Wu Xiaolu: Regulatory improvement of strikes from the source govern the ＂small compos

Source: Securities Daily

Author: Wu Xiaolu

The regulatory authorities shot rumors of "small composition in the stock market".

On July 15th, the Central Network Information Office issued a statement that recently, some online accounts fabricated and distorted public policy information, misleading the masses and making profit from it.The Central Internet Information Office guidance website platform carried out key investigation and rectification, and set up 373 illegal and violation accounts, and notified some typical cases.Among them, the first typical case is the "small composition of the stock market" rumors.

In this regard, experts interviewed said that the current rectification of stock market rumors has risen from the securities regulatory authorities to co -supervision of multiple departments.It is of great significance to investigate and deal with rumors and rumors accounts from the source, and the crackdown is upgraded for purifying the capital market environment and maintaining the "three public" principles of the capital market.

"Small Compositions in the Stock Market" continuously investors to invest rationally

On June 14, an article entitled "Caitong Policy Road Show Essentials" began to spread online, saying that a meeting would discuss a number of fiscal and economic policies, which caused a large response of the stock market.The Central Cyberspace Office stated that such typical "small compositions in the stock market" rumors, fake authority and confused speculation, have a bad impact.In accordance with the law, the WeChat platform "LI XIAFEI", the Weibo platform "Hippo Epic CL", and the snowball platform "research value PLUS" and other rumors and rumors are closed and disposed of.

In fact, various types of "small compositions in the stock market" have always been active in the capital market. Some of the macro policies of "spoilers" in advance, some of which have fabricated brokerage road performance minutes, and edited and written on the basis of rumors.In recent years, with the continuous development of social media, the spread of "small composition in the stock market" has become faster and faster, and its power is getting greater.For example, in March of this year, a chip "small composition" caused the A -share chip sector to rise sharply, rising 1.91%that day.

Behind various small compositions, different motivations are hidden.For investors, the biggest impact is manipulating the market, using various rumors to induce retail investors to take over the dealer.In the case of continuous fluctuations in the market, for some small and medium investors, a "good" news is like a life -saving straw, buying the idea of "it is better to have", and may encounter "Waterloo" afterwards.

"Some" small compositions "of some stock markets are purely 'blogging' attractive traffic, and some are a means to manipulate the securities market." Zhang Zhiwang, a partner and lawyer of Zhejiang Liuhe (Ningbo) Law FirmDaily reporters said that investors in the securities market mainly judge the value of stocks based on public information. If the "small composition of the stock market" involves a false information that involves national macroeconomic policies or has a significant impact on a certain industry, it will often induce investors to make makeingsThe wrong investment decision has also disrupted the normal order of the securities market.

The A -share market frequently appears "small stock market composition", and it also affects the stock price of relevant companies.Zheng Xuan, a professor at the School of International Finance and Law, East China University of Political Science and Law, told reporters from the Securities Daily that analyzing the information used in the stock market must come from legal and regular channels.Judging from the current situation of the stock price of "small composition in the stock market" that affects individual stocks or specific types of companies, the A -share market still has the characteristics of "message market" and "follow the trend". Investors' ability to understand and judge information and its source need to be further further needed to further further.improve.

Give full play to govern rumors from the source

From the perspective of legal responsibility, the fabrication and dissemination of the "small composition of the stock market" may be suspected of manipulating the market or disturbing illegal acts such as the securities market.Actors who have caused different impacts may face administrative, civil and even criminal responsibility.

According to the provisions of the New Securities Law, fabricate, disseminate false information or misleading information, and disrupt the securities market, a maximum of 10 times or 2 million yuan (RMB, the same, S $ 370,000) will be punished by illegal income.Zhang Zhiwang believes that from the "small composition of the stock market" rumors, the actor may be suspected of "fabricating and spreading false information that affects securities and futures transactions". In addition to administrative fines, it may also face civil compensation.

Zheng Yan said that if it is deliberately spreading the false news and cooperates with the actor to spread the securities trading behavior before and after the news, it constitutes the manipulation market. It not only has the problem of civil compensation liability, but also involves administrative responsibilities and administrative responsibilities and the manipulation of the market.criminal responsibility.

For the release of false information that affects the fluctuations of stock markets and markets, the CSRC also punch it.In May this year, the CSRC issued an administrative penalty for the fabrication and dissemination of false information related to futures transactions related to Shanghai Dianxia Electronic Commerce Co., Ltd. (hereinafter referred to as "Shanghai Dian Steel").According to the decision of administrative penalties, on January 27, 2022, Shanghai Point Steel E -commerce posted three false information on its WeChat public platform.According to the CSRC, the content of false information is related to iron ore futures contracts, which affects the price of iron ore futures contracts, and is obviously misleading, disrupting the futures trading market.Shanghai Dian Steel and its relevant persons in charge were fined 380,000 yuan in total.

At present, multiple departments are working hard to shape the good ecology of the capital market.On July 10, the Central Cyberspace Office issued a notice on strengthening the management of "self -media", and proposed to strengthen the authenticity management of information, improve the function of rumors, and strengthen the exposure of typical case disposal.Judging from the release of typical cases, the regulatory authorities have begun to punch the rumors such as "small composition of the stock market".

"At present, the governance of the stock market rumors has risen from the securities regulatory authorities to the coordinated supervision of multiple departments.Cutting off the source of these rumors and 'switchs' will greatly improve the crackdown on illegal information, misleading information generation and dissemination of the securities market, "Zheng Yan said.