Zhongxin Finance, April 23. With the approval of the China Securities Regulatory Commission, on the 22nd, the Shanghai Stock Exchange issued the "Shanghai Stock Exchange Corporate Bond Issuance and Listing Review Rules", "Shanghai Stock Exchange Corporate Bond Listing Rules" and "Shanghai Stock Exchange". There are four bond business rules, including the Listing Rules for Privately Issued Corporate Bonds and the Shanghai Stock Exchange's Measures for the Administration of Suitability of Investors in the Bond Market.
After the release of this batch of rules, the bond market of the Shanghai Stock Exchange has basically formed a complete and independent rule system covering all business lines such as issuance and listing review, issuance and underwriting, listing and listing, transaction operation, and investor protection. The structure is simple and friendly, which is convenient for market entities to query and use on demand.
The Shanghai Stock Exchange stated that since the reform of corporate bond issuance in 2015, under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange has adhered to the direction of marketization and the rule of law, promoted the construction of the basic system of the corporate bond market, and continuously improved its ability to serve the real economy.
In 2020, the "Securities Law" established the basic system of the corporate bond registration system, and the "Administrative Measures for the Issuance and Trading of Corporate Bonds" of the China Securities Regulatory Commission further clarified the institutional arrangements.
In order to coordinate the systems at the self-regulatory level and implement the specific requirements of the registration system reform and “decentralization, regulation and service”, the Shanghai Stock Exchange has comprehensively formulated and improved the supporting business rules for the corporate bond registration system.
On the basis of fully absorbing public comments from the public in the early stage, the Shanghai Stock Exchange has optimized and improved the rules from the following three aspects: First, in terms of system implementation standards and norms, it further reflects the characteristics of simplicity and friendliness, and the audit procedures, audit content and standards Effectively improve the predictability and transparency of the listing, clarify the circumstances of termination of listing, simplify listing requirements, facilitate market participation, and strengthen supervision and restraint on the operation of power.
Second, in terms of market construction, attach importance to giving play to the endogenous mechanism of the market and the role of self-discipline, strengthen information disclosure requirements, consolidate the responsibility of intermediaries to check, and improve the endogenous mechanism for investor rights protection such as the holder meeting and the entrusted management system. Mobilize the sense of responsibility of all market participants and further strengthen market constraints.
Thirdly, in terms of market supervision, according to the current market development, the suitability requirements for investors have been improved, the protection of ordinary investors has been increased, the self-regulatory requirements that each market entity should abide by is further clarified, and the violations and corresponding violation responsibilities are detailed. investigation, and "zero tolerance" for all kinds of violations.
In the next step, under the unified leadership of the China Securities Regulatory Commission, the Shanghai Stock Exchange will take the registration system reform as an opportunity, continue to optimize services, strengthen supervision and other methods to further stimulate the vitality of market participants, guide relevant entities to fulfill their responsibilities, and give full play to exchange bonds. The market should play its due role in increasing the proportion of direct financing, better implement the relevant requirements for serving the development of the real economy and financial risk prevention and control, and continue to promote the high-quality development of the bond market.
(Finish)