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Maximum penalty!

Last night, the China Securities Regulatory Commission issued a fine for Zhang Jianping. The fine stated that Zhang Jianping borrowed other people's securities accounts, which violated Article 58 of the Securities Law of the People's Republic of China (hereinafter referred to as the "Securities Law") and constituted the act of borrowing other people's securities accounts as described in Article 195 of the Securities Law. The person who lent the securities account was Zhang Jianping's father-in-law Fang Deji. Both of them were fined the maximum amount of 500,000 yuan by the China Securities Regulatory Commission.

Article 195 of the Securities Law stipulates: "If anyone lends his or her own securities account or borrows another person's securities account to engage in securities trading, he or she shall be ordered to correct the violation, given a warning, and may be fined up to RMB 500,000." Market insiders believe that based on existing penalty cases, this type of maximum penalty is relatively rare, especially since it should be the first time that a lender is also subject to the maximum penalty.

Borrowing other people's accounts and being investigated

The ticket information shows that Zhang Jianping, male, was born in April 1966, self-employed, and his address is Gongshu District, Hangzhou City, Zhejiang Province. Fang Deji, male, was born in November 1944, retired, and his address is Lin'an District, Hangzhou City, Zhejiang Province.

In accordance with the relevant provisions of the Securities Law, the CSRC has filed a case to investigate and hear the behavior of Zhang Jianping and Fang Deji in borrowing and lending securities accounts, and has informed the parties of the facts, reasons, basis and rights they enjoy in accordance with the law. The parties did not make any statements or defenses, nor did they request a hearing. The investigation and hearing of this case have now been concluded.

It was found that Zhang Jianping and Fang Deji committed the following illegal acts: