In recent years, there have been many rumors in the capital market that led to the fluctuation of the stock prices of the relevant listed companies. Some rumors even affected the entire market. China Securities Journal reporter was informed that, in recent years, the SFC has always been concerned about the dynamics of public opinion in the capital market in real time and resolutely investigated and dealt with various fabricated and spreading rumors about the market. SFC inspection department has established a rumor fast check “through train” with the relevant functional departments. The fabricators and disseminating false information that severely endanger market order and seriously affect investors' confidence and expectations are seriously punished. Those suspected of crimes are transferred to public security organs for criminal prosecution. And SFC would pay full attention to whether there is such behavior as manipulating the market, managing false market value, transferring benefits, and earnestly implementing the work requirements of “supervision in accordance with the law, overall supervision and strict supervision” so as to ensure that the media environment in the capital market continues to improve.
Tian Lihui, head of the Institute of Financial Development at Nankai University, said there are rumors, gossip and speculation about the capital markets in various countries. The sources of rumors are often interest groups, such as large shareholders of listed companies or bookmakers. Rumors can disrupt the normal operation of the market and create a wrong distribution of interests, distorting the allocation of resources.
Cracking down on the criminal activities of fabricating and spreading false information on securities and futures and implementing the regulatory concept centered on information disclosure have always been the focuses of regulatory enforcement of the securities and futures regulatory agencies of various countries.
The truth, accuracy, completeness and fairness of the information is one of the foundations for the rational allocation of funds and the effective operation of the market. In the period when the channels of information dissemination are not yet standardized and the screening costs are high, the Commission regulates the dynamics of the media market and investigates and prosecutes those with serious circumstances. Only those who mislead the news can realize the evil consequences of the acts, can we effectively prevent similar incidents occur repeatedly.
On how to prevent and punish rumors of capital markets, regulators should achieve regulatory transition, intensify efforts to crack down on rumors, eliminate regulatory blind spots, regulatory loopholes and vacuum zone, the key is to cast the regulatory forces together to enhance regulatory credibility. Specifically, the CSRC system should be good at cooperating with relevant departments such as public security organs, network authorities and the business sector to create a seamless, organic, 24-hour, 360-degree and cross-market cross-regional cross-sector cross-industry, real-time information updating, free public inquiring capital market rumor law enforcement and regulatory cooperation mechanism. In addition, those who fabricated rumors must be included in the blacklist of dishonesty and give them credit sanctions.
Tian Lihui suggested that to fundamentally prevent and punish rumors of capital markets, criminal law should further clarify the terms of the crime of manipulation of stock prices, increase the criminal penalties for criminal fraud; at the same time, we need to step up investor education to enable investors to understand the serious consequences of the preparation and spread the rumor; and we need group prevention and mass control, and can attain timely detection and suppression of rumors with the help of the vast number of investors in civil supervision.
