证监会、财政部征求意见：较大幅度提高吹哨人奖励标准

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have revised the whistleblower reward regulations to enhance the reporting system for securities and futures violations, aiming to promote a culture of accountability and improve market integrity [1][2]. Revision Background - The revision is a response to the central government's emphasis on improving the whistleblower system and the need for stronger measures against violations in the capital market. The previous regulations were established in 2014 and revised in 2020, but recent developments necessitated further updates [2]. Revision Content Change of Regulation Name - The regulation's name has been changed from "Interim Provisions on Reporting Violations in Securities and Futures" to "Whistleblower Reward Regulations for Securities and Futures Violations," reflecting a commitment to justice and professional standards [3]. Improvement of Reward Conditions - Major cases that severely disrupt market order or harm investor rights are now included in the reward scope. The threshold for reward eligibility has increased from 100,000 yuan to 1,000,000 yuan in penalties [4]. Significant Increase in Reward Standards - The reward percentage has been raised from 1% to 3% of the penalty amount. The maximum reward for providing significant violation leads has increased from 100,000 yuan to 500,000 yuan, with a uniform cap of 1,000,000 yuan for cases with national significance or involving internal informants [5]. Clarification of Processing Principles - The regulations emphasize fair handling, confidentiality, and the protection of whistleblower rights. Specific channels for reporting and responsibilities for processing leads have been established [6]. Optimization of Reward Procedures - The CSRC will batch process rewards based on the number of eligible cases and budget considerations. A three-month deadline for confirming whistleblower registrations has been set [7]. Enhancement of Protection Mechanisms - Whistleblower identities will be managed anonymously, and any form of retaliation against whistleblowers is strictly prohibited. Companies found retaliating against whistleblowers will face severe penalties [8]. Establishment of Supervision and Accountability Mechanisms - A mechanism for holding accountable those who fail to act on whistleblower leads has been established, with provisions for disciplinary actions and potential criminal referrals for serious misconduct [9].