Typical Case:
Han Gang jailed for a year the fund industry Rat collar criminal who first
At 02:42 on May 23, 2011 Source: Shanghai Securities News
Recently, the Shenzhen Bureau issued "on the lessons learned to enhance the integrity of law-abiding education notice" to the area each fund management company. Notice requiring fund management companies should strengthen internal management, improve self-discipline mechanism, a good compliance culture of prevention "Rat" and other illegal activities from the source.
Recently, the Shenzhen Futian District People's Court on Han Gang fund managers suspected of using non-public information trading case to make a public judgment, Han Gang sentenced to one year imprisonment, confiscation of their illegal income and fined 310,000 yuan. The case has become China's first fund from employees arising from the use of undisclosed information trading violations case be held criminally responsible.
Warning and educational first case can not be ignored
"Han Gang applicable criminal law article 180 fourth paragraph: the use of information dealing offense not disclosed." Dana Guangdong law firm Hu Ting pointed out that the provisions: employees of financial institutions because of his use of insider information to facilitate access to the information is not disclosed other than violation of the provisions in the information related to trading activities, the circumstances are serious, imprisonment or criminal detention and concurrently or more than five times the illegal gains fine; circumstances are particularly serious, over five to ten years imprisonment, more than five times the illegal income and impose a fine.
"The case as a fund manager's first violation of the provisions in the relevant trading activities jailed case, its warnings and educational significance can not be ignored." Hu said Ting.
Although Han Gang is the first case arising from the use of undisclosed information jailed for fund managers, but it is not the first fund manager in such illegal transactions. Previously, the Commission had dealt with a fund manager Wang Limin, assistant fund manager Tang Jianli use his position to facilitate and fund information is not disclosed, the sale of the same stock to profit through securities accounts they control the behavior of private interests, found Wang Limin, Tang Jian as Shichangjinru giving canceled fund qualifications, confiscate the illegal income, impose a fine penalty.
Moral hazard is difficult to control the formation of "Rat" the main reason
Fund industry "Rat" is emerging, mainly in the fund industry moral hazard is difficult to control. In general, the impact of the Fund's assets safe there are two types of risk: First, the market risk, the second is moral hazard. Market risk primarily from the professional quality of the fund manager's investment philosophy, market experience, such as the risk of the further development of the capital market gradually resolved.
The moral hazard from the fund managers morality, because moral cultivation is not enough to engage in illegal conduct transactions, fund managers will undoubtedly lead the illegal situation. For such risks, the most hated fund holders are also most likely to shake the trust industry foundation, but also difficult to control.
In fact, regulators have already given to this kind of phenomenon enough attention.
As early as July 2009, Shenzhen Bureau has issued the "warn securities, futures, fund practitioners to further enhance law-abiding behavior of the notice" (hereinafter referred to notice). To alert practitioners, "notice" listed a number of cases of illegal China Securities Regulatory Commission investigation, requiring securities, funds, futures companies and all of its employees to improve professional ethics training, strengthen self-discipline to the case had been investigated as a warning, a profound understanding of the criminal acts of employees job dangers and serious consequences, and resolutely prevent the transfer of benefits and behavior Infidelity, effectively protect the legitimate rights and interests of investors, to maintain the industry's image. In August, the Shenzhen Bureau in the area to carry out illegal transactions undisclosed information for employees in fund utilization on-site inspection, the inspection found Han Gang, Tu Qiang, Liu and other three suspected illegal fund managers, and the record for audit . July 2010, China Securities Regulatory Commission for James Strong, Liu made a canceled fund qualifications, confiscate the illegal income and impose a fine of administrative penalties, but also to take a market exclusion measures, while Han Gang due to serious cases were transferred to public security organs and eventually jailed.
Correctional combined with comprehensive management
In view of the above three fund managers have been severely punished according to law, Shenzhen Bureau once again warned all employees in fund, should be a warning to prevent harm to property fund moral hazard, Shang Fulin, the implementation on the "triple bottom line" in the spirit of the instructions.
In recent years, regulators adopted a "Correctional Overall Governance," the idea in the fight against employees "Rat." "Correctional integration", on the one hand by severely punish illegal behavior, so that the offender pay the price for their actions; on the other hand, more importantly, educating the employees learn a lesson, learn a lesson, honest law-abiding, hard-working diligence, do not repeat it. "Comprehensive management", not only reflected in the repeatedly issued a notice, to persuade employees to raise awareness, honesty; and start from the source, requiring internal fund companies effectively assume management responsibilities, organizational learning, establish a new system to the the possibility of reducing the source of illegal employees, maintain the industry's good reputation and credibility, build a law-abiding, professional, hard-working team of practitioners for fund shareholders to create more value.
First "Rat" into the criminal cases against the wind sounded the alarm Han Gang crime severely punished
2011-5-23 Jiang Yi China Securities Journal
China's first fund since employees use non-public information be held criminally responsible for illegal trading cases have been validated. Recent Shenzhen Futian District People's Court to make a public judgment, 38-year-old fund manager Han Gang was sentenced to one year imprisonment, confiscation of their illegal income and fined 310,000 yuan.
August 2009, the Shenzhen Securities Regulatory Bureau on-site inspection found that the fund manager Han Gang, Tu Qiang, Liu alleged violation and file for inspection. In the latter two cases concluded just before Han was sentenced to administrative penalties and Shichangjinru, Han Gang due to serious cases were transferred to the public security organs of China Securities Regulatory Commission investigation, becoming the first case of fund managers "Rat" into the criminal cases.
In mid-month, the Shenzhen Securities Regulatory Bureau issued "on the lessons learned to enhance the integrity of law-abiding education" which called for employees to fund the area of violations of law by a painful price as a warning, practitioners cherish life, integrity of the law, in order to avoid making the same mistakes; requires fund managers to strengthen internal management, improve self-discipline mechanism, a good compliance culture of prevention "Rat" from the source and other illegal behavior.
Severely punished crime against the wind
After August 2009, following Shenzhen Bureau issued "on the caution securities, futures, fund practitioners to further enhance law-abiding behavior of notice" month for the use of undisclosed information of employees in fund illegal transactions conducted a site inspection, Han Gang , James strong, bangs three fund managers to initiate an audit. This caused a shock in the fund industry, the market is also the regulatory heavy-handed regulation "Rat" highly concerned.
July 2010, China Securities Regulatory Commission for James Strong, bangs make canceled fund qualifications, confiscate the illegal income and impose a fine of administrative penalties, but also to take a market exclusion measures, while Han Gang jailed for aggravated final.
In the "People's Republic of China Criminal Law Amendment (g)" February 28, 2009 to implement the provisions of the first employees of securities companies, futures brokerage companies, fund management companies and other financial institutions, due to the use of other duties other than to facilitate access to insider information undisclosed information, in violation of the provisions of the information related to securities and futures activities, or express, implied others to engage in activities related to the transaction, in accordance with the provisions of insider trading criminal penalties, in serious cases, imprisonment or criminal detention and fined.
The legal profession that the illegal transaction time is a critical factor in penalties after February 28, 2009 is decided. In 2009, after February 28, Han Gang are still many illegal trading behavior, greater profits, in terms of time, money, or the severity of the circumstances should be severely punished.
That is the line loss of professional life
South Korea just prior to the incident as a fund manager's time is not very long, because the use of undisclosed information and jailed for illegal trading, career was ended.
In fact, the current overall age of Chinese fund managers little business experience is not long. Shenzhen Bureau Secretary Zhang Yundong think this group due to lack of market experience to bring to market risk fund holders will be appreciated, But if the moral issues of their own damage interests of the holders, undermined the market order, market culture, it must not be forgive.
In recent years, China Securities Regulatory Commission has always attached great importance to combating the illegal transactions, transfer of benefits and other acts. First half of 2008, the Commission dealt with Wang Limin, Tang Jianli use his position to facilitate and fund information is not disclosed by the securities account for the personal benefit they control the sale of the same stock to profit behavior. In 2009 the fund manager Zhang Ye, "Rat" behavior were investigated and dealt with promptly.
In the Shenzhen Bureau "on lessons learned, to strengthen the integrity of law-abiding education notice" that it would continue to implement the Chairman Shang Fulin on the "triple bottom line" of the spirit of the instructions of the "Rat", a non-fair trade, transfer of benefits and other irregularities We will not be tolerated.
Shenzhen Securities Regulatory Commission requirements, area fund companies to strengthen legal education for practitioners and compliance training, all employees should sign an undertaking of compliance; the companies to establish long-term mechanism to effectively prevent and control may violate the "triple bottom line" Insider conduct transactions, and strengthen the management of conflicts of interest.
Supervision will be more severe
Analysts said that from the overseas capital market situation, asset management institutions employing the use of undisclosed information trading stocks for profit is a chronic illness, but to a certain extent, by a strict system design, ongoing supervision and fund rigorous internal control system best avoid moral hazard. Mature markets overseas after years of development, we have gradually established insider trading surveillance, detection, sentencing a combat system.
Analysts believe that with the "Criminal Law Amendment (g)" the promulgation of the use of undisclosed information trading profit penalties become more severe. Some lawyers believe that not be the last Han Gang punished the future in such cases judicial crackdown will be growing, "the illegal income more than 150,000 yuan may be transferred." At the same time, the securities regulatory authorities will "Rat" behavior consistently strict supervision. For the first "Rat" jailed case, the majority of employees should fates warning, cherish life career, really avoid the tragedy from the source.
Fund managers "Rat" the first case of criminal sentencing
At 01:55 on May 23, 2011 Source: Securities Times Author: Yang Lei
Securities Times reporter Yang Lei
Recently, the Shenzhen Futian District People's Court on Han Gang suspected of using non-public information trading case to make a public judgment, Han Gang sentenced to one year imprisonment, confiscation of their illegal income and fined 310,000 yuan. The case has become China's first fund from employees arising from the use of undisclosed information trading violations case be held criminally responsible.
Securities Times reporter was informed that the Shenzhen Bureau has jurisdiction fund company recently issued a circular calling draw lessons to strengthen the integrity of the fund industry compliance education, improve self-discipline mechanism, prevention and control of "Rat" and other illegal activities from the source. One is to raise awareness. Fund companies to further strengthen legal education for practitioners and compliance training, deeply understand the "Fund Law" under the fund employees shall not engage in legislative and moral damage fund property interests of the holders of securities trading and other activities. Second, organizational learning. Each fund company recently organized all employees should seriously study the "Securities Act", "Criminal Law" and other relevant laws and regulations, about the lessons, Understanding, and the formation of relevant learning records. Third, establish a new system. Fund companies to establish long-term mechanism to effectively prevent and control any possible breach of "triple bottom line", the behavior of insider trading, conflicts of interest to strengthen the behavior management.
Shenzhen Securities Regulatory Bureau in July 2009 had issued "on the caution securities, futures, fund practitioners to further enhance law-abiding behavior of notice", and in August the company launched a fund jurisdiction practitioners use non-public information for fund illegal trading behavior on-site inspection, the inspection found Han Gang, Tu Qiang, Liu and other three fund managers were suspected of illegal file for inspection. July 2010, China Securities Regulatory Commission for James Strong, Liu made a canceled fund qualifications, confiscate the illegal income and impose a fine of administrative penalties, but also to take measures Shichangjinru; Han Gang case in view of the circumstances are serious, suspected of a crime, China Securities and Futures Commission The case will be transferred to the police for investigation.
It is reported that, in order to prevent moral hazard fund business, the implementation of China Securities Regulatory Commission Chairman Shang Fulin on the "triple bottom line" of instructions, Shenzhen Bureau will fund industry irregularities "Rat" non-fair trade, transportation and other benefits continued to strengthen supervision.
SFC fund intermediation punish Zhang Ye, "Rat" behavior
Zhubao Chen, Hou Jie Ning Securities Daily
Recently, the China Securities Regulatory Commission investigation according to law, the trial is completed intermediation Fund Management Co., Ltd. (hereinafter referred to finance the Fund) former fund manager Zhang Ye illegal case. Commission decides to cancel the fund qualifications Zhang Ye, the confiscation of their illegal income 2,294,791.90 yuan, and impose a fine of 4 million yuan, while implementing lifelong Shichangjinru. Currently, the administrative penalty decision, Shichangjinru decision has been made, the program is being handled by service procedures. The facility fund its original location, then ordered a six-month rectification, the rectification period, their new business was limited.
It is reported that China Securities Regulatory Commission in April 2009 to Zhang Ye investigation. The survey found that in 2007 until February 2009, during a fund manager Zhang Ye served to finance the Fund, the use of his office to obtain fund investment information and research facility of the Fund and the operation control of others, "Zhou Qiang" account, to take the first intermediation Fund's relevant fund to buy or sell the same stock trading for others to reap benefits, which derive personal benefit. In addition, in December 2006 to July 2007 period, Zhang Ye network through a single mode of operation of the spouse of the same name, account transactions and other stocks Guangyu Development, to obtain an unfair advantage.
Survey found that fund managers Zhang Ye with its identity, the operation "Zhou Qiang" behavior engaged in securities trading accounts in violation of the "Securities Investment Fund Law" Article XVIII engage in securities trading on the Prohibition of the fund property and damage the interests of fund shareholders regulations and other activities, constitute the Article 97 of the Act. Zhang Ye operate their spouse's namesake illegal stock trading accounts in violation of the "Securities Act" provisions of Article 43 on the prohibition of the sale of shares of the relevant personnel, the behavior constitutes the method to a first Article 199. Commission decides to cancel the fund qualifications Zhang Ye, the confiscation of their illegal income 2,294,791.90 yuan, and impose a fine of 4 million yuan, while implementing lifelong Shichangjinru.
China Securities Regulatory Commission official said the relevant departments, Zhang Ye, as a fund manager, said it is a violation of securities laws and regulations of the fund, contrary to the fiduciary duty of employees, undermining the open, fair and just market principles, against the the legitimate interests of fund holders, not only a serious blow to their personal future, while the reputation of the industry, the company's image but also adversely affected.
It is reported that Zhang Ye case is China Securities Regulatory Commission following the April 2008 case of Tang Jian, Wang Limin case make the punishment, yet another investigation of illegal stock trading of employees in fund case.
"For 'Rat' The investigation is pulling no punches." Official stressed, as the regulatory authorities of the "Rat" alleged transfer of benefits attitude harm the interests of investors this behavior is determined, it was found together with the investigation will not be tolerated . The future will continue to strengthen supervision, but will also increase the interest suspected of insider trading supervision.
Official also said that, after the last "Rat" event, the Commission in promoting legislation to promote the investigation "Rat" behavior from a legal point of view made great efforts. Relevant guidance released this year, the relevant personnel management has made more stringent requirements, but the sound system is not enough, the next step, the Commission will revise laws and regulations to further improve the system in this regard.
At the same time, the Commission again reminded the majority of fund managers and practitioners, practitioners should exercise strict self-discipline, and jointly promote the healthy and stable development.
Official said, the professional level of investment and a good work ethic is the fundamental survival of the fund industry. Only continue to improve the level of investment, to safeguard the interests of fund holders, the fund industry can be developed, and for the development of the securities market has played a positive role.