Hao Xuguang: A w88 slot must be established to curb violations Establish a compensation mechanism
(Source: Sina Finance February 10, 2017)
On February 10, Liu Shiyu made an appearance and delivered a speech at the annual National Securities and Futures Supervision Work Conference for the first time since he took office as chairman of the China Securities Regulatory Commission. He emphasized that "the capital market does not allow anyone to make waves, make waves, and do whatever they want, and casinos do not do this." The new regulatory signal he conveyed is very important. The question is, easy to say, but how to do it? How to implement? The author makes the following suggestions.
1． Establish a w88 slot
To do it“The capital market does not allow anyone to call the shots.” First, we must improve the regulatory system, impose institutional constraints, and emphasize that market participants will not dare to violate regulations. Whether listed companies, capital market investors or other institutions, they all hope to have clear expectations and know what can be done and what is prohibited. Therefore, the establishment of a sound and complete set of regulatory laws and regulations is the real gathering point for regulators and the regulated. At present, the institutional construction of China's capital market is still far from perfect. Therefore, it is necessary to strengthen institutional construction to enable market participants to share the benefits of long-term development. This is crucial to the sustained, healthy and stable development of China's capital market. Here, it is important to establish a w88 slot.
w88 slot, including the following. The first is the principle of warning. Laws and regulations are serious and cannot be violated. Violation of them will result in real punishment. The second is the principle of necessity. Anyone who violates laws and regulations will definitely be punished. No matter when he does something he shouldn’t do, he will be punished. The third is the principle of proportionality. If he violates the law, he will be punished. When laws and regulations are strong, punishments will be greater, and serious mistakes will result in heavier punishments. The fourth is the principle of specificity. Anyone who violates laws and regulations will be punished and their corresponding behaviors will be punished. Market participants should know what they can and cannot do, and where they went wrong.
A w88 slot must be operable. At present, China's capital market laws and regulations still have certain flaws. One of the main manifestations is that operability is not strong, so operability should be particularly emphasized. This leads to two specific contents that an operational and w88 slot should include at present
2． Average number of lookback days for penalties for securities trading w88 slot
Penalizing w88 slot by capital market participants is an important means to ensure openness, fairness and impartiality in securities transactions. w88 slot must be prevented and curbed in a timely manner. Including regulatory authorities should be able to detect problems in the market in a timely manner and formulate and promulgate policies to correct them in a timely manner. Already existing problems or potential threats can be discovered in a timely manner, and corresponding regulatory measures can be taken before the problems or threats worsen to prevent further losses. Moreover, when dealing with market irregularities and market panics, measures must be taken immediately without delay. To ensure that penalties for w88 slot are not delayed, there should be a measurable indicator, such as setting up"The average number of days of retroactive penalties for w88 slot in capital market transactions", the average number of retroactive days of penalties for w88 slot of securities transactions is the number of days between w88 slot and penalties. By counting the average number of days of retrospection of w88 slot in the capital market within a period of time, it can be evaluated whether the regulatory authorities have effectively performed their supervisory and law enforcement functions to curb w88 slot, thereby ensuring the transparency and efficiency of securities transactions, and deterring and containing w88 slot to a considerable extent.
At present, the average number of retrospective days for penalties for w88 slot in China’s capital market is relatively long, according toRESSET Financial Research Database has a total of 895 samples punished by the China Securities Regulatory Commission due to w88 slot, including failure to disclose regular reports on time, failure to disclose major company matters in a timely manner, untrue statements, false or seriously misleading statements in information disclosure, defrauding customers, insider trading, stock price manipulation, failure to perform other duties in accordance with the law, etc. It was concluded that the average number of retrospective days for capital market w88 slot from 1994 to 2012 was 616.51 days, of which the number of days in 2010 reached an astonishing 1038.25 days. Such a long time at least shows that the regulatory authorities did not discover the w88 slot in time.
3． Establish an early warning system for capital market w88 slot
The reason why irregularities in the capital market were not discovered in a timely manner is partly related to the failure to establish an early warning system. So, build a capital marketThe early warning system for "predator" violations is an important tool for daily supervision. According to the w88 slot, the degree of violation can be decomposed into several control standards, a comprehensive discrimination indicator for violations can be constructed, the indicator value is divided into 5 areas, marked with different colors, the time series of the indicator can be calculated, and the operating status of certain standards can be monitored at any time according to the interval where the indicator data is located. It can be divided into five levels. The first level is dark blue, which is normal and the regulatory authorities may not pay attention to it. However, once a violation occurs, you can determine which area it occurs in. If it is in the light blue area, the approximate normal value is just a sign of violation. For example, if you start buying a certain stock in an abnormal range in the secondary market, you can give a verbal warning for untrue statements, etc. If verbal warnings do not stop predators from misbehaving, they will automatically advance to the green zone, where strict warnings must be given, supplemented by administrative penalties.
Or the predators may enter the light blue zone from the beginning of their w88 slot, for example, start publishing inappropriate information in the media or personal social media to deceive the public and small and medium investors. If severe warnings and administrative penalties do not curb their w88 slot, they enter the yellow zone, including insider trading and defrauding customers. At this time, you will directly enter the judicial process. In the process of supervision, the indicators of predators must not be allowed to enter the red zone, such as price manipulation, certain violators who betray highly confidential information, collude with internal and external parties, and maliciously blow up the market during the disaster relief process. If there is a situation that enters the red zone, it means that there has been a major mistake in the supervision work, and the corresponding supervision department can consider it as incompetent or even"Dereliction of duty" must be punished.
4． Establish a compensation mechanism for investors
If losses are caused to investors due to false statements, malicious data that deliberately misleads investors, insider trading, market manipulation, etc., an investor compensation mechanism should be established to better protect the rights and interests of investors and curb w88 slot. The compensation mechanism for investors includes subsequent follow-up and identification of responsibilities. Once found, the violators must contribute funds to compensate investors for their losses.
Conclusion
The new regulatory thinking requires that in China’s capital market, effective measures must be taken to curb market w88 slot and w88 slot.
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