China to strengthen fight against financial fraud in capital market
The State Council approved and released a guideline to further prevent and punish financial fraud in the capital market on July 5.
The document, jointly issued by the China Securities Regulatory Commission, the Ministry of Public Security, the Ministry of Finance, the People's Bank of China, the National Financial Regulatory Administration, and the State-owned Assets Supervision and Administration Commission of the State Council, aims to rigorously tackle financial fraud in the capital market and safeguard the market ecology.
According to the guideline, financial fraud in key sectors must be rigorously combated and banned. Serious punishments will be imposed on fraudulent issuance of stocks and bonds, while systematic fraud and coordinated fraud will be tackled. Meanwhile, supervision of any abuse in accounting policies to implement fraud will also be strengthened.
Systems and mechanisms for securities regulation and enforcement will also be continuously improved or upgraded through three aspects, including improving the mechanism for clue discovery, enhancing the effectiveness of administrative law enforcement, and deepening the coordination of administrative law enforcement and criminal justice.
Intensifying comprehensive and multifaceted efforts in accountability and strengthening inter-ministerial coordination and central-local coordination will also be implemented to better regulate the capital market, the guideline said.
More efforts will be made to implement the guideline, such as strengthening organizational implementation, public opinion guidance and risk prevention and control.
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