12部门少见同框！证监会新年首会吹响围剿财务造假集结号

Core Viewpoint - The Chinese Securities Regulatory Commission (CSRC) is intensifying efforts to combat financial fraud in the capital market through a comprehensive and collaborative approach involving multiple government departments [1][3]. Group 1: High-Level Meeting - The meeting, chaired by CSRC Chairman Wu Qing, included leaders from 11 key departments such as the Supreme People's Court and the Ministry of Public Security, marking a significant cross-departmental initiative to address financial fraud [3]. - The meeting emphasized a problem-oriented and systematic approach to build a comprehensive prevention and punishment system against financial fraud [3]. Group 2: Achievements in Regulation - Since 2024, the CSRC has handled 159 financial fraud cases, resulting in 111 administrative penalties totaling 8.1 billion yuan [5]. - The regulatory framework focuses on both punishing primary offenders and holding accomplices accountable, with 43 major shareholders and actual controllers facing serious consequences [5]. Group 3: Multi-Dimensional Accountability - The comprehensive prevention and punishment system aims to break the limitations of single-department operations, creating a multi-dimensional accountability network that includes administrative enforcement, criminal penalties, civil compensation, and integrity constraints [7]. - The CSRC has established a new norm of "early detection, quick punishment, and strict correction" in administrative enforcement [7]. Group 4: Targeting the Fraud Ecosystem - The regulatory efforts have expanded the scope of enforcement from just listed companies to the entire fraud benefit chain, addressing the complex ecosystem of financial fraud involving insiders, upstream and downstream partners, and intermediary institutions [9]. - The case of Yuebo Power in 2025 set a precedent for holding third-party accomplices accountable, with fines imposed on companies that facilitated fraudulent activities [9]. Group 5: Cross-Departmental Collaboration - Effective operation of the comprehensive prevention and punishment system relies on clear roles and close cooperation among various departments, including the CSRC, Supreme People's Court, Ministry of Public Security, and others [11]. Group 6: Investor Protection Enhancements - The investor protection mechanism is becoming a key focus, with initiatives such as supporting representative lawsuits and encouraging proactive compensation from major shareholders of companies at risk of significant violations [12]. - Since 2024, a representative lawsuit resulted in compensation of over 280 million yuan for 7,195 investors, showcasing the effectiveness of the new legal framework [12]. Group 7: Long-Term Mechanism - The goal of the comprehensive prevention and punishment system is not only to address current issues but also to establish a long-term mechanism for the healthy development of the capital market [14]. - The principle of "no exemption after delisting" has been firmly established, with investigations initiated against 91 delisted companies since 2024 [14]. Group 8: Market Ecology Purification - The ongoing comprehensive prevention and punishment actions are seen as crucial for the long-term health of the capital market, promoting a fair competitive environment for quality companies [15]. - The collaboration among departments is interpreted as a necessary step for the comprehensive reform of the Chinese capital market, enhancing its international competitiveness [15].