Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
China will increase penalties for securities fraud and other capital market breaches from next year.
The maximum prison sentence will rise to 15 years from five, subject to a change in criminal laws agreed at a meeting of the People’s National Standing Congress on Saturday, China’s security regulator said in a recitation. The change will take effect from 1 March.
For publishing false information, the maximum sentence will vary to 10 years from three, and a maximum fine of 200,000 Yuan ($ 30,572) will be waived, the China Securities Regulatory Commission said.
China will also impose a top 10-year prison sentence on lawyers and accountants for fraud in the execution of securities and large-scale transactions, she said.
– Supported by John Liu, and Jessica Sui