At the recently held national Investor Protection Publicity Day, Yi Huiman stressed to deal with the stocks under investigation with illegal behaviors strictly and seriously. At the same time, he made clear the new and old cut problem of regulatory policies before and after the implementation of the new securities law.
Yi Huiman stressed that the CSRC will adhere to the administration according to law and implement the laws and regulations at the time of the occurrence of the illegal acts for the cases that actually occurred before the implementation of the new securities law and are still in the stage of investigation and trial. However, the CSRC will implement the spirit of the new securities law, deal with them strictly and seriously, and at the same time accelerate the settlement of accumulated cases. Although the illegal acts began before March 1, they continue to occur and cause serious harm, we will strictly punish them in accordance with the provisions of the new securities law. Yi Huiman goes on to say.
Wang Zhibin, a lawyer from Shanghai Minglun law firm, said in an interview with a reporter from Beijing Business Daily that President Yi Huimans speech made clear the connection between the new and old securities laws. In short, the old securities law is applicable to the violations that occurred before the implementation of the new securities law and ended before the implementation of the new securities law. The new securities law is applicable to the new violations after the implementation of the new securities law and the continued violations after the implementation of the new securities law.
Problem shares should be dealt with strictly and seriously
No matter whether the new securities law or the old securities law is applicable to the violations, the CSRC will follow the principle of strict and serious treatment. This is undoubtedly of great significance to the seriousness of market discipline and the maintenance of market order. So says economist song Qinghui.
For the individual stocks under investigation, if the violations are implemented, the application of the old securities law will inevitably be severely punished under the strict authority of the new securities law, and the punishment applied to the new securities law is undoubtedly greater. According to wind data statistics, as of May 17, 160 cases have been filed for investigation but the investigation agency has not confirmed that a certain investigation item is a violation case. Among them, 22 stocks were investigated in the year, and 19 stocks have been put on file for investigation since March 1.
The latest to be investigated is CITIC Guoan. On the evening of May 17, CITIC Guoan announced that the company received a notice of investigation on May 16 on suspicion of illegal information disclosure. In the evening of the same day, * St Silver Pigeon also announced that on May 15, the company received an investigation notice from the CSRC and joined the ranks of the stocks under investigation. The reason for the investigation was that * ST silver pigeon was suspected of illegal information disclosure. In response to the issues involved in the investigation of CITIC Guoan and * ST silver pigeon, reporters of Beijing Business Daily called CITIC Guoan and * St Silver Pigeon respectively for interviews, but no one answered the others phone calls.
In addition, the individual stocks investigated in May were Weiwei shares. *Ten companies, such as St Anton, Tongjitang, Tianmu pharmaceutical, great wall film and television, were investigated in April this year. Five companies, including xiuqiang and YABEN chemical, were put on file for investigation in March (after March 13).
According to the lawyers interpretation, in terms of the application of the new and old securities laws, the occurrence and end time of the listed companys violations are crucial to the final punishment. In addition, after the implementation of the new securities law, when will the first case to be punished according to the new securities law come out.
At the same time, Yi Huiman said at this years national Investor Protection Publicity Day, we should hurry up to clean up accumulated cases.. According to wind data statistics, as of May 17, 160 cases have been filed for investigation but the investigation agency has not confirmed that a certain investigation item is a violation case.
A lawyer in Beijing, who declined to be named, said it was difficult to obtain evidence for securities violations and it was difficult to limit the investigation cycle, which is not clearly stipulated by current laws and regulations. In most cases, it will take about two years from the filing of the case to the issuance of the investigation conclusion.
The reporter of Beijing Business Daily found that among the investigated units whose investigation organization has not confirmed that a certain investigation item is a violation case, there are many cases that have been investigated for more than two years. For example, * ST Xintong was put on file for investigation by CSRC on December 6, 2017 due to suspected violation of securities laws and regulations, * ST Xintongs latest disclosure shows that as of April 28 announcement date, the investigation of CSRC is still in progress.
In addition, there is also a case that the final ticket does not land for a long time after the pre ticket is issued. For example, Changshan pharmaceutical received the notice of administrative penalty from Hebei Securities Regulatory Bureau on June 22, 2018. As of May 17, the reporter failed to search the related announcement that Changshan pharmaceutical industry received the decision of administrative penalty from the announcement.
In fact, in recent years, the investigation process of CSRC has been accelerated obviously. For example, shendatong received the CSRCs investigation notice on May 22, 2019. On July 26 of that year, shendatong received the notice of administrative penalty and market prohibition issued by the CSRC, and the letter of decision on administrative penalty issued by the CSRC on November 29 of that year. In addition, Jiajia food was investigated on June 5, 2019 for suspected information disclosure violations. Three months later, Jiajia food received the notice of administrative penalty in advance on September 17, 2019 and the decision of administrative penalty on February 12, 2020.
It is no doubt that pushing forward the settlement of backlog cases will make more individual stock final fines that have been investigated for violation of regulations land as soon as possible, which is of great significance to investors. Xu Feng, a senior partner of Shanghai Chuangyuan law firm, said that the first step for investors to file a claim is that a listed company is suspected of violating information disclosure regulations and is investigated by CSRC. Once a listed company is formally punished by CSRC, investors can file a claim according to the punishment conclusion.
Source: Guo Chenqi, editor in charge of Beijing Business Daily_ NBJ9931