Per commentator Li Lei.
In the past few days, another A-share company has suddenly exploded, and regulators have taken intensive action. On the evening of December 22, the listed companies Weichuang Co., Ltd. and Wohua Pharmaceutical both announced that they were investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations. In addition, the Hebei Securities Regulatory Bureau has recently issued a fine to the delisted enterprise Pangda Group, which not only intends to impose heavy penalties on the group, but also "top-level" punishment for the main responsible personnel. All of the above reflects the law enforcement orientation of strict supervision and severe punishment of the first evil.
Extending the time dimension, it can be found that the frequency and intensity of regulatory penalties on listed companies and financial institutions have shown a significant increase in the recent years. According to the author's incomplete statistics, since November, nearly 40 companies in Shanghai and Shenzhen have received fines from the China Securities Regulatory Commission, local securities regulatory bureaus and stock exchanges for falsifying financial informationThere is also data showing that in the 100 days since the beginning of September, more than 40 A-share listed companies have been investigated by the CSRC.
Comprehensively strengthening financial supervision is not only the implementation of the first financial work conference "all financial activities are included in supervision in accordance with the law, and comprehensively strengthen institutional supervision, behavior supervision, functional supervision, penetrating supervision, and continuous supervision", but also sends a clear signal to the market - "fangs and thorns" financial supervision has zero tolerance for violations of laws and regulations, strict supervision and severe crackdown is the keynote, and ensures the smooth operation of the capital market.
In the author's opinion, among the recent punishments, the strict investigation and punishment of the financial fraud case of Pangda Group is a very representative case. In May this year, the Hebei Securities Regulatory Bureau filed an investigation into Pangda Group's suspected illegal information disclosure, and the Shanghai Stock Exchange delisted the company at the end of June. After a 7-month investigation, the regulator recently announced that it intends to impose administrative penalties on Pangda Group and 8 responsible personnel, with a total fine of 22.2 million yuan, and 2 main responsible personnel will be banned from the market for life and 10 years respectively.
From the point of view of the amount of penalties, according to the relevant provisions of the ** Law, if there are false records in the report disclosed by the information disclosure obligor, the main responsible personnel shall be fined between 500,000 yuan and 5 million yuan, and almost all the two main responsible personnel to be punished by Pangda Group are finedIn terms of market ban, it is also a punishment of the highest level or close to the upper limit, which conveys the strength and determination of the supervision to impose heavy penalties and resolutely rectify the market chaos.
On the other hand, in addition to the administrative penalties from the regulators, the Hebei Securities Regulatory Bureau also transferred the clues of the suspected crimes of Pangda Group and related responsible personnel to the public security organs for criminal responsibility, and actively supported investors to file corresponding civil compensation lawsuits with the courts. As a result, a three-dimensional and all-round accountability and supervision system has been formed, coupled with the severity of punishment, so that violators can truly realize that "they will be caught", which has played a great deterrent role.
You must know that making financial supervision "long teeth and thorns" is not just to increase penalties, but to truly establish a sound regulatory system. Only by forming a comprehensive regulatory force can we achieve full coverage of financial supervision, eliminate regulatory gaps, ensure the smooth operation of the capital market, and rebuild market confidence.
In this sense, the author would like to applaud the recent efforts of supervision, and at the same time hope that such severe penalties will become normalized, forming a high-pressure situation, so that those who have attempts to violate laws and regulations will "shake three times", so as to maintain a good investment environment.
National Business Daily.