China to enrich means, methods to combat securities market violations-Xinhua

China to enrich means, methods to combat securities market violations

Source: Xinhua

Editor: huaxia

2024-02-24 01:05:45

BEIJING, Feb. 23 (Xinhua) -- China's top securities regulator on Friday said that it will intensify law enforcement efforts and enrich the means and methods to tackle unlawful market practices.

Li Ming, chief of the Enforcement Bureau of the China Securities Regulatory Commission (CSRC), said at a press conference that the CSRC will adhere to the rule of law, continue to improve law enforcement efficiency within the scope of legal authorization, increase law enforcement efforts, and enrich the means and methods in disciplinary action and punishment.

Li said the CSRC will take comprehensive regulatory measures such as administrative penalties, market entry bans, breach-of-trust punishments, and forced delisting for serious violations. It will also turn to litigation and criminal law in its efforts to deal a severe blow to market violators.

"Focusing on the goal of improving the quality of listed companies, we will take multiple measures to intensify the crackdown on fraudulent offerings, financial fraud and violations of laws and regulations by major shareholders of listed companies," Li said.

Noting that the CSRC will continue to invest more manpower and material resources in the identification of potential fraud, Li said the body will also emphasize "whole-process" supervision and law enforcement.

These efforts are aimed at improving the quality of listed companies and creating an investment environment in which investors feel safe and secure, the official said.

Yan Bojin, chief of the CSRC's Public Offering Department, said the regulatory body adheres to investor-oriented principles.

In its supervision of public offerings and listings, the commission is strengthening controls across the "entire chain" and will crack down harshly on financial fraud and fraudulent offerings, Yan said.