On December 28, 2019, the 15th session of the Standing Committee of the 13th National Peoples Congress deliberated and passed the revised Securities Law of the peoples Republic of China (referred to as the new securities law), which added the provisions on integrity files, requiring that the compliance of securities market actors with this law be included in the integrity files.
Relevant principals disclosed that in the next stage, we will strengthen the construction of credit in the capital market from six aspects, including: strictly carrying out work in accordance with the law, collecting, opening, sharing and applying information in accordance with the law; simultaneously improving the linkage mechanism of credit-abiding incentive and dishonest restriction, unblocking the green channel of credit-abiding; better playing the role of market subjects, encouraging and supporting market subjects to inquire , understand the credit risk and credit status of the counterparties; embed the credit construction into the regulatory business and daily business activities, and transform the external incentive and restriction led by the government in the early stage of credit construction into the endogenous mechanism of institutions and industries; further improve the information sharing and mechanism construction; further strengthen the information technology guarantee.
Credit ecology of registration system pilot
The head of the legal department (integrity office) stressed that information disclosure is the regulatory core of the registration system, and authoritative and efficient information query channels can provide important support for verifying the quality of information disclosure of issuers and ensuring the quality of listed companies.
On June 28, 2019, China Securities Regulatory Commission, together with the development and Reform Commission, the peoples Bank of China, the General Administration of market supervision, the state owned assets supervision and Administration Commission, the banking and Insurance Regulatory Commission, the Civil Aviation Administration, and the State Railway Group, jointly issued the opinions on strengthening regulatory information sharing and improving the joint punishment mechanism for dishonesty among relevant market subjects in the pilot of the registration system of science and technology innovation board. Coordinate the national public credit information center of the national development and Reform Commission to open special information verification services, and support Shanghai Stock Exchange Technology Company and some regional credit reference platforms to strengthen data sharing. The credit records of the responsible subjects, such as the issuer s fraudulent issuance, the breach of trust and the intermediary institution s failure to perform their duties diligently, will be incorporated into the national unified credit information platform.
At the same time, in 2019, the Ministry of law (integrity office) provided 13 batches of verification services for the selection of Municipal Committee members of science and technology innovation board stock, and 184 batches of special query services for the issuance and listing of science and technology innovation board enterprises. Last year, the number of integrity self-service queries carried out by the SSE relying on the integrity database of capital market was 17.2 times that of last year.
Industry insiders believe that it provides powerful credit information support and dishonest restriction deterrence for the registration system reform pilot of science and technology innovation board, and further purifies the credit ecology of the registration system pilot.
Two kinds of capital market Laolai
Restricted by travel restrictions
The reporter learned that in July 2019, the CSRC set up a special publicity module on the main interface of the integrity information inquiry platform of the official securities and futures market, to punish some administrative punishments, prohibit market entry, commit securities and Futures Crimes, refuse to cooperate with the supervision, inspection or investigation, refuse to implement effective administrative punishments when due, and seriously infringe the legitimate rights and interests of investors, and have strong market reaction The information of serious illegal and dishonest behaviors shall be publicized specially to deter the illegal and dishonest subjects and guide all kinds of subjects to operate in good faith according to law.
In addition to the special publicity, the CSRC also restricts the relevant responsible subjects of illegal and dishonest listed companies in accordance with laws and regulations. According to the information sharing and supervision mutual recognition mechanism stipulated in the memorandum of cooperation on joint punishment of relevant responsible subjects of illegal and dishonest listed companies, the CSRC uploaded more than 8700 pieces of illegal and dishonest information of listed companies and their controlling shareholders, actual controllers, major restructuring parties to the national credit information sharing platform, including more than 3300 pieces of administrative punishment and market ban More than 170 articles and more than 5300 disciplinary information were included.
For the information shared by the CSRC, the Ministry of public security, the drug administration, the Ministry of transport and other relevant units include the above information into their internal data system or credit information service platform. The General Administration of Customs has lowered the credit rating of Customs certification of several illegal enterprises, increased the sampling rate of customs declaration goods, and listed them as high-risk enterprises or key objects of inspection. The Ministry of Finance shall order the illegal accounting firm to suspend the undertaking of new securities business and make rectification within a time limit. Many local governments have restricted or restricted the main body of serious violations of the capital market according to law in the fields of government procurement, subsidized capital support, enterprise evaluation and so on. Local federations of industry and Commerce and chambers of Commerce directly under them shall strengthen education on the punished enterprises.
In addition, with the strong support of the national development and Reform Commission, the Civil Aviation Administration and the State Railway Group, they also organized civil aviation and railway transport enterprises to refuse to provide special services within a certain period of time for the two types of capital market Laolai who failed to fulfill the public commitment of listed companies and failed to pay the administrative penalty for securities and futures.
According to the data, since its launch in June 2018, the CSRC has published 18 batches of 191 specific serious dishonest persons, including 29 responsible subjects of listed companies failing to fulfill public commitments and 162 parties failing to pay fines and confiscations. By the middle of December 2019, RMB 150 million of fines and confiscations had been paid voluntarily. Ten responsible subjects of listed companies who do not fulfill their public commitments are deterred by credit constraints to fulfill their commitments, some of them are in accordance with performance compensation commitments, some of them are ultimately in compliance with the long-standing commitment to reduce or increase their holdings, some of them solve the horizontal competition of listed companies, and some of them are in compliance with the commitment to lock up the shares of listed companies.
Using credit supervision means
Give full play to the function of risk early warning and resolution
According to incomplete statistics, in 2019, all units (departments) of the CSRC system took 151 measures against the high-risk dishonest subjects.
At the same time of strengthening the special governance, the CSRC further promotes and services industry integrity construction, and puts forward suggestions for the fund industry association to establish and improve the credit reporting system of private institutions. We will work with the Securities Association to promote the implementation of the provisions of the measures for the supervision and administration of the integrity of securities and futures markets on the inquiry and application of credit information by securities companies in carrying out relevant credit businesses.
According to incomplete statistics, as of November 2019, securities companies have made great progress in institutional integrity construction and credit information query, application and sharing: 56 securities companies have established integrity construction governance framework, 46 securities companies have issued integrity management standards for exhibition or personnel management, 97 securities companies have established employee credit files, and 37 companies have established customer credit Archives: 91 securities companies checked customer credit through the central units illegal and dishonest inquiry platform, the exchanges key monitoring list, and the blacklist of stock pledge repo business when they opened accounts, 49 securities companies inquired about credit archives when they hired directors, supervisors, senior managers and practitioners, and 84 companies opened basic databases including financial credit information Other external credit information verification channels.
From 2020, according to the requirements of the Fourth Plenary Session of the 19th CPC Central Committee on improving the long-term mechanism of credit construction, the above-mentioned person in charge said that we should further stand at the strategic height of the modernization of the national governance system and governance capacity, and take credit construction as a basic work of the capital market. First, we should carry out work in strict accordance with the law, and collect, open, share and apply information in accordance with the law According to the regulations; 2. Combine the incentive of keeping faith with the constraint of breaking faith to play a guiding role together; 3. Give better play to the role of the market subject, support the market subject to query and understand the credit risk and credit status of the counterparty, and select the partner; 4. Embed the credit construction into the regulatory business and daily business activities, and transform the external incentive and constraint led by the initial government into the market The endogenous mechanism of the activity; fifth, further improve the information sharing and mechanism construction, break the information barrier and promote the application of the whole society; sixth, further strengthen the information technology guarantee.