12个部门联手打出"组合拳"，直接剑指资本市场"毒瘤"——财务造假。这场由中国证监会召开，来自经 济口和政法口的11个部门参加的座谈会，阵容之强、规格之高，十分罕见。这释放出监管部门对资本市 场财务造假从严惩治的强烈信号，也表明财务造假治理已从单打独斗走向协同作战。 为何惩治财务造假如此紧迫？因为它不单可能构成违法犯罪，更侵蚀了市场的诚信根基。对投资者而 言，上市公司披露的财务信息是投资决策的重要依据。信息真实，决策才可能准确，投资才更安全。然 而，如果企业以虚构收入、利润、资产等方式进行财务造假，或在中介等第三方配合下造假，给财务报 表"美容""洗澡"，精心编织繁荣假象，就会严重误导投资行为，损害投资者权益，扰乱资本市场秩序。 会议进一步明确打好财务造假综合惩防"组合拳"的思路，再次彰显对财务造假"零容忍"的态度。一方 面，聚焦"跨部门工作推进"，强调形成惩防合力；另一方面，强调深化行政执法、刑事惩戒、民事追 偿、诚信约束有效衔接的全方位立体追责体系，既能在客观上提高违法成本、形成持续震慑，也为执法 司法工作协同指明了方向。作为综合惩防工作的参与方，检察机关要继续充分发挥法律监督职能，持续 加大对财务造假犯 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Administration of Listed Companies," which aims to enhance the regulatory framework for listed companies, focusing on preventing financial fraud and improving corporate governance. Group 1: Regulatory Innovations - The draft introduces measures to reverse the incentive structure of financial fraud, ensuring that board members must recover compensation and dividends based on false financial reports, thereby tightening economic accountability for insiders [1][4]. - It imposes severe penalties on third parties, such as clients and suppliers, who assist in falsifying documents or transactions, with fines ranging from one million to ten million yuan [6][8]. - The regulations enhance the role of the audit committee, granting it broad supervisory and investigative powers, transforming it into an internal "chief investigator" [3][5]. Group 2: Corporate Governance - The draft explicitly prohibits controlling shareholders and actual controllers from misappropriating company assets and outlines strict definitions for identifying "hidden actual controllers" [2][4]. - It mandates that any changes in the use of raised funds must pass through a high threshold of shareholder approval, reinforcing investor trust [2][9]. - The audit committee is empowered to conduct independent investigations when financial reports are suspected of being false, thus ensuring proactive oversight [3][5]. Group 3: Financial Advisor Responsibilities - The draft requires that financial advisors for mergers and acquisitions maintain independence and conduct thorough checks on compliance and accuracy of disclosures [7][8]. - Financial advisors face severe penalties, including fines and potential suspension from securities services, if their reports contain false information or significant omissions [8]. Group 4: Fund Utilization - The draft specifies four scenarios that constitute unauthorized changes in the use of raised funds, all requiring shareholder approval, thereby protecting investor interests [9]. - This regulation aims to ensure that raised funds are used as promised, preventing arbitrary investment decisions that could harm investor expectations [9][10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the draft of the "Regulations on the Supervision and Administration of Listed Companies," marking the first specialized administrative regulation for listed company supervision in China's capital market, aimed at enhancing information disclosure regulation and protecting investor rights [1][2]. Group 1 - The draft regulation consists of eight chapters and seventy-four articles, focusing on improving corporate governance requirements and regulating the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives [1]. - The regulation aims to combat illegal activities and specifies penalties for behaviors such as asset occupation and collusion in financial fraud [1]. - The regulation emphasizes three key themes: risk prevention, strengthened regulation, and promotion of development, indicating a new phase of systematic and legal oversight for listed companies [1]. Group 2 - The draft explicitly prohibits listed companies from fabricating financial reports through fictitious transactions or abuse of accounting policies, introducing an innovative system for recovering profits from fraud [2]. - It states that related parties, customers, suppliers, and service institutions of listed companies are prohibited from assisting in the preparation of false financial reports, with fines ranging from 1 million to 10 million yuan for violations [2]. - For securities service institutions that fail to perform due diligence, fines can reach up to five times their business income, with a minimum fine of 500,000 to 2.5 million yuan for those with insufficient income, and severe cases may lead to suspension or prohibition from engaging in securities services [2].

Core Viewpoint - The Ministry of Finance has issued new regulations to enhance accounting responsibility and improve the quality of accounting information, emphasizing the importance of a unified accounting system in China [1][2]. Group 1: Accounting Responsibility - The new regulations aim to clarify accounting responsibilities across various entities, enhancing legal awareness and accountability in accounting practices [2][3]. - The regulations categorize and integrate existing accounting responsibilities, emphasizing the need for units to ensure the authenticity and completeness of accounting data [2][4]. - Specific requirements include prohibiting units from using false economic transactions for accounting and ensuring the independence of accounting firms [3][4]. Group 2: Implementation and Oversight - The regulations outline the responsibilities of unit leaders, chief accountants, and accounting personnel, ensuring accountability at all levels of the accounting process [3][4]. - The Ministry of Finance plans to implement these regulations by December 2024, with feedback from various stakeholders already considered [4]. - The regulations are part of a broader effort to strengthen financial oversight and support high-quality economic development in China [4].

Core Viewpoint - *ST Yuancheng has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) for suspected violations, including false records in annual reports from 2020 to 2022 and fabrication of significant false content in the 2022 non-public stock issuance documents [2] Group 1: Company Violations - The company and its actual controller are suspected of long-term financial fraud, with false records spanning three consecutive years [2] - The fraudulent activities are linked to refinancing efforts, with non-public issuance relying on falsified data [2] - If the company is found guilty of continuous financial fraud for three years, it may face delisting from the stock exchange [2] Group 2: Recommendations for Prevention and Control - Strengthening internal controls and external supervision is essential to prevent financial fraud, focusing on governance and oversight [3] - A dual defense system should be established, emphasizing the need for a robust internal control system that covers all critical business processes [3] - Auditors should enhance audit quality through "penetrating audits" to verify the authenticity of transactions and funds [3] Group 3: Dynamic Monitoring and Corrections - Implementing a "filing + tracking" system for major projects to ensure dynamic supervision and timely reporting to regulatory bodies [3] - Regulatory authorities should compare project progress reports with financial disclosures to identify discrepancies and initiate inquiries when necessary [3] Group 4: Information Disclosure and Correction Mechanism - Companies should regularly review the quality of financial information and promptly disclose corrections for any accounting errors [4] - Regulatory bodies need to focus on reviewing correction announcements and treat accounting errors as significant regulatory clues [5] Group 5: Financial Fraud Warning Mechanism - Utilizing big data and AI to create monitoring models for financial anomalies, automatically issuing alerts for companies with significant deviations in revenue and profit [5] - Encouraging public participation in supervision through a reward system for valid reports of financial misconduct [5]

Core Viewpoint - The Chinese government is emphasizing the importance of financial integrity and has taken significant steps to combat financial fraud and maintain a fair market economy during the "14th Five-Year Plan" period [1] Group 1: Financial Oversight and Regulation - The Ministry of Finance has intensified efforts to combat financial fraud and maintain a healthy market economy [1] - Over the past two years, the Ministry has conducted quality inspections on more than 4,600 accounting firms and nearly 1,500 asset appraisal institutions [1] - The government is actively promoting the improvement of laws and regulations related to accounting and certified public accountants to foster a market environment that values legal compliance and integrity [1]