Securities Regulatory Commission told reporters that under the unified deployment of the first discipline inspection commission and the State Supervision Commission, the discipline inspection and supervision group of the China Securities Regulatory Commission carried out a special governance of corruption in the field of issuance and review, set up a special working group, and deepened the use of the "room group" joint case-handling mechanism with the relevant local discipline inspection commissions and supervision commissions, and concentrated on investigating and dealing with a number of corruption cases in the field of issuance and review.
* The issuance review system is a legal system in which the relevant departments review the qualifications of the company's initial public offering in accordance with the law, review whether its issuance complies with the relevant regulations, and decide whether the company can issue the first public offering. Since the issuance of the "Interim Regulations on the Administration of Issuance and Trading" in 1993, China's market has experienced three types of issuance review systems: approval system, approval system and registration system.
Under the issuance approval system, the issuance review directly determines whether the enterprise can be listed and whether it can be financed, which can easily lead to power rent-seeking. "The relevant responsible comrades of the discipline inspection and supervision team of the China Securities Regulatory Commission introduced that the concentration of public power in the field of issuance and review, the risk of integrity is prominent, and the social reaction is strong, which is a high-incidence area of corruption in the CSRC system, and has not been effective for a long time in the past.
Complex and concealed means, often through investment or financial management and other means to seize illegal benefits, is an important feature of the problem of violation of discipline and law in the field of issuance review. "When we investigated the case of Wang Zongcheng, former deputy director of the issuance supervision department and former director of the accounting department of the China Securities Regulatory Commission, we found that he buried 'money bags' in the form of false investment and financial management and engaged in option corruption. In the interview, the reporter learned that the discipline inspection and supervision team of the China Securities Regulatory Commission found in the special management that there are still various forms such as using the convenience of their positions to invest in shares of companies to be listed on the stock market through "shadow shareholders", and the means of trading power for money are becoming more and more diverse and hidden.
From the perspective of investigation and punishment, the problems of "revolving door" and "escape resignation" of politics and business are also prominent in the field of issuance review. According to the relevant responsible comrades of the discipline inspection and supervision group stationed in the China Securities Regulatory Commission, the reason why supervisory cadres can become "sweet and sweet" in the market is not only due to their own professional ability, but also because of the so-called "job identity value" formed by public employees in the performance of public power during their tenure, and these values can still have influence after leaving their posts and are brought to the market to "exert residual heat".
The reporter learned that since the launch of the special governance in 2021, from the Issuance Supervision Department of the China Securities Regulatory Commission to the dispatched agencies and exchanges of the China Securities Regulatory Commission, from incumbents to departed cadres to employees of market intermediaries, they have dug deep and carefully investigated various new types of corruption and hidden corruption and carried out key crackdowns, and constantly purified the political ecology in the field of issuance and examination.
The special governance opens up all levels and links of the whole chain of issuance and review, and the objects of investigation and punishment are not only the 'key minority' such as the 'top leader' and members of the leadership team, but also the members of the original issuance examination committee and the grass-roots issuance auditors, both in-service cadres and retired cadres, involving the organs of the China Securities Regulatory Commission, dispatched agencies, ** exchanges and capital market entities. According to the relevant responsible comrades of the discipline inspection and supervision team of the China Securities Regulatory Commission, the investigation and handling of cases will be taken as the starting point, focusing on the implementation of major decisions and deployments such as the reform of the issuance and registration system, strengthening political supervision, and promoting the improvement of the CSRC system to promote the "three non-corruption" governance efficiency.
On the basis of strengthening supervision over key units and departments such as the issuance and listing of the China Securities Regulatory Commission, the discipline inspection and supervision team stationed in the China Securities Regulatory Commission analyzes and summarizes the operation rules of public power and integrity risk points in the issuance and review of public power, and promotes the governance of new types of corruption on a case-by-case basis. At the same time, focusing on the cooling of the "residual heat" after the resignation of regulatory cadres, the Party Committee of the China Securities Regulatory Commission and relevant units and departments issued supervision opinions and work reminders, urged the China Securities Regulatory Commission to systematically investigate the whereabouts of the departing personnel, improve and improve the cadre management and supervision system, strictly regulate the interaction between in-service cadres and departing personnel, strengthen the penetrating verification and strict supervision of the departing personnel's shareholding in the enterprises to be listed, and resolutely prevent problems such as "leaving the post and getting out of control". "After systematic governance, the resignation of cadres of the China Securities Regulatory Commission has decreased year by year, and the situation of cadres serving in supervised objects after leaving has been effectively rectified. ”
In February this year, after four years of reform pilots, the China Securities Regulatory Commission issued and implemented the relevant system rules for the full implementation of the first-class issuance registration system. Focusing on the "second half of the article" to promote reform with cases, the discipline inspection and supervision team of the China Securities Regulatory Commission continued to strengthen the on-site supervision of the Shanghai and Shenzhen ** stock exchanges according to the characteristics of the changes in the operation of public power under the reform of the registration system, and moved the stationed supervision probe forward to the front line of issuance and review, so as to better promote the integration of special governance and establishment and enforcement.
We have summarized our experience in the investigation and handling of cases in the field of issuance review in a timely manner, and put forward a series of supervision opinions on the strict management of the members of the Issuance Review Committee, the Listing Committee, and the M&A and Reorganization Committee. "The relevant responsible comrades of the discipline inspection and supervision team of the China Securities Regulatory Commission introduced, keeping an eye on the members of the listing committee, carrying out whole-process supervision from the formulation of the system, personnel composition, personnel selection, performance management, etc., and urging the China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchange to accelerate the transformation of issuance supervision, and establish an independent review and supervision mechanism for the operation of the first issuance review power. Promote the organization and personnel departments to deeply learn the lessons of the cases of the members of the original review committee, deepen the reform of the management system of the listing committee and the merger and reorganization committee, improve and improve the system and mechanism, and resolutely suspend or cancel the qualifications of unsuitable candidates.
While intensifying the investigation and handling of cases, the discipline inspection and supervision team stationed in the China Securities Regulatory Commission will put the promotion of new trends and healthy trends in a more prominent position. In conjunction with the Party Committee of the China Securities Regulatory Commission, we carried out in-depth warning education, filmed a number of feature films and organized all members of the CSRC system to concentrate, with a total of more than 70,000 people. At the same time, we will build a clean government education base for the China Securities Regulatory Commission, deeply analyze the typical cases investigated and handled in recent years, highlight the integrity culture education of regulatory agencies, and guide regulatory cadres to build a strong ideological defense line of advocating honesty and rejecting corruption, and cultivate the feeling of serving the country with finance.
After special governance, we will severely punish corruption in the field of issuance and review, resolutely curb the spread of corruption under the approval system to the registration system, and play a positive role in better playing the functional role of the capital market and building a modern capital market with Chinese characteristics. Next, the discipline inspection and supervision team of the China Securities Regulatory Commission will keep in mind the mission of stationing supervision, in accordance with the unified deployment of the National Commission for Discipline Inspection and the State Supervision Commission, continue to strengthen the deterrence of "dare not be corrupt", seriously investigate and deal with the corruption behind the destruction of market order, infringement of the interests of the masses, abandonment of regulatory responsibilities and financial risks, and strictly and firmly grasp the cage of "not being corrupt", and guide and strengthen the "do not want to be corrupt" to better ensure that the capital market achieves high-quality development in serving Chinese-style modernization. (Chen Hao).
*:* Commission for Discipline Inspection and State Supervision Commission**.