证监会亮执法“成绩单”！推动个案查处向生态治理转变，紧盯“关键少数”和“看门人”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified its enforcement actions in 2024, focusing on combating securities and futures violations to protect investors and ensure a high-quality capital market [1][3]. Enforcement Actions - In 2024, the CSRC handled 739 cases of securities and futures violations, with 592 penalty decisions made, marking a 10% year-on-year increase [1]. - The number of responsible parties penalized reached 1,327, up 24% from the previous year, with 118 individuals banned from the market, a 15% increase [1]. - The CSRC referred 178 cases to law enforcement for suspected criminal activities, reflecting a 51% increase year-on-year [1]. Focus Areas - The CSRC emphasized a strong regulatory approach, targeting major violations such as fraudulent issuance, financial fraud, and market manipulation, which are of significant concern to investors [3][4]. - Information disclosure violations accounted for 34% of the total cases, with 249 cases reported, while intermediary institutions' negligence represented 13% with 95 cases [3]. - Insider trading and market manipulation cases remained stable, with 178 and 71 cases reported, respectively [3]. Key Initiatives - The CSRC conducted on-site inspections for 87 companies suspected of fraudulent issuance and handled five related cases [3]. - In the area of financial fraud, 128 cases were investigated through various channels, including annual report reviews and data analysis [3]. - The CSRC took action against 35 companies for issues related to mergers and acquisitions, ensuring market order and efficient resource allocation [4]. Accountability Measures - The CSRC focused on holding the "key minority" accountable, including actual controllers and major shareholders, with 989 individuals penalized, a 21% increase [7]. - A total of 28.1 billion yuan was imposed in fines, reflecting a 63% increase, and 81 individuals were banned from the market [7]. - The CSRC also targeted intermediary institutions, imposing fines totaling 6.73 billion yuan and suspending operations for several firms [7]. Systematic Governance - The CSRC is enhancing its enforcement capabilities by establishing a comprehensive prevention and control system for financial fraud, collaborating with other government departments [10]. - In 2024, the CSRC issued 61 administrative penalties related to financial fraud, with fines totaling 51.57 billion yuan [10]. - The CSRC is committed to improving the standardization of its enforcement practices, ensuring fair and consistent application of penalties [10].