Policy Tightening: The A Share Market Is In An Unprecedented Embarrassment.

For a long time, the inadaptability between the illegal behavior of capital market and the penalty result, the mismatch between illegal cost and illegal income has been criticized by investors.

From the current capital market situation, increasing the legal supply of the capital market and enhancing the law enforcement authority of the regulatory authorities have become a top priority.

A few days ago, the securities and Futures Commission announced an administrative penalty for illegal disclosure of Founder Securities.

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In this case, Founder Securities started and lasted for many years since IPO, and the relationship between controlling shareholders and other shareholders has not been truthfully disclosed.

In addition, Founder group also concealed the agreement signed by its shareholders that had a significant impact on the ownership structure and control relationship of Fangzheng group, and did not cooperate with Founder Securities in fulfilling its disclosure obligations.

From the penalty results, within the scope of the law, the supervision department can only impose a penalty of 600 thousand yuan on the information disclosure obligor, and the directly responsible person shall be given a fine of 300 thousand yuan and the market entry of the corresponding responsible person.

Obviously, there is a huge inadaptability between serious information disclosure violations and the "top penalty" of 600 thousand yuan or 300 thousand yuan.

Similar cases in recent years

The major cases frequently occur.

In the former ST Hui ball thousands of wonderful works, the SFC has issued 4 administrative penalties, giving top penalty to ST Hui ball, Gu Guo Ping and Xian Yan. However, according to the existing laws and regulations, the SFC will impose a maximum penalty of 600 thousand yuan on the information disclosure, and impose a fine of 300 thousand yuan on the individual.

According to investigators, the huge ticket of "3 billion 470 million yuan" is mainly used in a few words about the manipulation of Duolun share price. "If there is no such a point, we really do not know how to punish for the wonderful motion".

The amount of information disclosure penalty is at a low level for a long time, which can not deter the role of market players.

Besides the crime and punishment, the regulatory authorities often face the problem of insufficient enforcement power in the actual handling of cases.

It is understood that in some cases, regulatory investigators often encounter the parties involved in resisting, evading investigation, refusing investigation personnel to enter, refusing to provide financial information and other evidence, in this case,

Public security departments often need to be coordinated.

In mature markets, regulatory authorities may apply to the courts for summons, even quasi judicial powers, with warrants for investigation, summons or even arrests.

On the other hand, in recent years, with the development of Internet technology, cases of illegal use of new technologies have gradually increased. These illegal activities are often concealed, and the interests are complex.

Since 2016, the securities regulatory authorities have carried out a strong regulatory constraint against the long-standing chaos in the securities market.

Among them, including the illegal disclosure of information, manipulation of the market, insider trading and other markets abomination, but also include high market pfer, sub shares speculation and some other market chaos.

Objectively speaking, this recognition is not only related to the low cost of illegal securities in China's securities market, but also related to the lack of targeted laws and regulations in some market chaos, which makes the regulatory authorities in a relatively passive position.

The regulation of China's securities market should not only be "well known," but also have a strong deterrent effect.

"Being famous" is the embodiment of supervision according to law. It requires perfecting the existing capital market legal system and increasing the legal supply, especially involving administrative penalties for those who violate the law and regulations. We should keep pace with the times, raise the cost of illegal activities, and make market supervision really "long teeth".

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