炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 这一案件折射出证券从业人员违规炒股的典型特征。尽管监管部门三令五申禁止从业人员直接或变相持有、买卖股票， 但仍有部分人员试图通过借用亲属账户规避监管。值得注意的是，芦璇在接受调查过程中积极配合，这成为监管部门在 裁量处罚时考虑的因素之一。 从法律适用看，芦璇的行为违反了2005年版及现行《证券法》关于从业人员不得持有、买卖股票的明确规定。监管部门 最终依据《证券法》第一百八十七条作出行政处罚决定，既没收违法所得，又处以相当于违法所得金额的罚款，体现了 对此类违规行为的零容忍态度。 本文系观察者网独家稿件，未经授权，不得转载。 【文/羽扇观金工作室】 北京证监局近日披露的一起行政处罚案件，再次揭开证券从业人员违规交易的灰色地带。曾在光大证券、国都证券等机 构任职的芦璇，因长达十年的违规炒股行为，被没收违法所得18.13万元并处以18万元罚款。 根据监管部门披露的信息，芦璇自2007年3月起便进入证券行业，先后在光大证券和国都证券担任从业人员。然而从 2013年7月至2023年1月，她借用母亲瞿某华在东北证券和光大证券开立的账户，持续从事股 ...

经查明，芦璇存在以下违法事实：2007年3月1日至2024年8月8日期间，芦璇先后在光大证券股份有 限公司(以下简称光大证券)、国都证券股份有限公司任职，系证券公司从业人员。 中国经济网北京11月20日讯 北京证监局网站近日披露的行政处罚决定书显示，北京证监局对证券 公司从业人员芦璇违法买卖证券行为进行了立案调查，并依法向当事人告知了作出行政处罚的事实、理 由、依据及当事人依法享有的权利，当事人未提出陈述、申辩意见，也未要求听证。本案现已调查、办 理终结。 2013年7月2日至2023年1月4日，芦璇使用其母亲瞿某华在东北证券股份有限公司、光大证券开立的 证券账户(以下简称案涉证券账户)持有、买卖股票，总成交金额27,731,658.64元，盈利181,275.50元。 芦璇的上述行为违反2005年《证券法》第四十三条第一款、《证券法》第四十条第一款的规定，构 成2005年《证券法》第一百九十九条、《证券法》第一百八十七条所述违法行为。 芦璇在接受调查过程中，能够积极配合调查。根据当事人违法行为的事实、性质、情节与社会危害 程度，依据《证券法》第一百八十七条的规定，北京证监局决定：没收芦璇违法所得181,27 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 又见证券从业人员违规炒股被罚。 责任编辑：杨赐 11月11日，据厦门证监局披露，光大证券厦门展鸿路营业部证券从业人员刘泽方，控制使用开立在光大 证券厦门展鸿路营业部的"刘某红""刘某辉""刘某昆"账户委托买卖股票及可转换公司债券，总成交金额 39，141，591.80元，合计亏损139，803.64元。 证监局认为，刘泽方的上述行为违反了2005年修订的《证券法》（以下简称2005年《证券法》）第四十 三条第一款、《证券法》第四十条第一款的规定，构成2005年《证券法》第一百九十九条和《证券法》 第一百八十七条所述的违法行为。根据当事人违法行为的事实、性质、情节和社会危害程度，依据《证 券法》第一百八十七条的规定，厦门证监局决定：对刘泽方处以45，000元罚款。 ...

Core Viewpoint - The recent administrative penalties imposed by the China Securities Regulatory Commission (CSRC) on four securities practitioners for illegal stock trading highlight the ongoing issue of regulatory compliance within the industry, emphasizing the need for stricter internal controls and self-discipline among professionals [1][2][3] Group 1: Regulatory Actions - The CSRC has issued severe penalties, with the largest fine reaching 159 million yuan, alongside a five-year ban from the securities market for the involved practitioners [1] - The regulatory body has adopted a "zero tolerance" approach towards illegal stock trading, indicating a commitment to historical accountability and stringent punishment for violations [2] Group 2: Internal Control and Compliance - The prevalence of illegal trading among securities practitioners reflects existing vulnerabilities in internal control management within brokerage firms, necessitating a stronger emphasis on compliance and risk prevention [2] - Securities firms are urged to enhance their internal monitoring, self-examination, and accountability mechanisms, particularly focusing on key positions such as investment banking and asset management [2] Group 3: Professional Ethics and Market Integrity - Securities practitioners are reminded that their professional conduct directly impacts market fairness and the interests of ordinary investors, with illegal trading undermining both personal and industry reputations [3] - A stable and vibrant capital market relies on the collective responsibility of all participants, including securities professionals, to foster a healthy market environment [3]

Core Points - The regulatory authority has recently issued four administrative penalty decisions targeting violations of stock trading by securities practitioners, highlighting significant cases that have drawn market attention [1][2][6] Regulatory Actions - The China Securities Regulatory Commission (CSRC) imposed a record fine of approximately 1.59 billion yuan on Zhang Xiang for illegal stock trading, marking the largest penalty for such violations in recent years [4][6] - Minsheng Securities' employee Jin Yaping was fined over 10 million yuan for engaging in illegal stock trading for 16 out of his 17 years in the industry, making him the only individual heavily penalized for personal trading behavior among recent violators [1][5][9] Violation Details - The illegal trading activities spanned from February 2018 to October 2024 for Zhang Xiang, and from March 2008 to October 2024 for Jin Yaping, indicating a long duration of violations that crossed the implementation phases of the old and new Securities Law [6][7] - Other individuals, Zhao Youqiang and Deng Wei'an, also faced penalties for their respective violations, with total fines for all four individuals amounting to approximately 1.7 billion yuan [6][7] Regulatory Trends - The CSRC has been actively cracking down on illegal stock trading by securities practitioners, with 67 cases and 139 individuals penalized from 2019 to 2023 [2][6] - The recent penalties reflect a "zero tolerance" approach by regulators, emphasizing systematic and regular enforcement against such violations [7][9] Industry Implications - Jin Yaping's case serves as a warning to the industry, underscoring the importance of compliance among securities practitioners, particularly those in key roles like sponsorship representatives [13][14] - The ongoing regulatory scrutiny and increased penalties indicate a trend towards more stringent oversight and monitoring of securities practitioners' trading behaviors [7][9]

编辑丨巫燕玲 近日，监管一连披露4则行政处罚决定书，剑指证券从业人员违规炒股行为。 记者丨孙永乐 其中两大案件格外引人关注，无论是处罚力度、违规时长，还是处罚对象的特殊身份，均成 为市场讨论的焦点。 一是展翔因违规炒股被证监会罚没1.59亿元，并采取5年证券市场禁入措施 ，这不仅是监 管年内针对同类案件开出的最大罚单，更刷新了近年以来单案最高处罚金额纪录。 2024年中国证监会执法情况综述显示，证监会去年开展打击证券从业人员违规炒股专项治理 行动，对38名从业人员作出行政处罚，对66名从业人员、7家证券公司采取出具警示函、监管 谈话等行政监管措施，合计104名从业人员被"点名"。 监管开出近年最大罚单 9月26日晚间，证监会发布行政处罚决定书，展翔为证券公司从业人员，在从业期间通过他人 违规投资交易多个公司股票。2018年2月至2024年10月，展翔控制使用多个他人证券账户持 有、买卖多只股票。证监会决定：责令展翔依法处理非法持有的股票，合计罚没金额约1.59亿 元。 与此同时，鉴于展翔在从业期间控制使用多人证券账户持有、买卖股票，持续时间较长，情 节严重，证监会对展翔采取5年证券市场禁入措施。 除了展翔之外 ...

Core Viewpoint - Recent regulatory actions have highlighted a "zero tolerance" approach towards violations of stock trading rules by securities industry professionals, with significant penalties imposed on offenders [2][9]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has issued four administrative penalty decisions targeting violations by securities professionals, with a total penalty amount of approximately 1.7 billion yuan [2][6]. - Notably, the largest penalty was imposed on a professional named Zhang Xiang, amounting to 1.59 billion yuan, marking the highest single-case penalty in recent years [2][4][6]. - Another significant case involved Jin Yaping from Minsheng Securities, who was penalized over 10 million yuan for engaging in illegal stock trading for 16 out of his 17 years in the industry [2][5][6]. Duration and Severity of Violations - The violations spanned a considerable time frame, with some cases covering periods from 2008 to 2024, indicating a systemic issue within the industry [7][9]. - Jin Yaping's case is particularly notable as it represents a continuous violation of trading rules throughout his career, which is rare in the industry [11][14]. Regulatory Trends - The CSRC's recent actions reflect a shift towards more stringent enforcement and monitoring of securities professionals' trading behaviors, with a focus on long-term compliance [9][10]. - The regulatory body has emphasized that it will continue to adopt a "discovery and punishment" approach for any violations, indicating a commitment to maintaining industry integrity [9][10]. Industry Implications - The penalties serve as a warning to the industry, particularly to professionals in key roles such as underwriters, who are expected to uphold high standards of compliance and ethics [14][16]. - The ongoing scrutiny and enforcement actions are likely to lead to a more cautious approach among securities professionals regarding personal trading activities [9][10].

Core Viewpoint - The article emphasizes the strict regulations against stock trading by securities practitioners, highlighting recent administrative penalties imposed by the China Securities Regulatory Commission (CSRC) for violations, indicating a zero-tolerance approach towards such behaviors [1][2]. Group 1: Regulatory Actions - The CSRC has recently imposed significant fines on multiple securities practitioners for illegal stock trading, with penalties reaching up to 159 million yuan, and some individuals facing market bans [1]. - In a special governance action launched in 2024, the CSRC penalized 38 practitioners and issued warning letters and regulatory talks to 66 others and 7 securities firms, showcasing an intensified crackdown on violations [2]. Group 2: Reasons for Violations - The article identifies two main reasons why some practitioners continue to engage in illegal trading: a lack of legal awareness and a sense of complacency in the face of financial temptations [2]. - It stresses that the actions of securities practitioners not only affect their personal careers but also impact the overall image and credibility of the industry [2]. Group 3: Recommendations for Compliance - Securities firms are urged to enhance internal controls and compliance management, focusing on improving the ethical standards and compliance awareness of their employees [2]. - The article calls for stronger monitoring, self-inspection, and accountability mechanisms within firms to prevent illegal stock trading activities [2].

于证券公司而言，要在内控和合规管理方面持续下功夫，认真落实从业人员管理要求，提升从业人员的 道德水准、合规风险意识和廉洁从业水平。同时，还应强化从业人员执业行为管控，强化内部监测、自 查自纠及问责机制，坚决遏制从业人员违规买卖股票行为的发生。 监管部门开出的一张张罚单，时刻警示着证券从业人员不可逾越法律"红线"，切不可为了一时之利毁了 职业生涯。 证券从业人员不得买卖股票是证券法的基本要求，是不可触碰的"红线"。证监会近日对多名违规买卖股 票的从业者进行行政处罚，开出巨额罚单。持续严监严管的背后，是监管部门对此类行为的零容忍和露 头就打。 此次集中处罚的四起案件，有的是控制使用多个他人证券账户持有、买卖多只股票，涉案金额巨大，情 节严重，被处以1.59亿元罚单并被市场禁入；有的是在从业的16年间多次违规买卖股票，涉案时间长， 被证监会"没一罚一"；还有的通过他人交易相关公司股票，被证监会驳回申辩请求后从重处罚。无一例 外，他们的职业生涯都会因一纸罚单而改变。 由于工作原因，证券从业人员拥有信息优势，若任其违规买卖股票，极易滋生内幕交易和"老鼠仓"等违 法行为。近年来，证监会加大了对此类行为的查处力度，2024 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified its crackdown on securities industry professionals engaging in illegal stock trading, emphasizing a zero-tolerance policy towards such violations [1][2]. Group 1: Regulatory Actions - The CSRC has recently imposed significant penalties on multiple securities professionals for illegal stock trading, with fines totaling 159 million yuan and market bans for severe cases [1]. - In 2024, a special campaign against illegal trading by securities professionals resulted in administrative penalties for 38 individuals and regulatory measures for 66 others and 7 securities firms [2]. Group 2: Industry Implications - The actions of securities professionals not only affect their personal reputations and careers but also impact the overall image and credibility of the industry [2]. - Securities firms are urged to enhance internal controls and compliance management, focusing on improving the ethical standards and compliance awareness of their employees [2].