Group 1 - The principle of "delisting does not exempt from liability" is reaffirmed, indicating that delisting is a starting point for accountability rather than an end point [1][2][3] - Regulatory bodies have significantly increased the accountability measures against delisted companies and their executives, with notable fines imposed on companies like Huatie Co. and Taihe Group [2][3] - A comprehensive accountability system has been established, targeting not only the delisted companies but also related parties, including intermediaries involved in fraudulent activities [4][5] Group 2 - The administrative penalties are designed to provide immediate deterrence, while criminal accountability serves as a high-pressure deterrent, and civil compensation, particularly through representative lawsuits, offers investor relief [5][6] - The introduction of representative lawsuits for investors marks a significant breakthrough in investor protection mechanisms, allowing for collective claims against delisted companies and their affiliates [6][7] - Intermediaries are now also being held accountable, as seen in the case of Geer Software, where they are pursuing compensation from parties involved in fraudulent activities [7] Group 3 - Continuous improvement of the accountability system is necessary, with suggestions for enhancing investor protection and streamlining the processes for civil and criminal accountability [8][9] - The need for clearer standards regarding the accountability of third parties involved in fraud is emphasized, along with the importance of strengthening recovery efforts from responsible parties [9][10] - Recommendations include improving data sharing among regulatory bodies and enhancing the efficiency of case handling, as well as exploring diversified dispute resolution mechanisms to lower the costs for small investors [10][11]

中经记者 孙汝祥 夏欣 北京报道 "退市不免责"原则再次得到彰显。 8月下旬，已退市一年的华铁股份、已退市两年的泰禾集团，分别披露收到"罚单"。其中，广东证监局 拟对华铁股份及高管处以2415万元罚款；泰禾集团及高管被福建证监局处以1740万元罚款。 同月，在泽达易盛退市前配合其进行财务造假的第三方，被已承担泽达易盛案赔偿责任的三家中介起诉 追偿。 今年5月，证监会披露，美尚生态退市后被移送公安机关追究刑事责任，相关特别代表人诉讼案件也已 正式进入司法程序。 接受《中国经营报》记者采访的专家认为，当前，对存在违法行为的退市公司及相关责任方，构建全链 条立体化追责体系，已取得多维度突出进展，成效逐步显现。退市不再是违法行为的终点或庇护所，而 成为追责的新起点。 专家同时指出，如何更加切实有效地保护投资者合法权益是当下重要工作，应多措并举进一步提升追责 效率与执行力度。 行政处罚全覆盖 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩表示，针对"带病"退市公司及相关 责任方的全链条立体化追责体系，有效提升了市场各方的合规意识，增强了投资者信心，为资本市场高 质量发展提供了坚实保障。 8月21日，华铁股 ...