一财社论：降低维权门槛，“围剿”财务造假

Core Viewpoint - The establishment of a comprehensive punishment and prevention system for financial fraud is fundamental to purifying the ecological environment of the capital market [1] Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has made significant progress in combating financial fraud, with 159 cases investigated and 111 administrative penalties imposed since the beginning of 2024, amounting to fines of 8.1 billion [2] - The introduction of the special representative litigation system has enhanced the interconnectivity of administrative, criminal, and civil actions, contributing positively to a healthy investment environment [2] Group 2: Challenges in Enforcement - Sole reliance on judicial and regulatory enforcement is insufficient, as the complexity of financial fraud makes it difficult for regulators to detect all violations [3] - Financial fraud is characterized by private information and information asymmetry, necessitating a dual approach that combines public enforcement with market self-regulation [3] Group 3: Improvement of Legal Framework - The current special representative litigation system has limitations, with very few cases actually initiated despite numerous financial fraud incidents, indicating a need to lower the entry barriers for such lawsuits [4] - The complexity of defining eligible representatives and the ambiguity in compensation distribution hinder the effectiveness of the self-regulatory system [4] Group 4: Enhancing Market Self-Regulation - Reducing the barriers for the special representative litigation system will lower the costs of market self-regulation and increase the costs for financial fraud [5] - Establishing a civil compensation priority before administrative penalties could incentivize the special representative litigation system, addressing issues related to enforcement and compensation collection [5]