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An Attack on Democracy, From Racial Voter Suppression to Invalidating Elections Altogether_我的网站

一 | K图 603717_0 　　2026年A股违规减持监管执法再添标杆。

In 1963, just as Martin Luther King Jr. and the other “Big Six” civil rights leaders were in the final stages of planning the March on Washington, my mother, Sybil Haydel Morial, incorporated the Louisiana League of Good Government, a nonprofit created to help African Americans overcome deterrents to voting such as literacy tests.

She’d been banned from joining the Louisiana branch of the League of Women Voters because of her race. “That shut door was an epiphany for me,” she wrote in her memoir, “Witness to Change: From Jim Crow to Political Empowerment.” Rather than be deterred, she devoted herself to preparing Black New Orleanians for Louisiana’s nearly-impossible literacy test.

Registrars – who were all white – had wide latitude in determining who passed or failed such tests, and they used their authority to fail most Black applicants, thereby keeping them from voting. Ironically, one of the tests required applicants to read the preamble of the U.S. Constitution, intended to “establish Justice” and “secure the Blessings of Liberty,” in the words of the Founding Fathers who authored them nearly two centuries earlier.

But in Louisiana, in 1963, justice and liberty still were reserved mostly for white people.

On the very day that civil rights activist Medgar Evers was gunned down in his own driveway in Jackson, Mississippi, in June of 1963, my mother picked up the phone to hear, “Morial is going to get what that [racial slur] in Mississippi got.” We had been receiving threatening calls ever since my father, Ernest “Dutch” Morial,” had assumed the presidency of the NAACP in New Orleans (and later the first Black mayor of the city). But after that threatening phone call, my parents took extra precautions: My father would blast his car horn when he pulled up to the house each night, and my mother would flash the carport light several times, all to scare off would-be assassins.

The voting rights struggle of my parents’ generation was a steep uphill climb, but as the years went by, they saw barrier after barrier fall, from the 1954 Brown v. Board of Education decision (where the Supreme Court ruled that racial segregation in public schools was unconstitutional) to the Civil Rights Act to the Voting Rights Act of 1965 to the Fair Housing Act of 1968. Now, 60 years after the March on Washington, we are seeing many of those same barriers – and new ones – rise up once again.

My parents fought Jim Crow, who used bogus literacy tests and threats of violence to keep Black Americans from the voting booth.

By the time I assumed leadership of the National Urban League in 2003, our adversary was James Crow, Esq., who used racial gerrymandering to dilute the political voices of Black Americans.

Today, we are battling Jimmy Crow, who wants to disregard the results of elections entirely.

The current assault on voting rights is a direct response to the rising influence of the Black vote since the passage of the Voting Rights Act of 1965. As we noted in last year’s State of Black America report, which was subtitled “Under Siege: The Plot to Destroy Democracy,” an anti-democracy wave began to rise after record-high Black voting rates in 2008 and crested with the Supreme Court’s 2013 decision in Shelby County v. Holder to gut the Voting Rights Act. Now, that wave has broken against “The Big Lie,” the relentless campaign to invalidate the free, fair and validated results of the 2020 election. Those who marched in 1963 were fighting for their right to participate in democracy. Those who attacked the Capitol on Jan. 6, 2021, were fighting to obliterate democracy.

So far, in 2023 alone, state lawmakers have introduced at least 323 bills to restrict the vote in 45 states. At least 13 of these bills, in 11 states, have passed into law. Even more alarming is the rise of election interference legislation, which would allow partisan interference in the election process. At least 78 bills have been introduced this year in 20 states that would make it easier to, for example, criminally prosecute election officials for simply doing their jobs, set up bogus partisan “review” procedures, or prohibit the use of machines to count ballots for any election. At least four states already have passed such laws.

The campaign to exclude Black Americans from the democratic process is gradually being supplanted with a campaign to eliminate the democratic process altogether.

Earlier this summer, with its decision in Moore v. Harper, the U.S. Supreme Court rejected the “independent state legislature theory” that extremists have pushed in order to give state legislatures free rein to gerrymander electoral maps and suppress voters of color – and to give cover to their sinister efforts to overturn elections.

Still, the court’s decision is unlikely to deter these extremists, who are intent on returning a man to the White House who faces numerous indictments for attempting to invalidate the results of the 2020 election. If those forces succeed, the two-century moral arc that has bent slowly, if unevenly, toward universal suffrage could come to an end.

。8月21日，重庆证监局对天域生物实控人罗卫国作出高额行政处罚，严惩其借助私募基金马甲隐匿关联关系、规避监管限制的隐蔽式绕道减持行为。最终，罗卫国被没收违法所得1585.33万元，并处1975万元罚款，合计罚没3560.33万元，创下2026年以来A股个人投资者违规减持单笔罚没金额新高。
　　梳理监管处罚细节可见，该案违规手法隐蔽性极强，属于当前监管重点封堵的新型减持乱象。2021年4月，罗卫国将1430万股天域生物股份协议转让至牧鑫青铜1号私募证券投资基金，并全资持有该基金份额，与基金形成实质一致行动关系。为规避大股东减持比例与信息披露约束，罗卫国在2021年12月将基金份额转让给第三方，从公示层面剥离关联身份，实则通过闭环资金运作，完全掌控基金减持收益，变相主导全部股份减持操作，刻意规避监管约束。

二 | 　　监管查实，2021年11月15日至12月28日，罗卫国依托上述隐蔽架构，通过牧鑫青铜1号基金在二级市场竞价减持天域生物1457.92万股，占公司总股本5.02%，其中违规减持股份达1167.77万股，对应违规交易金额约1.65亿元。　　此案不仅是年内个人违规减持的最重处罚案例，更充分体现监管“穿透核查、实质重于形式”的执法原则，对市场各类马甲代持、绕道减持行为形成强力震慑。　　值得关注的是，近年来A股违规减持监管体系持续迭代，执法力度与惩戒手段不断升级。过往监管处置多以警示函、责令改正等柔性措施为主，惩戒威慑力有限。2023年以来，监管层创新推出“责令购回违规股份、上缴交易价差”的刚性监管手段，让违规减持“无利可图”，大幅提高市场主体违规成本。

三 | 　　制度层面同样实现重要完善。

四 | 2026年4月17日，证监会就《违规转让证券案件行政处罚实施规则（征求意见稿）》公开征求意见。新规将违规转让证券行为细分为四种类别，并按违规比例、违规金额差异化设置裁量阶次，细化不同违规情形的处罚标准，压缩自由裁量空间，为精准从严整治违规减持、隐蔽证券转让、绕道套现等乱象提供了明确的制度支撑，也标志着A股减持进入标准化、精细化严监管新阶段。

五 | 　　随着监管从严落地，2026年以来多地证监局密集出手，针对上市公司主要股东违规减持、限售期违规交易、未披露减持计划等各类乱象开出多张监管罚单。截至8月22日，年内已有多家上市公司实控人、股东及资管机构受到行政处罚或被采取监管措施，除天域生物标杆案外，多类典型违规形态集中显现。　　首先是限售期违规短线交易乱象。

六 | 深圳前海德云资产管理有限公司在大宗交易受让奋达科技大股东关联股份后，无视6个月法定锁定期约束，提前通过集中竞价方式卖出标的股份，构成典型的限售期违规转让行为。

七 | 对此，深圳证监局依法没收其违法所得429.93万元，并处罚款20万元，对其给予警告处罚，并责令改正，精准打击资管机构违规套利行为。　　其次是未提前披露减持计划的程序性违规。石药景峰一致行动人叶湘伦，在2026年7月3日通过集中竞价方式减持公司25万股股份前，未按监管规定提前报备并披露减持计划，违反上市公司股东减持信息披露管理制度。湖南证监局对其采取责令购回违规股份、上缴交易价差的刚性监管措施，并将违规行为记入证券期货市场诚信档案，实现对违规行为的全链条惩戒。　　此外，小额未预披露减持且主动整改的柔性处置案例同样凸显监管分层施策思路。

八 | 深圳融昱资本管理有限公司作为多浦乐5%以上股东的一致行动人，于2026年4月9日在未提前披露减持计划的情况下，违规竞价减持公司16.43万股。鉴于该机构后续主动全额购回违规股份、未产生套利价差、积极完成整改，广东证监局酌情对其出具警示函，体现了监管“宽严相济”的执法导向。（文章来源：21世纪经济报道）。

Current article:http://www.qiniaohongfangfoguisenzhai.cyou/news/20260826_874773.pptx

Published on:05:36:52

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