China's capital market enters the "strict supervision era"

China's capital market has entered a "strict supervision era." Almost everyone who cares about the capital market will give such an annotation to the monkey year that has just passed.
The first case of information manipulation, the first case of treasury bond futures manipulation, the first case of using Shanghai-Hong Kong Stock Connect... With the strong attack of the law enforcement law enforcement, the three key words of change, remodeling and positioning are marking the development of the capital market. New orientation.

Change: Auditing storms present new features
The data shows that in 2016, the CSRC made 218 administrative penalty decisions, an increase of 21% year-on-year; the penalty amount was 4.283 billion yuan, a year-on-year increase of 288%, and the single case penalty amount was over 1 billion yuan, the highest historical penalty.
In addition to these penalties, there is a set of numbers that are more worthy of attention. In the past two years, the CSRC has filed 647 new cases and handed over 463 cases; transferred 110 cases to the public security organs and notified more than 60 clues.
Behind the two sets of figures, the regulators continue to strengthen the punishment of violations of laws and regulations, and maintain the high pressure of law enforcement. In addition to decisiveness and courage, people have discovered more and more new features in this regulatory change.
The means of auditing law enforcement are becoming more diverse. On-site inspections, special inspections, market surveillance, public opinion monitoring, complaints and reports... Every day, there are countless clues gathered in the regulatory authorities. How to turn these scattered clues into zero? Big data is laying the "world" for those who violate the law and securities. Through the "data modeling + machine learning", insider trading, market manipulation and "mouse warehouse" and other illegal behavior category model, with the accumulation of big data, the regulatory sense of smell will become more sensitive.
2016 is also a milestone in the cross-border law enforcement cooperation between securities and futures. The first case of cross-border manipulation market implemented by Shanghai-Hong Kong Stock Connect was jointly won by the China Securities Regulatory Commission and the Hong Kong Securities Regulatory Commission. The “catty” of the A-shares in the reverse manipulation of the Shanghai Stock Connect trading mechanism ultimately prevented the law from being severely punished. Cross-border collaboration is becoming the consensus of global securities regulators. According to statistics, overseas regulatory agencies have requested 142 investigation cases from the China Securities Regulatory Commission, and the China Securities Regulatory Commission has asked overseas regulatory agencies to investigate 36 cases.
At the same time as the normal case handling, the four major special laws such as cracking down on IPO fraudulent issuance and information disclosure, intermediaries not diligently diligently, manipulating the market, and using undisclosed information transactions have become the highlights of the 2016 inspection and enforcement.

Remodeling: Market ecology is shuffling
A healthy capital market is inseparable from a good market ecology, and the auditing storm at the regulatory level is reshaping the market ecology.
A series of auditing actions send a strong warning signal to the market: only when the parties involved in the market follow the rules, the market ecology can be purified and balanced. At the same time, through the rigorous investigation and handling of typical cases, each investor will form a “reflective protection” and correct and correct each type of violation.
As one of the most serious frauds in the capital market, IPO fraudulent issuance and false disclosure have always been a "dysentery" that all parties in the market hate. Xintai Electric, the first company to be delisted due to fraudulent issuance, the first *ST Boyuan who was delisted due to major information disclosure... The regulatory layer monkey year refers to this market "dysentery", which is generated for the first-time application enterprises and related agencies. A strong warning.
It is understood that nearly 70 IPO companies have taken the initiative to withdraw their applications, so that some enterprises and intermediaries that are lucky enough to "declare their illness" will be retired.
The storm of governance for auditing and evaluating chaos is also fierce. In 2016, six institutions were identified during the first time that the CSRC concentrated on auditing and evaluation agencies.
The spokesman of the China Securities Regulatory Commission, Deng Yu, once said that in the case of information asymmetry, especially in the case of fraud, if there is no independent guarantee mechanism for credibility of information disclosure, driven by huge interests, information fraud in the securities market will inevitably occur frequently.
Insiders pointed out that the company's financial accounting information and asset valuation information are directly related to investors' judgment decisions. Due to its professionalism, technicality and complexity, the capital market has established an external auditing and evaluation system for professional assurance, and professional institutions play an effective supervisory role.
Governance audit assessment chaos, highlighting the focus of inspection and law enforcement: the performance of the agency's due diligence has become the focus of supervision, resolutely suppress the intermediary agencies to issue "tailor-made" reports, audit and evaluation agencies to truly play the role of market gatekeeper.

Positioning: the “guardian god” of the capital market
Since taking office in February last year, Liu Shiyu, chairman of the China Securities Regulatory Commission, has put forward the supervision concept of “regulatory supervision, comprehensive supervision, and strict supervision”. In the past year, from the drafting of the painstaking approval of the brutal acquisition to “catch the rat and fight the wolf, severely punish the capital predators. "There is a comprehensive clearing of the determination to strengthen supervision at the Securities and Futures Regulatory Commission, and the direction of supervision and direction of supervision is becoming increasingly clear.
Liu Shiyu pointed out that this year will deepen the comprehensive and strict supervision of the law, maintain market order, and continue to enhance the regulatory capacity. He has repeatedly stressed that to continue to crack down on illegal and illegal activities in the capital market, the enforcement of inspections can only be strengthened and cannot be weakened. “Adhere to the market to prove that effective regulatory policies and practices are unwavering, not tossing, and to be effective.”
It is worth noting that in 2016, the CSRC jointly carried out special enforcement actions with the Ministry of Public Security for the first time to explore and strengthen the cooperation mechanism between the administration and criminals in information sharing, law enforcement linkage, and case transfer, and form a joint force. In addition, the regulatory authorities are actively communicating with the Supreme People's Law, the highest inspection, and the Ministry of Public Security to promote the relevant judicial interpretation as soon as possible.
Through the focus on audit enforcement, it is not difficult to see the determination of the regulatory authorities. As the most direct and effective means to enhance regulatory deterrence and resolve market risks, audit enforcement has become a "bull nose" to be held.
As the “guardian god” of the capital market, the supervision layer focuses on the inspection and enforcement to protect the investment and financing functions of the capital market, and to protect the legitimate rights and interests of investors. Through supervision, the capital market will be guided back to the “initial heart” and truly inject vitality into the real economy.

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