“带病”退市不免责 全链条立体化追责体系获多维突破

Core Viewpoint - The principle of "delisting does not exempt from liability" is being reinforced, indicating a shift towards a comprehensive accountability system for delisted companies and related parties [1][2][4]. Regulatory Actions - In August, Huatie Co. and Taihe Group received fines of 24.15 million yuan and 17.4 million yuan respectively for violations, highlighting the increased enforcement against delisted companies [1][2]. - The regulatory bodies are pursuing a full-chain accountability system, enhancing compliance awareness and investor confidence, which is crucial for the high-quality development of the capital market [2][4]. Legal Framework - The establishment of a three-dimensional accountability system involving administrative penalties, civil liability, and criminal prosecution is being emphasized, with significant penalties being imposed on companies and their executives [2][5]. - The Supreme Court and the China Securities Regulatory Commission (CSRC) have issued guidelines to ensure strict enforcement against fraudulent activities, facilitating seamless connections between administrative and criminal responsibilities [5][6]. Investor Protection - The introduction of representative litigation mechanisms for investors marks a significant breakthrough in protecting investor rights, allowing for collective claims against delisted companies [6][10]. - The CSRC's actions against companies like Meishang Ecology, which was sent for criminal prosecution post-delisting, demonstrate the commitment to investor protection and accountability [5][6]. Accountability of Intermediaries - Intermediaries involved in fraudulent activities are also being held accountable, as seen in the case of Geler Software, which faced claims for 372 million yuan from three intermediary firms [7][10]. - The legal responsibilities of intermediaries are being clarified, expanding the scope of accountability within the financial ecosystem [7][10]. Continuous Improvement - There is an ongoing need to enhance the full-chain accountability system, particularly in protecting investor rights and improving the efficiency of legal processes [8][11]. - Suggestions include optimizing data sharing among regulatory bodies and establishing compensation funds to ensure timely restitution for investors [10][11].