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Notice of the Supreme People's Court, Supreme People's Procuratorate, Ministry of Public Security and China Securities Regulatory Commission on the Relevant Issues concerning the Suppression of Illegal Securities Activities [Effective]
最高人民法院、最高人民检察院、公安部、中国证券监督管理委员会关于整治非法证券活动有关问题的通知 [现行有效]
【法宝引证码】

 
Notice of the Supreme People's Court, Supreme People's Procuratorate, Ministry of Public Security and China Securities Regulatory Commission on the Relevant Issues concerning the Suppression of Illegal Securities Activities 

最高人民法院、最高人民检察院、公安部、中国证券监督管理委员会关于整治非法证券活动有关问题的通知


(No. 1 [2008] of China Securities Regulatory Commission)
 
(证监发[2008]1号)


The higher people's courts, people's procuratorates and departments (or bureaus) of public security of all provinces, autonomous regions and municipalities directly under the Central Government, the courts-martial of the People's Liberation Army, the Military Procuratorates, the Production and Construction Corps Branch of the Higher People's Court of Xinjiang Uigur Autonomous Region, the people's procuratorates and bureaus of public security of Xinjiang Production and Construction Corps, and the regulatory offices of China Securities Regulatory Commission in all provinces, autonomous regions, municipalities directly under the Central Government and municipalities under the separate state planning:
 
各省、自治区、直辖市高级人民法院、人民检察院、公安厅(局),解放军军事法院、军事检察院,新疆维吾尔自治区高级人民法院生产建设兵团分院,新疆生产建设兵团人民检察院、公安局,中国证监会各省、自治区、直辖市、计划单列市监管局:

After the Notice of the General Office of the State Council on the Relevant Issues concerning the Strict Crackdown on Illegal Issuance of Stocks and Illegal Operation of Securities Business (No. 99 [2006] of the General Office of the State Council, the “Document No.99 of the State Council”) and the Official Reply of the State Council on Agreeing to Establish the Working System of Coordination Panel for the Suppression of Illegal Securities Activities (No. 14 [2007] of the State Council) were issued, all members of the Coordination Panel for the Suppression of Illegal Securities Activities (the “Coordination Panel”) and the local people's governments have attached great importance to it, made meticulous arrangements, investigated a batch of major and serious cases, and preliminarily curb the trend of rampancy of illegal securities activities, the number of new happenings of various illegal securities activities has obviously dwindled, salient results have been achieved in the crackdown on illegal securities activities, and a considerable portion of cases have entered the judicial procedures. However, in the case-handling process, the relevant units have encountered some issues on the ambiguous division of work and cooperation and boundaries in policy and law. Therefore, the Coordination Panel specially convened a meeting to discuss these issues. In the spirit of the meeting of the Coordination Panel, the relevant issues on the crackdown on illegal securities activities are hereby notified to you as follows:
 
国务院办公厅《关于严厉打击非法发行股票和非法经营证券业务有关问题的通知》(国办发[2006]99号,以下简称“国办发99号文”)和国务院《关于同意建立整治非法证券活动协调小组工作制度的批复》(国函[2007]14号)下发后,整治非法证券活动协调小组(以下简称“协调小组”)各成员单位和地方人民政府高度重视,周密部署,重点查处了一批大案要案,初步遏制了非法证券活动的蔓延势头,各类非法证券活动新发量明显减少,打击非法证券活动工作取得了明显成效,相当一部分案件已进入司法程序。但在案件办理过程中,相关单位也遇到了一些分工协作、政策法律界限不够明确等问题。为此,协调小组专门召开会议对这些问题进行了研究。根据协调小组会议精神,现就打击非法证券活动工作中的有关问题通知如下:

 
I. Unifying ideas and attaching great importance to handling illegal securities cases   一、统一思想,高度重视非法证券类案件办理工作

The illegal securities activities are a typical kind of activities of legal violations and crimes involving the mass, seriously disturb the normal economic and financial order, and subvert the social harmony and stability. In view of some cases handled recently, the illegal securities activities take on the following characteristics: (1) Pursuant to the Rules on the Standards of Prosecution of Economic Crime Cases (No. 11 [2001] of the Ministry of Public Security) issued by the Supreme People's Procuratorate and Ministry of Public Security, the great majority of illegal securities activities involve crimes. (2) The illegal securities activities continue being innovated in manners, with great hiddenness, deceptiveness and imitativeness. (3) The illegal securities cases involve broad areas, large amounts and a great number of people, the assets are easily transferred, the evidence is easily destroyed, the suspects can easily flee, and there is great difficulty in handling cases. (4) Quite a few cases involve the overseas capital markets, and the handling of such cases involves strong policy considerations and requires a high level of specialty. (5) Most investors are retirees, laid-off workers and other people in hardship with a weak sustainability, and mass events are very easily caused. All relevant authorities shall unify ideas, attach great importance to it, fully understand the seriousness and dangers of such activities of legal violations and crimes, strengthen the sense of political responsibility, closely divide work and cooperate, improve the work efficiency, timely investigate a batch of major and serious cases, maintain the authority of laws and administrative regulations, safeguard the social fairness and justice, and protect the legal rights and interests of the investors.
 
非法证券活动是一种典型的涉众型的违法犯罪活动,严重干扰正常的经济金融秩序,破坏社会和谐与稳定。从近期办理的一些案件看,非法证券活动具有以下特征:一是按照最高人民检察院、公安部《关于经济犯罪案件追诉标准的规定》(公发[2001]11号),绝大多数非法证券活动都涉嫌犯罪。二是花样不断翻新,隐蔽性强,欺骗性大,仿效性高。三是案件涉及地域广,涉案金额大,涉及人员多,同时资产易被转移,证据易被销毁,人员易潜逃,案件办理难度大。四是不少案件涉及到境外资本市场,办理该类案件政策性强,专业水平要求高。五是投资者多为离退休人员、下岗职工等困难群众,承受能力差,极易引发群体事件。各有关部门要进一步统一思想,高度重视,充分认识此类违法犯罪活动的严重性、危害性,增强政治责任感,密切分工协作,提高工作效率,及时查处一批大案要案,维护法律法规权威,维护社会公平正义,维护投资者的合法权益。

 
II. Clarifying legal and policy boundaries and legally cracking down on illegal securities activities   二、明确法律政策界限,依法打击非法证券活动

 
1. Determination of the nature of transfer of stocks by a company or its shareholder to the members of general public without approval. Article 10(3) of the Securities Law provides that: “The non-public offering of securities shall not be in the manner of advertisement, public canvass or public offering in a disguised way.” The Document No. 99 of the State Council provides that: “Any shareholder of a company shall be prohibited from transferring stocks to the members of general public in a public manner on its own or through an authorized person. Where stocks are transferred to specific objects, which, however, is not reported to China Securities Regulatory Commission for approval, the number of shareholders of the company shall not exceed 200 in total after the transfer.” Where a company or shareholder thereof transfers stocks to the members of general public without approval in violation of the above provisions, the company or shareholder thereof shall be pursued for liability for issuance of stocks without approval. Where a company and shareholder thereof conspire to commit the above violation, the company shall bear the liability jointly with the shareholder thereof. (一)关于公司及其股东向社会公众擅自转让股票行为的性质认定。《证券法》第十条第三款规定:“非公开发行证券,不得采用广告、公开劝诱和变相公开方式。”国办发99号文规定:“严禁任何公司股东自行或委托他人以公开方式向社会公众转让股票。向特定对象转让股票,未依法报经证监会核准的,转让后,公司股东累计不得超过200人。”公司、公司股东违反上述规定,擅自向社会公众转让股票,应当追究其擅自发行股票的责任。公司与其股东合谋,实施上述行为的,公司与其股东共同承担责任。

 
2. Liability for issuance of securities without approval. For the issuance of securities without being approved according to law and involving a crime, the offender shall be pursued for criminal liability on charge of the crime of issuance of stocks or corporate or enterprise bonds without approval, pursuant to Article 179 of the Criminal Law. For the illegal securities activities without being approved according to law, in the disguise of issuance of securities and involving a crime, the offender shall be pursued for criminal liability on charge of the crime of illegal absorption of savings from the general public or crime of fraudulent fundraising, pursuant to Articles 176 and 192 of the Criminal Law. Where the violation does not constitute a crime, the administrative punishment shall be imposed on the violator pursuant to the provisions of the Securities Law and relevant laws.
......
 (二)关于擅自发行证券的责任追究。未经依法核准,擅自发行证券,涉嫌犯罪的,依照《刑法》第一百七十九条之规定,以擅自发行股票、公司、企业债券罪追究刑事责任。未经依法核准,以发行证券为幌子,实施非法证券活动,涉嫌犯罪的,依照《刑法》第一百七十六条、第一百九十二条等规定,以非法吸收公众存款罪、集资诈骗罪等罪名追究刑事责任。未构成犯罪的,依照《证券法》和有关法律的规定给予行政处罚。
......

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