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| Opinions of the General Office of the CPC Central Committee and the General Office of the State Council on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law | | 中共中央办公厅、国务院办公厅印发《关于依法从严打击证券违法活动的意见》 |
| Recently, the General Offices of the CPC Central Committee and the State Council have released the Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law, and issued a notice, requesting all regions and departments to conscientiously implement them in light of their respective actual conditions. | | 近日，中共中央办公厅、国务院办公厅印发了《关于依法从严打击证券违法活动的意见》，并发出通知，要求各地区各部门结合实际认真贯彻落实。 |
| The main contents of the Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law are as follows. | | 《关于依法从严打击证券违法活动的意见》主要内容如下。 |
| Cracking down on illegal securities activities is an important guarantee for maintaining the order of the capital market and effectively leveraging the role of the capital market as a hub. Since the 18th National Congress of the Communist Party of China, all relevant parties have conscientiously implemented the decisions and arrangements of the CPC Central Committee and the State Council, solidly promoted the construction of the system of law enforcement and administration of justice in the capital market, cracked down on illegal activities in the capital market according to the law, safeguarded the legitimate rights and interests of investors, and achieved positive results. At the same time, against the background of profound changes in economic and financial environment and continuously deepening reform and opening up of capital market, illegal acts in capital market are still prominent, case investigation has become more difficult, and relevant works concerning law enforcement and administration of justice face new situations and challenges. In order to further promote the high-quality development of the capital market, the following opinions on strictly cracking down on illegal securities activities in accordance with the law are hereby offered as follows: | | 打击证券违法活动是维护资本市场秩序、有效发挥资本市场枢纽功能的重要保障。党的十八大以来，各有关方面认真贯彻党中央、国务院决策部署，扎实推进资本市场执法司法体系建设，依法打击资本市场违法活动，维护投资者合法权益，取得积极成效。同时，在经济金融环境深刻变化、资本市场改革开放不断深化背景下，资本市场违法行为仍较为突出，案件查处难度加大，相关执法司法等工作面临新形势新挑战。为进一步推动资本市场高质量发展，现就依法从严打击证券违法活动提出如下意见。 |
| I. General requirements | | 一、总体要求 |
| 1. Guiding ideology. Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the spirit of the 19th CPC National Congress and the second, third, fourth, and fifth plenary sessions of the 19th CPC Central Committee shall be fully implemented. The direction of market-oriented and law-based development shall be adhered to, and institutional building, non-interference and zero tolerance shall be upheld. The building of basic systems for capital markets shall be strengthened, and the systems and mechanisms for cracking down on illegal securities activities in accordance with the law shall be improved. The effectiveness of law enforcement and administration of justice shall be improved to effectively prevent and defuse major risks, thus providing strong support for accelerating the building of standardized, transparent, open, dynamic and resilient capital markets. | | （一）指导思想。以习近平新时代中国特色社会主义思想为指导，全面贯彻党的十九大和十九届二中、三中、四中、五中全会精神，坚持市场化、法治化方向，坚持建制度、不干预、零容忍，加强资本市场基础制度建设，健全依法从严打击证券违法活动体制机制，提高执法司法效能，有效防范化解重大风险，为加快建设规范、透明、开放、有活力、有韧性的资本市场提供有力支撑。 |
| 2. Work principles | | （二）工作原则 |
| --Zero Tolerance shall be adhered to. Securities crimes shall be strictly investigated and dealt with according to the law. Efforts to investigate and deal with major cases shall be intensified, and disciplinary measures for honesty restraint shall be strengthened to strengthen the deterrent effect. | | --坚持零容忍要求。依法严厉查处证券违法犯罪案件，加大对大案要案的查处力度，加强诚信约束惩戒，强化震慑效应。 |
| --The rule of law shall be upheld. The principles of openness, fairness and impartiality shall be followed, and strict law enforcement and fair justice shall be adhere to. Standards shall be unified, and procedures shall be standardized, so as to raise the level of specialization, enhance transparency, and constantly enhance public credibility. | | --坚持法治原则。遵循公开、公平、公正原则，坚持严格执法、公正司法，统一标准、规范程序，提高专业化水平，提升透明度，不断增强公信力。 |
| --Overall planning and coordination shall be adhered to. The work coordination between securities and futures regulators and departments of public security, justice, and market regulation and relevant local authorities shall be strengthened to effectively crack down on illegal securities activities. | | --坚持统筹协调。加强证券期货监督管理机构与公安、司法、市场监管等部门及有关地方的工作协同，形成高效打击证券违法活动的合力。 |
| --Bottom-line thinking shall be adhered to. Illegal securities activities shall be strictly cracked down on according to the law, and at the same time risks shall be effectively guarded against and defused and national security and social stability shall be safeguarded. Risk identification in key areas shall be enhanced, and prevention and control of risks at source shall be strengthened to guard against risk amplification and escalation. | | --坚持底线思维。将依法从严打击证券违法活动与有效防范化解风险、维护国家安全和社会稳定相结合，加强重点领域风险排查，强化源头风险防控，严防风险叠加共振、放大升级。 |
| 3. Main targets. By 2022, important progress will be made in the building of the legal liability system for illegal and criminal activities in the capital market; the system of law enforcement and administration of justice and coordination mechanism to strictly crack down on securities illegal activities according to the law will be initially established; the cost of securities crimes will increase significantly; the frequent occurrence of major crimes will be effectively curbed; investors' rights relief channels will become smoother; the order of the capital market will be improved significantly. By 2025, the legal system of capital market will be more scientific and complete; the system of law enforcement and administration of justice for securities with Chinese characteristics will be more complete; the transparency, standardization and credibility of law enforcement and administration of justice for securities will be significantly improved; the connection between administrative law enforcement and criminal justice will be efficient and smooth; a sound capital market ecosystem that values the law and is trustworthy, standardized, transparent, open and inclusive will take shape. | | （三）主要目标。到2022年，资本市场违法犯罪法律责任制度体系建设取得重要进展，依法从严打击证券违法活动的执法司法体制和协调配合机制初步建立，证券违法犯罪成本显著提高，重大违法犯罪案件多发频发态势得到有效遏制，投资者权利救济渠道更加通畅，资本市场秩序明显改善。到2025年，资本市场法律体系更加科学完备，中国特色证券执法司法体制更加健全，证券执法司法透明度、规范性和公信力显著提升，行政执法与刑事司法衔接高效顺畅，崇法守信、规范透明、开放包容的良好资本市场生态全面形成。 |
| II. Improving the legal liability system for crimes in the capital market | | 二、完善资本市场违法犯罪法律责任制度体系 |
| 4. The securities legislation mechanism shall be improved. Legal amendments, legal interpretations, empowerment decisions and other forms shall be fully used to improve the efficiency of legislation in the securities field and enhance the timeliness of legal supply. | | （四）完善证券立法机制。充分运用法律修正、法律解释、授权决定等形式，提高证券领域立法效率，增强法律供给及时性。 |
| 5. Criminal punishment shall be strengthened. The Amendment (XI) to the Criminal Law shall be implemented. At the same time, the standards for filing criminal cases for investigation and prosecution shall be revised, and relevant criminal judicial interpretations and judicial policies shall be improved. | | （五）加大刑事惩戒力度。贯彻实施刑法修正案（十一），同步修改有关刑事案件立案追诉标准，完善相关刑事司法解释和司法政策。 |
| 6. The administrative legal system shall be improved. The newly revised Securities Law shall be implemented, and the development and revision of supporting laws and regulations such as the Regulation on the Supervision and Administration of Listed Companies, the Regulation on the Supervision and Administration of Securities Companies, the Regulation on the Supervision and Administration of the National Equities Exchange and Quotations System ("NEEQ"), and the Measures for the Implementation of the Rules for the Commitments Made by the Parties to Securities and Futures Administrative Enforcement shall be accelerated, so as to significantly increase the cost of violating laws and regulations. The development of the Futures Law shall be accelerated to bolster areas of weakness in the futures market supervision and law enforcement system. | | （六）完善行政法律制度。贯彻实施新修订的证券法，加快制定修订上市公司监督管理条例、证券公司监督管理条例、新三板市场监督管理条例、证券期货行政执法当事人承诺实施办法等配套法规制度，大幅提高违法违规成本。加快制定期货法，补齐期货市场监管执法制度短板。 |
| 7. The system of civil compensation shall be improved. The implementation of the representative action system for securities disputes shall be accelerated. The judicial interpretations on civil compensation arising from false statements shall be revised, and the pre-litigation procedure for civil compensation shall be canceled. The pilot program of the arbitration system for the securities industry shall be launched. | | （七）健全民事赔偿制度。抓紧推进证券纠纷代表人诉讼制度实施。修改因虚假陈述引发民事赔偿有关司法解释，取消民事赔偿诉讼前置程序。开展证券行业仲裁制度试点。 |
| 8. Market restraint mechanisms shall be strengthened. The reform of the delisting system shall be advanced, and delisting supervision shall be strengthened. The compulsory delisting system shall be strictly implemented. The regulatory and risk disposal systems for delisted companies shall be studied and improved so as to improve the virtuous circle mechanism for the survival of the fittest of listed companies. The supervision of the issuance and operation of securities investment funds shall be strengthened, and market withdrawal measures shall be taken according to the law against fund managers who seriously violate laws and regulations. Risk disposal shall be effectively conducted to protect the legitimate interests of fund holders. The system of self-regulation of trading venues and industry associations over securities violations shall be improved. | | （八）强化市场约束机制。推进退市制度改革，强化退市监管，严格执行强制退市制度，研究完善已退市公司的监管和风险处置制度，健全上市公司优胜劣汰的良性循环机制。加强证券投资基金发行和运作监管，对严重违法违规的基金管理人依法实施市场退出，做好风险处置工作，保护基金持有人合法利益。完善交易场所、行业协会等对证券违法违规行为的自律监管制度。 |
| III. Establishing and improving the system of law enforcement and administration of justice and mechanisms for cracking down on illegal securities activities according to the law | | 三、建立健全依法从严打击证券违法活动的执法司法体制机制 |
| 9. A coordination mechanism to crack down on illegal activities in the capital market shall be established. A task force for coordinating attempts to combat illegal activities in the capital market shall be set up to strengthen coordination of major cases, improve the information-sharing mechanism, advance the formulation of important rules, and coordinate efforts to solve major problems. | | （九）建立打击资本市场违法活动协调工作机制。成立打击资本市场违法活动协调工作小组，加大对重大案件的协调力度，完善信息共享机制，推进重要规则制定，协调解决重大问题。 |
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