In 2020, the CSRC will revise the "Administrative Measures on Initial Public Offering and Listing on the GEM."

　　The China Securities Regulatory Commission announced for the first time the time target for the reform of the GEM registration system-strive to amend the "Administrative Measures for Initial Public Offering of Stocks and Listing on the GEM" by 2020.

　　The above documents contain specific contents such as the listing procedures and conditions of the GEM IPO.

　　On April 17, the Securities Regulatory Commission announced the 2020 legislative plan, with a total of 53 regulatory legislative items planned and revised, including 42 "key projects to be released within the year" and "requires urgent research and opportunity selection" 11 items. A big wave of new regulations will follow in 2020.

　　The first financial reporter noted that the CSRC plans to formulate and introduce four new regulations during the year, involving the issuance of listed companies on the Science and Technology Board, the high management of the directors and supervisors of securities fund management institutions, and the internal control of the organization. Implementation Measures for Order Repurchase (Trial).

　　In order to regulate various behaviors of market entities, in addition to strict supervision of listed companies, it also focuses on regulating the behaviors of market entities from the perspective of perfecting the rules, and plans to introduce management methods for securities brokers, PEs, investment institutions and many other specific businesses.

　　In addition, the China Securities Regulatory Commission is studying and formulating the "Procedures for the Management of Programmatic Transactions."

　　GEM "has a drama" during the year

　　The new "Securities Law" has made comprehensive provisions on the registration system for new share issuance, and has cancelled the relevant contents such as the approval system. At present, the implementation of the registration system to the entire market is still in progress. However, affected by the new coronary pneumonia epidemic, all parties in the market have adjusted their expectations for the pace of reform.

　　According to the disclosure of the China Securities Regulatory Commission on March 23, the reform of the Growth Enterprise Market has "requested opinions within a certain range" and "relevant work is being carried out in an orderly manner."

　　The CSRC ’s legislative plan concerning the reform of the GEM has revealed a clear working arrangement to the market.

　　"Do a good job in formulating the supporting rules for the pilot reform of the GEM registration system." The CSRC said that it will strive to introduce three key projects during the year, including the formulation of the "Continuous Supervision Measures for GEM Listed Companies"; "Measures", "Administrative Measures for Initial Public Offering of Stocks and Listing on GEM".

Comprehensive Linking Securities Law

　　In March this year, the revised "Securities Law" came into effect, which also made the improvement of various regulations and rules of the capital market more urgent.

　　In conjunction with the amendments to the "Securities Law", the CSRC has issued a "Decision on Amending Some Securities and Futures Regulations", which has "packaged" amendments to 13 regulations including "Administrative Measures for Listed Companies' Acquisitions" and "Administrative Measures for Major Asset Restructuring of Listed Companies".

　　In connection with the "Securities Law", this year the CSRC's "key projects to strive to introduce" are rich in content.

　　Four new regulations are expected to be formulated during the year, including the “Measures for the Administration of Securities Issuance and Registration of Listed Companies on the Science and Technology Board (Trial)”, “Measures for the Supervision and Administration of Directors, Supervisors, Senior Management and Practitioners of Securities Fund Management Institutions”, and “Securities Funds "Administrative Measures for Internal Control of Operating Institutions" and "Implementation Measures for Ordering Repurchase of Listed Stocks Fraudulently (Trial)".

　　The rules and regulations that are planned to be revised during the year involve all aspects of securities issuance, trading, and other settlements, as well as securities firm risk control and public fund information disclosure.

　　These include: "Administrative Measures on Securities Issuance and Underwriting", "Administrative Measures on Stock Exchanges", "Administrative Measures on Securities Registration and Settlement", "Administrative Measures on the Management of Private Equity Assets of Securities and Futures Institutions", and "Administrative Measures on the Sponsorship of Securities Issuance and Listing" , "Administrative Measures on Information Technology of Securities Fund Operating Institutions", "Administrative Measures on the Risk Control Index of Securities Companies", "Administrative Measures on the Compliance of Securities Companies and Securities Investment Fund Management Companies", "Administrative Measures on Foreign-invested Securities Companies", "Public Offering of Securities Administrative Measures for Information Disclosure of Investment Funds, Administrative Measures for Equity Incentives of Listed Companies, Administrative Measures for Acquisition of Listed Companies, Administrative Measures for Information Disclosure of Listed Companies, Administrative Measures for Major Asset Restructuring of Listed Companies, and Integrity Supervision of Securities and Futures Markets "Administrative Measures", "Administrative Measures for Law Firms Engaging in Securities Legal Business", "Administrative Measures for Corporate Bond Issuance and Trading", "Interim Measures for the Administration of Credit Rating Business in the Securities Market", etc.

　　In addition to the above-mentioned plans to introduce rules during the year, there are also a number of items that the CSRC "needs to study and choose to introduce."

　　Including, the formulation of "Procedures for the Management of Programmatic Transactions", the revision of the "Provisions on the Prohibition of Access to the Securities Market", the "Administrative Measures for the Acquisition of Unlisted Public Companies", and the "Administrative Measures for Major Asset Restructuring of Unlisted Public Companies".

　13 "methods" to regulate the market

　　According to the plan, the China Securities Regulatory Commission will formulate documents specifically to supervise investment consulting business, securities brokerage business, securities dealer counter business, futures subsidiary management, and private equity custody business.

　　Five "measures" are planned to be formulated within the year, including: "Administrative Measures for Securities Fund Investment Consulting Business", "Administrative Measures for Securities Brokerage Business", "Measures for Counter Operations of Securities Companies (Trial)", "Administrative Measures for Subsidiaries of Futures Companies", and "Private Equity Investment" Measures for the Supervision and Administration of Fund Custody Business

　　At the same time, there are eight "Measures" to be revised, including "Measures for the Administration of Securities Settlement Risk Funds", "Administrative Measures for Securities Investment Fund Management Companies", "Administrative Measures for Securities Investment Fund Custody Business", "Administrative Measures for Securities Investment Fund Sales", "Administrative Measures on Domestic Securities and Futures Investment of Qualified Foreign Institutional Investors and Renminbi Qualified Foreign Institutional Investors", "Administrative Measures on Futures Exchanges", "Administrative Measures on the Qualifications of Directors, Supervisors and Senior Managers of Futures Companies", and "Private Investment Fund Supervision" Interim Management Measures.

　　In addition to the above-mentioned documents that are likely to be released this year, there are 6 "projects that need to be studied and selected at the right opportunity". Including, the formulation of "Administrative Measures for the Business License of Securities Companies", "Administrative Measures for the Settlement of Bond Repurchase Transactions", "Administrative Measures for the Supervision and Administration of the Sales of Private Equity Investment Funds"; Amendments to the "Administrative Measures for Anti-Money Laundering in the Securities and Futures Industry" "Interim Measures of China Securities Regulatory Commission Office of Securities Supervisors".

　Cooperate to promote the upper law

　　The legislative plan shows that in addition to the above-mentioned regulatory items, the 2020 SFC will also cooperate with relevant departments of the National People's Congress to formulate the "Futures Law" and amend the "Criminal Law".

　　In addition, cooperate with relevant departments of the State Council to formulate administrative regulations such as the “Regulations on the Supervision and Administration of Securities Companies”, “Regulations on the Supervision and Administration of Listed Companies”, “Special Provisions of the State Council on the Overseas Share Raising and Listing of Joint Stock Companies”, “Interim Regulations on the Management of Private Equity Investment Funds” and other administrative regulations. Modify work. And cooperate with relevant judicial organs to carry out judicial interpretation and legislative work in the relevant securities and futures field.

　　It is worth mentioning that for the administration according to law, the CSRC will also issue three documents during the year. Including the formulation of the "Measures for the Implementation of the Supervision and Administration Measures for the Securities and Futures Market", the "Administrative Penalties for Securities and Futures Illegal Acts," and the revision of the "Provisions on the Implementation Procedures for the Administrative Licensing of the China Securities Regulatory Commission." In addition, research is being conducted and the China Securities Regulatory Commission ’s Implementation Measures on Freezing and Blocking will be issued at the right opportunity.

　　Author: Du Grief