The China Securities Regulatory Commission issued four policy documents including the "Opinions on Strictly Controlling Issuance and Listing Access and Improving the Quality of Listed Companies from the Source (Trial)"

　　China News Service, March 15. According to the website of the China Securities Regulatory Commission, in order to thoroughly implement the spirit of the Central Financial Work Conference and the special seminar for leading cadres at the provincial and ministerial levels to promote high-quality financial development and promote the construction of a capital market with Chinese characteristics, the China Securities Regulatory Commission adheres to its goals Orientation and problem-oriented, firmly grasp the main line of strengthening supervision, preventing risks, and promoting high-quality development, implement the requirement that supervision must be "thorny" and angular, and highlight "strengthening the foundation" and "strict supervision and management" ”, based on in-depth investigation and research and extensive listening to opinions and suggestions from all parties, together with relevant parties, we formulated and issued the "Opinions on Strictly Controlling Issuance and Listing Access and Improving the Quality of Listed Companies from the Source (Trial)", "On Strengthening Listing Opinions on Corporate Supervision (Trial)", "Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First-Class Investment Banks and Investment Institutions (Trial)" and "Opinions on Implementing Strong Political Capabilities, Strong Work Styles and Strong Standards to Comprehensively Strengthen the Securities Regulatory Commission System itself Construction Opinions" and other 4 policy documents.

1. "Opinions on Strictly Controlling Issuance and Listing Access and Improving the Quality of Listed Companies from the Source (Trial)".

The document focuses on improving the quality of listed companies from the source, comprehensively and strictly strengthening the supervision of corporate issuance and listing activities, tightening and consolidating the responsibilities of all relevant parties in the entire issuance supervision chain, and maintaining a good issuance order and ecology, and proposes 8 policy measures.

The first is to strictly control the quality of applications for companies planning to be listed.

The first responsibility of companies planning to be listed and the "key minority" for information disclosure is true, accurate and complete, and blind pursuit of listings and excessive financing for the purpose of "encircling money" is strictly prohibited.

Financial fraud, false statements, whitewashing and packaging, etc. shall be promptly and seriously investigated in accordance with the law.

The second is to consolidate the “gatekeeper” responsibilities of intermediaries.

Establish a normalized rolling on-site supervision mechanism and make good use of the practice quality evaluation mechanism of sponsor institutions that is oriented to the quality of listed companies.

The third is to highlight the main responsibility of the exchange’s review.

Put the prevention of financial fraud and fraudulent issuance in a more prominent position in issuance review.

Pay close attention to whether companies planning to be listed have sudden "liquidation" dividends before listing, strictly guard against strict inspections, and implement negative list management.

Strictly supervise high prices and excessive fundraising.

The fourth is to strengthen the local supervision responsibilities of the CSRC offices.

Guidance supervision adheres to the principle that time is subordinate to quality, and on-site inspections effectively play the role of supplementary verification and extension of written review.

Fifth, resolutely perform the full-chain coordination responsibilities of the China Securities Regulatory Commission.

Comprehensive consideration will be given to the affordability of the secondary market and counter-cyclical adjustments to the issuance of new shares will be implemented.

Significantly increase the proportion of random selections of companies planning to be listed and intensify problem-oriented on-site inspections.

Sixth, optimize the functional connection of multi-level capital markets.

Research on improving listing standards.

Strictly review unprofitable enterprises.

Seventh, standardize and guide the healthy development of capital.

Urging companies to reasonably determine the investment direction and scale of raised funds based on actual needs, strengthening penetrating supervision of shareholders of companies planning to be listed, and preventing "creating wealth" in violation of laws and regulations.

The eighth is to improve the whole chain supervision and accountability system.

If companies and intermediaries planning to be listed violate regulations, they will be held seriously accountable in accordance with the Securities Law and other regulations.

Listing committee members and review and registration personnel who commit intentional or gross negligence or violate integrity disciplines will be held accountable for life-long party discipline and government affairs responsibilities.

2. "Opinions on Strengthening the Supervision of Listed Companies (Trial)".

The document focuses on promoting listed companies to enhance investment value and strengthen investor protection. It proposes 18 policy measures in 4 aspects around key issues of concern to all parties, including combating financial fraud, strictly regulating shareholding reductions, increasing dividend supervision, and strengthening market value management. .

The first is to strengthen information disclosure supervision and severely punish performance fraud.

Promote the construction of a comprehensive punishment and prevention system for financial fraud in the capital market, improve the ability and level of penetrating supervision, and strive to achieve performance penetration and data authenticity.

Strengthen all-round and three-dimensional accountability.

The second is to prevent detours and reductions in holdings and maintain market confidence.

The shareholding reduction will be "linked" to the listed companies' net loss, loss of shares, dividends, etc.

Strictly supervise the behavior of detours and reductions through divorce, pledge liquidation, refinancing and lending, securities lending and selling, etc.

Order the illegal entities to repurchase the illegally reduced shares and pay the price difference.

The third is to strengthen the supervision of cash dividends and enhance investor returns.

For companies that have not paid dividends for many years or have low dividend payout ratios, regulatory constraints will be strengthened.

Promote multiple dividends a year, and combine undistributed profits and current performance pre-dividends before the Spring Festival to enhance investors' sense of gain.

The fourth is to promote listed companies to strengthen market value management and enhance investment value.

We will consolidate the main responsibilities of market value management of listed companies, promote high-quality listed companies to actively carry out share repurchases, and guide more companies to repurchase and cancel their shares.

3. "Opinions on strengthening the supervision of securities companies and public funds and accelerating the construction of first-class investment banks and investment institutions (Trial)".

The document focuses on correcting the positioning of industry organizations, promoting functions, improving professional service capabilities and regulatory effectiveness, and proposes 25 policies and measures in 7 aspects.

The first is to correct the positioning of industry organizations.

Industry organizations are urged to correct their business philosophy, correct positioning deviations, put functionality first, pay more attention to long-term returns from customers, and earnestly fulfill their fiduciary obligations.

The second is to lay a solid foundation for compliance and risk control.

Improve the conflict of interest prevention mechanism and severely crack down on illegal behaviors of shareholders and actual controllers that infringe the interests of institutions and investors.

Strengthen the compliance and risk control construction of industry organizations, and adhere to the principle of "if you can't see things clearly and can't control them, you won't do business."

The third is to optimize the industry development ecology.

We will deepen the construction of a financial culture with Chinese characteristics and resolutely correct unhealthy tendencies such as money worship, extravagant enjoyment, eagerness for quick success, and "showing off wealth".

Effectively strengthen the management of employees and the supervision of honest employment.

Cooperate with relevant authorities to continue to improve the salary management system of industry organizations.

The fourth is to promote the functions of the industry.

Better play the role of industry organizations as the main force in maintaining the stable and healthy operation of the market.

Consolidate the transaction management responsibilities of securities companies and improve the fairness of transactions for different types of investors.

Further consolidate the “gatekeeper” responsibilities of investment banks and improve their value discovery capabilities.

Strengthen the construction of core capabilities in public fund investment research, vigorously develop equity funds, and improve investor service capabilities.

Fifth, comprehensively strengthen supervision and law enforcement.

We must pay equal attention to institutional and individual penalties, economic penalties and qualification penalties, regulatory accountability and self-discipline penalties, and resolutely crack down on institutions and individuals that ignore or harm the interests of public investors in accordance with the law.

Strengthen the management of industry institutional shareholders and business access, and improve the conditions for senior executives and the filing management system.

Sixth, prevent and resolve financial risks.

Establish and improve a penetrating supervision system covering all businesses within and outside the industry, on and off-site, and online and offline.

Strengthen risk monitoring and prevention, improve multi-level liquidity support mechanisms, and deal with risk institutions in a timely and secure manner.

Seventh, we will do a good job in building the institutional supervision team.

4. "Opinions on Implementing the Standards of Excellent Political Ability, Excellent Work Style and Comprehensively Strengthening the Construction of the China Securities Regulatory Commission System".

The document highlights the importance of strictness, facing problems head-on, and turning the edge inward, insisting on self-revolution to lead its own construction, and promoting the comprehensive development of the China Securities Regulatory Commission system from strict party governance, party style and clean government construction, and anti-corruption struggles, and clarifies measures in three aspects .

The first is to highlight political excellence and uphold and strengthen the party’s overall leadership over the capital market.

Continuously enhance the firmness and consciousness of supporting the "two establishments" and achieving the "two safeguards".

Implement the political and people's demands into specific supervision work.

Improve political standing, strengthen sentiments for the people, and effectively safeguard the legitimate rights and interests of small and medium-sized investors.

The second is to highlight strong capabilities and strive to build a team of supervisory cadres capable of shouldering important responsibilities.

We will improve policies and measures to encourage cadres to take on their responsibilities, guide cadres to endure hardships and do hard work first, and set an example and be pioneers in serving the country through finance and studying business.

Great efforts will be made to improve the ability to perform supervisory duties.

Strict supervision accountability and promote supervisory cadres to establish a strong awareness of risks and responsibilities.

The third is to highlight the excellent work style and maintain the strict tone, strict measures, and strict atmosphere for a long time.

Strictly strengthen the construction of the cadre supervision system.

Strictly rectify the “revolving door” of politics and business.

Correct the stubborn diseases of the "four winds" with heavy blows.

We will continue to maintain a high-pressure stance in punishing corruption.

Resolutely eradicate the soil and conditions that create corruption problems.

　　The China Securities Regulatory Commission will adhere to systemic thinking and govern the market in accordance with the law, promptly formulate and revise relevant supporting rules, and coordinate and promote the implementation of various measures to achieve effective results.

At the same time, we must adhere to the combination of long-term and near-term, treat both the symptoms and root causes, study and introduce a package of policies and measures to strengthen supervision, prevent risks, and promote high-quality development, improve the systems and mechanisms that are conducive to the long-term stable and healthy development of the capital market, and follow the path of development of the capital market with Chinese characteristics. Actively contribute to building a financial power and promoting Chinese-style modernization.