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在线翻译:
szdaily -> China -> 
Civil compensation first: deputy
    2021-03-09  08:53    Shenzhen Daily

WANG JIANJUN, a lawmaker to the National People’s Congress (NPC), proposed establishing a mechanism of “civil compensation first and administrative fines later” for handling securities fines and confiscated money to better protect investors’ interests, Shenzhen Special Zone Daily reported.

Wang, Party chief of Shenzhen Stock Exchange, maintained that the violation of investors’ interests is the critical problem of typical illegal acts in the securities market, such as securities fraud, insider trading, and market manipulation. The criminals’ illicit income is exactly the victims’ property losses.

China’s 1998 Securities Law already stipulated that lawbreakers shall first bear the civil liability for damages; the article has yet to come into effect.

In practice, administrative securities fines that go to the treasury are always prioritized before civil compensations. In recent years, with China’s stronger crackdown on securities fraud, the penalty amounts are increasing significantly. Consequentially offenders cannot afford to civil compensation after paying administrative fines.

“Administrative organs should avoid contending for profits with investors,” Wang said. The purpose of securities administrative fines is to be a deterrent rather than increase the treasury’s revenue.

He proposed amendments to relevant provisions of the Budget Law and the Treasury Rules to compensate defrauded investors’ losses first with the confiscated money. Money that has already entered into the treasury need to be reallocated. (Xia Yuanjie)

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