在健全监督问责机制方面，《奖励规定》加强对线索处理履职不力的追责问责机制建设，规定线索处理 单位的工作人员对"吹哨人"提供的重大违法行为线索，不履行职责、玩忽职守、徇私舞弊，影响查处工 作的，视情节轻重依法依规作出处分；涉嫌犯罪的，移送司法机关依法处理。 据介绍，2025年9月30日至10月30日，证监会联合财政部就《奖励规定》向社会公开征求意见。征求意 见期间，共收到意见建议178条。总体看，各方普遍持积极评价，认为修订出台《奖励规定》有利于激 励"吹哨人"提供违法线索，维护资本市场秩序，促进资本市场高质量发展。市场意见大多数涉及细化配 套规则和处理机制，证监会逐条进行了认真研究，大多数意见建议已采纳，部分意见与相关法律法规存 在冲突或考虑奖励幅度的合理性，未予采纳；关于加强制度落地实施方面的其他意见建议，证监会将在 后续工作中统筹解决。 《奖励规定》较大幅度提高奖励标准，提高奖金比例，奖励金额由案件罚没款金额1%提升为3%。提供 重大违法行为线索的，奖金上限也从10万元提升为50万元。提供的案件线索在全国范围内有重大影响， 或者涉案数额特别巨大，或者"吹哨人"为内部知情人员的，每案奖金上限从30万元、60 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have revised the regulations on whistleblower rewards in securities and futures violations, emphasizing the role of whistleblowers and increasing the reward percentage from 1% to 3% of the penalties collected [1] Group 1: Whistleblower Definition and Incentives - The term "whistleblower" has been defined, highlighting the moral responsibility and professional characteristics of internal informants, aligning with international practices [1] - The maximum reward for whistleblowers in cases of national significance has been raised to 1 million yuan, with suggestions for further increasing the reward range based on the quality of information and case importance [1] Group 2: Funding and Protection Mechanisms - It is suggested that the funding for whistleblower rewards should be directly linked to the penalties collected from violators, ensuring a stable source of funding [2] - A rapid response mechanism against retaliation for whistleblowers is proposed, with the regulatory body designated as the entity to handle complaints of retaliation [2] Group 3: Information Disclosure Guidelines - The draft emphasizes that whistleblowers must provide objective and truthful information, discouraging the public dissemination of allegations that could mislead the market [3] - Recommendations include encouraging whistleblowers to report through official channels and establishing penalties for those who fabricate or distort facts that disrupt market order [3]

Core Points - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have revised the "Interim Provisions on Reporting Violations in Securities and Futures" to form the "Whistleblower Reward Regulations" draft, emphasizing the role of whistleblowers and increasing reward amounts significantly [1][2] Group 1: Whistleblower Definition and Rewards - The term "whistleblower" has been defined, highlighting the moral responsibility and professional characteristics of internal informants, with a reward increase from 1% to 3% of the confiscated amount [1] - For cases with national significance, the maximum reward for whistleblowers has been raised to 1 million yuan [1] Group 2: Funding and Protection Mechanisms - It is suggested that the funding for rewards should be directly linked to confiscated amounts from violations, rather than being limited by the annual budget [2] - A rapid response mechanism against retaliation for whistleblowers is proposed, as current regulations lack clear channels for protection against covert reprisals [2] Group 3: Information Disclosure Guidelines - The draft emphasizes that whistleblowers must provide objective and truthful information, discouraging the fabrication of facts [3] - It is recommended that whistleblowers should avoid publicizing their reports through media channels to prevent market disruptions, with penalties for those who spread false information [3]

Core Points - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have jointly released a draft regulation to enhance the whistleblower reward system in the securities and futures market [1] - The new regulation aims to promote a culture of accountability and improve the quality of capital market development and regulatory enforcement [1] Summary by Categories Whistleblower Reward Enhancements - The reward percentage for whistleblowers has increased from 1% to 3% of the penalties collected from the case [1] - The maximum reward for providing significant illegal activity leads has been raised from 100,000 yuan to 500,000 yuan [1] - For cases with nationwide significant impact, particularly large amounts involved, or if the whistleblower is an internal informant, the maximum reward can reach 1 million yuan [1] Conditions for Receiving Rewards - Not all reports will qualify for rewards; two main conditions must be met: 1. The penalty amount must be no less than 1 million yuan, an increase from the previous threshold of 100,000 yuan [1] 2. The case must be significant and exhibit three serious characteristics: severely disrupting the securities and futures market order, severely endangering financial security, and severely infringing on investors' legal rights [1] Anonymous Whistleblower Opportunities - Anonymous whistleblowers who provide relevant supplementary materials and those who play a secondary or supportive role in the illegal activities may also qualify for rewards if they meet the conditions [1]

Core Points - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance jointly released the "Whistleblower Reward Regulations" to enhance the whistleblower system and increase reward standards significantly [1][2] Group 1: Reward Standards - The reward amount has been increased from 1% to 3% of the penalty amount collected from the case [3] - The maximum reward for providing significant illegal activity leads has been raised from 100,000 yuan to 500,000 yuan [3] - For cases with nationwide significant impact or involving particularly large amounts, the maximum reward has been unified to 1,000,000 yuan [3] Group 2: Reward Conditions - The scope of cases eligible for rewards now includes serious violations that severely disrupt the securities and futures market, endanger financial security, or infringe on investors' rights [3] - Anonymous whistleblowers who provide relevant materials and those who played a minor role in the illegal activities are also eligible for rewards [3] - Whistleblowers who withdraw their leads or obstruct investigations will not be rewarded [3] Group 3: Reward Procedures and Protection Mechanisms - The regulations emphasize the importance of confidentiality and the protection of whistleblower rights, with a structured approach to handling leads [4][5] - A dedicated mechanism will prioritize the verification and handling of leads provided by internal informants [4] - Whistleblower identity information will be managed anonymously, and any retaliation against whistleblowers is strictly prohibited [5][6] Group 4: Accountability and Oversight - The regulations establish a mechanism for accountability, ensuring that those who fail to act on significant leads face consequences [6] - Staff members who neglect their duties or engage in misconduct regarding whistleblower leads will be subject to disciplinary actions [6]

Core Points - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have revised the regulations on whistleblower rewards for reporting violations in the securities and futures markets, now titled "Regulations on Whistleblower Rewards for Securities and Futures Violations" [1][4] - The revisions aim to enhance the whistleblower system in response to new directives from the central government and increasing public demand for stronger enforcement against violations [4] Summary by Sections Background - The revision is driven by the central government's emphasis on improving the whistleblower system in capital markets, with new requirements from the Party Central Committee and the State Council [4] Key Changes - The name of the regulation has been changed to better reflect the whistleblower's role and to align with international practices [5] - The criteria for rewards have been expanded to include serious cases that significantly disrupt market order or harm investor rights, with the minimum reward amount increased from 100,000 yuan to 1 million yuan [5] - The reward percentage has been raised from 1% to 3% of the penalties collected, with maximum rewards for significant cases increased from 300,000 yuan to 1 million yuan [5][6] - A strict confidentiality protocol is established to protect whistleblower identities, with measures against retaliation from companies or individuals [7] - A mechanism for accountability and oversight is introduced to ensure that those handling whistleblower reports are held responsible for negligence or misconduct [7]

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 support the high-quality development of the capital market [1][3]. Summary by Sections New Definitions and Reward Conditions - New definitions have been added to better reflect the spirit of justice and responsibility of whistleblowers [2][4]. - The conditions for rewards have been improved, including serious violations that significantly disrupt market order, endanger financial security, or infringe on investors' rights [2][4]. Increased Reward Amounts - The maximum reward for significant cases has been raised to 1 million yuan, up from previous limits of 300,000 yuan and 600,000 yuan [2][4]. - The reward percentage has increased from 1% to 3% of the penalty amount collected from the case [4][6]. Confidentiality and Protection Measures - Whistleblower identities will be managed anonymously, and strict confidentiality will be maintained to protect their rights [5][6]. - Any retaliation against whistleblowers by companies or institutions will be subject to severe penalties [7]. Supervision and Accountability - A mechanism for accountability has been established for those handling whistleblower reports, ensuring that negligence or misconduct will lead to disciplinary actions [7].

Core Points - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have revised the regulations on whistleblower rewards for reporting violations in the securities and futures markets, significantly increasing the reward standards and optimizing the procedures for reporting [1][2] Group 1: Reward Conditions and Standards - The revised regulations expand the scope of cases eligible for rewards to include serious violations that significantly disrupt market order, threaten financial security, or infringe on investors' rights, with the minimum penalty amount for rewards raised from 100,000 yuan to 1 million yuan [2] - The reward percentage has been increased from 1% to 3% of the penalty amount, with the maximum reward for providing major violation leads raised from 100,000 yuan to 500,000 yuan, and for cases with significant national impact or involving internal informants, the maximum reward has been unified to 1 million yuan [2] Group 2: Processing and Protection Mechanisms - The regulations establish strict confidentiality and protection measures for whistleblowers, including anonymous management of their identities and prohibiting retaliation through various means by any organization or individual [4] - A dedicated mechanism will prioritize the investigation of leads provided by internal informants, and whistleblowers will have the right to inquire about the processing status of their reports [3][4] Group 3: Accountability and Compliance - The regulations enhance accountability for those handling whistleblower reports, stipulating that staff who neglect their duties or engage in misconduct will face disciplinary actions, and serious cases may be referred to judicial authorities [4]

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 better align with the high-quality development of the capital market [1][2]. Group 1: Revision Background - The whistleblower reward system was initially established in June 2014 and revised in January 2020, reflecting the central government's increasing emphasis on improving the reporting system for capital market violations [2][3]. Group 2: Revision Content - The name of the regulation has been changed to emphasize the whistleblower's role and align with international practices [3]. - The criteria for rewarding whistleblowers have been expanded, with the minimum penalty amount for reward eligibility increased from 100,000 yuan to 1 million yuan [4]. - The reward percentage has been raised from 1% to 3% of the penalty amount, with maximum rewards for significant cases increased from 100,000 yuan to 500,000 yuan [5]. Group 3: Processing and Protection Mechanisms - The CSRC has established strict confidentiality and protection measures for whistleblowers, ensuring their identities are kept anonymous and preventing retaliation from companies [9]. - A supervisory accountability mechanism has been introduced to hold responsible parties accountable for mishandling whistleblower reports [10].

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].