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After the judicial interpretation is issued, the conviction and sentencing standards for insider trading and market manipulation will be further clarified.
On May 15, the sixth National Investor Protection publicity Day arrived as scheduled. What progress has been made and what changes have taken place in our investor protection over the past year? In this regard, Yin Persimmon Finance and Economics interviewed Pan Xiangdong, chief economist of Qi Rhenium Research Institute and former chief economist of securities firms.
Talking about the protection of the legitimate rights and interests of medium and small investors, Pan Xiangdong said that this is not only related to the development and stability of the capital market, but also to social fairness and justice. "protecting the legitimate rights and interests of investors, especially medium and small investors." it is the most important core task of the work of the CSRC, and openness, fairness and justice is the most important market principle.
What are the new ways to protect investors?
On May 15 this year, it coincided with the release of the new "National Nine articles" for a month, and the new "National Nine articles" has also become the topic that Pan Xiangdong pays most attention to. Pan Xiangdong pointed out that in the past year, in the area of investor protection, China has continuously promoted the reform of the industry and the improvement of the policy mechanism, especially the investor protection measures in the new "National Nine articles", which are aimed at strengthening the protection of investors' rights and interests. improve the fairness and transparency of the market and promote the high-quality development of the capital market.
According to Pan Xiangdong, there are many key measures in the new "National Nine articles" for investor protection, including strict entry for issuance and listing, improvement of the issuance and listing system, strict continuous supervision of listed companies, and strengthening delisting supervision. strengthen the supervision of securities fund institutions and promote the industry to return to its origin and become better and stronger Strengthen transaction supervision, enhance the inherent stability of the capital market, and boost investors' long-term confidence and sense of acquisition of the capital market from the source.
In addition, Pan Xiangdong pointed out that while the new "National Nine articles" urges securities fund institutions to consolidate the basis of compliance risk control, at the same time, promote the improvement of professional ability and enhance the ability to serve medium-and long-term funds, fully reveal the potential risk-return characteristics of investment products or portfolios, strengthen investor education, improve investors' long-term returns, and protect investors from another perspective.
In my opinion, the new 'national nine articles' policy embodies the political and popular nature of the capital market. We will adhere to the people-centered value orientation and more effectively protect the legitimate rights and interests of investors, especially medium and small investors. Second, it embodies the main line of strong supervision, risk prevention, and promoting high-quality development. " Pan Xiangdong said.
The construction of the rule of law in the capital market is expected to be accelerated.
The new "National Nine articles" proposes to "promote the introduction of judicial interpretations of civil compensation such as the crime of breach of trust and harming the interests of listed companies, insider trading and market manipulation." and "judicial documents to crack down on misappropriation of private equity funds, breach of trust, use of fiduciary property and other crimes."
In this regard, Pan Xiangdong believes that it can be seen that the construction of the rule of law in the capital market is expected to be further accelerated on the basis of the previous one, and once these judicial interpretations are issued, the conviction and sentencing standards for relevant events will be further clarified, and relevant cases endangering national financial security and stability will be punished in accordance with the law.
"in the medium to long term, this will provide an institutional construction for creating a good investment and financing environment, which will help enhance market transparency, standardize market order, promote the healthy development of the capital market, and further enhance investor confidence. We will promote the capital market to develop in a more mature and healthy direction." Pan Xiangdong said.
Pan Xiangdong further told Yinshi Finance and Economics that at present, China's existing legal and regulatory framework is improving and strengthening the supervision of the capital market, strengthening the punishment of violations of laws and regulations, and effectively strengthening the protection of the rights and interests of medium and small investors. and creating an open, fair and just market environment is constantly improving and optimizing. In the future, there is more room for improvement in strengthening the convergence of the mechanisms of administrative law enforcement, civil compensation and criminal liability, and unblocking relief channels for investors to safeguard their rights, especially in using more modern scientific and technological means to enhance the ability to find clues to problems.
Investor protection needs to be jointly built by many parties.
In an exclusive interview, Pan Xiangdong also talked about the responsibilities of various market players, especially securities companies, in investor protection.
Pan Xiangdong said that securities companies are important intermediaries and participants of financial institutions in the capital market, and they need to attach great importance to strengthening investor education, disseminate professional financial management knowledge to ordinary investors, and guide them to establish correct investment ideas. effectively protect the legitimate rights and interests of investors.
Just before that, on May 10, the Securities Regulatory Commission issued the revised regulations on strengthening the Supervision of listed Securities companies. The CSRC said that this revision highlights the goal-oriented and problem-oriented, and clearly requires listed securities companies to take a clearer stand of the people, more advanced development concepts, stricter compliance risk control and more standardized and transparent information disclosure, strive to return to the origin, be better and stronger, and effectively play the role of "leader" and "vanguard" in leading the high-quality development of the industry.
In this regard, Pan Xiangdong told Yinshi Finance and EconomicsCrashbandicootclashofthetitansListed securities companies have the dual attributes of securities companies and listed companies, and the regulatory layer highlights the need to put the functionality of listed securities companies in the first place and give full play to the functional role of financial services in the real economy. Emphasis is placed on improving the efficiency of the use of funds. We will better allocate our limited resources in key areas such as promoting scientific and technological self-reliance, promoting high-quality economic development, and serving residents' wealth management. In addition, more transparency and stricter regulation are required in the areas of information disclosure and compliance risk control. "
For the broad masses of investors, Pan Xiangdong said that investors are important participants in the capital market, and they also need to have risk awareness and strengthen risk education, enhance their awareness and ability to avoid financial risks, and safeguard their own legitimate rights and interests.
"investors should learn relevant investment knowledge, investment principles, market rules, and risk management methods. When choosing investment products, they should fully understand the characteristics of the products, the risk-return ratio, and the reputation of the issuing institutions; by diversifying the investment, reduce the risk brought by a single investment. Pay attention to market dynamics and policy changes, enhance risk awareness, and seek professional advice, so as to achieve the purpose of protecting their own rights and interests. " Pan Xiangdong said.