最高法、证监会：依法打击欺诈发行和持续信息披露造假

Core Viewpoint - The Supreme Court and the China Securities Regulatory Commission (CSRC) have issued guidelines to strictly enforce fair law enforcement and judicial services to support the high-quality development of the capital market, emphasizing the need to combat fraudulent issuance and continuous information disclosure fraud [1] Regulatory Measures - High-quality information disclosure is identified as a crucial foundation for the registration system, necessitating strict legal actions against fraudulent issuance and violations in information disclosure to ensure investor confidence and promote capital formation [1] - Regulatory authorities are urged to enhance daily supervision and penalties for fraudulent issuance and continuous information disclosure fraud, with a focus on swift and severe actions against various fraudulent behaviors [1] Legal Accountability - The guidelines advocate for a comprehensive approach to legal accountability, emphasizing the need to hold issuers, controlling shareholders, actual controllers, relevant intermediary institutions, and third-party suppliers accountable for financial disclosure fraud [1] - The principle of "pursuing the principal offender" and "targeting accomplices" is highlighted, with a call for precise accountability for those who organize or instruct illegal activities [1] Civil and Criminal Liability - Issuers found liable for civil responsibilities are encouraged to seek recourse from responsible parties such as controlling shareholders, actual controllers, directors, supervisors, and senior management, with courts expected to support such claims [1] - The guidelines stress the need for severe punishment for planners, organizers, and implementers of financial disclosure fraud, as well as criminal liability for third parties that assist in such fraud, aiming for a comprehensive crackdown on financial disclosure fraud [1]