A few days ago, the Insurance Fund released the Evaluation Report on the Protection of Investors in Securities and Futures Inspection and Law Enforcement (2022), which showed that in 20021year, the inspection and law enforcement departments undertook a total of 609 cases, 380 new clues about violations of laws and regulations were accepted, 334 new investigations were initiated, 273 new investigations were initiated in 20021year, and 282 cases were closed. In the whole year, 77 cases (clues)/kloc-0 were transferred and notified to public security organs, up 53% year-on-year.
202 1 CSRC strengthens the "zero tolerance" system in the capital market and severely cracks down on illegal securities activities. According to the report, in 20021year, 343 administrative penalty decisions were made public by the Punishment Committee of the CSRC and its dispatched offices, with a fine of 3.959 billion yuan. More and more people are forbidden to enter the stadium, exceeding 100 in 202 1 year.
Look at the highlights of this report-
The annual fine was 3.959 billion yuan.
The market is closed to people 108.
According to the report, in 20021year, 343 administrative punishment decisions were made public by the punishment committee and its dispatched offices, which was basically the same as that in 2020. The fine was 3.959 billion yuan, a decrease of 24.29% compared with 2020; The market is forbidden to enter 108 people, an increase of 3 1.5438+0% compared with 2020.
202 1, 1 12, of the 343 administrative punishments, 24 only involve legal person punishment and 207 only involve natural person punishment.
Among the 136 cases involving administrative punishment of legal persons, listed companies accounted for the highest proportion, accounting for 62 cases, accounting for 45.59%, mainly involving illegal cases of information disclosure; Followed by accounting firms, securities companies and other intermediaries, involving administrative penalties of 2 1 piece, accounting for15.44%; Thirdly, private fund managers, involving administrative penalties 17, accounting for12.50%; The companies listed on the New Third Board involved 7 administrative punishments, accounting for 5. 15%.
In addition, in 20021,the inspection and law enforcement departments imposed six administrative penalties on more than 5% major shareholders, concerted parties, parent companies and related acquirers of listed companies.
Judging from the amount of fines and confiscations, among the 343 cases of administrative punishment, 130 cases realized profits or avoided losses, and 45 cases were losses. The average profit of 130 case was1187600 yuan, which was somewhat convergent compared with the previous year.
Among 343 cases of administrative punishment, 40 cases were fined less than 654.38+10,000 yuan; 132 pieces 1 ten thousand yuan (inclusive)-1 ten thousand yuan (exclusive); 1, 7 1 piece, price 1 ten thousand yuan (inclusive), of which 9 pieces were fined 1 one hundred million yuan.
As for the administrative penalty directly imposed by the Punishment Committee of the CSRC, the administrative penalty decision was made 133, and the administrative penalty decision was made public11,which was basically the same as that in 2020. The amount of fines and confiscations was 3.400 billion yuan, a year-on-year decrease of 3 1.48%. Among them, insider trading, illegal trading, market manipulation and other traditional types of cases still occupy the main force.
In terms of agencies, the report shows that in 20021year, the agencies of the CSRC made 232 administrative punishment decisions, accounting for 67.64% of the administrative punishment of the CSRC, involving 92 companies or institutions and 556 individuals; The amount of fines and confiscations was 559 million yuan, an increase of 109.36% compared with 2020, which was the largest amount of fines and confiscations in the past four years.
Geographically, in economically developed areas where there are many listed companies and financial institutions, there are relatively many violations of laws and regulations, and the supervision bureau is also more "busy". According to the data, in 20021Shanghai, Guangdong, Beijing, Zhejiang and Sichuan, the number of administrative penalties was more than 20, of which Guangdong Bureau and Sichuan Bureau fined more than 80 million yuan.
The key points of inspection and law enforcement are prominent
Typed illegal cases account for more than 80%
The report shows that in 20021year, the inspection and law enforcement departments undertook 609 cases, and the overall number of cases decreased for three consecutive years. Handling major cases 163, involving financial fraud, capital occupation, market manipulation in the name of market value management, vicious insider trading, and intermediary agencies' failure to perform their duties diligently.
On the whole, the number of cases has declined for three consecutive years, and the momentum of frequent violations of laws and regulations in the securities market has been initially curbed. At the same time, the focus of inspection and law enforcement is more prominent, and the number of cases of false statements, insider trading, market manipulation and illegal intermediaries accounts for more than 80%.
False statement: the evolution and upgrading of illegal means have a bad influence on the market.
202 1, the number of false statements handled by inspection and law enforcement departments increased year-on-year; The transfer of relevant suspected criminal cases to public security organs increased by 50% year-on-year. Cases of false statements have the following characteristics:
First, illegal means have evolved and escalated, deliberately using new formats and new models to cover up fraud. About 60% of the cases are organized and systematically forged through forged contracts and false invoices. Some listed companies whitewash their performance by confirming income in advance and underestimating asset impairment, while others confirm inflated profits in advance by falsifying the completion progress of engineering projects. New formats such as supply chain finance and commercial factoring have gradually become new "waistcoats" for counterfeiting, and some have falsely increased their income by 56.2 billion yuan and fictitious profits by 4.7 billion yuan in the name of supply chain finance; Some use commercial factoring to commit fraud.
Second, some cases involve a large amount of money, a long period and a bad market impact. About 60% of financial fraud cases are suspected of serious crimes, and more than 30% of the cases have been defrauded for more than 3 years. Some listed companies inflated commodity trade income by 654.38+0.29 billion yuan. Some companies fictitious business with many listed companies under the banner of classified products. Some began to falsify their performance before listing, and after listing, the actual controller also manipulated the company's share price to make illegal profits.
Third, cases of illegal occupation of security guards still occur, and major shareholders take company funds in various ways. Some actual controllers directly transfer the funds of listed companies and falsify bank statements to conceal their occupation; Some fictitious project funds and investment funds occupy 5.8 billion yuan of listed companies; Some actual controllers provided guarantees for affiliated enterprises in the name of listed companies without deliberation by the board of directors or shareholders' meeting, totaling about 654.38+08 billion yuan.
Manipulation of the market: manipulation motives are diverse and illegal interest networks are linked.
In 20021year, market manipulation cases handled by inspection and law enforcement departments decreased year-on-year, and related criminal cases transferred to public security organs increased by 1.5 times year-on-year. Market manipulation cases have the following characteristics:
First, the manipulation motives are diverse. Some manipulation gangs use various means such as continuous trading, false declaration, opposition and bewitch to lure the market to follow suit and seek improper benefits. The actual controllers of some listed companies manipulate their own stocks by controlling the content and rhythm of information disclosure and cooperating with market institutions for the purpose of reducing their holdings at a high level, preventing the face value of stock prices from delisting and avoiding the explosion of pledged stocks. Upon verification, 14 cases of market manipulation involved the actual controller or management of listed companies.
Second, the manipulation subject involves many subjects and has a long chain, forming an illegal interest network. Manipulating gangs to collude with listed companies inside and outside, using capital and shareholding advantages to raise stock prices and seek short-term spreads; The stock market "Darkmouth" lures small and medium-sized investors to take orders at high prices and divide the proceeds according to the quantity received; The fund-raising intermediary provides financial support for the seller and draws interest according to a certain proportion; Market brokers take the initiative to match the bridge and conspire to manipulate after charging fees.
Third, the long-term "sitting in the village" and "fast forward and fast out" of the manipulation mode are combined, and the capital advantage and information advantage interact. A relatively fixed manipulation mode and process has been formed in the aspects of target selection, fund preparation, opening positions and washing dishes, unpacking and shipping. Many "recidivists" and "recidivists" who manipulate the market have been investigated for administrative and criminal responsibilities.
Insider trading: Loss avoidance cases keep happening.
In 20021year, the number of insider trading cases handled by inspection and law enforcement departments decreased for three consecutive years. Insider trading cases have the following characteristics:
First, the crime field is concentrated. Insider trading cases involving major capital operation information such as mergers and acquisitions, new share issuance and change of control rights account for 64%, and insider trading cases involving performance announcements and business cooperation also occur from time to time.
Second, insider trading cases to avoid losses continue to occur. For example, the actual controller of a listed company sells its shares before the impairment of goodwill is made public to avoid a loss of 49 million yuan; Some private fund managers learned the bad news because they participated in the bail-out plan of listed companies, and cleared the relevant stocks at a high level before the information was made public, thus avoiding the loss of190,000 yuan.
Third, the subject of the case is mostly an insider of legal information. Insider trading and disclosure of inside information by legal information insiders account for about 60%, and the proportion of cases is still high. A number of typical cases have been verified, such as the chairman of the listed company's insider trading profit of 1 1.9 million yuan.