Construction form of perfect rules system formulated by Shenzhen Stock Exchange under the rule of law of new securities

category:Finance
 Construction form of perfect rules system formulated by Shenzhen Stock Exchange under the rule of law of new securities


Exchange self-discipline rules are an important part of the legal system of capital market, and also an important code of conduct for market participants. The new securities law puts forward new tasks and requirements for the construction of exchange rules system. Based on the overall planning and systematic sorting of Shenzhen Stock Exchange, the road map and construction form for optimizing and improving the rule system have been formulated.

Taking the implementation of the new securities law as an opportunity, Shenzhen Stock Exchange strives to solve the problems such as the inadaptability and inconsistency between the self-discipline rules and the new securities law, and orderly advances the task of comprehensively deepening reform. Strive to achieve a seamless connection between the rule system and the new securities law by the end of 2020, and comprehensively build an organic unified rule system under the new securities law with issuance, listing, trading, member management rules as the core, detailed rules and guidelines as the backbone, and handling guidelines as the supplement.

Through the comparative study with the new securities law one by one, nearly 50 rules related to promoting the reform of the securities issuance registration system, the supervision of listed companies, the supervision of bonds, the supervision of transactions, etc. need to be revised or formulated. According to the new situation of market development and changes, more than 40 rules need to be put forward for clarification, and a list of legislative reform and abolishment will be summarized to make clear the implementation arrangements.

Six dimensions to improve system supply

The new securities law has made a series of institutional reforms and improvements in comprehensively implementing and step-by-step implementing the securities issuance registration system, further strengthening the requirements of information disclosure, strengthening the protection of investors, improving the securities trading system, significantly increasing the cost of illegal activities, implementing the requirements of deregulation services and compacting the responsibilities of gatekeepers. In this regard, Shenzhen Stock Exchange will combine its own functional positioning and work In practice, we should adhere to the guidance of marketization and rule of law, and focus on improving the system of self-discipline rules from six aspects.

Promote the implementation of registration system reform. To meet the needs of market reform and development, we will promote the drafting and revision of relevant supporting rules for the examination of securities public issuance. We will implement the registration system for corporate bonds, issue timely notices to clarify audit standards, audit procedures and responsibilities of each entity, accelerate the formulation of supporting rules and business guidelines, earnestly perform audit responsibilities, and ensure a smooth transition of reform. We will promote the reform of the gem and pilot the registration system, draw on the successful experience of the science and technology innovation board, promote the formulation of the overall plan of the IPO registration system of the pilot stocks on the gem, study and improve the systems of IPO and information disclosure, and expand the inclusiveness and coverage of the board. We will deepen the reform of the delisting system, simplify the delisting procedures, optimize the delisting indicators, enrich the channels for delisting, and promote the formation of a market ecosystem in which the fittest survive.

Strengthen information disclosure requirements. Adhere to the information disclosure as the core, build a listed companys information disclosure rules system with the listing rules and the guidelines for standardized operation as the main body, the industry and business information disclosure guidelines as the two wings, and the handling guidelines as the support. Make a good seamless connection, improve the content of information disclosure, standardize the voluntary disclosure behavior of information disclosure obligors, and timely clarify the latest requirements for the regular report and interim report of listed companies to the market, as well as the disclosure of each 1% increase or decrease in the shareholding of major shareholders. We will promote the slimming of rules, integrate the main board and small and medium-sized boards guidelines for standardized operation into one, optimize and integrate business regulations, make the rules system more concise and efficient, reduce the burden of listed companies, maintain the differentiation of gem guidelines, and promote the gem reform simultaneously. Enhance the adaptability of rules, enrich the guidance sequence of industry information disclosure, and improve the basis of open commitment rules.

Improve the efficiency of front-line supervision. We will strictly implement the provisions of the new securities law, lay a solid foundation for self-regulation, and earnestly perform the regulatory functions conferred by the law. We will strengthen precise supervision, strengthen supervision over key high-risk areas such as performance commitment performance, external guarantee, goodwill impairment, and focus on key minority responsibilities such as controlling shareholders, actual controllers and their related parties. We will improve the transparency of supervision, promote the publicity of disciplinary standards, improve the rules for responsibility determination, and optimize the procedures for regulatory decision-making.

We will increase investor protection. Closely follow the requirements of investor protection, strengthen the research on insurance practice, and draft and revise the supporting system. We will improve the public collection of shareholders rights, expand the scope of collectors, and help small and medium-sized investors participate in corporate governance. Summarize the successful experience of compensation in advance, promote the formation of replicable and popularized working mode, and explore the construction of compensation and relief system in line with the actual situation in China. We will promote the establishment of a diversified dispute resolution mechanism, and work with representatives to support litigation, litigation, dispute mediation and other key insurance work.

Optimize the basic trading system. Optimize transaction supervision, do a good job in system adaptation, and prevent and control major market risks. We will improve the basic rules, make sure that depository receipts are listed for trading, implement the prohibitive requirements on insider trading, and strengthen the registration and management of insiders of insider information. We will optimize the provisions on abnormal trading conditions, increase emergency situations, and improve measures to maintain the normal order of securities trading and market fairness. Strengthen the guarantee of performance of duties, and clarify the civil liability of the exchange in dealing with abnormal trading situations exemption in good faith.

Responsibility of compaction intermediaries. We will strengthen the supervision of intermediaries, and strengthen the information disclosure requirements for the selection and employment of intermediaries by listed companies. We should make good use of adequate regulatory means, investigate the responsibilities of the intermediary agencies that are not diligent and responsible in accordance with laws and regulations, strengthen the punishment of dishonesty, and urge them to play the role of gatekeepers in checking and checking.

Shenzhen Stock Exchange said that 2020 is the key year to promote the construction of the rule of law in the capital market and comprehensively deepen the reform. Under the unified leadership of the CSRC, Shenzhen Stock Exchange will continue to study and implement the new securities law, accelerate the drafting, revision and improvement of the supporting business rules and systems, continue to optimize and improve the basic system of the securities market, strictly implement the provisions of the new securities law, and resolutely undertake the examination and verification given by the law Regulatory responsibilities: constantly improve the level of regulatory services, steadily push forward the implementation of key reform tasks, optimize the function of resource allocation, improve market efficiency, stimulate market momentum, and make unremitting efforts to build a standardized, transparent, open, dynamic and resilient capital market.