On July 9, the Securities Regulatory Commission, the Development and Reform Commission, the Central Bank and other eight ministries jointly issued the Opinions on Strengthening the Sharing of Supervision Information and Perfecting the Joint Disciplinary Mechanism for Breaking Credit in the Pilot Registration System of Science Creative Board, and jointly punished the acts of falsifying accounts and lying in the Pilot Registration System of Science Creative Board.
The document refers to five major opinions. In order to inquire the regulatory information, push and share the information of dishonesty, the record of past illegal dishonesty is taken as an important reference for the issuance and listing of science creation board, the issuer and the relevant person in charge of intermediary institutions are listed as the object of punishment, 11 disciplinary measures are taken against the relevant object of punishment, and the information of illegal dishonesty is made public for one year. The elements of no longer implementing joint punishment, etc.
This is the first credit regulatory document specializing in the joint punishment of information sharing and dishonesty in specific financial fields. It is of great significance to severely punish the acts of falsifying accounts and falsehoods in the pilot registration system, to ensure the smooth progress of key reform tasks and to actively create a good market ecology and honesty environment for Science Innovation board.
On July 9, the official website of the Securities Regulatory Commission disclosed Opinions on Strengthening Supervision Information Sharing and Perfecting the Joint Punishment Mechanism for Breaking Credit for Relevant Market Subjects in the Pilot Project of the Registration System of Science Creative Board (referred to as Opinions). The Opinions were submitted by the Securities Regulatory Commission, the Development and Reform Commission, the Central Bank, the State Assets Commission, the State Administration of Market Supervision, the Banking and Insurance Regulatory Commission and civil Eight ministries and commissions, including the Bureau and the State Railway Group, jointly promulgated the issue.
The document refers to five major opinions, namely, supervision information inquiry, credit information push and sharing, record of past violations of credit as an important reference for the issuance and listing of science innovation board, issuers and relevant directors of intermediary institutions are listed as punishment targets, and 11 disciplinary measures are taken to them, and information of illegal and credit-breaking is open for one year, no longer. Elements of joint punishment, etc. Chinese journalists from securities firms have sorted out seven main points.
1. Query about supervision information. When performing the functions of issuing, listing, refinancing, merger and acquisition, restructuring, auditing and making registration decisions, the CSRC and the Shanghai Stock Exchange may rely on information platforms such as the National Credit Information Sharing Platform or consult relevant units for assistance in arranging for obtaining issuers, listed companies and their controlling shareholders, actual controllers, supervisors and directors, as well as the like. Supervision information of intermediaries and personnel, especially illegal and dishonest information.
2. Information push on dishonesty. The Securities Regulatory Commission will push the illegal and dishonest information such as administrative penalties and market bans generated in the pilot project of the registration system of the Sections Creative Board to the national credit information sharing platform and the enterprise credit information publicity system, which will be incorporated into the basic database of financial credit information for the relevant departments to share.
3. Application of credit records. If the issuers responsible person has the record of breaking the law and breaking the faith within the legal time limit in other fields and other departments, it will serve as an important reference for fulfilling the responsibilities of issuing and listing, refinancing, merger and acquisition, restructuring, auditing and making registration decisions. That is to say, in order to successfully land in the companys innovation board, the company and related personnel need to conduct a comprehensive review of themselves. Such as in the courts, industry and Commerce and other relevant departments to produce dishonest behavior, may lead to the consequences of the companys difficulty in listing.
4. On the object of punishment. Each department will mainly implement joint punishment for two kinds of relevant personnel responsible for breaking the law and dishonesty, one is the issuer responsible person, the other is the person responsible for providing intermediary services for the issuer. It is noteworthy that the practitioners who sign the relevant documents are also included, and the ordinary project personnel are also punished.
6. The above-mentioned illegal and dishonest acts in the pilot registration system of the Securities and Futures Commission shall be publicized for one year on the information disclosure and inquiry platform of illegal and dishonest acts in the securities and futures market.
7. With regard to the elimination of punishment, within five years from the date of the administrative punishment, the completion of the execution of judicial judgments or the expiration of the market ban on related violations and dishonesty, the relevant departments, in accordance with their respective statutory duties, shall implement or lift joint punishment, and if the period of effectiveness exceeds, joint punishment shall no longer be imposed. The specific operational problems in the implementation of this opinion shall be solved through separate consultation among various departments.
Wang Jiyue, a senior investment banker, told reporters that in the previous opinions on the implementation of the scientific creation board and pilot registration system, he expressed the need to strengthen the sharing of regulatory information and improve the joint punishment mechanism for dishonesty. The opinions now issued refine the previous provisions. In fact, more substantive joint punishment mechanisms for breach of trust have been applied in other areas. This time, it is emphasized that these punishment mechanisms are also applicable to scientific innovation. On the 22nd, the first batch of science and technology start-ups listed on the market, the oath of this opinion is more significant.
Fu Lichun, Director of Northeast Securities Research, pointed out that the regulation comprehensively and detailedly listed the contents of the joint punishment for dishonesty of Kechuang Board, which is more operable and specific. The establishment of a credit system requires joint prevention, detection and enforcement by multiple departments and more convenient disclosure to the public. Fu Lichun said that he hoped that all departments would unite to create a better credit market environment for the innovation of capital market represented by Kechuangban.
The SFC responds to three questions
First, what are the general considerations for formulating opinions? The relevant responsible persons of the SFC said that the formulation of the Opinions is an important measure for the SFC, together with the Development and Reform Commission, the Central Bank and other central units to implement the directive spirit of the Central Committee of the CPC and the State Council on improving the cost of illegal capital market violations, improving the supporting guarantee of scientific innovation boards, and promoting the construction of social credit system. It is also an important measure for the implementation of the above-mentioned Opinions. Detailed implementation of the provisions of the Opinions.
Relevant persons in charge of the Securities Regulatory Commission said that the Opinions focused on consolidating and optimizing the experience that has proved effective in the construction of social credit system in recent years in two aspects:
Firstly, it is stipulated that when performing the functions of issuing, listing, refinancing, merger and acquisition, restructuring, auditing and making registration decisions, the SFC and SSE may rely on relevant information platforms or regulatory cooperation mechanisms to obtain regulatory information of issuers, listed companies and their controlling shareholders, actual controllers, directors, supervisors and senior managers. If it finds that there are illegal and dishonest records in other areas within the statutory period, it will be taken as an important reference for fulfilling the responsibilities of issuing and listing, refinancing, merger and acquisition, reorganization, auditing and making registration decisions, so as to effectively strengthen the integrity constraints, incentives and guidance of the capital market.
Second, we should strengthen the joint punishment of dishonesty, enhance the ability and level of cross-sectoral comprehensive supervision, resolutely punish all kinds of information disclosure violations and dishonesty, and increase the cost of capital market violations.
Why are they the main punishment targets for breach of trust?
As mentioned above, there are two main types of disciplines for breach of trust in opinions, namely, issuers with false records, misleading statements or major omissions and relevant heads of intermediaries of service issuers. Why are they?
In practice, the issuers controlling shareholders, actual controllers, legal representatives of listed companies, directors and supervisors are often in the role of organizing, directing or directly engaging in illegal activities of fraudulent issuance and information disclosure, or concealing important matters leading to fraudulent situations, thus violating the law. Most of the dishonest acts bear direct responsibility. In addition, the employees of intermediary institutions are not diligent and responsible in accordance with the law, which is also an important reason for indirectly indulging or leading to the occurrence of illegal consequences. Therefore, it is necessary to set up a pilot registration system of Kechuangbao, while improving the legal liability for violations and crimes, to innovate the means of credit supervision, to strengthen the administrative and market punishment of the main responsible subjects of information fraud, to effectively play the function of deterrence and prevention, and to promote market participants to perform their duties according to law.
Eleven disciplinary measures were mentioned in the opinion. Relevant responsible persons of the SFC indicated that in accordance with the working idea of abiding by the rules and regulations according to law and seeking practical results, the Opinion focused on establishing a number of Joint Disciplinary Measures for inter-ministerial dishonesty, which had been proved to be strong and effective in the construction of social credit system in recent years.
They include restricting the application for financial capital projects, restricting the appointment of legal representatives, directors and supervisors of state-owned enterprises, restricting the appointment of directors, supervisors and senior managers of banking financial institutions, securities companies, fund management companies, futures companies, insurance companies and insurance asset management companies, and restricting the appointment of specific dishonest persons. Acting as directors, supervisors and senior managers of the company, restricting applications for securities, funds and futures qualifications, restricting the acquisition of honorary titles or awards, increasing daily supervision and other administrative disciplinary measures, as well as market disciplinary measures such as restricting the use of airplanes, restricting the use of high-grade trains and seats.
In addition, China Securities Regulatory Commission (CSRC) will also incorporate market entities involved in serious breaches of trust into the special publicity of the information disclosure and inquiry platform for breaches of trust in the securities and futures market in accordance with the relevant provisions of the Measures for the Supervision of Credit in the Securities and Futures Market, and guide social forces to participate extensively in the joint punishment of breaches of trust.
According to a securities firm investment banker, this opinion adds subjects related to science creation board to the target of disciplining dishonesty. Its effect may be twofold. First, it is convenient for auditing organs to grasp the situation of dishonesty of relevant personnel in time and to understand more fully the information related to enterprises; second, it is to increase the cost of illegal activities of relative persons. Play a preventive role. For example, there have been problems with the signature of the guarantor before, and the industry is banned at most. But this opinion covers a broader range, in addition to the impact of practitioners, but also related to the personal life restrictions of the relevant dishonest people.
It is not empty talk that one breach of faith is limited everywhere.
In 2016, the State Council issued Guidelines on Establishing and Improving the Joint System of Stimulation and Punishment for Breaking Credit and Accelerating the Construction of Social Credit (Guofa  33), which calls for improving the social credit system and accelerating the construction of a new market supervision system with credit as the core. In the field of joint punishment, the following areas are mainly proposed:
Firstly, it seriously endangers peoples health and life safety, including serious dishonesty in food and medicine, ecological environment, engineering quality, safety in production, fire safety, compulsory product certification and other fields.
Second, it seriously undermines the fair market competition order and the normal social order, including bribery, tax evasion, malicious debt evasion, malicious arrears of payment or service fees, malicious arrears of wages, illegal fund-raising, contract fraud, pyramid selling, unlicensed operation, fake and inferior products and deliberate infringement of intellectual property rights, lending and lending. Serious dishonest acts such as bidding with qualifications, bidding round, false advertisements, infringement on the legitimate rights and interests of consumers or investors in Securities and futures, serious damage to the order of cyberspace communication, gathering crowds to disrupt social order, etc.
Fourth, refusing to fulfill national defense obligations, refusing or evading military service, refusing or delaying the requisition of civilian resources, or hindering the transformation of the requisitioned civilian resources, endangering national defense interests and destroying national defense facilities, etc.
Since then, the Development and Reform Commission and the Peoples Bank of China have issued the Guiding Opinions on Strengthening and Regulating the Management of Joint Incentive and Disciplinary Target List for Confidence-abiding and Joint Disciplinary Measures, and all departments have jointly signed memorandums of understanding.
At present, the National Public Credit Information Center will issue a new publication of the joint punishment for dishonesty every month. Through the publication documents, the name of all the dishonest objects, some ID card numbers, identification departments and punishment measures can be inquired.
According to the newly issued announcement of joint punishment targets for breach of trust in June, by the end of June 2019, 51 joint rewards and punishments memorandums had been signed by various departments. Among them, there are 43 joint punishment memorandums and 5 joint incentive memorandums, including both joint incentives and three joint punishment memorandums.
In June, relevant departments pushed 503,149 new blacklist information to the National Credit Information Sharing Platform, involving 455,534 subjects of dishonesty, including 217,067 legal persons and other organizations, and 238,467 natural persons. In June, 120,480 subjects were withdrawn from the blacklist, including 24,024 legal persons and other organizations and 96,456 natural persons.
As for the blacklist of trustees, 524 new trustees were restricted to take trains and 871 to take civil aircraft because of serious dishonesty in June. Among them, the Securities Regulatory Commission provides 9 persons, mainly involving the failure to fulfil the obligation to pay administrative penalties and fines for securities and futures overdue, and the failure of the relevant responsible subjects of listed companies to fulfil their public commitments overdue. In this regard, the nine people will be restricted to high-level seats on trains (including soft sleepers, all seats on G-shaped EMUs, more than first-class seats on other EMUs) and civil aircraft.
In addition, in the financial field, 400 new blacklists were added in June, including 47 legal persons and other organizations and 353 natural persons. According to the Memorandum of Cooperation on Joint Punishment of Serious Financial Disbelievers, the relevant departments will impose restrictions on the establishment of financing guarantee companies, non-bank Payment institutions and Internet lending information intermediaries, restrict the issuance of corporate bonds and public issuance of corporate bonds, and restrict access to inspection. Disciplinary measures such as testing the qualification of certification bodies and restricting the acquisition of certification certificates.
How to strengthen the sharing of regulatory information and improve the joint punishment mechanism for dishonesty? Specifically, there are several main points:
1. Query on Supervision Information
Where does illegal information come from? The following queries are listed in this document:
(2) Obtain the credit information of the above-mentioned market entities through self-help inquiry of the basic database of financial credit information and the Co-inspection of the credit information center of the Peoples Bank of China.
(3) Obtain relevant enterprise information through self-help inquiry of the national enterprise credit information publicity system and exchange of information protocols related to enterprises.
The document points out that in the process of setting up the pilot registration system for the establishment of the Securities Regulatory Commission and Shanghai Stock Exchange, when fulfilling their duties of issuing and listing, refinancing, merger and acquisition, restructuring, auditing and making registration decisions, they may rely on the above information platform or consult relevant units for assistance in arranging for obtaining relevant regulatory information, especially illegal and dishonest information. Information.
2. Information push on dishonesty
Specifically, it includes the following information:
(1) Administrative penalties, market ban and supervision measures imposed by the SFC and its local offices on issuers, listed companies, intermediaries and relevant responsible persons;
(2) Criminal transfer of issuers, listed companies, intermediaries and relevant responsible persons by the SFC and its local offices;
(3) Disciplines imposed by stock exchanges on issuers, listed companies, intermediaries and relevant responsible persons.
3. Application of Credit Records
Documents show that in the process of issuing and listing, refinancing, merger and acquisition, restructuring, auditing and making registration decisions, the issuer, listed company and its controlling shareholders, actual controllers, directors, supervisors and senior managers are found to have violated the law within the legal time limit in other fields and other departments. The record of dishonesty shall be taken as an important reference for fulfilling the responsibilities of issuing and listing, refinancing, merger and acquisition, restructuring, auditing and making registration decisions.
That is to say, in order to successfully land in the companys innovation board, the company and related personnel need to conduct a comprehensive review of themselves. Such as in the courts, industry and Commerce and other relevant departments to produce dishonest behavior, may lead to the consequences of the companys difficulty in listing.
4. Joint punishment for dishonesty
(1) In the process of applying for initial public offering of stocks, refinancing, and after the listing of the company on the Kochuang Stock Exchange Board, there are false records, misleading statements or major omissions in the relevant information submitted or disclosed, and the SFC shall impose administrative penalties, ban the market, or constitute the crime of fraudulent issuance of stocks, illegal disclosure or non-disclosure of important information. The legal representatives of issuers, actual controllers, legal representatives of listed companies and directors, supervisors and senior managers of companies who sign relevant documents for submission or disclosure;
(2) Providing sponsorship or securities services for applications for initial public offering of stocks, refinancing and continuous information disclosure in the pilot project of the registration system of Sci-Tech Creative Board, which is responsible for fraudulent issuance, false records, misleading statements or major omissions of issuers and listed companies, shall be subject to administrative penalties, market imprisonment or composition by the SFC. The legal representatives, partners in executive affairs, principal persons in charge and practitioners who sign the relevant documents of the crime of providing false certificates and the crime of issuing material falsehoods of certificates.
It is not only the subject of the actor, but also the intermediaries involved in the act of dishonesty. It is noteworthy that the practitioners who sign the relevant documents are also included, and the ordinary project personnel are also punished.
5. Disciplinary measures
What disciplinary measures will the eight central units take to punish those who break their promise? Under the responsibilities of various departments, the dishonest will find it difficult to gain a foothold in society. In addition to the trouble of business development in the work, it is inconvenient everywhere in life.
(1) General Administration of Market Supervision: If a person is sentenced to a penalty for the above-mentioned offence and the execution period is not more than five years, he shall not be a director, supervisor or senior manager of the company.
(2) SASASAC: Restrict the appointment of legal representatives, directors and supervisors of state-owned enterprises; those who have already held relevant posts shall, in accordance with the law, put forward their opinions that they will no longer hold relevant posts.
(3) The Banking Insurance Regulatory Commission shall, in accordance with law, restrict the appointment of directors, supervisors and senior managers of banking financial institutions, insurance companies and insurance asset management companies, as well as senior managers of insurance professional agencies, insurance brokerage companies and principal heads of relevant branches, chairmen and execution of insurance assessment agencies. Directors and senior managerial personnel; those who have held relevant posts shall submit their opinions according to law that they shall no longer hold relevant posts.
(5) Securities Regulatory Commission: It shall strictly examine and verify the application for securities, funds and futures practitionersqualifications by the relevant subjects with the record of dishonesty, and pay special attention to those who have become securities, funds and futures practitioners.
(6) Development and Reform Commission and other relevant departments: When implementing preferential policies for government-funded projects and other investment fields, restrictive measures such as strict auditing, reducing support or not supporting should be adopted.
(7) State Railway Group: For those responsible for fraudulent issuance of shares at the stage of applying for initial public offering and refinancing, as well as those responsible for listed companies identified as constituting major illegal compulsory delisting, it shall, within a certain period of time, restrict high-level seats on trains, including train soft sleepers and G-head seats. All seats on EMU trains and more than first class seats on other EMU trains.
(8) Civil Aviation Administration and State Railway Group: The Opinions on Appropriately Restricting the Riding of Certain Serious Disbelievers by Civil Aircraft to Promote the Construction of Social Credit System in a Certain Period shall be applied to those who have been fined or fined, or have failed to pay the fines within the time limit, or have failed to fulfil their public commitments within the time limit. And Opinions on Appropriately Restricting the Construction of Social Credit System by Train for Certain Serious Disbelievers within a Certain Period, Restricting the Use of Civil Aircraft and Restricting the Use of High-level Train Seats within a Certain Period.
(9) The Development and Reform Commission, the General Administration of Market Supervision and the Banking and Insurance Regulatory Commission: The above-mentioned personnel and their enterprises as legal representatives and partners shall be restricted according to law in conducting administrative licensing reviews.
(11) Competent departments of various markets and trades: those units which act as legal representatives, actual controllers, directors, supervisors and senior managers of persons responsible for breaking the law and discredit shall, as key supervisory objects, intensify daily supervision, increase the proportion and frequency of random spot checks, and adopt them in accordance with relevant laws and regulations. Take administrative supervision measures.