Everbright Securities Oolong Refers To The Incident Was Accused Of Insider Exposure Penalty 520 Million Yuan

< p style= "text-align: center" > < img border= "0" align= "center" alt= "" src= "" /uploadimages/201311/15/20131115043940_sj.JPG "/" < > > "

< p > because "a href=" http://sjfzxm.com/news/index_s.asp "Oolong refers to event < /a >, it has been identified as insider trading. Yesterday, the closing price of Everbright Securities was 8.51 yuan, which received the" administrative penalty decision "of the SFC, and the penalty amount amounted to 520 million yuan.

With this decision, investors now have the basis for prosecution and claim.

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< p > Everbright Securities today announced that in November 14th, the company received the Commission's < a href= "http://sjfzxm.com/news/index_q.asp" > administrative penalty decision /a >.

The decision pointed out that, according to the relevant provisions of the securities law of the People's Republic of China and the regulations on the management of futures trading, the SFC carried out a case investigation and trial on the illegal activities of insider trading in Everbright Securities. The case has now been investigated and concluded.

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< p > it has been found out that "Everbright Securities carried out under the" a href= "http://sjfzxm.com/news/index_q.asp ETF arbitrage paction < /a > due to procedural errors, the strategic trading system used to purchase the 180ETF constituent stocks with a huge sum of 23 billion 400 million yuan, and the actual paction of 7 billion 270 million yuan" was insider information. Everbright Securities converted the shares into 180ETF, 50ETF and sold in the afternoon of August 16th, and sold 6240 copies of the stock index futures contract, IF1309 and IF1312 in August 16, 2013 afternoon.

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< p > the securities and Futures Commission decided to confiscate illegal gains from insider trading of ETF and stock index futures, and impose a penalty of 5 times the illegal gains and two total 523 million yuan.

Xu Haoming, Yang Chizhong, Shen Shiguang and Yang Jianbo, who are directly responsible for the warning, are warned and fined 600 thousand yuan, and the entry into the stock market is no longer permitted and the a href= "http://sjfzxm.com/news/index_q.asp" > futures market < /a >.

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< p > when he was the Secretary of the board of directors of Everbright Securities, the securities and Futures Commission believed that he had misled information, ordered the correction and imposed a fine of 200 thousand yuan.

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< p > reporter noted that the "Everbright Oolong" incident happened on the same day, Mei key denied the case in an interview with the media. Afterwards, he explained that he was eating at that time.

If the fact is true, it can only be said that the price of this meal is too high! < /p >

"P > > three months" Everbright Securities "< a href=" http://sjfzxm.com/news/index_c.asp "> 8. 16 < /a > the dust settled. Everbright Securities paid a 523 million yuan fine for its illegal behavior, and the responsible person was also fined and declared to be banned from entering the market for life.

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< p > industry insiders said that the "8. 16" incident of Everbright Securities is a landmark event in China's securities market. The top penalty also highlights the determination of regulators to strictly investigate insider trading, but only by deepening reform at the institutional level can we break the stubborn disease in stock market insider trading and curb the high incidence of illegal cases.

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< p > < strong > 523 million yuan: the price of insider trading at Everbright is less than /strong > /p >

< p > 3 months ago, the Oolong finger of Everbright Securities triggered the earth shaking scene of < a href= "http://sjfzxm.com/news/index_c.asp" > China's stock market < /a > in a moment.

For the truth behind it, Everbright Securities quickly denied the contract and sold the stock index short contract in the afternoon.

However, the so-called "self-help behavior" by Everbright was eventually characterized by the SFC as insider trading, and Everbright Securities also paid a heavy price for it.

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< p > 14 nights, Everbright Securities issued a notice that it received the decision of the China Securities Regulatory Commission on administrative penalty.

"The decision on administrative penalty" pointed out that "when the ETF arbitrage paction was conducted by Everbright Securities, the strategic trading system used by the Everbright Securities Company purchased the 180ETF constituent stocks with a huge amount of 23 billion 400 million yuan, and the actual paction was 7 billion 270 million yuan" as insider information.

Everbright Securities in the afternoon of August 16, 2013 to convert the shares into 180ETF and 50ETF and sell the behavior and sell the stock index futures contract IF1309 and IF1312 total of 6240 pieces in August 16, 2013 afternoon, constitute the insider trading behavior of the 202nd articles of the securities law and the seventieth regulation of the Futures Trading Management Ordinance.

Xu Haoming is the directly responsible person, and Yang Chizhong, Shen Shiguang and Yang Jianbo are other direct responsible personnel.

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< p > in accordance with the relevant regulations, the SFC decided to confiscate the illegal income of the insider trading of the Everbright Securities Company 13070806.63 yuan, and impose a fine of 5 times the illegal income. It confiscated the illegal income of China Everbright Securities Index Futures insider trading by 74143471.45 yuan, and imposed a fine of 5 times the illegal income. "ETF"

The above two fines amounted to about 523 million yuan.

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< p > in addition, Xu Haoming, the head of the insider trading of Everbright Securities, and other direct responsible personnel Yang Zhong Zhong, Shen Shiguang and Yang Jianbo, were warned to pay a fine of 300 thousand yuan respectively. Xu Haoming, director Xu Haoming, who was directly responsible for insider trading of Everbright Securities Index futures company, and other direct responsible personnel Yang Chizhong, Shen Shiguang and Yang Jianbo, were warned to impose a fine of 300 thousand yuan, respectively, on.

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< p >, on the other hand, the China Securities Regulatory Commission issued the "market entry prohibition" decision No. 2013 [20] on the same day, and decided that Xu Haoming, Yang Chizhong, Shen Shiguang and Yang Jianbo, the persons responsible for insider trading, are the prohibited participants in the stock market and the futures market.

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< p > < strong > building a rule of law market can eradication of the stock market chronic disease < /strong > /p >

< p > industry insiders say that the CSRC's punishment on the top level of the Everbright Securities reflects the SFC's determination to rectify the securities market.

But in the long run, we must improve the supervision and law enforcement system, and China's securities market must go to the rule of law market.

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This year, the securities and Futures Commission launched a heavy blow to crack down on illegal activities such as a href= "http://sjfzxm.com/news/index_c.asp" > Securities Market < /a > fraud issuance, illegal disclosure, insider trading and so on. It was called the most stringent law enforcement period in the market, and a number of companies such as Wan Fu Sheng Ke, Ping An certificate and tin Neng technology were punished in P.

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< p > but on the other hand, in recent years, China's securities market illegal cases have been developing frequently.

From 2009 to 2012, the average annual growth rate was 14%, an increase of 21% over the same period in 2012 and an increase of 40% in the first half of 2013.

At present, the number of insider trading cases is more than half. Fraudulent issuance and false information disclosure cases are rising rapidly.

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"P", a financial commentator, thinks that only "top penalty" is not enough. It is necessary to revise the securities market laws and regulations as soon as possible.

Only in this way, the "top penalty" can really deter the market and leave the embarrassing situation at hand.

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< p > in the view of micro-blog, chief researcher of the Public Policy Research Institute of foreign trade and economics university, although the amount of 523 million Yuan fines is huge, "the practice of Everbright Securities is to know the wrong criminal, to manipulate the market, and to cause great harm". Although it is a penalty, it is still too light to protect the small and medium-sized investors.

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< p > < strong > or promoting insider trading judicial interpretation promulgated < /strong > /p >

< p > industry insiders say that with the announcement of the "decision on administrative penalty" issued by the SFC, the progress of investor claims has been slow, and the judicial interpretation of insider trading can be promoted as soon as possible.

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< p > the protection of investors' interests has always been regarded as the cornerstone of the healthy development of China's capital market. Xiao Gang, chairman of the securities and Futures Commission, recently issued a public notice that it is necessary to improve the compensation system for small investors.

A few months ago, the "Oolong" incident not only caused the loss of Everbright Securities itself, but also many investors lost a lot because of the fact that Everbright Securities issued false information.

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After the "P. 8" incident, according to the SFC, "investors can file civil proceedings for compensation in accordance with the law" for investors' losses due to < a href= "http://sjfzxm.com/news/index_c.asp" > insider trading of Everbright Securities "http://sjfzxm.com/news/index_c.asp".

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< p > however, due to various reasons such as judicial interpretation of insider trading, there has been no substantial progress.

However, a lawyer pointed out that with the issuance of the official punishment documents of the SFC, the civil claim for investors in the insider trading of China Everbright Securities is expected to officially start.

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< p > Peng Zhiyong, lawyer of Guangzhou Yihe law firm, said that although the SFC supports investors' claim to Everbright Securities, the decision on administrative penalty can also be regarded as a precondition for investors to claim compensation.

However, due to the lack of relevant judicial interpretation, it is still not optimistic that investors want to obtain compensation smoothly under the current judicial environment.

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< p > "but in view of the huge impact of the 8. 16 incident, it can be said that a major event in the history of China's capital market development will surely push the Supreme Court to accelerate the introduction of relevant judicial interpretations as soon as possible."

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