Consequences of illegal filing of information disclosure

The consequences of illegal information disclosure include criminal liability, civil liability for compensation and administrative punishment.

1. Criminal responsibility: According to Article 161 of the Criminal Law, anyone who constitutes a crime of violating information disclosure will generally be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or only be fined. If the circumstances are especially serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years and shall also be fined. If a unit commits this crime, it shall be fined, and the person directly responsible shall be punished by the individual who commits this crime.

2. Civil liability for compensation: If an investor suffers losses due to the false statement of the information disclosure obligor, he may claim compensation for price difference loss, commission loss, stamp duty loss and corresponding interest loss.

3. Administrative penalty: The CSRC may take administrative penalties such as ordering corrections, supervising conversations, issuing warning letters, and recording them in credit files. Should be given administrative punishment, the China Securities Regulatory Commission shall be punished according to law.