中(zhong)證網訊（記者 周松(song)林）上(shang)(shang)交(jiao)(jiao)所(suo)(suo)28日披露，為加強(qiang)上(shang)(shang)市(shi)(shi)公司(si)內(nei)(nei)(nei)幕(mu)(mu)信息(xi)管(guan)理(li)，規范(fan)內(nei)(nei)(nei)幕(mu)(mu)信息(xi)知情(qing)人(ren)報送行為，進(jin)一步防范(fan)內(nei)(nei)(nei)幕(mu)(mu)交(jiao)(jiao)易風險，通過對散見于各類(lei)規則中(zhong)的相(xiang)關(guan)內(nei)(nei)(nei)幕(mu)(mu)信息(xi)知情(qing)人(ren)管(guan)理(li)要求進(jin)行整(zheng)理(li)完(wan)善，結合監管(guan)實(shi)踐(jian)中(zhong)發現(xian)的部分上(shang)(shang)市(shi)(shi)公司(si)自行填報內(nei)(nei)(nei)容(rong)存在不真實(shi)、不準確、不完(wan)整(zheng)及(ji)不及(ji)時(shi)等(deng)現(xian)象，上(shang)(shang)交(jiao)(jiao)所(suo)(suo)制定(ding)了(le)適用(yong)于滬市(shi)(shi)上(shang)(shang)市(shi)(shi)公司(si)（含科創板上(shang)(shang)市(shi)(shi)公司(si)）的《上(shang)(shang)海(hai)證券交(jiao)(jiao)易所(suo)(suo)上(shang)(shang)市(shi)(shi)公司(si)內(nei)(nei)(nei)幕(mu)(mu)信息(xi)知情(qing)人(ren)報送指引(yin)》（以下簡稱《指引(yin)》），現(xian)正式發布(bu)(bu)，并自發布(bu)(bu)之日起施行。《指引(yin)》發布(bu)(bu)前上(shang)(shang)交(jiao)(jiao)所(suo)(suo)與內(nei)(nei)(nei)幕(mu)(mu)信息(xi)知情(qing)人(ren)報送相(xiang)關(guan)的業務指南(nan)同時(shi)廢止。

　　落實分階段披露理念 與停復牌等制度銜接

　　上交(jiao)(jiao)所(suo)表示，長期以來，防(fang)(fang)(fang)范(fan)和(he)打(da)擊(ji)內(nei)幕(mu)(mu)(mu)交(jiao)(jiao)易(yi)一直是(shi)資(zi)本市(shi)場監(jian)管(guan)執法的(de)重(zhong)點。與(yu)之相關(guan)的(de)內(nei)幕(mu)(mu)(mu)信(xin)(xin)息(xi)知情(qing)人(ren)報(bao)送(song)，既是(shi)上市(shi)公(gong)司內(nei)部控(kong)制和(he)信(xin)(xin)披管(guan)理的(de)內(nei)在要(yao)求，也是(shi)防(fang)(fang)(fang)范(fan)打(da)擊(ji)內(nei)幕(mu)(mu)(mu)交(jiao)(jiao)易(yi)的(de)重(zhong)要(yao)制度安排。前(qian)期，在國務院、證監(jian)會以及交(jiao)(jiao)易(yi)所(suo)層面均發布了與(yu)防(fang)(fang)(fang)控(kong)內(nei)幕(mu)(mu)(mu)交(jiao)(jiao)易(yi)、內(nei)幕(mu)(mu)(mu)知情(qing)人(ren)報(bao)送(song)相關(guan)的(de)規(gui)則要(yao)求，對防(fang)(fang)(fang)范(fan)打(da)擊(ji)內(nei)幕(mu)(mu)(mu)交(jiao)(jiao)易(yi)，維護市(shi)場秩序，凈化市(shi)場環境等(deng)具(ju)有重(zhong)要(yao)作用(yong)。

　　近年來，隨著各項市場改革措施的(de)(de)落地和深(shen)化(hua)，對防范(fan)和打擊內(nei)幕交(jiao)易(yi)也提出了更高的(de)(de)要求。同(tong)時，新(xin)修訂的(de)(de)《證券法(fa)》完(wan)善了有關內(nei)幕交(jiao)易(yi)的(de)(de)法(fa)律禁止性規定，細化(hua)并拓寬了內(nei)幕信息及內(nei)幕知(zhi)(zhi)情(qing)人的(de)(de)范(fan)圍。上交(jiao)所本次制定《指引(yin)》，主要是在前(qian)期監管成效(xiao)的(de)(de)基(ji)礎上，適應近年內(nei)幕交(jiao)易(yi)防控情(qing)勢和市場變化(hua)，根據新(xin)《證券法(fa)》相關要求，進一(yi)步規范(fan)內(nei)幕信息知(zhi)(zhi)情(qing)人報送行為。總(zong)體來看，主要是基(ji)于以下幾(ji)方(fang)面考慮。

　　一(yi)是落實分階段披(pi)露(lu)理(li)念，與停復牌等(deng)制(zhi)度有效銜(xian)接(jie)。隨著資本市場的(de)(de)(de)發(fa)(fa)(fa)展和完善，尤(you)其(qi)是自2018年11月股(gu)(gu)票停復牌制(zhi)度改革以來，上(shang)市公(gong)司籌(chou)劃對(dui)股(gu)(gu)價具有較大(da)影響的(de)(de)(de)重組、發(fa)(fa)(fa)行(xing)(xing)股(gu)(gu)份(fen)、收購等(deng)重大(da)事項(xiang)不再隨意停牌或長期(qi)停牌。經過一(yi)段時間的(de)(de)(de)實踐，審慎(shen)停牌、分階段披(pi)露(lu)原則已(yi)逐漸受到市場認可，同時也對(dui)籌(chou)劃重大(da)事項(xiang)的(de)(de)(de)內(nei)幕交(jiao)易(yi)防控(kong)提出了更高(gao)的(de)(de)(de)要(yao)(yao)求。對(dui)此，《指(zhi)(zhi)引》在銜(xian)接(jie)停復牌制(zhi)度改革要(yao)(yao)求的(de)(de)(de)同時進一(yi)步強(qiang)化內(nei)幕交(jiao)易(yi)的(de)(de)(de)防控(kong)，主要(yao)(yao)是明確了上(shang)市公(gong)司籌(chou)劃重大(da)資產重組、回購股(gu)(gu)份(fen)、高(gao)送轉、要(yao)(yao)約收購、發(fa)(fa)(fa)行(xing)(xing)證券等(deng)事項(xiang)的(de)(de)(de)，應當及時報送內(nei)幕信(xin)(xin)息(xi)知(zhi)情人(ren)檔(dang)案信(xin)(xin)息(xi)；在重大(da)資產重組方案發(fa)(fa)(fa)生(sheng)重大(da)變化或披(pi)露(lu)重要(yao)(yao)要(yao)(yao)素的(de)(de)(de)，也應補充(chong)提交(jiao)內(nei)幕信(xin)(xin)息(xi)知(zhi)情人(ren)檔(dang)案。同時，規定上(shang)市公(gong)司在發(fa)(fa)(fa)生(sheng)其(qi)他可能對(dui)股(gu)(gu)價有重大(da)影響事項(xiang)的(de)(de)(de)，上(shang)交(jiao)所(suo)可要(yao)(yao)求公(gong)司按《指(zhi)(zhi)引》規定報送內(nei)幕信(xin)(xin)息(xi)知(zhi)情人(ren)。

　　二是整理完善內(nei)幕(mu)(mu)信(xin)息(xi)知情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)人報(bao)(bao)送(song)(song)(song)(song)相關(guan)要(yao)求(qiu)，細化實(shi)(shi)務操作安排。重(zhong)(zhong)點對(dui)內(nei)幕(mu)(mu)信(xin)息(xi)知情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)人報(bao)(bao)送(song)(song)(song)(song)情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)形(xing)和報(bao)(bao)送(song)(song)(song)(song)范(fan)(fan)圍(wei)(wei)做了(le)明(ming)確規(gui)(gui)定(ding)。在(zai)報(bao)(bao)送(song)(song)(song)(song)情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)形(xing)方(fang)面，主(zhu)要(yao)是依(yi)據新(xin)修訂的(de)(de)(de)《證(zheng)券(quan)法》、證(zheng)監會(hui)《關(guan)于上市公(gong)(gong)司建立內(nei)幕(mu)(mu)信(xin)息(xi)知情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)人登(deng)記管理制度的(de)(de)(de)規(gui)(gui)定(ding)》等相關(guan)要(yao)求(qiu)，結(jie)合監管實(shi)(shi)踐，明(ming)確上市公(gong)(gong)司披(pi)露重(zhong)(zhong)大(da)資產重(zhong)(zhong)組(zu)、高送(song)(song)(song)(song)轉、回(hui)購股份(fen)等七(qi)類情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)形(xing)的(de)(de)(de)，應(ying)報(bao)(bao)送(song)(song)(song)(song)內(nei)幕(mu)(mu)知情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)人名單；披(pi)露其他可能(neng)對(dui)股價產生重(zhong)(zhong)大(da)影響(xiang)的(de)(de)(de)情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)形(xing)，上交所也(ye)可要(yao)求(qiu)公(gong)(gong)司報(bao)(bao)送(song)(song)(song)(song)。在(zai)報(bao)(bao)送(song)(song)(song)(song)的(de)(de)(de)范(fan)(fan)圍(wei)(wei)方(fang)面，要(yao)求(qiu)上市公(gong)(gong)司應(ying)當根(gen)據《證(zheng)券(quan)法》關(guan)于內(nei)幕(mu)(mu)知情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)人范(fan)(fan)圍(wei)(wei)的(de)(de)(de)規(gui)(gui)定(ding)，根(gen)據內(nei)幕(mu)(mu)信(xin)息(xi)實(shi)(shi)際擴散情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)況報(bao)(bao)送(song)(song)(song)(song)，若(ruo)存在(zai)前述七(qi)類情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)形(xing)時(shi)，明(ming)確了(le)至少應(ying)報(bao)(bao)送(song)(song)(song)(song)的(de)(de)(de)內(nei)幕(mu)(mu)知情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)人范(fan)(fan)圍(wei)(wei)，其中(zhong)也(ye)包括了(le)新(xin)《證(zheng)券(quan)法》中(zhong)新(xin)增的(de)(de)(de)關(guan)于收購或重(zhong)(zhong)組(zu)涉及的(de)(de)(de)內(nei)幕(mu)(mu)知情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)人范(fan)(fan)圍(wei)(wei)。同時(shi)，《指引(yin)》還細化了(le)報(bao)(bao)送(song)(song)(song)(song)時(shi)間和渠道、進度要(yao)求(qiu)，以及內(nei)幕(mu)(mu)信(xin)息(xi)知情(qing)(qing)(qing)(qing)(qing)(qing)(qing)(qing)人檔案(an)、重(zhong)(zhong)大(da)事(shi)項備忘錄(lu)內(nei)容等實(shi)(shi)務方(fang)面的(de)(de)(de)安排，便于公(gong)(gong)司操作使用。

　　三是(shi)進一步規范報(bao)送行為(wei)(wei)，提高(gao)報(bao)送信息(xi)(xi)質(zhi)量。從實踐看，內(nei)(nei)幕(mu)交易、操(cao)縱市(shi)(shi)場(chang)等違(wei)法違(wei)規行為(wei)(wei)的(de)線索(suo)，不(bu)(bu)(bu)(bu)少是(shi)直接來自于內(nei)(nei)幕(mu)信息(xi)(xi)知情人(ren)(ren)的(de)報(bao)送，相關(guan)違(wei)法違(wei)規行為(wei)(wei)也得到(dao)及(ji)(ji)時(shi)有力查處(chu)。但是(shi)，實踐中也發(fa)現(xian)(xian)，部分上市(shi)(shi)公(gong)(gong)司報(bao)送的(de)知情人(ren)(ren)名單存在(zai)不(bu)(bu)(bu)(bu)真(zhen)實、不(bu)(bu)(bu)(bu)完整、不(bu)(bu)(bu)(bu)及(ji)(ji)時(shi)等現(xian)(xian)象，可能會(hui)影響到(dao)后端(duan)的(de)內(nei)(nei)幕(mu)交易核查，以及(ji)(ji)對違(wei)法違(wei)規行為(wei)(wei)的(de)查處(chu)。為(wei)(wei)了(le)提高(gao)內(nei)(nei)幕(mu)信息(xi)(xi)知情人(ren)(ren)等信息(xi)(xi)報(bao)送的(de)質(zhi)量，根據證監會(hui)相關(guan)規定，《指引》更加突(tu)出上市(shi)(shi)公(gong)(gong)司和中介機構的(de)責任(ren)，明(ming)確了(le)上市(shi)(shi)公(gong)(gong)司董事會(hui)是(shi)內(nei)(nei)幕(mu)信息(xi)(xi)報(bao)送的(de)第一責任(ren)人(ren)(ren)，證券(quan)服務(wu)機構應當積極(ji)督(du)促、協(xie)助上市(shi)(shi)公(gong)(gong)司及(ji)(ji)相關(guan)主體(ti)依法履行信息(xi)(xi)報(bao)送義務(wu)。同時(shi)，《指引》也明(ming)確了(le)對未按要求和規定報(bao)送的(de)相關(guan)懲戒(jie)措施。

　　明確內幕信息責任人及相關懲戒機制

　　《指引》對(dui)上(shang)市公(gong)(gong)司(si)(si)報(bao)(bao)送(song)(song)(song)內(nei)(nei)幕(mu)(mu)(mu)信(xin)息知(zhi)(zhi)(zhi)情(qing)(qing)(qing)(qing)人(ren)(ren)(ren)的具(ju)體(ti)操作做了(le)明確。一是明確需要報(bao)(bao)送(song)(song)(song)內(nei)(nei)幕(mu)(mu)(mu)信(xin)息知(zhi)(zhi)(zhi)情(qing)(qing)(qing)(qing)人(ren)(ren)(ren)檔(dang)案的具(ju)體(ti)情(qing)(qing)(qing)(qing)形及報(bao)(bao)送(song)(song)(song)范(fan)圍。報(bao)(bao)送(song)(song)(song)情(qing)(qing)(qing)(qing)形方面，《指引》明確了(le)上(shang)市公(gong)(gong)司(si)(si)披露(lu)重(zhong)大(da)資產重(zhong)組、高比例送(song)(song)(song)轉股(gu)(gu)份、導致實(shi)際控制人(ren)(ren)(ren)或第一大(da)股(gu)(gu)東(dong)(dong)發生變更的權益變動、要約收購、發行證券、合并、分(fen)立以(yi)及回(hui)購股(gu)(gu)份等(deng)七類(lei)重(zhong)大(da)事項的，應(ying)當報(bao)(bao)送(song)(song)(song)內(nei)(nei)幕(mu)(mu)(mu)知(zhi)(zhi)(zhi)情(qing)(qing)(qing)(qing)人(ren)(ren)(ren)，對(dui)于(yu)披露(lu)其他可(ke)能對(dui)股(gu)(gu)價有重(zhong)大(da)影響(xiang)的事項，上(shang)交所也(ye)可(ke)以(yi)要求(qiu)(qiu)其報(bao)(bao)送(song)(song)(song)內(nei)(nei)幕(mu)(mu)(mu)信(xin)息知(zhi)(zhi)(zhi)情(qing)(qing)(qing)(qing)人(ren)(ren)(ren)。報(bao)(bao)送(song)(song)(song)范(fan)圍方面，《指引》要求(qiu)(qiu)上(shang)市公(gong)(gong)司(si)(si)應(ying)當按照《證券法》關于(yu)內(nei)(nei)幕(mu)(mu)(mu)知(zhi)(zhi)(zhi)情(qing)(qing)(qing)(qing)人(ren)(ren)(ren)范(fan)圍的規定，根(gen)據內(nei)(nei)幕(mu)(mu)(mu)信(xin)息實(shi)際擴散情(qing)(qing)(qing)(qing)況(kuang)報(bao)(bao)送(song)(song)(song)，但在發生前述七類(lei)重(zhong)大(da)事項時，也(ye)從(cong)上(shang)市公(gong)(gong)司(si)(si)自身、主要股(gu)(gu)東(dong)(dong)和實(shi)際控制人(ren)(ren)(ren)、交易對(dui)方、中介機構(gou)等(deng)方面，明確了(le)至少(shao)應(ying)報(bao)(bao)送(song)(song)(song)的內(nei)(nei)幕(mu)(mu)(mu)知(zhi)(zhi)(zhi)情(qing)(qing)(qing)(qing)人(ren)(ren)(ren)范(fan)圍。

　　二是(shi)明確(que)內(nei)幕(mu)信(xin)息(xi)(xi)(xi)知(zhi)(zhi)(zhi)情人(ren)(ren)報送(song)(song)時(shi)(shi)間及填報具體(ti)要求。《指(zhi)(zhi)引》規定(ding)上(shang)市(shi)公司(si)(si)應(ying)(ying)當(dang)在內(nei)幕(mu)信(xin)息(xi)(xi)(xi)首(shou)次依法公開(kai)披露后(hou)五個交(jiao)易日內(nei)報送(song)(song)內(nei)幕(mu)信(xin)息(xi)(xi)(xi)知(zhi)(zhi)(zhi)情人(ren)(ren)檔案，如(ru)內(nei)幕(mu)信(xin)息(xi)(xi)(xi)知(zhi)(zhi)(zhi)情人(ren)(ren)范圍在首(shou)次報送(song)(song)后(hou)發生變化的(de)(de)，上(shang)市(shi)公司(si)(si)應(ying)(ying)當(dang)及時(shi)(shi)補充報送(song)(song)。同(tong)時(shi)(shi)，上(shang)市(shi)公司(si)(si)進行(xing)收購、重(zhong)大資(zi)產重(zhong)組(zu)、發行(xing)證券、合并、分立、回購股(gu)份(fen)等重(zhong)大事項時(shi)(shi)，還應(ying)(ying)當(dang)同(tong)時(shi)(shi)提交(jiao)重(zhong)大事項進程(cheng)備忘錄。此外，《指(zhi)(zhi)引》進一步強調(diao)了“知(zhi)(zhi)(zhi)悉內(nei)幕(mu)信(xin)息(xi)(xi)(xi)時(shi)(shi)間”“知(zhi)(zhi)(zhi)悉內(nei)幕(mu)信(xin)息(xi)(xi)(xi)的(de)(de)方式”以(yi)及“內(nei)幕(mu)信(xin)息(xi)(xi)(xi)所處階段(duan)”等相關內(nei)容，可更好地引導(dao)上(shang)市(shi)公司(si)(si)準確(que)填報內(nei)幕(mu)信(xin)息(xi)(xi)(xi)知(zhi)(zhi)(zhi)情人(ren)(ren)檔案信(xin)息(xi)(xi)(xi)。

　　三是關(guan)注(zhu)重(zhong)大資(zi)產重(zhong)組中內幕信息知(zhi)情(qing)人(ren)報(bao)送的(de)特殊要求。根(gen)據證(zheng)監會《關(guan)于強化上(shang)市(shi)(shi)公(gong)司(si)(si)并購重(zhong)組內幕交易防控相關(guan)問題(ti)與解答》的(de)要求，《指引》也作(zuo)出(chu)了相應(ying)的(de)規定(ding)。主要包括：確保報(bao)送時點(dian)的(de)及時性，即(ji)上(shang)市(shi)(shi)公(gong)司(si)(si)應(ying)當于首次披(pi)露重(zhong)組事(shi)項(xiang)時即(ji)向(xiang)上(shang)交所報(bao)送內幕信息知(zhi)情(qing)人(ren)檔案(an)(an)(an)；對于重(zhong)組方案(an)(an)(an)發生重(zhong)大變化或(huo)在首次披(pi)露重(zhong)組事(shi)項(xiang)后披(pi)露重(zhong)要要素的(de)，上(shang)市(shi)(shi)公(gong)司(si)(si)應(ying)當補充提交內幕信息知(zhi)情(qing)人(ren)檔案(an)(an)(an)；對于上(shang)市(shi)(shi)公(gong)司(si)(si)首次披(pi)露重(zhong)組事(shi)項(xiang)后股票交易出(chu)現異常波動的(de)，上(shang)交所也可以(yi)視情(qing)況(kuang)要求上(shang)市(shi)(shi)公(gong)司(si)(si)更新內幕信息知(zhi)情(qing)人(ren)檔案(an)(an)(an)。

　　關(guan)(guan)于內(nei)(nei)幕知情(qing)人(ren)報(bao)(bao)送(song)(song)(song)的(de)監管(guan)和(he)對相(xiang)關(guan)(guan)違(wei)規行為的(de)懲(cheng)戒，上交所表(biao)示(shi)，需要(yao)(yao)提請公(gong)(gong)司(si)及相(xiang)關(guan)(guan)方(fang)關(guan)(guan)注(zhu)的(de)是(shi)，《指引》規定了(le)內(nei)(nei)幕信(xin)息(xi)(xi)的(de)責(ze)任人(ren)及相(xiang)關(guan)(guan)懲(cheng)戒機(ji)制。在內(nei)(nei)幕信(xin)息(xi)(xi)報(bao)(bao)送(song)(song)(song)相(xiang)關(guan)(guan)主(zhu)(zhu)體的(de)責(ze)任界定方(fang)面，《指引》明(ming)確(que)(que)內(nei)(nei)幕信(xin)息(xi)(xi)知情(qing)人(ren)首先應當真實、準確(que)(que)、完(wan)整地填寫內(nei)(nei)幕信(xin)息(xi)(xi)知情(qing)人(ren)信(xin)息(xi)(xi)，并及時報(bao)(bao)送(song)(song)(song)給上市(shi)公(gong)(gong)司(si)；上市(shi)公(gong)(gong)司(si)董(dong)事會是(shi)保證所填報(bao)(bao)信(xin)息(xi)(xi)真實、準確(que)(que)、完(wan)整以及報(bao)(bao)送(song)(song)(song)及時的(de)第一責(ze)任主(zhu)(zhu)體，公(gong)(gong)司(si)董(dong)事長是(shi)主(zhu)(zhu)要(yao)(yao)責(ze)任人(ren)；證券服(fu)務機(ji)構應當督促(cu)、協助公(gong)(gong)司(si)及其他義(yi)務主(zhu)(zhu)體嚴格按照《指引》要(yao)(yao)求(qiu)完(wan)成報(bao)(bao)送(song)(song)(song)工作。在懲(cheng)戒機(ji)制方(fang)面，《指引》明(ming)確(que)(que)了(le)上市(shi)公(gong)(gong)司(si)及相(xiang)關(guan)(guan)主(zhu)(zhu)體未(wei)按要(yao)(yao)求(qiu)及時報(bao)(bao)送(song)(song)(song)，報(bao)(bao)送(song)(song)(song)信(xin)息(xi)(xi)存在虛(xu)假記(ji)載、重(zhong)(zhong)大遺(yi)漏和(he)重(zhong)(zhong)大錯誤，以及相(xiang)關(guan)(guan)主(zhu)(zhu)體拒不配合上市(shi)公(gong)(gong)司(si)報(bao)(bao)送(song)(song)(song)等行為，上交所將視情(qing)節和(he)后果嚴重(zhong)(zhong)程度，對相(xiang)關(guan)(guan)責(ze)任主(zhu)(zhu)體采(cai)取監管(guan)措施(shi)或紀律處分措施(shi)。

　　上交所強調，將(jiang)按照(zhao)《指引》要求，指導(dao)上市公司及(ji)相(xiang)關方真(zhen)實、準確、完整、及(ji)時地報(bao)送內幕信(xin)息(xi)知情人等信(xin)息(xi)，加強內幕交易核查力(li)度，維(wei)護(hu)市場交易秩(zhi)序(xu)。對未按要求報(bao)送，或者(zhe)故意瞞報(bao)、漏(lou)報(bao)的，將(jiang)嚴格按照(zhao)相(xiang)關要求追究責任。同時，在(zai)疫情防控期間，上交所也將(jiang)繼(ji)續保持(chi)對內幕交易的高壓打擊力(li)度，切實保護(hu)中(zhong)小(xiao)投(tou)資者(zhe)利益，凈化市場生態環(huan)境。