从瑞幸事件看新证券法下强化财务造假监管

The Enhancement of Regulating Financial Fraud in the New Securities Law:a View on the Luckin Coffee Event

证券法此次修订大幅提高了对财务造假行为的惩戒力度,并新增域外效力条款,将证券法管辖范围延伸至境外发行和交易活动。对于中概股财务造假,管辖权的主张应在遵守国际礼让原则的前提下,结合境内市场和投资者利益受影响程度审慎为之。在发行注册制改革的背景下,提高发行上市企业质量的关键还是在于强化事中事后监管,特别是要提高民事和刑事追责力度,积极推进退市市场化、常态化。

The recently-revised Securities Law has greatly enhanced the severity of punishment for financial fraud,and extended its arm to cover foreign issuance and trading activities.With regard to financial fraud of oversea-listed China concept stocks,long-arm jurisdiction should be prudently claimed with the consideration of the principle of International Comity and the impact on domestic markets and investors.As the reform of registration system for stock issuance is moving forward,we believe that strengthening regulations in process and afterwards is critical to improve the quality of listed companies.In particular,enhancing the civil and criminal liability and implementing a market-oriented delisting mechanism is important.