Empirical Study On Punishment Of Major Securities Violations Of China

On the one hand, violations undermined, in general, the legitimate interests of investors and social justice, a serious blow to the enthusiasm and confidence of investors; on the other hand, a great offense disruption of the normal market order, that affect their health, development and hinder its proper role to play. Therefore, as the regulatory authority, it should punish the illegal acts in order to maintain the normal operation of the market.In this paper, the work is based on the decision of punishment which is announced by China Securities Regulatory Commission in recent years, the case involved the analysis of insider trading, market manipulation, misrepresentation with three major securities violations data, charts and analysis, typical cases of administrative violations suffered by penalties, criminal penalties for horizontal and vertical comparison. Aim to compare the punishment and find out the problems of penalties for violations of securities. The problems are low investigation rate,low punishment level, the delay of punishment is also common. The characteristics of Securities and the market of China cause difficult in investigation and punishment. The Insufficient of the law and the ineffective of the penal institutions are the reason as well.Make the enforcement configuration properly, improve the existing legal system and strengthen relevant laws, in particular supporting the implementation details and operational aspects of the construction of the law. Raise up the efficiency of administrative law enforcement and make sure to response rapidly; strictly according to law for serious criminal penalties for securities violations, so that responsibility and punishment correspond to administrative punishment instead of to eliminate the phenomenon of criminal punishment; increase the description of criminal type, use the improved fine properly. Improve the civil compensation system, set up the regulation of civil compensation of insider trading and market manipulation as soon as possible. The class action which is originated from USA would be a good choice in lawsuit mode. On the one hand protection legitimate rights and interests of investors are not violated, on the other hand is also a regulatory offense effective. Achieve "administrative penalty liability-civil liability-responsibility for criminal punishment," the integrity of the entire chain of liabilities. Give best protection to the securities market of China. Keep it on fair, healthy, orderly level, and to be what it is.