年内两起券商亿元罚单落地背后：“长牙带刺”严监管持续升级

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a significant fine of 135 million yuan on a securities industry professional, reflecting a "zero tolerance" approach towards illegal activities in the sector [2][5]. Group 1: Regulatory Actions - In 2023, the CSRC has issued two fines exceeding 100 million yuan, with the highest fine reaching 159 million yuan [2]. - The recent fine against Chen Moutao, a former vice president of a securities company, was due to his misuse of insider information and involved trading activities across multiple accounts [5][6]. - The CSRC's enforcement actions are part of a broader strategy to establish a "multi-dimensional accountability" framework, combining administrative, civil, and criminal responsibilities [9]. Group 2: Specific Cases - Chen Moutao was fined 90.3 million yuan in addition to the confiscation of illegal gains amounting to 45.15 million yuan, totaling 135 million yuan [5][7]. - Another case involved a professional named Zhang Xiang, who received the largest fine of 159 million yuan for illegal stock trading over a prolonged period [6][8]. - Former president of Xiangcai Securities, Sun Yongxiang, was also penalized with a fine of approximately 18.42 million yuan for similar violations [6]. Group 3: Penalty Measures - The CSRC has implemented a "double penalty" approach, which includes both confiscation of illegal gains and substantial fines [7]. - Severe violations have led to market bans, with Zhang Xiang and Sun Yongxiang receiving five-year bans from the securities market, while Chen Moutao faced an even stricter ban of eight years plus an additional five years [8][9]. - The market ban prevents individuals from holding any significant positions in securities firms or engaging in securities-related activities during the ban period [8]. Group 4: Internal Control and Compliance - The CSRC emphasizes the need for enhanced internal controls within securities firms, advocating for a combination of technological and human oversight to prevent violations [10]. - There is a recognized imbalance between business expansion and compliance management, highlighting the need for improved risk management practices [10]. - The regulatory body encourages firms to integrate compliance into their business processes and implement robust monitoring systems to create a strong deterrent against violations [10].