Research On The Incentive And Protection System For Securities Whistleblowers

In recent years,with the continuous updating of financial technology,the capital market has developed rapidly,but at the same time,market problems have also multiplied,and violations of laws and regulations have become prominent,and the chaos in the capital market has become an indisputable fact.my country’s financial capital market supervision is led by the government.The Ministry of Finance,the People’s Bank of China,the China Securities Regulatory Commission,the China Banking and Insurance Regulatory Commission,and the Securities Regulatory Authority of the State Council mainly supervise and manage the operation of the capital market.accounting,auditing firms,etc.)oversight role.However,these institutions have natural disadvantages in supervising enterprises.The information involved in the operation of enterprises is highly confidential,the amount of information is complex and professional,and there is a huge contrast between the limited number of staff and the large number of enterprises.It is difficult to Bring the business under full supervision.Information is the soul and foundation of the securities market.Compared with the government,financial whistleblowers have a natural advantage in information.Most of the whistleblowers have worked for the companies they report or the industries in which the companies are located,and have a deeper understanding of their operation modes,information materials,industry rules,etc.than ordinary people,have certain professional knowledge,and are easier to obtain and identify related companies Information.At present,my country’s laws and regulations for the whistleblower system are only the "Securities and Futures Rewards Reporting Notice","Interim Provisions on Reporting of Securities and Futures Laws and Regulations"(2020)and Article 176 of the "Securities Law",but these documents stipulate The content is relatively rough,and in practice there are problems such as difficulty in determining the standards for reporting information,irregular reporting procedures,and incomplete protection and incentives for whistleblowers.Generally speaking,my country’s whistleblower system is still in the exploratory stage.From the whistleblower protection system,this thesis makes an in-depth analysis of some difficulties existing in financial whistle-blowing in my country and the way to break the situation.From the perspective of optimizing and perfecting the regulatory path of the financial whistleblower incentive and protection system:speed up the special legislation of the system of the securities whistleblower system,and improve the legal rank so that judges have laws to abide by during trials.Regarding the reward for whistleblowers,we can learn from the settings in the Dodd-Frank Law and list positive and negative factors to determine the amount of the reward;establish a reward fund to make the source of the reward amount independent,improve the fairness of reward distribution and shorten the distribution.time.In terms of the protection of securities whistleblowers,increase the construction and improvement of the internal whistle-blowing system of securities companies;introduce a lawyer agency system to strengthen the confidentiality of whistleblower information;in terms of judicial practice,judges cannot generalize them to labor disputes,and the burden of proof The burden of proof is reversed,and the whistleblower only needs to submit preliminary evidence,which increases the burden of proof on the whistleblower,and the whistleblower proves that he did not retaliate;establishes a system of economic compensation,supplemented by the restoration of the original position,etc.