Ten key points of Yi Huiman's May 15 speech! Talk about financial fraud and registration system, reaffirm the decentralized market
China-Singapore Jingwei client, May 15th, at this year's "May 15 National Investor Protection Publicity Day", the chairman of the China Securities Regulatory Commission, Yi Huiman, delivered a heavy speech-a new crown on the recent fraud of listed companies Yi Huiman gave a clear explanation of the impact of the pneumonia epidemic on the A-share market, the direction of capital market reform, the reform of the GEM registration system, and the reform of basic systems such as refinancing, shareholding reduction, and delisting. The Sino-Singapore Jingwei client sorted out ten main points for readers:
Source: SFC official website
[Significant effectiveness of risk prevention and treatment in key areas]
Yi Huiman said that since the outbreak of the New Coronary Pneumonia epidemic, the SFC has adhered to respect for the law and believe in the market in promoting the smooth operation of the capital market. It has firmly refused to make administrative intervention, actively strengthened communication with the market, and strengthened policy coordination in all aspects After the Spring Festival, the market was opened normally and operated normally, and the market resilience was significantly enhanced. Stock pledges, bond defaults, private equity funds and other key areas of risk prevention and treatment have achieved significant results, and the total amount has converged.
【Actively play the role of capital market risk prevention and resolution hub】
Yi Huiman said that as a "barometer" of the national economy, the capital market should not only be a "thermometer", but also a "booster", and actively play a key role in resource allocation, policy transmission, risk prevention and resolution, and It is expected to guide hubs and other important functions, promote the integration of technology and capital, drive the virtuous cycle of finance and the real economy, and inject new momentum for real enterprises to overcome the impact of the epidemic and achieve quality and efficiency gains. At the same time, we must continue to adhere to the steady and slow release of all kinds of risks in support of epidemic prevention and control and the recovery of the real economy to achieve organic integration of stability and development.
[Intensify efforts to clean up various "pocket policies" and hidden thresholds]
Yi Huiman said that as long as it is an area where market restraints are more effective, it is necessary to firmly delegate power to the market. We will use the implementation of the new securities law as an opportunity to comprehensively clean up and optimize supporting regulations and strengthen post-event supervision; comprehensively implement "sunshine approval, transparent approval", increase all kinds of "pocket policies" and hidden threshold clearance efforts; In the service, anxious enterprises are anxious and investors think, making capital market supervision more popular and heart-warming.
[Maintain "Zero Tolerance" for vicious violations such as financial fraud]
Yi Huiman said that we are clearly aware that vicious violations of laws and regulations, such as financial fraud, insider trading and market manipulation, have occurred frequently. This not only destroys the market ecology, but also affects investor confidence. In this regard, we must fight hard, use heavy code, resolutely eliminate the black sheep, and effectively protect the legitimate rights and interests of investors. We maintain the high-pressure situation of daily supervision and inspection and law enforcement, and concentrate our efforts on investigating a large number of major financial fraud cases involving Kang Dexin and Kang Mei Pharmaceutical, which are highly concerned and adversely affected by the market. Maintain "zero tolerance" for vicious violations of laws and regulations such as financial fraud, purify the market ecology, and further gain trust in the market.
Yi Huiman also emphasized that the preparation, review and disclosure of periodic reports is the legal obligation of the directors and supervisors of listed companies. To exercise their right of objection to the annual report, they must abide by the basic principles of honesty, trustworthiness, and diligence, and never allow loopholes Abuse power and evade legal responsibility.
New latitude and longitude in the data map
[You ca n’t use the epidemic name to "bath" or "scramble"]
Yi Huiman said that operating in compliance with laws and regulations is the bottom line of behavior that any enterprise must abide by in a market economy. As a public company, listed companies must take the lead and set an example. At present, the epidemic has an impact on the operating performance of some listed companies. It is believed that the market and investors can understand the normal performance fluctuations, but they must not tell lies, compile stories, make false accounts, or use the name of the epidemic. "Bath" or "speculation" is not only the basic constraint of the market, but also the bottom line of supervision.
【Unblocked the medium and long-term capital entry channels】
Improving market activity includes not only promoting more active trading, but also attracting more investors, especially institutional investors, to improve the structure of investors, as well as establishing an open, fair and equitable market order, and gaining more trust from the market. We will continue to adhere to the direction of marketization and rule of law, based on increasing activity, optimizing transaction supervision, enhancing transaction convenience, and greatly enhancing the transparency of transaction supervision. At the same time, actively create conditions for smooth access to various types of funds, especially medium and long-term funds .
【Stable realization of registration reform goals in stages across the market】
Yi Huiman emphasized that the registration system reform is the general outline of this round of capital market reform, and is a major reform that "pushes the whole body in motion". It must insist on steady progress and be implemented step by step. In particular, it requires the active participation of all parties in the market, Promote together. Zhenjiang Lake has piloted incremental registration reform in the Science and Technology Board and accumulated some experience. It is currently piloting the registration system reform of the GEM stock market. The next step will be to steadily divide the entire market on the basis of summary evaluation Stage to achieve the goal of registration system reform .
[Registration system must adhere to three principles]
One is to respect the basic connotation of the registration system, learn from international best practices, and reflect Chinese characteristics and characteristics of development stages;
Second, the registration system must adhere to information disclosure as the core. On the basis of meeting the basic issuance conditions, the issuer should pay more attention to the needs of investors and disclose information truthfully, accurately and completely;
The third is that investors make prudent investment decisions based on the information disclosed by the issuer, forming a reasonable price, so as to more effectively play the decisive role of the market in resource allocation.
New latitude and longitude in the data map
[The shareholding reduction system will be classified and implemented]
Yi Huiman said that the China Securities Regulatory Commission has repeatedly studied and argued to form a phased reform plan. The specific consideration is to categorize and implement policies, step by step, and steadily adjust. On the one hand, we will continue to strictly regulate the reduction of holding shareholders, actual controllers, and directors and supervisors; on the other hand, we should make appropriate openings and policies for venture capital funds and private enterprise relief. Refinancing policies that do not apply the reduction rules have been introduced, and policies such as optimizing the reverse linkage of venture capital funds and moderately relaxing agreement transfers have also been issued.
【Resolutely withdraw from delisting if it touches the mandatory delisting standards】
Yi Huiman said that in terms of the delisting system, since last year, the CSRC has focused on smoothing out diversified exit channels such as forced exits, reorganization exits, and active exits. A total of 18 companies have achieved a smooth exit, setting a record high. A virtuous circular capital market needs to have in and out, and survive the fittest. We will further improve the market-based and rule-of-law multiple delisting mechanism, improve the delisting standards, simplify the delisting process, and resolutely delist the market if it touches the mandatory delisting standard. (Sino-Singapore Jingwei APP)