Liu Shiyu, Chairman of the China Securities Regulatory Commission, went to the Securities and Futures Commission, Inspection Bureau and Inspection CorpsResearchIt is said that it is necessary to continue to practice the concept of comprehensive and strict supervision in accordance with the law, and to inspect the law enforcement work to do a good job in six aspects of "two musts and four shackles".
After the regulatory authorities proposed “reducing unnecessary interventions in the transaction process”, some market participants regard this as a supervision department that no longer regulates the transaction, or should not be supervised. This is a misunderstanding and must be clarified. Reducing unnecessary interventions in the trading process is to allow the market to have clear expectations of regulation and to allow investors to obtain fair trade opportunities, not to supervise the trading links. Imagine that in the case of hot money and bankers through the daily limit and other trading methods to obtain huge profits, it is inevitable that a large number of investors are at large loss. Is it not necessary to strictly monitor the abnormal transactions and suspected illegal and illegal transactions at this time?
Securities supervision needs to do more with less. The key is to strengthen timely strikes and precision strikes. Chairman Liu Shiyu put forward the "two essentials and four shackles", among which "one must" is to adhere to the principle of precise filing, accurate investigation and precision strike, and focus on investigating major cases that seriously endanger the stable operation of the market. In the author's view, securities supervision must be fast, accurate, and embarrassing. It is necessary not only to strengthen after-the-fact supervision, but also to strengthen supervision in the matter, and to take orders against suspected violations of laws and regulations.SuspensionIn order to follow up on the inspection measures in a timely manner, it is necessary to prevent the scope and influence of the cases from increasing and increasing, and to minimize the loss of investors. In the event of supervision, the behavior of market manipulation is no different from being a leader, and should be able to contain and crack down on illegal activities. The arrogance. Undoubtedly, this is much more powerful than the deterrent effect of declaring the punishment measures for a year and a half.
The "one glimpse" in "two to four" is to pay close attention to technology enforcement. The author believes that in this respect, we should focus on improving the ability of intelligent supervision, making full use of big data technology, artificial intelligence, machine learning technology, and improving the accuracy of discovering illegal and illegal clues through intelligent systems; of course, we should also strengthen the front-line supervision function of the exchange. For example, the SFC can entrust an exchange to use its advanced computer system to investigate and collect evidence.
Investor protection is above all else, and only the investor's legitimate rights and interests can be effectively protected, in order to prevent investors from "stock run" behavior caused by losing confidence in the securities market. In any case, the protection of investor rights in the Shanghai and Shenzhen stock markets is still insufficient. For the behaviors that endanger the market, the current securities supervision mainly focuses on the deterrent of administrative punishment. In the future, it should appropriately protect investors and appropriately transfer rights, that is, in the order of investigating the civil liability and administrative responsibility of those who violate the law, the former is priority. In this regard, we can learn from the practice of the Hong Kong Securities Regulatory Commission, take the initiative of investors, help collect evidence, and directly request the court to order securities fraudsters to "return the original transaction."
(Xiong Jinqiu, Senior Economic Researcher)
(Article source: Shanghai Securities News)