Wednesday , November 25 2020

China Securities Regulatory Commission: Strictly manages the management of securities review and control and makes "live" supervision – corruption



Original title: China Securities Regulatory Commission: Strictly manage securities review and power supervision Let the oversight "live"

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In view of the current state of corruption in the area of ​​auditing and securities supervision, in order to decisively win the battle against the prevention and resolution of systemic financial risks, the Committee of the CSR and the CSRC Discipline Inspection and Supervision Team

Let the oversight "live" and strict control of securities review and supervision

"In today's complex market environment, we must continuously improve political positions, strengthen the four senses, strengthen" four self-consciousness ", resolutely achieve" two upkeep ", and unite thoughts and actions in the decision-making arrangements of the Central party committee, and has earnestly won the battle to prevent and resolve systemic financial risks. "Recently, the CSRC system held a warning education conference. Liu Shihe, secretary of the Party Committee and Chairman of the Securities Regulatory Commission in China, reported the typical violations of the rules and regulations of the CSRC system after the 18th National Congress and asked "the whole system to accept the case as a mirror.

In view of corruption in the field of securities auditing and supervision, the review of the issuance of securities faces a higher risk of invasion. The Commission for Inspection and Supervision of the discipline of the Central Commission for Discipline Inspection of the Central Committee for Discipline Inspection plays the role of the Party Committee set up a supervisory force, closely monitored review and surveillance operations, and continued to maintain the high pressure situation, applying the "four forms" of surveillance and discipline, efficient, competitive strengthen effective supervision over control control Securities and working hard to solve the financial audit oversight. The main political task of the corruption is present.

Challenge: regulatory reviewers face a greater risk of invasion –

Answer: Punish corruption with zero tolerance

The capital market has complex interests and obvious effects of wealth. Some market practitioners and stakeholders are suspected of bribery or bribery, which seriously undermines industry ecology, violates market order, and damages investor interests.

"Regardless of the issuance of shares or the day-to-day supervision and licensing of quoted companies, securities companies, futures companies, stock companies, etc., they have a direct impact on the vital interests of market players." Large and pure risks. by the Disciplinary Board of Inspection and Supervision of the Securities Regulatory Commission in China said.

A former director of the Securities Regulatory Commission in China provided assistance to the company to obtain approval to fund the CRSR and then received or received huge bribes from the listed company and the head of the sponsoring institution. The CSRC Discipline Inspection and Supervision Team (former Commission of the Commission for Inspection and Supervision of the Securities Regulatory Commission of China) passed the suspicions of bribery to the judicial authorities. In September 2017, the Second International People's Court in Beijing first sentenced him to life imprisonment, deprived of political rights to life and confiscating all individuals. ownership.

Funding is the blood of the real economy, but only by penalizing audit and supervisory and financial corruption with zero tolerance, can we continually improve the ability of the real economy of financial services and better prevent and solve systemic risks.

Since the end of the 19th National Congress of the Chinese Communist Party until the end of September, the Disciplinary Control and Supervision Team of the KSRS has developed 45 clues and has given administrative and government sanctions and has organized 17 cases and has led the Disciplinary Committee of the CSRC System Unit. During the five years of the 18th to 19th National Congress of the Chinese Communist Party, the Disciplinary Team for Inspection and Surveillance of the CSSD processes a total of 461 clues and 166 times for party discipline and discipline. Many cases of serious violations of the law and alleged crimes have been transferred to the judiciary.

Challenge: "Curve" for money collection, cross-period renovation of the commercial model –

Answer: Follow important departments and key positions

Last April, the KSRC's "Administrative Sanctions Decision" prompted the stock market's attention. Feng Shiaoshu, a former deputy director of the Shenzhen Stock Exchange Publishing and Audit Department, and a former CSRC member, won 248 million illegally during the period of simultaneous appointment of the CSRC as a member of the Audit Committee. SFC decided to confiscate its unlawful income and imposed a fine of 251 million euros while at the same time accepting a ban on the entire market.

"The CRSR strictly forbids supervisors and their close relatives to use the name of themselves or others to buy and sell shares, which is an iron discipline." Feng Shiashou not only ignores the disciplinary rules, but even uses his position as a member of the audit committee to facilitate the sudden acquisition of shares. Financial corruption seriously disturbed the normal order of the capital market and caused a very negative impact on the image of the CCI, which failed the credibility and trust of the organization and the plot was very bad. "The leader of the CSRC Discipline Inspection and Supervision Team, and the CSRC Party Committee," said Wang Huimin when he spoke of the case.

The Feng Xiaoshu case reveals the outstanding issues in the field of CSRC auditing. Judging by the cases investigated in recent years, the problem of auditing the issue of shares is more obvious. With innovation and market and product development, corruption and audit methods in the area of ​​audit and securities supervision are more complex and diverse, ranging from traditional monetary and monetary transactions to hidden and diverse new methods of corruption. In recent years, many cases related to the securities market have been shipped through more hidden means, such as structured products, shareholdings and options. This kind of "wealth curve" and trading methods between periods has led to new challenges for review and investigation work.

To that end, the CSRC Discipline Inspection and Surveillance Team has effectively strengthened the effective oversight of securities review and supervision powers and has been vigorously investigating and reviewing various corruption issues in the field of financial audit and supervision. The Inspection and Supervision Team of the Securities Regulatory Commission in China has understood the clues of the issues and has used a variety of tools such as interviews, access to archives and audit meetings. The supervision and supervision of the CSRC, the Supervisory Department of the Securities Funds and the Securities Institutions are five times. The Ministry is overseeing focusing on enhancing the oversight of key energy departments, key and sensitive positions, and verifying whether auditors have a problem using the discretion to transfer profits by focusing on the rationality and concrete implementation of the design of system and consider comprehensive and rigorous management. Whether party requirements and integrity discipline are embedded throughout the business oversight process, check whether or not there is a lack of accountability.

During the oversight and repair work, the CSRC developed and refined 192 different systems aimed at optimizing the selection and hiring and day-to-day supervision and management mechanisms of Emission and Merger and Acquisitions Committee members and setting up an Audit and mergers for issuance and mergers and acquisitions. Supervising the normalization of the functioning of the audit committee system.

Challenge: How do we manage party responsibilities in the capital market?

Answer: Internal, accountability and accountability

From January to September this year, the Office of the Commission for Inspection and Supervision of the Securities Regulatory Commission of China asked 10 people to meet face to face, 7 people at the first meeting in nuclear power, 2 people in the conversation , 2 people in critical education, 1 person in the notice, 5 people in the interview and the use of supervision. The first form of discipline continues to work.

In addition, the CSRC Disciplinary Team responsible and the CSRC Party Chief Commissary and team members often hold talks using negotiation on job negotiations, training of staff, scientific seminars, and other opportunities to maintain the Secretary of the Commission as Secretary of the commission and the secretary of the Disciplinary Committee in the CSRC system. Talk about full coverage.

Increase day-to-day supervision and focus on the "key minority". Currently, the CSRC has created a reputation for integrity and a clean government for more than 400 executives from across the system, all of whom have entered the extensive Disability Control and Surveillance Management Platform to achieve a "one click". Together with inspections and inspections of the staff of the sent agencies and management units, the teams from different departments of the CSRC will receive portraits to effectively reflect the overall situation of the team and fully grasp the state of the trees and forests of the CSRC system .

To fulfill the responsibility, the CSRC Discipline Inspection and Supervision Team and the CSRC Party Committee jointly issued the "Accountability Measures of the Parliamentary Committee of the Securities Regulatory Commission in China", which described the procedures for accountability, accountability and accountability. Due to the ineffective performance of the "two responsibilities", the CSRC system has two system members that have been notified and criticized throughout the system, two senior leaders are dismissed, three secretary of the disciplinary committees corrected to the Disciplinary Commission, and many commissions secretaries and committees for disciplinary committees. The secretary and members of the team are held responsible for conversations, ordered written inspections, systematically criticized and reviewed during democratic life meetings.

In spite of serious internal reporting, strict management and continuous improvement of the system for reviewing, controlling and controlling the issuance of securities, the CSRC issued the "Integrity Guidelines for Securities and Futures Operations and their Personnel" and related support systems, the Industrial Associations, the Chinese Futures Association and the Chinese Association of the Funds Industry separately researched and formulated the rules of application for self-disciplinary supervision of the integrity of the industry and made Fractional provisions on important issues such as "hunting" for staff supervision, disclosure of confidential information and work on revising the interference. Strengthening the supervision of market institutions and the integrity of their employees as an important task of CSRC oversight and law enforcement and discipline inspection and oversight effectively erode the market environment and ensure sound and healthy capital market development. (Reporter Tian Goulay, Correspondent Li Song, Peng Wei)

Author: Tian Peng Qian Li Song Party BaseGo back to Sohu and see more

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