跨部门“组合拳”升级 证监会联合十余部门立体围剿财务造假

Core Viewpoint - The regulatory authority is intensifying its "zero tolerance" approach towards financial fraud in the capital market, moving towards a comprehensive governance system to effectively combat such misconduct [1][2][5]. Regulatory Actions and Outcomes - Since 2024, the China Securities Regulatory Commission (CSRC) has investigated 159 cases of financial fraud, resulting in 111 administrative penalties totaling 8.1 billion yuan [1][2]. - The regulatory framework emphasizes both punishing the primary offenders and addressing accomplices, with 112 cases referred to law enforcement for criminal investigation [1][2][3]. Systematic Approach to Fraud Prevention - The recent cross-departmental meeting signifies a coordinated effort to combat financial fraud, highlighting the need for collaboration among legal, regulatory, and industry sectors [2][3][5]. - The meeting aims to transform institutional advantages into effective governance, particularly in light of the increasing sophistication of fraudulent activities [2][3][5]. Legislative and Institutional Framework - New regulations, including the "National Nine Articles" and investor protection mechanisms, are being implemented to enhance the legal framework against financial fraud [4][16]. - The introduction of strict rules for delisting companies involved in continuous fraud is designed to expose long-standing issues and accelerate the removal of problematic firms from the market [4][16]. Enforcement Mechanisms - The enforcement strategy includes a multi-faceted accountability system that integrates administrative, criminal, and civil liabilities, ensuring comprehensive coverage and effective deterrence [7][18]. - The CSRC has actively pursued accountability for major shareholders and actual controllers in 43 cases, demonstrating a commitment to holding key individuals responsible [18][19]. Investor Protection and Market Integrity - The regulatory framework supports collective actions for investor protection, allowing for large-scale civil claims that can cover thousands of investors [19][23]. - The emphasis on protecting investors' rights aims to restore confidence in the market and ensure that those harmed by fraud have clear avenues for redress [23][24]. Long-term Market Development - The ongoing efforts to combat financial fraud align with the long-term strategic goals of enhancing the quality of listed companies and the overall investment environment [17][21]. - The initiative to eliminate fraudulent practices is seen as essential for fostering a fair competitive landscape and attracting long-term capital to the market [12][24].