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China to Regulate the Threshold for Financial Crime Cases
Where a listed firm fails to disclose, in accordance with applicable rules, relevant information that involves a sum or a cumulative sum over a 12 month period accounting for more than 50% of its net assets, it will have met the threshold for criminal charges to be laid and its direct principals and other responsible individuals will be subject to criminal liability.
The aforementioned regulation was proposed in the Supplementary Provisions for the Thresholds for Financial Crime Cases, which are currently being considered by China’s Supreme people’s Procurator ate and the Ministry of public Security. The provisions also specify the thresholds for five securities crimes: illegally disclosing or refusing to disclose important information; jeopardizing the interests of a listed company; insider trading the disclosure of inside information; manipulating the securities or futures market and misappropriating trust assets.
In addition, where a financial institution uses a customer＇s capital or other trust assets with a total value of RMB300.000 without obtaining permission, the institution＇s direct principals will be investigated and subject to criminal liability.
(Source:Shanghai Securities News)
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China to Regulate the Threshold for Financial Crime Cases