5 experts understand the new securities law to effectively balance enterprise financing and investor protection

category:Finance
 5 experts understand the new securities law to effectively balance enterprise financing and investor protection


Liu Junhai said that the new securities law is an investor friendly securities law, the biggest highlight is investor protection, and one of the major directions of Chinas capital market reform is to build it into a national wealth management center. Specifically, the new securities law sets up a special chapter to regulate the protection of investors rights and interests, activate the representative litigation mechanism, and improve the provisions of investors Appropriateness.

Ye Lin said that the most changed and influential contents of the new securities law are all centered on investor protection, which is directly or indirectly related to investor protection, including special chapter protection of investor protection, improvement of information disclosure rules, registration system and various specific provisions on increasing illegal costs. The new securities law effectively balances the relationship between enterprise financing and investor protection.

In a modern financial governance and financial market, the legitimate rights and interests of investors should be properly protected, the most important of which is the right to know and the right to choose. At the same time, when the legitimate rights and interests of investors are infringed, they have fully mature institutional mechanisms to protect the interests of investors. From these aspects, the new securities law has made remarkable progress. Liu Feng said, in addition, the new securities law complies with the call of the market, clearly introduces a class action system with Chinese characteristics, which is expected to further improve the comprehensive punishment of vicious illegal acts, and improve the relevant system of securities civil litigation is a necessary means to protect the interests of small and medium-sized investors.

Securities Daily: whats your opinion on the full implementation of the securities issuance registration system?

Li Zhan believes that the new securities law has the greatest impact on the capital market by clearly implementing the securities issuance registration system in an all-round way, changing the requirement of issuing shares to be with sustainable profitability to with sustainable operation ability. At the same time, greatly simplifying the issuance conditions of corporate bonds and canceling the issuance audit committee system will help to reduce the threshold for enterprises to enter the capital market One step is to improve the marketization of the capital market and stimulate market vitality.

The registration system does not mean that there is no threshold. The registration system will further improve the issuance system of new shares, weaken administrative intervention, shift the focus of audit to the stock exchange, strengthen the role of the market mechanism, and substantially improve the markets inclusiveness, marketization and legalization. According to Zhu Yiyi, deregulation and strengthening supervision are the two sides of the reform of the stock issuance system. Therefore, the new securities law upgrades the punishment, strengthens supervision, and creates a better investment environment for investors by increasing the illegal punishment and increasing the illegal cost, reducing the illegal acts in the market.

Liu Junhai said that for the registration system reform, it is suggested that gem, SME board and main board be launched in three stages in an orderly manner. Based on the relevant documents of the registration system of science and technology innovation board, the supporting system for the registration system reform of gem, SME board and main board should be improved, and the registration system reform should be actively and steadily promoted.

Securities Daily: how to see the impact of the new securities law on all participants in the market? Which link is more important?

Li Zhan said that for issuers, the threshold for enterprises to be listed has been lowered and it is easier for them to enter the capital market for financing. At the same time, the new securities law has significantly increased the cost of violations in terms of information disclosure, strengthened civil liability for compensation, and set higher requirements for their operation and management level. For accounting firms and other intermediary institutions, the new securities law will put forward higher standards for their performance of their duties, and once they violate the rules, they will increase the penalties; for regulators, the new securities law will significantly increase the cost of violation, expand the scope of application of the securities law and increase the overseas supervision, so that the regulators can effectively enforce the law.

To further consolidate the gatekeeper responsibility of the intermediary market is to make the market play a decisive role in the allocation of resources and give full play to the role of the government, which is an important embodiment of the reform of the financial system and an internal requirement for the comprehensive implementation of the reform of the securities Issuance registration system. Liu Feng said that, therefore, the new securities law urges the intermediary service agencies in the securities market to do their own work well and fully play the role of gatekeeper in the market, so that the intermediary structure in the process of business development will be more awed by the law, more respect for the market, be diligent and responsible, and gain a competitive advantage with the quality of service. Liu Junhai said that for regulators, the new securities law, as a whole, is in accordance with the requirements of the combination of deregulation and regulatory services, which not only emphasizes streamlining administration and delegating powers, but also enriches regulatory responsibilities and regulatory authorities, enriching the regulatory toolbox. Regulators should realize the transformation and upgrading of supervision, eliminate regulatory loopholes and blind areas, improve regulatory efficiency and enhance regulatory credibility. In addition, listed companies and securities service institutions should also be self pressurized, strict in credit and diligent in their duties. Liu Feng said that after the formal implementation of the new securities law, the behavior patterns of regulators, listed companies, intermediaries and investors will certainly usher in progress under the new legal regulations, in fact, the burden of all parties is very heavy. Source: responsible editor of Securities Daily: Yang qian_nf4425

To further consolidate the gatekeeper responsibility of the intermediary market is to make the market play a decisive role in the allocation of resources and give full play to the role of the government, which is an important embodiment of the reform of the financial system and an internal requirement for the comprehensive implementation of the reform of the securities Issuance registration system. Liu Feng said that, therefore, the new securities law urges the intermediary service agencies in the securities market to do their own work well and fully play the role of gatekeeper in the market, so that the intermediary structure in the process of business development will be more awed by the law, more respect for the market, be diligent and responsible, and gain a competitive advantage with the quality of service.

Liu Feng said that after the formal implementation of the new securities law, the behavior patterns of regulators, listed companies, intermediaries and investors will certainly usher in progress under the new legal regulations, in fact, the burden of all parties is very heavy.