监管织密打假“防护网” 财务造假惩防格局加速构建

Core Viewpoint - The Chinese regulatory authorities are intensifying efforts to combat financial fraud in the capital market, establishing a comprehensive prevention and punishment system that covers all stages from pre-warning to post-accountability [1][2][3]. Group 1: Regulatory Actions and Statistics - Since 2024, the China Securities Regulatory Commission (CSRC) has handled 159 financial fraud cases, resulting in 111 administrative penalties and a total fine of 8.1 billion yuan [1]. - In 2025, 15 companies faced mandatory delisting due to significant violations related to financial fraud, marking a historical high [3]. - The CSRC has increased penalties against intermediary institutions, with 45 accounting firms penalized, totaling 428 million yuan in fines [3]. Group 2: Legal and Institutional Reforms - The CSRC has initiated joint accountability for parties involved in financial fraud, imposing fines on accomplices and enhancing legal responsibilities for third parties [4]. - Revisions to the "Regulations on the Supervision and Administration of Listed Companies" aim to strengthen the legal framework against collusion in financial fraud [4]. - The proposed amendments to the Certified Public Accountant Law will clarify the legal responsibilities of auditing firms and their personnel [9]. Group 3: Prevention and Internal Controls - The regulatory focus is shifting from post-incident penalties to proactive governance, emphasizing internal controls and corporate governance improvements [6][7]. - The introduction of a "whistleblower" system and salary clawback mechanisms aims to dismantle collusion within companies [7]. - The CSRC is promoting a new round of corporate governance initiatives to enhance early detection of financial fraud [7]. Group 4: Cross-Departmental Collaboration - A multi-departmental approach is being established to strengthen the crackdown on financial fraud, with increased judicial enforcement and accountability for financial misconduct [9][10]. - Local governments are incorporating financial fraud prevention into performance assessments for state-owned enterprise leaders, enhancing accountability [10]. - The ongoing development of a comprehensive and collaborative framework is expected to significantly reduce the opportunities for financial fraud in the capital market [10].