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袁静律师|媒体人、公众号运营商、各类群主注意了！新《证券法》实施，任何人“抢帽子”都将面临处罚
点击次数： 更新时间：2020-04-17 09:37:04
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2020年3月1日，新修订的《证券法》正式施行。相比旧《证券法》，原文一字未动保留下来的只有52条。因此，此次《证券法》的修订是全面的大修。
On March 1, 2020, the newly revised Securities Law came into effect formally. Compared with the old edition, only 52 articles have remained unchanged. Therefore, the current revision of the Securities Law is a comprehensive AMENDMENT.
其中一条，对各类媒体人、非专业证券分析师以及投资群群主、公众号运营商将产生重大影响，即：新《证券法》明令禁止任何人以“抢帽子”等行为影响或者意图影响证券交易价格或交易量。如有违反，不仅要对投资者承担民事赔偿责任、受到行政处罚，情节严重的，还将面临刑事责任。
One of WHICH would have a significant impact on various types of media man, non-professional securities analysts, investment group owners, and public account operators,and WHICH is, the new "Securities Law" explicitly prohibits anyone from influencing or intending to "SCALPING" in the case of influencing the price or volume of securities trading. If there is a violation, it will not only bear civil liability to investors, but also receive administrative punishment. If the circumstances are serious, it WOULD also face criminal liability.“抢帽子交易操纵”在旧《证券法》中并未明文规定，这个概念最早在证监会印发的《证券市场操纵行为认定指引（试行）》（证监稽查字[2007]1号）中出现，是指“证券公司、证券咨询机构、专业中介机构及其工作人员，买卖或者持有相关证券，并对该证券或其发行人、上市公司公开做出评价、预测或者投资建议，以便通过期待的市场波动取得经济利益的行为。”2010年，《最高人民检察院、公安部关于公安机关管辖的刑事案件立案追诉标准的规定（二）》明确将“抢帽子交易操纵”作为可刑事立案追诉的操纵证券、期货市场行为，但对行为人身份仍然限定在“证券公司、证券咨询机构、专业中介机构及其工作人员”。
The concept of "SCALPING" was not explicitly stipulated in the old Securities Law, and this concept first appeared in the "guidelines for the Identification of Securities Market manipulation (trial version)" (Securities Supervision Inspection word [2007] No. 1) issued by the Securities Regulatory Commission. It refers to "securities companies, securities consulting institutions, professional intermediary institutions and their staff, buying and selling or holding relevant securities," The act of publicly evaluating, forecasting or making investment suggestions on the securities or its issuers or listed companies in order to obtain economic benefits through expected market fluctuations. " In 2010, the provisions of the Supreme people's Procuratorate and the Ministry of Public Security on the filing and prosecution standards of criminal cases under the jurisdiction of public security organs (2) clearly defined "SCALPING" as a criminal prosecution behavior of manipulating the securities and futures market. However, the identity of the actor is still limited to "securities companies, securities consulting institutions, professional intermediary institutions and their staff".
With the diversification of VOICING channels, people who have the ability and channels to manipulate the market through public evaluation, prediction, or investment advice are no longer limited to "securities companies, securities consulting institutions, professional intermediaries and their staff."A ll kinds of people, such as media man, official accounts, or social group leaders, are likely to engage in "SCALPING." Liao Yingqiang, the "black mouth of the stock market," is the best example. However, because he is not a securities company, securities consulting agency, professional intermediary agency and its staff, the second branch of the Shanghai Municipal people's Procuratorate is prosecuted to the Shanghai second Intermediate people's Court for the crime of illegal operation instead ofprosecuting for the crime of manipulating the securities and futures market.
为了更好的保护投资人的利益，规范证券市场。2019年6月，《最高人民法院、最高人民检察院关于办理操纵证券、期货市场刑事案件适用法律若干问题的解释》删除了对“抢帽子交易操纵”行为人身份的限定。如今，新《证券法》也明确禁止任何人通过“抢帽子”等行为影响或者意图影响证券交易价格或交易量。
In order to better protect the interests of investors, standardize the securities market. In June 2019, the interpretation of the Supreme people's Court and the Supreme people's Procuratorate on several issues concerning the application of laws in handling criminal cases of securities and futures market manipulation deleted the limitation on the identity of the actor of "SCALPING". Nowadays, the new Securities Law also explicitly forbids anyone to influence or intend to affect the securities trading price or volume through acts such as "SCALPING".
自此，各类媒体人、各类平台证券分析人以及证券投资群群主、公众号运营商都应当对上述法律法规的修订引起重视，今后如有“抢帽子交易操纵”的行为，不仅要对投资者承担民事赔偿责任、受到行政处罚，情节严重的，还将面临刑事责任，最高可判处十年以下有期徒刑，并处罚金。
Since then, all kinds of media man, securities analysts on different platforms, as well as securities investment group owners and official account operators should pay attention to the revision of the above laws and regulations, and if there is any act of "SCALPING" in the future, they will not only bear civil liability for compensation to investors and be subject to administrative punishment, and if the circumstances are serious, they WOULDl also face criminal liability, up to a maximum of not more than ten years in prison and a fine.
法条援引：
1、《证券法》第五十五条 禁止任何人以下列手段操纵证券市场，影响或者意图影响证券交易价格或者证券交易量：（五）利用虚假或者不确定的重大信息，诱导投资者进行证券交易；
（六）对证券、发行人公开作出评价、预测或者投资建议，并进行反向证券交易；
操纵证券市场行为给投资者造成损失的，应当依法承担赔偿责任。
第一百九十二条 违反本法第五十五条的规定，操纵证券市场的，责令依法处理其非法持有的证券，没收违法所得，并处以违法所得一倍以上十倍以下的罚款；没有违法所得或者违法所得不足一百万元的，处以一百万元以上一千万元以下的罚款。单位操纵证券市场的，还应当对直接负责的主管人员和其他直接责任人员给予警告，并处以五十万元以上五百万元以下的罚款。
2.《刑法》第一百八十二条：有下列情形之一，操纵证券、期货市场，情节严重的，处五年以下有期徒刑或者拘役，并处或者单处罚金；情节特别严重的，处五年以上十年以下有期徒刑，并处罚金：
（一）单独或者合谋，集中资金优势、持股或者持仓优势或者利用信息优势联合或者连续买卖，操纵证券、期货交易价格或者证券、期货交易量的；
（二）与他人串通，以事先约定的时间、价格和方式相互进行证券、期货交易，影响证券、期货交易价格或者证券、期货交易量的；
（三）在自己实际控制的账户之间进行证券交易，或者以自己为交易对象，自买自卖期货合约，影响证券、期货交易价格或者证券、期货交易量的；
（四）以其他方法操纵证券、期货市场的。
单位犯前款罪的，对单位判处罚金，并对其直接负责的主管人员和其他直接责任人员，依照前款的规定处罚。
3.《最高人民法院、最高人民检察院关于办理操纵证券、期货市场刑事案件适用法律若干问题的解释》
第一条 行为人具有下列情形之一的，可以认定为刑法第一百八十二条第一款第四项规定的“以其他方法操纵证券、期货市场”：
（二）通过对证券及其发行人、上市公司、期货交易标的公开作出评价、预测或者投资建议，误导投资者作出投资决策，影响证券、期货交易价格或者证券、期货交易量，并进行与其评价、预测、投资建议方向相反的证券交易或者相关期货交易的。
1. Securities Law.
Article 55 Tt is forbidden for anyone to manipulate the securities market by the following means to influence or intend to affect the securities trading price or securities trading volume:
(5) to induce investors to conduct securities transactions by making use of material information that is false or uncertain;
(6) to publicly evaluate, forecast or make investment suggestions on securities and issuers, and to conduct reverse securities transactions;
If any act of manipulating the securities market causes losses to investors, he shall be liable for compensation in accordance with the law.
Article 192 whoever manipulates the securities market in violation of the provisions of Article 55 of this Law shall be ordered to deal with the securities illegally held by him according to law, the illegal gains shall be confiscated and a fine of not less than one time and not more than ten times the illegal gains shall be imposed; if there are no illegal gains or the illegal gains are less than 1 million yuan, a fine of not less than 1 million yuan and not more than 10 million yuan shall be imposed. If a unit manipulates the securities market, it shall also give a warning to the person-in-charge and other persons directly responsible and impose a fine of not less than 500000 yuan but not more than 5 million yuan.
2. Article 182 of the Criminal Law: Whoever manipulates the securities or futures market in any of the following circumstances shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and concurrently or independently be sentenced to a fine; if the circumstances are especially serious, the offender shall be sentenced to fixed-term imprisonment of not less than five years and not more than ten years, and concurrently be sentenced to a fine:
(1) either alone or in collusion, centralizing the advantages of funds, holding shares or positions, or taking advantage of information advantages to jointly or continuously buy and sell securities or futures, and manipulate the trading prices or trading volume of securities and futures;
(2) colluding with others to trade securities and futures with each other at the time, price and manner agreed in advance, thereby affecting the trading price or volume of securities and futures;
(3) conducting securities trading between accounts under his actual control, or taking himself as the trading object, buying and selling futures contracts, thereby affecting the trading price of securities and futures or the trading volume of securities and futures;
(4) manipulating the securities or futures market by other means.
If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the persons directly in charge and other persons directly responsible for it shall be punished in accordance with the provisions of the preceding paragraph.
3. Interpretation of the Supreme people's Court and the Supreme people's Procuratorate on the Application of laws in handling Criminal cases of manipulating Securities and Futures Markets.
Article 1 An actor who has any of the following circumstances may be recognized as "manipulating the securities or futures market by other means" as provided for in paragraph 4 of paragraph 1 of Article 182 of the Criminal Law:
(2) to mislead investors into making investment decisions by publicly evaluating, forecasting or making investment suggestions on securities and their issuers, listed companies and futures trading targets, thereby affecting securities and futures trading prices or securities and futures trading volume, and conducting securities trading or related futures trading in the opposite direction of its evaluation, forecasting and investment recommendations.
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