为吹哨人建章立制，让证券市场违法违规者无处遁形

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the "Whistleblower Reward System for Securities and Futures Violations," marking a significant upgrade to the whistleblower system established in 2014 and revised in 2020 [1][2] Group 1: Whistleblower System Enhancements - The draft clearly defines the concept of "whistleblower" and significantly increases the reward standards, raising the reward from 1% to 3% of the penalties collected from cases, with a maximum reward of 1 million yuan [1][2] - The draft includes arrangements for the channels for receiving tips, processing procedures, and optimizing the reward process to ensure timely payment to whistleblowers [1][2] - Whistleblower identities will be kept anonymous, and measures will be taken to prevent retaliation against them, ensuring their protection [1][4] Group 2: Importance of Whistleblowers in Securities Market - The securities market, involving substantial public interests, is a critical area where whistleblowers can play a significant role, as it often involves financial fraud, market manipulation, and other violations that are highly concealed [2][3] - Whistleblowers can provide crucial information that helps to promptly stop ongoing illegal activities or expose completed violations, thereby enhancing regulatory efficiency and reducing investor losses [2][3] Group 3: Internal Whistleblower Incentives - The draft encourages internal whistleblowers by offering rewards up to 1 million yuan and prioritizing the investigation of their provided leads [2][3] - The presence of internal whistleblowers can compel listed companies to improve governance quality, as they may face penalties for financial violations even without malicious intent [3][4] Group 4: Regulatory Impact and Market Integrity - The existence of whistleblowers can effectively supplement administrative oversight, especially given the challenges of monitoring over 5,400 listed companies in the A-share market [4][5] - The increased rewards, clearer processes, and stronger protections for whistleblowers are expected to significantly motivate them, thereby tightening the concealment of illegal activities and promoting a self-purifying market environment [5]