Yihuiman: Improve market activity and steadily gradually register the system in stages throughout the market

Yihuiman: Improve market activity and steadily gradually register the system in stages throughout the market
Sauna Night News May 15, the official website of the China Securities Regulatory Commission released Chairman Yi Huiman in 2020 “5?The speech of the 15 National Investor Protection Publicity Day event is as follows: Dear guests, friends: Good afternoon everyone!First of all, warm congratulations on the successful holding of the 2nd National Investor Protection Day!Investors are the foundation of capital market development. They believe that investors, awe and protection of investors are the concrete manifestation of the capital market’s practice of people-centered development and the fundamental regulatory mission of the securities regulatory department.Over the past year, we have strengthened the organizational leadership of investor protection, initiated innovations in litigation and rights protection mechanisms, consolidated the legal foundation, and promoted the gradual and fruitful work in transforming investor education into a national education system, and achieved positive results.Here, on behalf of the China Securities Regulatory Commission, I would like to express my heartfelt thanks to the legislative and judicial authorities, relevant ministries and commissions, market players, news media and investors who have long been concerned with supporting the reform and development of the capital market and investor protection!There will be opportunities. I would like to share with you some current key scenic spots.  1. Promote the function of the capital market hub to better support the epidemic prevention and control and economic and social development. The New Coronary Pneumonia epidemic has occurred. The CSRC firmly implements the spirit of the important instructions and instructions from General Secretary Jin Ping and the Party Central Committee.Under the unified command and coordination, we consciously put the reform and development of the capital market in the overall situation of resolutely winning the epidemic prevention and control and blocking the battle to make overall plans and do a good job in the capital market.In promoting the smooth operation of the capital market, we adhered to the laws and regulations, believed the market, and resolutely did not make administrative interventions. We actively strengthened communication with the market, strengthened policy coordination in all aspects, and achieved normal market opening and normal operation after the Spring Festival. Market competition was obviousEnhanced.Stock pledges, bond defaults, private equity funds and other key areas of risk prevention and correction measures are obvious, and the overall convergence.In support of epidemic prevention and control and resumption of production, the policy of “solid expectations, expansion of scale, classification and grabbing, renewal, and creation of tools” was merged, and special policy arrangements were made at special times to implement regulatory flexibility and regulatory temperature.It has provided policy support to areas and enterprises that have been severely affected by the epidemic, such as financing delays, annual report disclosure delays, stock pledges, and “elastic” handling of financing and securities lending businesses.In the first 4 months of this year, IPO, refinancing, and exchange bond market financing maintained rapid growth; the amount of M & A and restructuring transactions was the same period last year.2 times.In order to maintain the strength of the reform and stimulate market vitality, we will effectively promote the implementation of the key reform measures of the “12 deep reforms”.Science and technology board maintained a good development momentum, and listed companies broke through one hundred.The GEM reform and the pilot registration system started smoothly.The reform of the New Third Board started the public issuance and listed the selected layer to replace the audit.Refinance policy adjustments, pilot projects of public real estate investment trust funds in the field of infrastructure, and optimization of internal listing arrangements for red-chip companies have been gradually introduced.  At present, the global epidemic is still spreading, the impact on the world economy is still intensifying, international trade and investment are severely hindered, the global industrial chain supply chain is facing a new round of adjustments, and the profound impact on international relations and global governance is also preliminary.It appears that this is an external challenge that the capital market will face in the future.Judging from the current situation, in the new stage of normalized epidemic prevention and control, the pressure of external defense input and internal defense rebound still runs through.The data for the first quarter, including the quarterly reports disclosed by listed companies, show that the epidemic has hit the real economy, further expand domestic demand, improve people’s livelihood and expand employment, support the development of small and medium-sized enterprises, and stabilize and optimize the supply chain of the industrial chain.For the capital market, we must actively respond to severe and complex internal and external risk challenges, and strive to achieve stable and healthy development of the market; gradually, we must take proactive actions, respond to the central government’s “six stability” and “six guarantees” requirements, and strengthen countercyclical adjustmentsTo promote the functioning of the market and actively contribute to the decisive victory of building a well-off society in an all-round way.  One is to continue to increase its strength in supporting economic recovery and development.The real economy is the foundation. This is something we must always keep in mind when doing financial work.As a “barometer” of the national economy, the capital market must not only be a “thermometer” but also a “booster”, actively play a key role in the allocation of factor resources, a policy resolution hub, a risk prevention and resolution hub, and an expected guidance hub.Function, promote the integration of technology and capital, drive the virtuous cycle of finance and the real economy, and inject new momentum for real enterprises to overcome the impact of the epidemic and achieve quality and efficiency.At the same time, we must continue to adhere to the steady and slow release of all kinds of risks in support of epidemic prevention and control and the recovery of the real economy to achieve organic integration of stability and development.  The second is to continue to strengthen the implementation of the new securities law.The revision of the Securities Law involves the comprehensive expansion of the securities issuance and registration system, the significant start of illegal and illegal costs, the increase in investor protection and other major basic system adjustments and improvements to enhance the governance capacity of the capital market and optimize the capital market development ecology, which is of great significance.Every participant in the capital market should consciously strive to be a proponent, practitioner, and guardian of the new securities law, and jointly defend the dignity of the legal system, the authority of the rules, and work together to create a norm that is transparent, open, and energetic, A powerful capital market.  The third is to continue to step up efforts to comprehensively deepen capital market reform.The more severe and complicated the focus, the more determined and deepened reforms will be. The direction and determination of the capital market to promote reforms and expand opening will not change due to the epidemic.We will always adhere to the principle of marketization and rule of law, learn more international best practices, adhere to the “four awes, one joint force” supervision concept, increase the focus of key reforms, and reform the rhythm and timing reasonably and reasonably according to epidemic prevention and control.We will promptly introduce reform measures that will better support the prevention and control of the epidemic situation and the recovery of the real economy, and ensure the orderly advancement of the “12 deep reforms” and gradually blossom.  Fourth, continue to increase efforts in optimizing the combination of release and management and improving services.This is the proper meaning of market-oriented and rule-of-law reform, and it is also a fundamental strategy to stimulate market vitality and effectively serve the real economy.As long as it is an area where market restraints are more effective, we must resolutely delegate power to the market.We will use the implementation of the new securities law as an opportunity to comprehensively improve and optimize supporting rules and regulations and strengthen post-event supervision; comprehensively expand the “sunshine approval, transparent approval”, increase the classification of “pocket policy” and the hidden door clearance;In the service, we are anxious about the worries of enterprises and thinking of investors, making capital market supervision more popular and heart-warming.  Second, maintain “zero tolerance” for vicious violations such as financial fraud, purify the market ecology, and gain further trust from the market. At the annual meeting of the Association of Listed Companies in May last year, we severely cracked down on financial fraud of listed companies, tightened market discipline, and improved listingThe company issued a quality proposal with clear requirements.Over the past year, through the joint efforts of all parties, the positive factors for improving the quality of listed companies have continued to increase, and a favorable environment is gradually taking shape.With the implementation of the new securities law, the strict supervision of listed companies, the continuous changes in the pressure of strict inspections, and the increasingly effective external supervision of the media and market-related partiesThe concept of “awe” began to gain popularity among the people, and there were some trending positive changes in the overall quality improvement of listed companies, with cash dividends reaching 1.36 trillion, a record high.But at the same time, we are also soberly aware that vicious violations of laws and regulations such as financial fraud, insider trading, and market manipulation have occurred frequently. This not only destroys the market ecology, but also affects investor confidence.In order to carry out, it is necessary to put a heavy punch, use heavy code, resolutely remove the black sheep, and effectively protect the legitimate rights and interests of investors.  We maintain the high-pressure situation of daily supervision and inspection and law enforcement, and concentrate our efforts on investigating Kangdexin, Kangmei Pharmaceutical, and many other markets, which have paid close attention to and affected major financial fraud cases.These cases have some common characteristics: First, the fraud cycle is long, the amount is huge, and it often lasts for several years, and the artificially increased profits are often billions or even tens of billions.Second, there are systematic and large-scale counterfeiting phenomena. Some companies falsify their business and engage in “two accounts”; some companies even regularly formulate counterfeiting indicators to link up with suppliers and customers to implement full-process counterfeiting.The third is counterfeiting, which is often accompanied by illegal occupation, illegal guarantees, insider trading, and manipulation violations.We will hold on to various types of cases and investigate the case.Recently, Dong Jiangao, a shareholder of a listed company, has not agreed to disclose the annual report at the same time. At the same time, he said that “there is no guarantee that the report is true, accurate and complete”, which has aroused widespread concern and breakthroughs in the society.At present, corresponding regulatory measures have been taken.We believe that the preparation, adjustment and disclosure of periodic reports are the legal obligations of the directors and supervisors of listed companies. To exercise their right of objection to the annual report, they must abide by the basic principles of honesty, trustworthiness and diligence, and will never take advantage of the power and abuse the power.Evasion of legal responsibility.  Operating in compliance with the law is the bottom line of behavior that any enterprise must abide by in a market economy. As a public company, a listed company must take the lead and set an example.At present, the impact of the epidemic on the operating performance of some listed companies is believed to be understandable by the market and investors for normal performance changes. However, they must not tell lies, compile stories, make false accounts, or use the name of the epidemic.”Big bath” or “high temperature speculation” is not only the basic constraint of the market, but also the bottom line of supervision.This major revision of the Securities Law has strengthened the legal responsibility for serious violations of laws and regulations, such as financial fraud, and the Securities Regulatory Commission can use the new and effective Securities Law to give it supervisory authority, increase the correction of premises, and strengthen regulatory deterrence.  The first is to highlight the key points of law enforcement, concentrate superior resources to investigate and deal with major cases of financial fraud, and promote multiple investigations in one case, deal with the relevant listed companies, intermediaries and individuals strictly, and notify the market in a timely manner.The second is to classify policies and embody scientific supervision.Distinguish between major violations and form defects, the impact of the epidemic and the opportunity to falsify, distinguish between listed companies and controlling shareholders, and the responsibility of the actual controller, which reflects the seriousness of supervision and the accuracy of supervision.3. Take the case as a mirror and further improve the basic system of information disclosure and corporate governance through the “small overlap” of case handling, strengthen the awareness of “key minority” such as shareholders, actual controllers, directors and supervisors, and respect the “listing”Regulatory responsibility.Further improve the relief and compensation mechanism, accelerate the revision of the Criminal Law, and increase the protection of small and medium investors by means of representative litigation and execution linkage.Give full play to market supervision, media supervision, investor supervision and other multi-channel efforts to improve the incentive and restraint mechanism.The fourth is to strengthen scientific and technological supervision, make full use of big data, artificial intelligence and other modern information technology methods, and continuously improve the ability of supervision and law enforcement.  The expert here is that the new securities law has been officially implemented since March 1.All parties involved in the capital market must consciously base themselves on the new securities law, know the law, obey the law, use it, and enforce the law.For violations that did occur before the implementation of the new securities law, and are still under investigation, the trial stage of the case, we will insist on administration according to law, in accordance with the legal provisions when the violation occurs, but we will implement the spirit of the new securities law, strictPay more attention to processing, and at the same time push forward the cleanup of accumulated cases.Although the illegal acts started before March 1, but they still continue to occur and cause serious harm, we will strictly punish them in strict accordance with the provisions of the new securities law.By promoting the establishment of self-discipline management, daily supervision, audit and investigation, criminal accountability, collective litigation and civil compensation organic connection, authoritative and efficient capital market law enforcement system, serious market discipline, maintenance of market size, and the return of the capital market.  3. Do a good job of coordinating the key tasks of capital market reform, development, and stability, and unswervingly promote the transformation and development of the capital market. We have paid attention many times. The capital market is an ecosystem with rich connotations and complex mechanisms.Investors and financiers, listing and delisting, refinancing and reducing holdings, new and old shareholders, institutional investors and individual investors, the dynamic balance of the relationship between stocks and increments, and find the greatest common divisor.We will always practice the people’s nature of supervision, strengthen the concept of “big insurance”, and transfer the protection of investors’ rights and interests to the work of reform and development and stability of the capital market.  (1) Increase investor activity.Improving market activity includes promoting more active transactions, including attracting more investors, especially institutional investors, into the market, improving investor structure, and establishing an open, fair and equitable market structure to better gain trust from the market.We will continue to adhere to the direction of marketization and rule of law, based on increasing activity, optimizing transaction supervision, enhancing transaction convenience, and effectively promoting the transformation of transaction supervision.At the same time, actively create conditions for smooth access to various types of funds, especially medium and long-term funds.One is to further develop and expand the team of public fund managers.Since last year, we have promoted the reform of the public fund access system, and market vitality has increased significantly.The equity funds raised in the first four months of this year amounted to 430 billion, up from 3 in the same period last year.8 times has played an important role in improving the market structure and stabilizing the market orientation.We will continue to increase policy support and guidance, and continue to promote the establishment of fund management companies by commercial banks.Support equity fund product innovation, further expand fund investment advisory services, and better meet the financial needs of public investors.The second is to continue to increase communication and coordination with relevant parties, promote the relaxation of the proportion and scope of various types of medium- and long-term funds to enter the market, and promote the implementation of personal pension investment public fund policies as soon as possible.Promote the increase in the activeness of equity investment in wealth management products of commercial banks.The third is to promote the improvement of institutional investor performance, performance evaluation, accounting and other supporting policy arrangements, strengthen value investment, and long-term investment concepts.  (2) Promote the reform of the registration system.The reform of the registration system is the general outline of this round of capital market reform and a major reform that “pushes the whole body in motion”. It must insist on progressing steadily and be implemented step by step. In particular, the market needs active participation and joint promotion.We have piloted incremental registration reforms on the Science and Technology Board, and have accumulated some experience. We are currently piloting registration reforms on the GEM stock market, and then, on the basis of summative evaluation, we will steadily implement registration systems in stages throughout the market.Reform goals.  Regarding the registration system, there are many discussions in various aspects.We believe that there are three principles that must be adhered to together: to abide by the basic connotation of the registration system, to become an international best practice, and to reflect Chinese characteristics and characteristics of development stages.The preparation of documents must adhere to information disclosure as the core, so that issuers, on the basis of meeting the basic issuance conditions, pay more attention to investor demand-oriented, true and accurate disclosure of information; investors are cautious according to the information disclosed by the issuerInvestment decisions to form a reasonable price, so as to more effectively play the decisive role of the market in resource allocation.It is necessary to combine these international experiences with the national conditions and market conditions, taking full account of their market conditions, investment and financing balance, investor structure and the integrity of the rule of law, scientifically grasp the relationship between quality and registration and audit.It is necessary to adhere to the concept of marketization and rule of law, establish a comprehensive basic institutional arrangement for issuance and underwriting, trading, continuous supervision, delisting and investor protection, while further strengthening the responsibilities of issuers and intermediaries, and implementing more stringent matters.Post-event supervision and stricter penalties for violations of laws and regulations.  (3) Restructuring of basic systems such as refinancing, shareholding reduction and delisting.In terms of refinancing policy, since last year, in response to market prospects and to better meet the financing needs of physical enterprises, we have made two optimization adjustments, issued refinancing audit standards, streamlined issuance conditions, optimized pricing and lock-in arrangements, andStrictly constrained strategic investors.The earliest main consideration was to be able to fully protect the legitimate rights and interests of small and medium investors while meeting the reasonable refinancing needs of listed companies.In the next step, we will continue to implement the registration system concept, focus the refinancing review on key issuance conditions, and issue refinancing review guidelines in a timely manner to enhance market predictability; promote refinancing classification review and target additional issuance of quality listed companiesFurther optimize the process and increase efficiency.  Regarding the shareholding reduction system, the market pays close attention to the conversion rate.If the regulations are too loose, the secondary market will cause shocks and affect the confidence of small and medium investors; if the restrictions are too tight, it will reduce market liquidity and affect the entry of funds into the market, especially capital formation.We carried out repeated studies and demonstrations to form a staged reform plan. The specific considerations are to classify policies, step by step, and steadily adjust.Concluded, continue to strictly regulate shareholders, actual controllers, directors and supervisors to reduce holdings; reorganization, for venture capital funds, private enterprises to rescue and other appropriate openings, and give policies.Refinancing policies that do not apply the reduction rules have been introduced, policies to optimize venture capital fund reverse links, and moderate relaxation of agreement transfers have also been issued.In the follow-up, we will continue to strengthen communication with the market and further evaluate and improve relevant rules to achieve a relative balance in all aspects.  With regard to the delisting system, since last year, we have made efforts to unblock diversified exit channels such as forced exit, reorganization exit, and active exit. A total of 18 companies have gradually exited, setting a record high.A virtuous circular capital market needs to come in and go out, with advantages and disadvantages.We will further improve the market-based and rule-of-law multiple delisting mechanism, improve the delisting standard, simplify the delisting process, and resolutely replace the delisting if it touches the mandatory delisting standard.  (4) Strengthen the responsibility and capacity building of intermediary institutions.Intermediaries are the “gatekeepers” of the capital market, and they play an important role of professional gatekeepers in terms of sponsorship quality, accounting audits, compliance audits, credit ratings, etc. This is essential for the integrity of the capital market and is also important for investor protection.Important part.However, in practice, some intermediaries cannot keep up with their own corporate governance, professional ability, and cannot handle the relationship between business development and the maintenance of brand reputation, and do not perform their due diligence. Some intermediaries even give up their conduct and bottom line.Become a “wind blower” and a fake “accomplice.”Since June last year, 86 voucher regulatory agencies have applied for on-site inspections and conducted on-site inspections. The results show that the “declaration with disease” phenomenon is very serious.This is not only a problem of the enterprise itself, but also reflects the quality of practice of related securities firms, accountants and law firms, some of which are also the industry’s leading institutions.We will take measures against relevant intermediaries.Here I want to focus on that the capital market is a common market for everyone. All kinds of intermediary agencies should uphold the concept of joint construction, co-governance and sharing, and care about this market together, and jointly create a sustainable development ecology.The CSRC has gradually improved and perfected the classification supervision of intermediary institutions, differentiated development ideas, and increased policy support for good institutions to support better and stronger. For problem organizations and relevant responsible persons, strengthen accountability, improve the blacklist system, and trulyReflect rewards and punishment.To meet the requirements of the registration system reform, we are working with relevant ministries and commissions to formulate regulations on the filing and management of military securities service business for intermediaries. While canceling prior approval, we will increase the emphasis on post-event and post-event supervision to promote the development of industry standards and health.At the same time, continue to promote the construction of an industry culture of “compliance, integrity, professionalism, and stability”, improve the reputation constraint mechanism, and create a good industry ecology.  (5) Adhere to the two-way opening of the capital market.Implementing a high level of opening up to the outside world and promoting the optimal allocation of capital elements in the internal and external markets and at a higher level are the firm development direction of the capital market.We will continue to promote the two-way opening of the capital market, and strive to achieve a transition from a channel-type, single-point opening to an institutional and systematic opening, and force reform through opening, and promote development through opening.At the same time, we will further strengthen the building of regulatory capacity under open conditions, strengthen cross-border risk prevention and regulatory cooperation, and earnestly let go, see clearly, and manage.We redefine that no matter what form it takes, no matter where it is listed, a listed company must strictly abide by the laws and rules of the relevant market, complete its information disclosure obligations accurately and accurately, and maintain its image and credibility.Improving the quality of information disclosure of listed companies and protecting the legitimate rights and interests of investors are the common responsibilities of regulatory agencies of various countries. Deepening cross-border regulatory cooperation and resolutely combating violations of laws and regulations are in the common interest of investors worldwide.With regard to the recent suspected financial frauds of some overseas listed companies, we are maintaining close communication with relevant overseas regulatory agencies, and will further strengthen cooperation in cross-border securities law enforcement, audit and supervision, and jointly promote and improve the international financial governance system.  (6) Effectively keep the bottom line of risk.Stability is an important prerequisite for the reform and development of the capital market.In the current situation of external uncertainty and increasing uncertainties, it is necessary to strengthen the bottom line thinking, enhance the awareness of danger, focus on input, cross-risk prevention, improve the response plan in various scenarios, and strive to achieve stable and healthy development of the capital market.At the same time, continue to do a good job in risk prevention and treatment in key areas.Regarding the risk of stock pledge, strengthen supervision and coordination, promote the interconnection of on-site and off-site information, and negotiate with each other on prevention and control measures, and strive for a new improvement in the overall effect.For the risk of bond defaults, improve the market-based rule of law treatment mechanism for defaults, take multiple measures, and make a smooth transition.Regarding the risks of private equity funds, accelerate the risk prevention measures and mechanisms of inter-ministerial linkages and central and local cooperation, actively explore effective methods to treat both the symptoms and the root causes, and effectively solve the outstanding problems of “pseudo-private placement”, “category private placement” and “random private placement”.  Ladies and gentlemen, friends!In order to further improve supervision and optimize services, the SFC system is carrying out special activities for the construction of a style of “dare to take responsibility, good supervision, excellent service, strong skills, practical results, and image development”, focusing on solving formalism, bureaucracy, outstanding issues, and comprehensive inspections., Further treatment, efforts to promote the further enhancement of the service awareness of the system, the further improvement of work efficiency, as a further strengthening of the role, the quality of supervision is further demonstrated.Everyone is welcome to supervise and put forward valuable opinions.We believe that this is also an important part of “big insurance”.  Ladies and gentlemen, friends!Protecting the legitimate rights and interests of investors is a basic work related to the gradual development of the capital market, and it is inseparable from the extensive participation and vigorous support of all sectors of society.We will take the initiative to strengthen market communication, learn with humility from investors, and jointly build a mature and rational investment culture and a healthy market ecosystem.