Step by step implementation of registration system, gem registration system reform will be implemented as soon as the first half of the year

category:Finance
 Step by step implementation of registration system, gem registration system reform will be implemented as soon as the first half of the year


According to the notice, the reform of the registration system for public issuance of shares should be carried out step by step. The CSRC, together with relevant parties, should further improve the relevant system and rules of the science and technology innovation board, improve the transparency of registration and audit, and optimize the working procedures. To study and formulate the overall plan for the pilot registration system on the growth enterprise market, summarize the experience in the reform of the registration system on the science and technology innovation board and the growth enterprise market in a timely manner, actively create conditions, and put forward the plan for the implementation of the registration system of the public stock Development Bank in other sectors of the stock exchange and other national securities trading places approved by the State Council in a timely manner. Relevant plans shall be implemented after being approved by the State Council.

On March 1, the Shenzhen Stock Exchange said that it would promote the reform of the growth enterprise market and pilot the registration system, fully learn from the successful experience of the science and technology innovation board, promote the formulation of the overall plan of the pilot registration system on the growth enterprise market, study and improve the issuance and listing, information disclosure and other systems, and expand the inclusiveness and coverage of the sector. Previously, the system work meeting of CSRC in 2020 will also smoothly launch the gem reform and pilot the registration system, which is one of the key work.

The audit system is the selection thinking, while the registration system is the bottom line thinking, that is to say, the lowest threshold for setting up the listing conditions, and strictly audit the authenticity, reliability or accuracy and timeliness of the materials or information reported. Liu Feng, chief economist of galaxy securities, told the Securities Daily that from the basic definition of the registration system, the reform of the gem registration system can refer to the basic systems such as the audit process, information disclosure system, trading system and delisting system of the scientific and technological innovation board.

Liu Feng believes that GEM has its own selection criteria, so it can be more inclusive than Sci-tech Innovation Board on the basis of evaluating the stock of listed companies. In addition to high-tech enterprises, some enterprises with high growth can also be included, such as software service enterprises and consumer enterprises.

The registration system is not simply to cancel the approval system, but to establish and improve supporting systems to support the virtuous cycle of the whole ecosystem of the registration system. Therefore, the gem registration system reform needs to take into account the changes of new enterprises and stock enterprises. Pan Xiangdong, chief economist of new era securities, told Securities Daily.

Pan Xiangdong said that the new securities law was officially implemented, providing a legal basis for the reform of the gem registration system. There are still four steps to go before the gem registration system reform is implemented. First of all, the CSRC launched the gem registration system reform in accordance with the procedures, and Shenzhen Stock Exchange formulated rules and regulations related to the gem registration system; second, the CSRC formed a joint force to promote the reform after full communication with the market and the exchange; third, timely revised the existing problems in the new share issuance review according to the revised opinions of the registration system; fourth, the plan was implemented after it was submitted to the State Council for approval It is expected that the fastest time to implement the gem registration system reform will be in the first half of 2020. In addition, the circular points out that before the registration system is implemented for the public issuance of shares in the relevant sections of the stock exchange and other national securities trading places approved by the State Council, the approval system shall continue to be implemented, and the provisions of the approval system for the issuance of shares before the revision of the Securities Law shall apply. Source: responsible editor of Securities Daily: Yang qian_nf4425

Pan Xiangdong said that the new securities law was officially implemented, providing a legal basis for the reform of the gem registration system. There are still four steps to go before the gem registration system reform is implemented. First of all, the CSRC launched the gem registration system reform in accordance with the procedures, and Shenzhen Stock Exchange formulated rules and regulations related to the gem registration system; second, the CSRC formed a joint force to promote the reform after full communication with the market and the exchange; third, timely revised the existing problems in the new share issuance review according to the revised opinions of the registration system; fourth, the plan was implemented after it was submitted to the State Council for approval It is expected that the fastest time to implement the gem registration system reform will be in the first half of 2020.

In addition, the circular points out that before the registration system is implemented for the public issuance of shares in the relevant sections of the stock exchange and other national securities trading places approved by the State Council, the approval system shall continue to be implemented, and the provisions of the approval system for the issuance of shares before the revision of the Securities Law shall apply.