筑牢不敢假、不能假、不想假防线

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 regulatory stance against fraudulent activities [2][3]. Group 1: Regulatory Actions - Since July 2024, the China Securities Regulatory Commission (CSRC) has handled 159 financial fraud cases, imposing fines totaling 8.1 billion yuan, and has held major shareholders and actual controllers accountable in 43 cases [3][4]. - The regulatory approach has shifted from a single agency (CSRC) to a collaborative effort involving 12 departments, enhancing the overall enforcement capability [4]. - The comprehensive punishment and prevention system has evolved from post-incident penalties to a full-chain governance model that includes preemptive measures, ongoing supervision, and post-incident punishment [4][5]. Group 2: Accountability and Governance - The accountability framework has expanded from solely focusing on listed companies to include major shareholders, actual controllers, intermediary institutions, and third-party collaborators, addressing the low cost of illegal activities and high cost of rights protection for investors [4][5]. - The regulatory bodies are emphasizing a multi-faceted approach to accountability, ensuring that both primary offenders and accomplices are held responsible, thereby promoting fairness in the market [5][6]. - The role of intermediary institutions is being reinforced, with a shift in their responsibility from merely serving listed companies to protecting the interests of investors and maintaining market integrity [5][6]. Group 3: Preventive Measures - The construction of a comprehensive prevention and punishment system is entering a critical phase, focusing on enhancing legal frameworks and improving regulatory collaboration across administrative, criminal, and civil domains [6][7]. - There is a push for internal controls within listed companies and a call for the activation of independent directors to ensure that investors have rights and powers to supervise and voice concerns [6][7]. - The future direction includes leveraging technology, such as big data and artificial intelligence, to improve the detection and early intervention of fraudulent activities, thereby creating a more robust regulatory environment [7].