Build the "Four Beams and Eight Pillars" to strengthen the investment and financing functions-the
construction of the capital market basic system is steadily steadily
Our reporter Ma Chunyang
On December 13, when the Party Committee of the China Securities Regulatory Commission conveyed the study and implementation of the spirit of the Central Economic Work Conference, it pointed out that the reform of the registration system should be taken as a guide to promote the improvement of the quality of listed companies, improve the delisting mechanism, multi-level market construction, strengthen the responsibility of intermediary institutions, and the investment side. Reform and perfect key reforms such as the judicial system and mechanism of securities law enforcement, and continue to improve the basic system of the capital market.
Since the beginning of this year, with the establishment of the Beijing Stock Exchange and the merger of the main board of the Shenzhen Stock Exchange and the small and medium-sized board as the representative, significant achievements have been made in the construction of basic systems for my country’s capital market, and many basic systems including issuance, information disclosure, and investor protection have been accelerated. , The function of market investment and financing has been further strengthened, and the market order has become more standardized.
Regarding the focus of the future basic system construction work, the industry believes that the direction of "creating conditions for the comprehensive implementation of the registration system reform" should be taken as the direction to coordinate the promotion of institutional innovations that are compatible with the multi-level market system.
Various basic systems are gradually improved
In recent years, improving the basic system of the capital market has been the main theme of comprehensively deepening the reform of the capital market.
From the perspective of the organization and operation of the securities and futures market, the basic system includes institutional arrangements for key links and important areas such as issuance, trading, information disclosure, refinancing, continuous supervision and delisting, and these have also become key tasks for the supervisory authority to promote deployment.
Especially since the beginning of this year, with the advancement of the registration system reform as the leader, the regulatory authorities have continued to optimize the supporting rules, and the construction of the basic system of my country's capital market has pressed the "accelerator".
On December 10, the Shanghai and Shenzhen Stock Exchanges respectively solicited opinions on the amendments to the "Shanghai Stock Exchange Stock Listing Rules (Consultation Draft)" and "Shenzhen Stock Exchange Stock Listing Rules (Consultation Draft)". The two special chapters of "Corporate Governance" and "Corporate Governance" comprehensively regulate the behavior of "key minority" such as controlling shareholders and actual controllers, and suppress the responsibilities of intermediary agencies, creating conditions for the market to steadily advance the registration system reform.
"The continuous advancement of the registration system is conducive to improving the ecology of the stock market, reducing the difficulty and threshold of listing companies, improving the quality of listed companies, and better exerting the value discovery function of the stock market." said Deng Haiqing, chief economist of AVIC Fund, but the registration system must be realized. The above-mentioned effects also need to be supported by a delisting system, an information disclosure system, an intermediary management system, and a powerful punishment mechanism, in order to successfully achieve metabolism, discover high-quality companies, and reduce fraud and dishonesty.
It is worth noting that information disclosure is the core of the registration system concept, and relevant rules have been further refined this year.
Specifically, the China Securities Regulatory Commission has successively issued the "Guidelines for the Application of Supervisory Rules-Concerning Information Disclosure of Shareholders of Listed Companies Applying for Initial Issues", the revised "Administrative Measures for Information Disclosure of Listed Companies", the Securities Regulatory Commission System’s Supervision Guidelines for Shareholders’ Shareholdings, "About Guiding Opinions on Improving the Quality of Information Disclosure in Prospectus under the Registration System (Draft for Solicitation of Comments) has also been publicly solicited for comments recently, and a system of information disclosure rules oriented to investor needs has gradually formed.
In addition, under the reform of the registration system, the diligence of intermediary agencies is the basis and guarantee of the reform. Since this year, the regulatory authorities have repeatedly emphasized the consolidation of the responsibilities of intermediary agencies, and relevant regulatory rules have been improved and promulgated one after another.
In July, the China Securities Regulatory Commission issued the "Guiding Opinions on Supervising Securities Companies to Engage in Investment Banking Business under the Registration System to Relocate and Due Diligence." In September, the China Securities Regulatory Commission issued the "Initial Public Offering and Listing Guidance Regulations", further requiring intermediaries to relocate and perform due diligence. , To give full play to the role of the “gatekeeper” of the capital market.
"This year, my country’s capital market infrastructure has been highlighted frequently. The Beijing Stock Exchange has been established, the Shenzhen Stock Exchange’s main board and the small and medium-sized board have been merged, new delisting regulations have been implemented to create a market ecology for the survival of the fittest, and a trinity of punishment and punishment system has been formed. , Improve the investor protection system. The construction of the basic system is the key to the rapid development of my country’s multi-level capital market. A sound basic system can form a vigorous and vigorous market ecology, optimize the allocation of resources, and support my country’s entities. Long-term economic development.” said Tian Lihui, Dean of the Institute of Financial Development of Nankai University.
Investor rights are better protected
An important purpose of the construction of the basic system of the capital market is to better protect the rights and interests of investors.
This year, breakthroughs have been made in the supply of the rule of law in my country's capital market, and the basic institutional system for investor protection has been further improved.
In March, the implementation of the "Criminal Law Amendment (11)" increased the criminal penalties for securities and futures crimes; in July, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Opinions on Strictly Cracking down on Securities and Illegal Activities in accordance with the Law", which improved The top-level design of the judicial system and mechanism for securities law enforcement with Chinese characteristics.
In November, the "Measures for the Implementation of the Party Commitment System for Administrative Law Enforcement of Securities and Futures" was released, stipulating that the administrative law enforcement parties promised to take measures to correct suspected violations and compensate investors for losses, and provided a new mechanism for timely relief to investors.
It is worth mentioning that on November 12, the Guangzhou Intermediate People’s Court made a first-instance judgment in the Kangmei Pharmaceutical Securities Dispute. The further improvement of the three-dimensional accountability mechanism for civil, administrative, and criminal liabilities in the securities sector is a milestone in promoting the deepening reform and healthy development of my country's capital market and effectively safeguarding the legitimate rights and interests of investors.
Zhu Yiyi, a lawyer at Guoco Lawyers (Shanghai), told reporters that from the legislative level, the "Criminal Law Amendment (11)" promulgated this year is in line with the new securities law, which greatly improves securities violations such as fraudulent issuance and fraudulent information disclosure. The illegal cost of criminal acts effectively protects the legitimate rights and interests of investors while unblocking and controlling the entrance.
The "Opinions on Strictly Cracking Down on Securities Illegal Activities According to Law" requires the improvement of the administrative legal system, the improvement of the securities case investigation system and the securities case inspection system and mechanism, which is conducive to the truly and comprehensive implementation of the capital market law enforcement of "system building, non-intervention, and zero tolerance" The nine-character policy, strict law enforcement and fair justice, encourage the participants in the securities market to abide by laws and regulations, and purify the market ecology.
"The capital market is a rule-oriented market. Whether it is improving the construction of the capital market credit system, establishing a sound three-dimensional insurance system, or strengthening the criminal inspection connection of the capital market supervision, it can strengthen investor protection while further regulating capital The behavior of the market’s subject to ensure compliance.” Zhu Yiyi believes that from the level of law enforcement to the legislative and judicial levels, the continuous improvement of the basic investor protection system will promote the construction of the rule of law system of the capital market and affect the entire capital market. Long-term development is of great significance.
The Vice Chairman of the China Securities Regulatory Commission Wang Jianjun also stated recently that the China Securities Regulatory Commission is organizing special forces to study the independent director system, promote the construction of a systematic improvement of the system, further clarify the boundaries of independent directors’ rights and responsibilities, strengthen performance guarantees, improve the responsibility mechanism, and support and urge independent directors. Earnestly fulfill the obligation of honesty and diligence.
And promote the normalization of representative litigation, and continuously improve various investor protection systems such as appropriate management, publicly soliciting shareholder rights, and online dispute mediation and docking, so as to effectively enhance investors' sense of acquisition and security.
Promote key system innovation with registration system
What is worthy of recognition is that since the beginning of this year, my country’s capital market has moved further towards a market system with complete financing functions, a solid basic system, effective market supervision, and effective protection of the legitimate rights and interests of investors.
However, it should also be noted that my country's capital market is still in the initial stage of development, and it is still necessary to further establish and improve the market-based system and accelerate the construction of the "four beams and eight pillars" of the capital market.
Li Zhan, chief economist of the Research Department of China Merchants Fund, told reporters that there are still some shortcomings in the basic institutional system of my country's capital market. First, the variety and quantity of securities transactions in my country are not abundant, and the commodity futures and derivatives markets need to be developed.
Second, the issuance mechanism and withdrawal mechanism are not yet perfect.
On the issuing side, the pertinence, effectiveness, and timeliness of information disclosure, and the quality, efficiency and transparency of review and registration need to be improved.
At the exit end, the delisting system is not yet sound, the proportion of delisting is low, and there is a lack of diversified and normalized delisting channels.
Third, the investor structure is unreasonable. Compared with overseas capital markets, there are more A-share retail investors and fewer institutional investors.
Fourth, the construction of the regulatory legal system and the legal system needs to be strengthened.
Experts in the industry generally believe that at present, the regulatory authorities have made it clear that the registration system will be implemented in the entire market in the future. Therefore, the basic system reform next year will inevitably proceed along the route of "creating conditions for the comprehensive implementation of the registration system reform."
Li Xunlei, chief economist of Zhongtai Securities, said that it is necessary to strengthen the evaluation and optimization of the relevant regulations of the registration system, accelerate the improvement of a multi-level capital market system that is conducive to technological innovation, and further enhance the inclusiveness and adaptability of the system's supply. Taking reform as the leader, it will promote the innovation of key systems of the capital market, build an inclusive, complete and adaptable capital system, and continuously improve the stability, continuity and synergy of capital.
Regarding how to improve the basic system construction in the future, Li Zhan suggested that, first, the registration system should be fully implemented in a timely manner to improve the efficiency of market capital allocation and further enhance the inclusiveness and openness of the market.
This means that, on the one hand, we must pay close attention to the basic connotation of the registration system, improve the information disclosure system in various ways, and continue to improve the quality of the letter.
On the other hand, speed up the establishment of a normalized delisting mechanism consistent with the registration system.
Second, continue to emphasize market discipline, form continuous supervision of relevant entities at the legal and technical levels, and protect the legitimate rights and interests of investors.
Continue to promote the revision and improvement of relevant laws and regulations such as the Company Law and Accounting Law, strengthen the construction of information technology systems, consolidate the responsibilities of listed companies and intermediaries, increase penalties for violations, and increase regulatory deterrence.
Third, vigorously cultivate institutional investor groups and strengthen the investment function of the capital market.
There are more and more mature overseas institutional investors. The establishment of relevant systems can further attract overseas institutional investors while continuing to tap the potential of domestic institutional investors.
"The construction of the basic system of the capital market needs to return to the original intention of serving the development of the real economy, and coordinate the promotion of key institutional innovations such as issuance, listing, trading, continuous supervision, and investor protection that are compatible with the multi-level market system, and solidly promote high-level institutional two-way opening "Tian Lihui pointed out that while improving various systems, it is necessary to further promote the cultural construction of value investment in order to truly realize the high-quality development of the capital market.
Ma Chunyang