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5 proposals propose amendments to the Securities Law to be submitted to the relevant committees of the National People's Congress for consideration

March 15, 2019 04:15
Author: Left Yonggang

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Summary
[5 proposals propose to amend the Securities Law to be submitted to the relevant special committee of the National People's Congress for deliberation] On the evening of March 14, the "Securities Daily" reporter learned from the press conference of the Second Session of the 13th National People's Congress that the 13th National People's Congress was completed as of the appointed time. During the second meeting, a total of 491 proposals were signed by at least 30 NPC deputies. These proposals will be submitted to the relevant special committees of the National People's Congress for deliberation. After the deliberation, they will submit a report on the results of the deliberation to the Standing Committee of the National People's Congress. (Securities Daily)

On the evening of March 14, the "Securities Daily" reporter learned from the press conference of the Second Session of the 13th National People's Congress that as of the stipulated time, during the second session of the 13th National People's Congress, a total of 491 proposals were awarded at least 30 NPC deputies. The Department will submit these proposals to the relevant special committees of the National People's Congress for deliberation. After deliberation, they will submit a report on the results of the deliberation to the Standing Committee of the National People's Congress.

Of the 491 proposals, 173 were submitted to the Constitutional and Legal Committee for consideration. Among them, there are five bills submitted to the Constitution and the Law Commission for review and amendments to the Securities Law, including the “National Securities Law” submitted by 32 representatives of the National People’s Congress, including Wang Jianjun, to establish illegal securities institutions to return illegal proceeds to damaged investors. Proposal on Administrative Punishment System; Proposal on Amending the Securities Law submitted by 31 representatives of the National People's Congress such as Chen Jing; Proposal on Amending the Securities Law submitted by 30 representatives of the National People's Congress of Zhu Jiandi; 30 nationals including Fang Yan The Proposal on Strengthening and Perfecting the Supervision of Intermediary Agencies in the Amendment of the Securities Law submitted by the NPC deputies; and the Proposal on Amending the Relevant Provisions on Securities Law Bonds submitted by 30 NPC deputies.

Prior to this, at the press conference held at the Second Session of the 13th National People's Congress on March 4th, the spokesman of the conference, Zhang Yesui, said that the Standing Committee of the National People's Congress in 2019 will focus on promoting legislative work in four areas, including amendments. Securities Law, etc.

Subsequently, at the press conference held at the Second Session of the 13th National People's Congress on March 9, Wu Ritu, deputy director of the National People's Congress Financial and Economic Committee, said, "The Securities Law and other laws drafted by the National People's Congress Financial and Economic Committee. It has been submitted to the Standing Committee of the National People's Congress for consideration."

In order to fully protect the legitimate rights and interests of investors, the above-mentioned amendment to the Securities Law submitted by Wang Jianjun, the deputy of the National People's Congress and the general manager of the Shenzhen Stock Exchange, proposed an administrative penalty system including the establishment of an order for the illegal subject to return the illegal income to the injured investor. Four suggestions including the one-piece mechanism.

Among the 491 proposals, Wang Jianjun also submitted the "Proposal on Amending the Criminal Law to Increase the Criminalization of Fraudulent Issuance to No Interim and Heavy Penalty for Participating Intermediaries." The proposal includes four aspects. First, the crime type of the crime was moved from "the crime of damaging the management order of the company and the enterprise" to "the crime of financial fraud"; the second was to change the crime to "the crime of fraudulent issuance of securities"; the third is to increase the sentence of crime and increase the penalty amount. Fourth, intermediaries involved in fraudulent collusion and their responsible personnel should be severely punished as accomplices in fraudulent crimes.

(Article source: Securities Daily)

                (Editor: DF407)

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