On April 17th, the 4th issue of Criminal Defense Semi-Monthly Talks organized by the Criminal Department of King&Capital Law Firm was successfully held in King&Capital Law Firm. The theme of this activity is “the convergence and response of criminal, civil and administrative liabilities in the field of securities”, which was hosted by Wang Xintong, senior partner of King&Capital Law Firm, with keynote speeches by Li Jing, Meng Fan, partner, Zhao Qilong, senior partner, and Liu Tianyi, senior consultant of Tianyuan Law Firm, and comments and comments by Du Mingzhu, senior consultant of Haiwen Law Firm, and Liu Lijie, senior partner of King&Capital Law Firm, as guests. Du Mingzhu, senior consultant of Haiwen Law Firm, and Liu Lijie, senior partner of King&Capital Law Firm, commented and summarized as guests; a total of more than 2,000 lawyers from online, offline and some counterpart projects in central and western China participated in this activity.
Before the official start of the event, Mr. Zhu Yonghui, director and senior partner of King&Capital Law Firm, made an opening speech for the 4th issue of “Semi-Monthly Talk on Criminal Defense”. Director Zhu Yonghui welcomed the online and offline audience and hoped that everyone could gain something from the training activities of King&Capital Law Firm. Director Zhu Yonghui said, “Criminal Defense Semi-Monthly” column from the beginning of the year the first issue to the current fourth issue, not only more and more rich in content, but also to achieve cross-departmental, cross-firm and online, offline multi-dimensional interaction and communication, fully embodies the King&Capital Law Firm business training and communication of openness and inclusiveness, reflects the pursuit of excellence, not to be entrusted with the spirit of Kyoto, and I hope that the “Criminal Defense Semi-Monthly” column more and more better and better! We hope that the column of “Half-Monthly Talk on Criminal Defense” will be better and better, and strive to become a brand column in King&Capital and even in the industry.
At the beginning of the event, Mr. Wang introduced the guests to the offline audience and the online live audience, emphasizing the policy background and judicial trend of the current legal hotspots in the field of securities. Mr. Wang introduced that this theme seminar adopts the logical order of securities risk flashback, from criminal to administrative and civil, reflecting the good intention of prevention from back-end responsibility to front-end, and the former prosecutors, former judges and senior lawyers with rich experience in handling cases in the field of securities will share and comment on the theme together.
Afterwards, Mr. Meng Fan shared his views on the topic of “Analysis and Defense of the Crime of Securities Market Manipulation”. Lawyer Meng started from the doctrinal dispute behind the crime of securities market manipulation, summarized the essence and characteristics of the crime of securities manipulation, and took the two types of securities market manipulation methods, namely continuous trading and “hat grabbing” trading, as examples, and talked about how to build the standard of proof for the crime of securities market manipulation and how to use criminal penetration to review various types of evidence in the case, and also shared his experience of successful defense of such cases. In addition, the firm also shared its successful defense experience of clear objectives, comprehensive planning and step-by-step defense strategy.
Mr. Zhao Qilong shared the topic of “the impact of causality of civil compensation for securities fraud on criminal cases”, combining the three representative cases of LeSee's financial counterfeiting and related transactions, Kangdexin's financial counterfeiting, and Kangmei Pharmaceuticals' financial counterfeiting to analyze the interactions and causality between the three types of liabilities, starting from the specifics of the administrative, civil, and criminal liabilities, and analyzing how the three types of liabilities can be determined. Determine the interaction and causal relationship between the three types of responsibility, through the enumeration and control of administrative responsibility independently, the scope of the subject of responsibility in the middle; criminal responsibility can be carried out independently, administrative and civil liability can be used as the key evidence or reference basis, the subject of responsibility is the smallest, generally involves the violation of the duty of fidelity of the subject of the intentional crime; civil compensation lawsuits are no longer based on the criminal referee or administrative decision as the threshold for the establishment of a file, and distinguishes between the The liability of the “first culprit” and the “accomplices”, as well as the responsibility of the intermediary institutions to fulfill the duty of the “gatekeeper”, and even add the third party who assisted in counterfeiting, with the largest scope of subjects. Systematic conclusions. At the same time, the impact of the “materiality” of false information on civil and criminal liability is particularly emphasized.
Mr. Liu Tianyi shared the topic of “Ideas and Focuses of Securities Administrative Punishment Cases”, Mr. Liu Tianyi believed that when handling securities administrative litigation, firstly, we should pay attention to whether the administrative behavior is actionable and whether it has the qualification of the plaintiff, and at the same time, we should pay special attention to the powers and functions of the administrative organs, administrative procedures and the application of legal norms and so on, and we should pay special attention to these problems only after an in-depth analysis of the above issues. Only after in-depth analysis of the above issues will it enter the stage of studying the substantive issues of the case. Although there are many problems in administrative litigation, such as difficulties in representation, fees, and winning the case, this type of litigation still has the value and significance of exhausting rights remedies, judicially confirming the validity of key facts and behaviors, avoiding the expansion of the loss of fines, and cooperating with the implementation of other litigation strategies.
Ms. Li Jing shared the topic of “Market Value Management and Securities Market Manipulation Just One Step Away”, which is a more microscopic perspective and closer to the industry. Starting from the definition of market value management and the change of situation, Ms. Li analyzed the small gap between effective market value management and pseudo-market value management that may be suspected of crimes, summarized the “three red lines” and “three principles” of market value management, and combined them with the recently promulgated new “National Nine Articles”. Combined with the recently enacted new “Nine National Rules”, it provides specific guidelines for listed companies to prevent and control legal risks from the perspective of securities practitioners and the development of the industry.
Mr. Du Mingzhu, the guest of honor, combined with the four lawyers' sharing content, from the overall situation of “strong supervision and zero tolerance” in the securities market, increasing number of cases year by year, upgrading the means of handling cases and increasing number of supervisory departments, he comprehensively introduced the process of connecting the administrative, civil and criminal liabilities in the field of securities, and pointed out the characteristics of each stage of practice and the work of lawyers from the perspective of the overall situation. It also points out the business characteristics and the main points of lawyers' work at each stage.
Mr. Liu Lijie summarized and commented on the seminar with his rich experience in handling securities cases. Mr. Liu pointed out that all kinds of cases in the field of securities have a certain threshold of professional knowledge, and special attention should be paid to the combination of knowledge of the securities industry and criminal justice practice. Criminal cases occurring in the securities field, criminal defense lawyers often intervene after the end of the SEC investigation, easy to miss the best time window to solve the problem. At the same time, the respect of judicial activities to administrative activities further increases the difficulty of defense at a later stage. Therefore, when clients encounter problems in the securities field, they should have a global perspective and form a team of professional lawyers who have experience in handling cases in administrative, civil and criminal matters, so as to minimize the risk of illegal and criminal acts of the persons involved in the cases.
At the time of the release of the new “Nine Articles of the State Council”, the 4th issue of “Semi-Monthly Talk on Criminal Defense”, in the form of a seminar, invites professional lawyers inside and outside of the firm in the fields of securities and dispute resolution to participate in the seminar and comment on it, which provides valuable experience reference and response suggestions for handling cases in the field of securities.
