资本市场"四梁八柱"法规制度体系为严监管提供了坚强支撑。以新证券法、刑法修正案（十一）等为核 心的法律框架，构建起了"行政+刑事+民事"全面立体的追责闭环，大幅抬升违法成本。在2026年的"1号 罚单"中，证监会采用"没收违法所得+等额罚款"的顶格处罚，让操纵市场者余韩尽数吐回非法获利的 5.11亿元，合计罚没金额超10.2亿元，叠加3年市场禁入与交易禁令。近期召开的资本市场财务造假综合 惩防体系跨部门工作推进座谈会上，11个部门共同研究推进进一步加强财务造假综合惩防工作，推动特 别代表人诉讼制度与跨部门协同机制持续完善，更打通了行政执法、刑事惩戒、民事追偿、诚信约束有 效衔接的联动通道，让监管的"牙"和"刺"更具威慑力。 科技赋能让监管长出"火眼金睛"，精准打击复杂化、隐蔽化的操纵行为。余韩案中，监管部门完整追溯 其控制的67个账户、横跨1252个交易日的异常交易轨迹，精准锁定操纵者；在调查财经"大V"金永荣 时，监管部门识破他利用10.7万粉丝、单篇平均130万阅读量的流量优势，从事"抢帽子操纵"的模式， 厘清了流量变现的监管红线，释放了严打资本市场"小作文"的明确信号。 从牛散到财经"大V"，再到私募机 ...

"促发展"的任务直指资本市场运行基石——提高上市公司质量。中国证监会提出，坚持固本强基， 促进上市公司价值成长和治理提升。 着力提升监管执法有效性和震慑力 财务造假、操纵市场等违法违规行为，是侵蚀资本市场健康发展的"毒瘤"，不仅直接侵害广大投资 者合法权益，更严重破坏市场公平交易秩序、动摇市场信心根基。从2025年证券执法和司法情况看，证 券监管执法及司法工作继续坚持"长牙带刺""严监严管"的政策导向，在保持高压态势的同时，呈现出精 细化、专业化、体系化的特征。 去年，中国证监会全面强化"五大监管"，加快构建财务造假综合惩防体系，开展打击私募基金违法 违规专项工作，全年查办证券期货违法案件701件，罚没款154.7亿元，监管执法质效有效增强。 中国证监会系统工作会议提出，着力提升监管执法有效性和震慑力。"严监管"始终贯穿证监稽查执 法工作。2025年，中国证监会全面强化"五大监管"，全年查办证券期货违法案件701件，罚没款154.7亿 元，监管执法质效有效增强，对违法违规行为形成了有力震慑。2026年，中国证监会将继续推进依法从 严监管。 "严监管"与"促发展"本质上相辅相成、辩证统一。严厉查处恶性违法违规行 ...

【环球网财经综合报道】日前，最高人民检察院对充分运用法治力量服务高质量发展等方面作出部署，要求依法维护 经济金融安全，严惩严重经济犯罪，促进营造法治化营商环境。会同证监会深化资本市场法治建设，完善证券检察派 驻工作机制，从严惩治财务造假、操纵市场等证券犯罪，维护资本市场安全。 《联合早报》对此发文称，中国证监会此前召开座谈会，强调加强财务造假综合惩防重点工作时提到，2024年7月5日 中国国务院办公厅转发中国证监会等部门"关于进一步做好资本市场财务造假综合惩防工作的意见"以来，持续加大对 于财务造假案件查处力道，惩治第三方配合造假、压实中介机构"看门人"责任，完善常态化、长效化惩防机制。 数据显示，2024年以来，大陆证监会累计查办财务造假案件159起，做出行政处罚111起，罚没金额人民币81亿元，会 同相关部门坚持惩首恶和打帮凶并重，对43起案件大股东和实控人严肃追究责任，对配合造假的第三方坚决以行政违 法共犯方式严惩，并有18家严重造假公司实质触及重大违法强制退市。此外，证监会先后对91家已退市公司立案调 查，防止"一退了之"。 证监会还强调，将继续深化资本市场财务造假综合惩防体系，将与相关部门增强综合惩 ...

Core Viewpoint - The Chinese capital market is intensifying efforts to combat financial fraud, with multiple departments collaborating to establish a comprehensive prevention and punishment system, signaling a strong regulatory stance against fraudulent activities [2][3]. Group 1: Regulatory Actions - Since July 2024, the China Securities Regulatory Commission (CSRC) has handled 159 financial fraud cases, imposing fines totaling 8.1 billion yuan, and has held major shareholders and actual controllers accountable in 43 cases [3][4]. - The regulatory approach has shifted from a single agency (CSRC) to a collaborative effort involving 12 departments, enhancing the overall enforcement capability [4]. - The comprehensive punishment and prevention system has evolved from post-incident penalties to a full-chain governance model that includes preemptive measures, ongoing supervision, and post-incident punishment [4][5]. Group 2: Accountability and Governance - The accountability framework has expanded from solely focusing on listed companies to include major shareholders, actual controllers, intermediary institutions, and third-party collaborators, addressing the low cost of illegal activities and high cost of rights protection for investors [4][5]. - The regulatory bodies are emphasizing a multi-faceted approach to accountability, ensuring that both primary offenders and accomplices are held responsible, thereby promoting fairness in the market [5][6]. - The role of intermediary institutions is being reinforced, with a shift in their responsibility from merely serving listed companies to protecting the interests of investors and maintaining market integrity [5][6]. Group 3: Preventive Measures - The construction of a comprehensive prevention and punishment system is entering a critical phase, focusing on enhancing legal frameworks and improving regulatory collaboration across administrative, criminal, and civil domains [6][7]. - There is a push for internal controls within listed companies and a call for the activation of independent directors to ensure that investors have rights and powers to supervise and voice concerns [6][7]. - The future direction includes leveraging technology, such as big data and artificial intelligence, to improve the detection and early intervention of fraudulent activities, thereby creating a more robust regulatory environment [7].

Core Viewpoint - The Chinese judicial system is intensifying efforts to combat financial fraud, with a significant increase in prosecutions and a comprehensive multi-departmental approach to prevent and punish such crimes [1][2]. Group 1: Prosecution and Legal Actions - From 2024 to November 2025, a total of 191 individuals were prosecuted for financial fraud, with 102 prosecutions occurring from January to November 2025, representing a 21% year-on-year increase [1][2]. - The Supreme People's Procuratorate has placed 43 major financial fraud cases under special supervision, indicating a focused effort on high-profile cases [1][2]. Group 2: Multi-Departmental Collaboration - A meeting was held on January 5, 2025, involving multiple government departments, including the Supreme People's Court and the China Securities Regulatory Commission, to enhance the comprehensive prevention and punishment system for financial fraud [1]. - Since the issuance of the "Comprehensive Prevention and Punishment Opinions" on July 5, 2024, a multi-faceted accountability system has been established, integrating administrative enforcement, criminal punishment, civil recovery, and integrity constraints [1][2]. Group 3: Legal Framework and Case Management - The Supreme People's Procuratorate is actively involved in the construction of a comprehensive accountability system, ensuring that cases of financial fraud are handled with high quality and efficiency [2]. - The establishment of case standards and the issuance of guidelines for handling securities and futures violations have been prioritized to improve the legal framework surrounding financial fraud cases [2]. Group 4: Future Directions - The prosecutorial authority plans to continue increasing criminal accountability for financial fraud, enhance case handling norms, and strengthen inter-departmental cooperation to better protect investors' rights and support the high-quality development of the capital market [3].

Core Viewpoint - The Chinese regulatory authorities are enhancing the comprehensive prevention and punishment system for financial fraud in the capital market, with a focus on strengthening collaboration among various departments to ensure effective enforcement and accountability [1][2][3]. Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting on January 5, 2024, with representatives from multiple government departments to discuss the advancement of the comprehensive prevention and punishment system for financial fraud [1]. - Since the issuance of the "Comprehensive Prevention and Punishment Opinions" on July 5, 2024, a multi-faceted accountability system has been established, integrating administrative enforcement, criminal punishment, civil recovery, and integrity constraints [1]. Group 2: Prosecution Statistics - From 2024 to November 2025, a total of 191 individuals were prosecuted for financial fraud, with 102 prosecutions occurring between January and November 2025, representing a 21% year-on-year increase [2]. - Major financial fraud cases, including those involving Jinzhou Port, Jintongling, Meishang Ecology, and Zijing Storage, have been publicly prosecuted, demonstrating a strong deterrent effect against financial fraud [2]. Group 3: Future Directions - The prosecutorial authorities plan to continue implementing Xi Jinping's legal thought and directives regarding the capital market, increasing criminal accountability for financial fraud, and enhancing collaboration among departments [3]. - There will be a focus on improving case handling standards and exploring the integration of civil and criminal accountability to better protect investors' rights and support the high-quality development of the capital market [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified its crackdown on financial fraud, having investigated 159 cases and imposed administrative penalties totaling 8.1 billion yuan in 2024, emphasizing the need to hold intermediary institutions accountable for their roles in financial misconduct [1][2][7]. Group 1: Regulatory Actions - The Shenzhen Securities Regulatory Bureau issued warning letters to three accounting firms for various auditing deficiencies, including errors in consolidation scope, ineffective confirmation procedures, and lack of sufficient audit evidence [1][2][3]. - The regulatory measures were implemented shortly after a CSRC meeting aimed at enhancing the comprehensive prevention and punishment system for financial fraud, indicating a coordinated effort to improve audit quality and accountability [2][6]. Group 2: Audit Quality Issues - The issues identified in the three accounting firms highlight critical weaknesses in auditing practices, such as formalistic audit procedures and inadequate risk assessment, which could lead to significant audit risks being overlooked [3][4]. - Specific failures included the inability of Lixin CPA to obtain sufficient evidence for complex transactions, Dahuang CPA's neglect of internal controls, and Beijing Zhongtian Huamao CPA's misjudgment regarding the consolidation scope of financial statements [3][4][5]. Group 3: Legal and Regulatory Framework - The violations by the accounting firms were linked to specific provisions in the Chinese CPA auditing standards, emphasizing the importance of maintaining professional skepticism and obtaining adequate audit evidence [5]. - The actions taken by the Shenzhen Securities Regulatory Bureau reflect a legal framework that holds accounting firms accountable for their responsibilities as gatekeepers in the financial reporting process [5][8]. Group 4: Industry Implications - The regulatory crackdown signals a shift from mere compliance to effective oversight in the auditing industry, aiming to enhance the quality of financial disclosures and restore market confidence [6][8]. - The ongoing pressure on auditors to fulfill their substantive responsibilities is crucial for improving the overall integrity of the capital market and ensuring efficient resource allocation [8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has convened a meeting to advance a comprehensive system for preventing and punishing financial fraud in the capital market, highlighting the achievements since the release of the 2024 guidelines and outlining future directions for deepening these efforts [1] Group 1: Long-term Mechanism Construction - The construction of a normalized and long-term mechanism is essential to establish a robust defense against financial fraud, which is characterized by strong profit-driven motives and high concealment [2] - Since 2024, the CSRC has handled 159 financial fraud cases, imposed 111 administrative penalties totaling 8.1 billion yuan, and investigated 91 delisted companies, demonstrating the continuity and depth of the comprehensive prevention and punishment work [2] - The future focus will be on enhancing internal governance, solidifying the responsibilities of intermediaries, and improving financial information disclosure systems to create an ecosystem where financial fraud is deterred [2] Group 2: Systematic Thinking and Comprehensive Measures - Financial fraud often involves long chains and multiple parties, necessitating a comprehensive approach rather than single regulatory measures [3] - The meeting emphasized the need for a problem-oriented and systematic approach to effectively combat financial fraud, targeting both the main perpetrators and those providing assistance [3] - Future efforts will enhance the synergy and penetration of comprehensive measures, improving the connection between administrative enforcement, criminal punishment, and civil compensation to significantly increase the costs of illegal activities [3] Group 3: Innovation-Driven Policy Implementation - The effectiveness of systems relies on execution, and innovation is key to enhancing execution efficiency [4] - Utilizing technologies such as big data and artificial intelligence will improve the identification of hidden and new forms of financial fraud [4] - Innovations in investor protection mechanisms, such as representative lawsuits and advance compensation, will lower the costs of investor rights protection and improve the efficiency of rights relief [4] - The integration of innovative measures will ensure that the comprehensive prevention and punishment system is not only strict but also intelligent [4]

Core Viewpoint - The regulatory authority is intensifying its "zero tolerance" approach towards financial fraud in the capital market, moving towards a comprehensive governance system to effectively combat such misconduct [1][2][5]. Regulatory Actions and Outcomes - Since 2024, the China Securities Regulatory Commission (CSRC) has investigated 159 cases of financial fraud, resulting in 111 administrative penalties totaling 8.1 billion yuan [1][2]. - The regulatory framework emphasizes both punishing the primary offenders and addressing accomplices, with 112 cases referred to law enforcement for criminal investigation [1][2][3]. Systematic Approach to Fraud Prevention - The recent cross-departmental meeting signifies a coordinated effort to combat financial fraud, highlighting the need for collaboration among legal, regulatory, and industry sectors [2][3][5]. - The meeting aims to transform institutional advantages into effective governance, particularly in light of the increasing sophistication of fraudulent activities [2][3][5]. Legislative and Institutional Framework - New regulations, including the "National Nine Articles" and investor protection mechanisms, are being implemented to enhance the legal framework against financial fraud [4][16]. - The introduction of strict rules for delisting companies involved in continuous fraud is designed to expose long-standing issues and accelerate the removal of problematic firms from the market [4][16]. Enforcement Mechanisms - The enforcement strategy includes a multi-faceted accountability system that integrates administrative, criminal, and civil liabilities, ensuring comprehensive coverage and effective deterrence [7][18]. - The CSRC has actively pursued accountability for major shareholders and actual controllers in 43 cases, demonstrating a commitment to holding key individuals responsible [18][19]. Investor Protection and Market Integrity - The regulatory framework supports collective actions for investor protection, allowing for large-scale civil claims that can cover thousands of investors [19][23]. - The emphasis on protecting investors' rights aims to restore confidence in the market and ensure that those harmed by fraud have clear avenues for redress [23][24]. Long-term Market Development - The ongoing efforts to combat financial fraud align with the long-term strategic goals of enhancing the quality of listed companies and the overall investment environment [17][21]. - The initiative to eliminate fraudulent practices is seen as essential for fostering a fair competitive landscape and attracting long-term capital to the market [12][24].

Core Viewpoint - The regulatory body is intensifying its "zero tolerance" approach towards financial fraud in the capital market, aiming for a comprehensive prevention and punishment system through cross-departmental collaboration [1][2][3]. Group 1: Regulatory Actions and Outcomes - Since 2024, the regulatory authority has investigated 159 cases of financial fraud, resulting in 111 administrative penalties totaling 8.1 billion yuan [1]. - The regulatory framework emphasizes both punishing the primary offenders and their accomplices, with 112 cases referred to law enforcement for criminal investigation [1][2]. - Eighteen companies have reached the threshold for mandatory delisting due to severe fraud [1]. Group 2: Systematic Approach to Fraud Prevention - The meeting highlighted the need for a multi-faceted accountability system that includes administrative, criminal, and civil liabilities to effectively combat financial fraud [2][3]. - Recent high-profile cases illustrate that fraudulent activities are often systematic and long-term, necessitating a robust cross-departmental response [3]. - The regulatory body is focusing on creating a long-term mechanism that ensures fraudsters cannot evade accountability, thereby protecting investors' rights [2][4]. Group 3: Legislative and Institutional Framework - New regulations, including investor protection rules and stricter delisting criteria for companies involved in fraud, are being implemented to enhance market integrity [4][5]. - The regulatory authority is working to ensure that these new laws are effectively integrated into enforcement practices to maximize their deterrent effect [4][5]. - The emphasis on internal governance mechanisms within companies aims to reduce the motivation for fraud and strengthen risk prevention [9]. Group 4: Future Market Stability - The regulatory body aims to establish a long-term, effective prevention mechanism that supports the healthy development of the capital market [10]. - The principle of "no exemption upon delisting" has been firmly established, ensuring that companies cannot escape accountability after delisting [11]. - Strengthening investor protection measures, such as collective lawsuits, is intended to enhance market trust and provide clear avenues for investor redress [11][12]. Group 5: Market Environment and Investment Culture - The crackdown on financial fraud is expected to create a fairer competitive environment for honest companies, encouraging resource allocation towards trustworthy enterprises [12]. - The ongoing regulatory actions are seen as essential for the comprehensive reform of the capital market, enhancing its international competitiveness [12].