Deepening the reform of the New Third Board and the establishment of the Beijing Stock Exchange (hereinafter referred to as the Beijing Stock Exchange) is an important arrangement for the central government to comprehensively deepen the reform of the capital market, improve the basic system of the capital market, enhance the functions of the capital market, and support the innovative development of small and medium-sized enterprises. Development strategy, a major measure to promote the construction of Beijing International Science and Technology Innovation Center and National Financial Management Center.
The Supreme People's Court today issued the "Several Opinions on Providing Judicial Guarantee for Deepening the Reform of the New Third Board and the Establishment of the Beijing Stock Exchange" (hereinafter referred to as the "Guarantee Opinions"), giving full play to the judicial function of the people's courts to ensure the deepening of the reform of the New Third Board and the establishment of the Beijing Stock Exchange. The stock exchange is progressing smoothly to protect the legitimate rights and interests of small and medium-sized enterprises and investors.
The "Guarantee Opinions" requires courts at all levels to have a profound understanding of the importance of properly hearing cases involving the NEEQ, the Beijing Stock Exchange and its listed companies, and listed companies from the perspective of improving the multi-level capital market system. The "level-by-level" market structure of the Stock Exchange and the Shenzhen and Shanghai Stock Exchanges specifically grasps the judicial needs of the multi-level capital market.
The "Guarantee Opinions" put forward specific measures to ensure the deepening of the reform of the New Third Board and the smooth progress of the establishment of the Beijing Stock Exchange, including legal protection of the administrative supervision of the securities regulatory department and the self-discipline management of the Beijing Stock Exchange, fully respecting the New Third Board as a national securities trading venue approved by the State Council The Beijing Financial Court has centralized jurisdiction over the cases involving the Beijing Stock Exchange and its listed companies, and comprehensively refers to the implementation of various judicial measures such as the Judicial Guarantee Opinions on the Science and Technology Innovation Board and the Growth Enterprise Market.
The "Guarantee Opinions" pointed out that due to the relative principles of the Securities Law on national securities trading venues, the New Third Board has explored a set of administrative supervision rules and exchange self-discipline management rules in the deepening reform, adapting to "level-by-level progress". Institutional system of market structure.
The people's courts should respect the practice of reform in the judicial process, and apply relevant regulatory and business rules with reference to the premise of not violating the principles and spirit of the law.
In view of the positioning of the Beijing Stock Exchange as "the main position of serving innovative small and medium-sized enterprises", combined with the characteristics of the market structure of "step by step", the "Guarantee Opinions", from the perspective of providing high-quality judicial services, proposes to support small and medium-sized enterprises to grow bigger with the help of the capital market A number of specific measures to strengthen.
This includes supporting securities intermediaries to serve small and medium-sized enterprises for listing and financing in accordance with the law, discriminating against civil liability for misrepresentation in accordance with the "level-by-level" market structure, adhering to the principle of "three fairs" in the capital market to reduce financing transaction costs for small and medium-sized enterprises in accordance with the law, and optimizing trials. Implementing procedures to reduce the litigation costs of innovative small and medium-sized enterprises and other specific content.
The bright spot is that the "Guarantee Opinions" aims at the actual situation that small and medium-sized enterprises listed on the New Third Board and the Beijing Stock Exchange are still in the stage of entrepreneurial growth. The specific guiding principles for these types of cases have clarified the orientation of reducing the financing costs of small, medium and micro enterprises.
Taking into account the fundamental position of strict judiciary for the healthy development of the capital market and the need to protect the rights and interests of investors, the "Guarantee Opinions" stipulates that it will severely crack down on illegal and criminal activities, prevent damage to investors' rights and interests through bankruptcy procedures, regulate the behavior of securities investment consulting institutions, improve diversified Dispute resolution mechanisms and other measures are aimed at maintaining the legal bottom line and effectively protecting the legitimate rights and interests of investors.
According to reports, the promulgation of the "Guarantee Opinions" will help to promote the formation of a good market ecology in which all market participants act in accordance with the law, fund information flows in an orderly manner, the main body is responsible and the legitimate rights and interests are effectively protected through judicial trials. Provide strong judicial guarantee for investors to invest with confidence and for small and medium-sized enterprises to boldly innovate and start businesses.
(CCTV reporter Zhang Sai)