On the afternoon of August 29, 2024, Mr. Lv Zhixuan, Senior Partner of King&Capital Law Firm, Head of the Government and Public Practice Department of King&Capital Law Firm and Head of the Fintech and Data Security Research Center, was invited by the Development and Reform Commission of Caofeidian District of Tangshan City to conduct a training seminar on “Financial Policies, Financial Supervision Policies, and Compliance Management” for the government of Caofeidian District.
Mr. Lv Zhixuan firstly introduced China's current financial policy to the participants, explaining the latest development trend of the policy in terms of adjustment of monetary policy, optimization of fiscal policy, and strengthening of financial regulation, and highlighting the significance of the new quality of productivity for China's financial development.
After introducing the overview of financial policy, Mr. Lv Zhixuan comprehensively explained the division of responsibilities of the State Administration of Financial Supervision, the Securities and Futures Bureau, the People's Bank of China and other departments in the field of financial supervision, and based on this, he also made an in-depth interpretation of important policy documents and legal documents in the field of finance in the past few years, including the “Outline of the Fourteenth Five-Year Plan and Vision 2035 of the People's Republic of China for National Economic and Social Development” and “The Outline of the Vision 2035”. Outline of the Vision 2035, Provisions on Accountability for Preventing and Resolving Financial Risks (for Trial Implementation), and Opinions on Strengthening Supervision and Preventing Risks and Promoting High-Quality Development of the Capital Market.
After interpreting these important documents, Mr. Lv Zhixuan systematically explained the implementation points of China's financial regulatory policies and risk control policies, emphasizing the importance of establishing a regulatory system, strengthening the industry's self-regulation, cross-sectoral collaboration, and continuous regulatory innovation. After that, Mr. Lv Zhixuan explained in detail the nature and harm of illegal fund-raising, new types of crimes and criminal means, and new features of illegal fund-raising under the development of new industries, including obvious networking/cross-border, stronger concealment, and closer connection with financial innovation.
With regard to the administrative enforcement of financial regulators, Mr. Lv firstly clarified the four basic principles of law enforcement - the principle of legality, the principle of reasonableness, the principle of procedural propriety, and the principle of efficiency and accessibility, and then elaborated on the specific law enforcement procedural norms and operational flow, and provided strategies for law enforcement risk identification, early warning and prevention. At the end of the training, Mr. Lv Zhixuan analyzed some typical cases in the field of financial regulation for the participants, involving illegal fund-raising, bill fraud, and illegal operation of private equity funds.
Mr. Lv Zhixuan pointed out that in recent years, the national financial policy has made remarkable progress in many aspects, and through a series of policy adjustments and innovative measures, it not only promotes the sound development of the financial market, but also provides strong support for the high-quality development of China's economy. However, at the same time, it must also be recognized that risk prevention and control is the eternal theme of financial work, and financial institutions should establish a bottom-line awareness of risk, achieve the multiple goals of risk prevention, stable development, and promotion of reform, return to the origin of finance, serve the real economy, and contribute to the development of new quality productivity.
The training is comprehensive and in-depth, which helps to guide the staff of financial institutions to better carry out the law enforcement work, and the detailed explanation of lawyer Lv Zhixuan was highly recognized by the participants.
