Awe of the rule of law is an important guarantee for the maturity of capital market. A stable market environment is indispensable for comprehensively deepening the reform of capital market. In 2020, as the key year of comprehensive and deep reform, the implementation of the new securities law will increase the supply of the rule of law, which will ensure that the reform is carried out in a stable market environment. On the one hand, the new securities law has increased the cost of illegal activities of issuers and listed companies, promoted all parties to the market to perform their duties through strict information disclosure and delisting system, and established the concept of law-abiding and honest and the spirit of contract; on the other hand, the new securities law has further standardized the duty performance of intermediary agencies, and clarified the verification and joint liability of sponsors and underwriters, It has fundamentally promoted the diligence of the intermediary institutions, and promoted the formation of a benign market mechanism of self-restraint, self-regulation and self promotion of market participants.
Investment confidence is an effective help for the reform and development of capital market. In terms of behavior constraints on market subjects, the new securities law maintains the capital market environment with higher standards and stricter requirements, and enhances investors confidence in the capital market. In terms of increasing the supply of rule of law, it is a bright spot to promote the system of civil securities compensation litigation initiated by investor protection institutions on behalf of investors, breaking the situation of expensive rights protection and difficult relief, and making the concept of awe of investors more popular; the new securities law reaffirms the principle of risk-taking, which is conducive to promoting the formation of a rational investment culture; under the system guarantee, the capital market will not change its direction As a result, the ecological environment of the stock market will continue to improve and investors confidence in the capital market will be further strengthened.
The new securities law has strengthened the reform idea of standardization, transparency, openness, vitality and toughness. Focusing on the reform of registration system, the improvement of legal environment, and the improvement of supervision quality and efficiency, the new round of reform is bound to promote the Chinese capital market in many fields.
Source: responsible editor of China Securities News: Yang bin_nf4368