According to the latest data of China Clearing, the number of investors in the securities market has exceeded 200 million. In the past February, the number of new investors increased by 6.82% month on month. Among them, small and medium-sized investors with a market value of less than 500000 yuan account for more than 90%. Facing the complex market environment, how to protect the "money bag" of 200 million investors? With the advent of the annual "March 15" international consumer rights day, the protection of investors' rights and interests has once again become a hot topic among the people. In 2022, it has become a consensus of all parties to further improve the comprehensive protection mechanism for the legitimate rights and interests of investors. The CSRC stressed that we should focus more on the center and serve the overall situation, and find the entry point and combination point of insurance work. We will give more prominence to law and regulation, rationality and fairness, and strive to build a market ecology with benign interaction between investment and financing and responsible parties. More realistic and pragmatic, pioneering and innovative, and constantly enhance investors' sense of gain. Give more prominence to overall planning and coordination, form joint forces, and build a "big insurance" pattern of mutual promotion and joint management. Typical case demonstration "zero tolerance" continued to be implemented On March 11, Henan securities regulatory bureau released 10 typical cases of investor rights and interests protection in its jurisdiction, involving margin trading, bank securities transfer, share holding, futures option trading, convertible bond trading, dispute mediation and other aspects; On March 10, the case of investor suing st Guanfu for Securities Misrepresentation liability was heard in Fuzhou intermediate people's court; On January 29, the Shenzhen intermediate people's court made a first instance judgment on the dispute over the liability for Securities Misrepresentation between the plaintiff he and the defendants Zhao, Yang and Dongfang Jinyu Co., Ltd. This is also the first case in which the actual controller is ordered as the first subject of responsibility in accordance with the judicial interpretation since the provisions of the Supreme People's Court on the trial of civil compensation cases of misrepresentation infringement in the securities market came into force on January 22, 2022. Over the past two years since the implementation of the new securities law, the regulatory authorities have made greater efforts to crack down on violations of laws and regulations in the capital market. The "demonstration effect" of a series of typical cases has further strengthened the deterrent effect of supervision and law enforcement, and also sent a positive signal to the majority of investors. In March last year, the higher people's Court of Sichuan Province made a second instance judgment on the first civil compensation support lawsuit for market manipulation filed by the investment and Service Center - the plaintiff Yang v. Que and other cases, rejected the defendant's appeal of first instance and upheld the original judgment, realizing a "zero breakthrough" in the practical field of civil compensation for market manipulation; In September, the final judgment of Feile audio (rights protection), the first lawsuit of ordinary representative in securities dispute, and the second instance judgment of the first lawsuit of representative in bond misrepresentation compensation came into force; In November, the first special representative case of Kangmei pharmaceutical was decided in the first instance, marking the successful implementation of the special representative litigation system in China's capital market. LV Hongbing, chief executive partner of Guohao law firm, said that the judgment of Kangmei pharmaceutical reflected the positive practice of investigating civil liability and safeguarding the rights and interests of investors after the illegal acts of securities in the capital market were administratively punished. According to the handling of cases from the CSRC, a total of 609 cases were handled in 2021, including 163 major cases, involving typical illegal acts such as financial fraud, capital occupation, market manipulation in the name of market value management, vicious insider trading and failure of intermediaries to be diligent and responsible. According to the reporter's statistics, since the beginning of the year, more than 20 companies have issued relevant announcements involving "case filing and investigation". Among them, at the beginning of the new year, the "No. 1 ticket" of the CSRC directly pointed to Kim Jong Il's financial fraud and other problems, fined a total of 7.55 million yuan to Kim Jong Il and eight relevant responsible persons including his actual controller, chairman and general manager Wan Lianbu, and took market entry prohibition measures for three to 10 years respectively. "Due to the asymmetric information and highly centralized ownership structure, it is difficult to be cautious and self disciplined actual controllers and directors and supervisors, the gap in the ability to transfer the externalization of litigation costs and the free rider's rights protection psychology, in practice, we find that small and medium-sized shareholders often become vulnerable groups." Liu Junhai, director of the Institute of commercial law of Renmin University of China, said that to truly protect small and medium-sized investors, we need to crack down on all kinds of securities violations with a "zero tolerance" attitude, and build a standardized and transparent capital market. According to the report of the Supreme People's court and the Supreme People's Procuratorate recently released, the people's Court concluded 13000 criminal cases such as market manipulation, insider trading, illegal fund-raising and money laundering in 2021. The procuratorial organ set up a procuratorial office in the CSRC to jointly punish securities violations and crimes with the Ministry of public security and the CSRC, and handled 19 major cases. When interpreting the report, Liu Guixiang, a full-time member at the vice ministerial level of the judicial committee of the Supreme People's court, once again stressed that reducing the rights protection costs of small and medium-sized investors according to law and increasing the illegal costs of securities fraudsters according to law are the focus of securities trials. 200 million investors "money bags" get stronger protection In 2022, the strong supervision of multiple places and departments is still accelerating, and the investor protection mechanism continues to be improved. From January 1, the measures for the implementation of the commitment system of parties involved in Securities and futures administrative law enforcement officially came into force; On January 21, the Supreme People's Court promulgated the new judicial interpretation "Several Provisions on the trial of civil compensation cases of misrepresentation infringement in the securities market". According to Liu Guixiang, first, the judicial interpretation abolished the pre prosecution procedure. Second, it clearly stipulated that "chasing the chief villain" and "beating accomplices" should be carried out simultaneously. If the controlling shareholders and actual controllers organize and instigate the financial fraud of listed companies, the relevant controlling shareholders and actual controllers should be ordered to bear the compensation liability directly to the investors, and the civil subjects who help the fraud should also bear the corresponding civil liability, It has woven a net of legal responsibility for the "chief villain" and "accomplice". On February 24, the CSRC held a 2022 investor protection meeting, which clearly and comprehensively deployed the key work of investor protection in 2022; In order to implement the principle of priority of civil compensation liability and effectively protect the legitimate rights and interests of investors, the CSRC announced on March 11 that it would solicit public opinions on the provisions on matters related to the priority of property of securities violators to bear civil compensation liability (Draft), Article 14 specifies the specific working mechanism of the administrative fines and confiscations paid by the violators to bear the civil liability for compensation. We have fully opened the channels for safeguarding the rights of small and medium-sized investors, and all localities are also continuously strengthening the guarantee mechanism. On March 10, the first intelligent trial platform for group cases of securities funds in central and Western China was officially launched in Chengdu Intermediate People's court. It is reported that the platform can directly share the functions of the "litigation mediation execution" whole chain, whole process and all elements online litigation system realized by "Rongyi litigation", and provide one-stop judicial services for investors; The 33rd meeting of the Standing Committee of the 13th National People's Congress held at the end of February adopted the decision of the Standing Committee of the National People's Congress on the establishment of Chengdu Chongqing financial court. This means that after the establishment of Shanghai financial court and Beijing Financial court, the third special financial court in China will also be "ready to come out". "Investor protection is a systematic project, which requires not only the concerted efforts of all parties, but also supporting systems, effective supervision and severe punishment. Accurate policies are implemented for different risk matters to effectively enhance the sense of acquisition and security of investors." Zhu Jiandi, chairman of Lixin certified public accountants, said. Feng Yidong, chairman of Zhongtai financial international, said that it is difficult to form an effective deterrent to illegal acts only by post punishment. We should further improve various regulatory systems, check deficiencies and fill gaps, and eliminate illegal information disclosure from the source. It is suggested to establish a long-term mechanism, give full play to the independent audit role of accounting intermediaries, strictly implement the relevant provisions on accounting audit, supervise and urge the standardized operation of listed companies, and improve the quality of information disclosure of listed companies. Focusing on the work of investor protection in 2022, the CSRC stressed the need to further improve the institutional mechanism and regulatory system of investor protection and continuously improve the effectiveness of investor rights and interests protection. At the same time, we will further unblock the channels for investors to protect their rights and recover compensation according to law, improve the basic system of investor protection, guide and urge market operating institutions to take the initiative to do a good job in insurance, cultivate a team of rational investors, and consolidate the basic guarantee of insurance work. (Xinhua News Agency)