CSRC seriously investigates and deals with illegal and irregular cases of Ruifengda

Recently, the China Securities Regulatory Commission (CSRC) imposed administrative penalties on Zhejiang Ruifengda Asset Management Co., Ltd. (hereinafter referred to as Ruifengda), affiliated private fund institutions, and the actual controller, Sun Wei, for illegal and irregular behaviors. After investigation, Ruifengda and its affiliated private fund institutions and related responsible persons seriously violated the laws and regulations of private equity funds. The Shanghai Securities Regulatory Bureau imposed fines totaling more than 28 million yuan on Ruifengda and its affiliated private fund institutions, fined over 13 million yuan on 5 responsible persons, and imposed a lifelong ban on Ruifengda's actual controller from the securities market. The China Securities Investment Fund Industry Association revoked the registration of the relevant private fund institution managers. For any criminal clues related to the illegal activities, the securities regulatory authorities will adhere to the principle of transferring all relevant issues to the public security organs in accordance with laws and regulations. The CSRC will resolutely implement the decision of the Party Central Committee and the State Council, continue to strictly investigate and punish violations in the private equity fund field such as illegal fundraising, misappropriation, self-financing, and benefit transfer, hold accountable those responsible for illegal actions, increase the cost of illegal activities, continuously clean up the market environment, and at the same time urge private fund institutions to rectify various irregular behaviors, promote the healthy development of the industry according to regulations, and effectively protect the legitimate rights and interests of investors. This article is excerpted from the "CSRC Releases" public account. GMTEight Editor: Jiang Yuanhua.