“三管齐下”惩防财务造假

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has convened a meeting to advance a comprehensive system for preventing and punishing financial fraud in the capital market, highlighting the achievements since the release of the 2024 guidelines and outlining future directions for deepening these efforts [1] Group 1: Long-term Mechanism Construction - The construction of a normalized and long-term mechanism is essential to establish a robust defense against financial fraud, which is characterized by strong profit-driven motives and high concealment [2] - Since 2024, the CSRC has handled 159 financial fraud cases, imposed 111 administrative penalties totaling 8.1 billion yuan, and investigated 91 delisted companies, demonstrating the continuity and depth of the comprehensive prevention and punishment work [2] - The future focus will be on enhancing internal governance, solidifying the responsibilities of intermediaries, and improving financial information disclosure systems to create an ecosystem where financial fraud is deterred [2] Group 2: Systematic Thinking and Comprehensive Measures - Financial fraud often involves long chains and multiple parties, necessitating a comprehensive approach rather than single regulatory measures [3] - The meeting emphasized the need for a problem-oriented and systematic approach to effectively combat financial fraud, targeting both the main perpetrators and those providing assistance [3] - Future efforts will enhance the synergy and penetration of comprehensive measures, improving the connection between administrative enforcement, criminal punishment, and civil compensation to significantly increase the costs of illegal activities [3] Group 3: Innovation-Driven Policy Implementation - The effectiveness of systems relies on execution, and innovation is key to enhancing execution efficiency [4] - Utilizing technologies such as big data and artificial intelligence will improve the identification of hidden and new forms of financial fraud [4] - Innovations in investor protection mechanisms, such as representative lawsuits and advance compensation, will lower the costs of investor rights protection and improve the efficiency of rights relief [4] - The integration of innovative measures will ensure that the comprehensive prevention and punishment system is not only strict but also intelligent [4]