Raising the cost of illegal securities markets should further increase criminal sanctions
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Vice President Yu Jiang of the Second Division of Criminal Division of Jinhua Intermediate People’s Court of Zhejiang Province: Raising the cost of illegal securities markets should further increase the intensity of criminal proceedings.Source: Securities Daily trainee reporter Wu Xiaolu After the amendment of the securities law was passed, market participants believe that the criminal law also needs to be adjusted accordingly.
Just after the trial of the Shandong Shandong market manipulation case, Yu Jiang, vice president of the Second Division of Criminal Court of Jinhua Intermediate People’s Court in Zhejiang Province, said in an exclusive interview with the Securities Daily reporter that amendments to the criminal law are also necessary for the severity of illegal crimes in the securities market.
Yu Jiang said that Luo Han’s market manipulation case involved a total of seven crimes, but he had encountered great trouble in the sentencing of the corresponding crimes.
In this case, the 4 defendants did not hold the qualifications of national defense securities and futures investment consulting business, and did not obtain the permission of the China Securities Regulatory Commission. In this case, 4 people recommended stocks to others and profited from them, which is illegal in securities business.
At the same time, at the request of Gong Shiwei and others, 4 people helped them recommend stocks, thereby helping them to decompose, and provided assistance in manipulating the securities market.The severity of the plot is particularly serious.
“按照刑法规定，非法经营情节特别严重的，法定刑幅度为5年至15年有期徒刑；操纵市场情节特别严重的，法定刑幅度是5年至10年，按‘择一重罪处罚’的刑法The applicable principles shall be treated as illegal operations.
“Yu Jiang told the Securities Daily reporter that” in this case, the person who recommended stocks only helped the principal to manipulate the market, but from the perspective of criminal law, those who provided assistance in manipulation faced a higher legal penalty than the operator, soIt is more difficult to balance sentencing.
Yu Jiang said that the current criminal law has several problems with the statutory criminal law provided for several crimes involving the securities market.
The first is that the punishment is light and does not correspond to the degree of social harm of the corresponding criminal act. The crackdown on illegal and criminal acts in the securities market is not enough. It cannot perform 杭州桑拿网 the earthquake prevention function well, and it cannot reflect the principle of adaptability of crime and punishment.
Second, there is also an imbalance between the legal punishments corresponding to different crimes. The felony is punished lightly, but the misdemeanor is heavy.
For example, the crime of fraudulent issuance of stocks and bonds has a statutory maximum sentence of five years’ imprisonment; the statutory maximum sentence for crimes of illegal disclosure and non-disclosure of important information is three years.
Both of these crimes are source-based crimes in the securities market. They are crimes in the primary market. They are crimes committed by the company’s major shareholders, actual controllers or company executives. The objective harm and severity are much greater than those in the secondary market.西安耍耍网Insider trading, crimes of manipulating the securities market, but the statutory penalty is much lower than the crime of insider trading, manipulating the securities market, and then the statutory maximum penalty is ten years.
The dangers of corporate fraud is not only infringing on the interests of investors, disrupting the order of the capital market, but also affecting the credibility of the country. Violation of the letter must not only be based on its appearance, but also on the essence through the phenomenon.Huge benefits are often hidden.
Third, the punishment for a crime is not scientific enough and detailed. For example, the crime of fraudulent issuance of stocks, bonds, and illegal disclosure, and the crime of not disclosing important information, only stipulated a range of sentencing.
In the early days, the CSRC also repeatedly stated that it was necessary to promote the amendment of the criminal law.
In the “12 Articles of Deep Reform” introduced in 2019, it is proposed in “Article 8 to further increase the supply of the rule of law” that the criminal law and the amendment of the securities law are accelerated, fraudulent issuance is greatly improved, false information disclosure by listed companies and false certification documents provided by intermediariesAnd other illegal costs.
Recently, the Securities and Futures Commission of China held a 2020 system work meeting and once again proposed to promote the amendment of criminal law and futures law legislation.
In addition, the “Nine Minutes Minutes” has made it clear that the allocation of funds belongs to the financial business of the state franchise. According to legal approval, no unit or individual may illegally engage in ordnance funding business.Suspected illegal business, in addition to facing up to 15 years in prison, the funds used for distribution may also be confiscated.
In the new era of socialism with Chinese characteristics, what is needed is correct development. Relatively to the capital market, direct development is first and foremost a substitute for legal compliance.