筑牢不敢假、不能假、不想假防线 2024年以来累计查办资本市场财务造假案件159起

Core Viewpoint - The Chinese capital market is intensifying efforts to combat financial fraud, with multiple departments collaborating to establish a comprehensive prevention and punishment system, signaling a strong commitment to eliminate fraudulent practices [1][2]. Regulatory Collaboration - Financial fraud is described as a cancer in the capital market, undermining the authenticity of information disclosure and harming the rights of small investors. Since July 2024, regulatory enforcement has significantly increased, with the China Securities Regulatory Commission (CSRC) handling 159 cases of financial fraud and imposing fines totaling 8.1 billion yuan [2][3]. Systematic Enforcement - The regulatory approach has evolved from isolated actions by the CSRC to a coordinated effort involving 12 ministries, enhancing the overall regulatory force. The punishment system has shifted from post-incident penalties to a comprehensive governance model that includes prevention, monitoring, and punishment [3][4]. Comprehensive Accountability - The crackdown on financial fraud involves a full-chain accountability approach, targeting not only listed companies but also major shareholders, actual controllers, intermediary institutions, and third-party collaborators. This aims to address the low cost of illegal activities and high cost of rights protection for investors [4][5]. Proactive Prevention - The fight against financial fraud is characterized as a long-term battle for market confidence and financial security, requiring both high-pressure deterrence and source prevention. The construction of a comprehensive prevention and punishment system is entering a critical phase [5][6]. Legal and Regulatory Enhancements - There is a need to improve laws and regulations to ensure that enforcement is based on clear legal frameworks. This includes enhancing administrative, criminal, and civil collaboration to effectively combat financial fraud and the complicity of third parties [6][7]. High-Quality Market Development - The development of a high-quality capital market relies on high-quality listed companies and a transparent information environment. The comprehensive prevention and punishment system aims to ensure that fraud is severely punished, accomplices are held accountable, and investors have avenues for compensation, thereby stabilizing market expectations [7][8].