Yi Huimans 515 speech revealed the password of capital market reform: 4 + 4 + 6

category:Finance
 Yi Huimans 515 speech revealed the password of capital market reform: 4 + 4 + 6


Second, we will continue to strengthen the implementation of the new securities law.

Yi Huiman: this revision of the securities law involves the adjustment and improvement of the major basic systems, such as the comprehensive implementation of the securities issuance registration system, the significant improvement of the cost of violation of laws and regulations, and the increase of investor protection. It is of milestone significance for improving the governance capacity of the capital market and optimizing the development ecology of the capital market. Every participant in the capital market should consciously strive to be a propagandist, practitioner and guardian of the new securities law, jointly safeguard the dignity of the legal system and the authority of the rules, and work together to build a standardized, transparent, open, dynamic and resilient capital market.

Third, we will continue to strengthen efforts to comprehensively deepen the reform of the capital market.

Yi Huiman: the more serious and complex the situation is, the more we must unswervingly deepen reform. The direction and determination of the capital market to promote reform and expand opening up will not change because of the epidemic. We will always adhere to the principle of marketization and rule of law, learn from international best practices, adhere to the regulatory concept of four awe and one joint effort, increase key reform efforts, reasonably grasp the pace and opportunity of reform according to the situation of epidemic prevention and control, seize the opportunity to launch reform measures conducive to better supporting epidemic prevention and control and the recovery and development of the real economy, and ensure the orderly promotion of 12 items of deep reform Gradually blossom.

Fourth, we will continue to increase our efforts to optimize the combination of pipelaying and improve services.

4 measures to crack down on counterfeiting

First, we should focus on law enforcement, focus on superior resources to investigate and deal with major cases of financial fraud, promote multiple investigations of one case, strictly and seriously deal with relevant listed companies, intermediary agencies and individuals, and report to the market in a timely manner.

The second is to implement classified policies to reflect scientific supervision. Distinguish substantive violations and formal defects, distinguish affected by epidemic situation and fraud, and distinguish listed companies from controlling shareholders and actual controllers, which not only reflects the seriousness of supervision, but also reflects the accuracy of supervision.

The third is to take the case as a reference, further improve the basic system of information disclosure and corporate governance through the small incision of case handling, strengthen the awareness of key minority of controlling shareholders, actual controllers, directors and supervisors who fear listing, and consolidate the responsibility of compliance. We will further improve the relief and compensation mechanism, accelerate the revision of the criminal law, and increase the protection of small and medium-sized investors by means of representative litigation, execution and other means. Give full play to the joint efforts of market supervision, media supervision, investor supervision and other channels, and improve the incentive and restraint mechanism.

Fourth, strengthen the supervision of science and technology, make full use of modern information technology means such as big data and artificial intelligence, and continuously improve the efficiency of supervision and law enforcement.

Yi Huiman: I want to emphasize that the new securities law has been formally implemented since March 1. All parties concerned in the capital market must consciously abide by the new securities law, know, abide by, use and enforce the law. For the cases that are still in the stage of investigation and trial before the implementation of the new securities law, we will adhere to the administration according to law and implement the legal provisions when the illegal acts occur, but we will implement the spirit of the new securities law, deal with them strictly and seriously, and at the same time, we will promote the clean-up of accumulated cases. Although the illegal acts began before March 1, they are still happening and causing serious harm. We will strictly punish them in accordance with the provisions of the new securities law. By promoting the establishment of a capital market law enforcement system that integrates self-discipline management, daily supervision, inspection and punishment, criminal accountability, class action and civil compensation organically, and is authoritative and efficient, the market discipline is serious, the market order is maintained, and the capital market is clear.

6 measures to strengthen big insurance

One is to increase the activity of investors.

Second, we will carry out the reform of the registration system.

Yi Huiman: the reform of registration system is the general principle of this round of capital market reform, and it is a major reform that takes one lead and moves the whole body. We must adhere to the principle of seeking progress in stability and implement it step by step, especially need the active participation and joint promotion of all parties in the market. We have already experimented with incremental registration system reform in the science and technology innovation board, and accumulated some experience. At present, we are experimenting with the registration system reform in the stock market of the growth enterprise board. Next, we will steadily achieve the goal of registration system reform in the whole market in stages on the basis of summary and evaluation.

The third is about the reform of the basic system, such as refinancing, reducing holdings and delisting.

Yi Huiman: in terms of refinancing policy, since last year, in order to respond to market concerns and better meet the financing needs of real enterprises, we have made two optimization adjustments, issued refinancing audit standards, simplified issuance conditions, optimized pricing and lock-in period, and defined strategic investors more strictly. The main consideration of doing this is to be able to fully protect the legitimate rights and interests of small and medium-sized investors while meeting the reasonable refinancing needs of listed companies.

Four is to strengthen the responsibility and capacity building of intermediary agencies.

Yi Huiman: as the gatekeeper of the capital market, intermediary agencies play an important role in the quality of recommendation, accounting audit, compliance audit, credit rating, etc., which is crucial to the integrity construction of the capital market and an important part of protecting investors. However, in practice, some intermediaries fail to keep up with their own corporate governance and professional ability, handle the relationship between business development and brand reputation, and perform their duties in an inadequate manner; some intermediaries even give up their integrity and bottom line, and become laissez faire and accomplice of fraud.

Here I would like to emphasize that capital market is a common market for all. All kinds of intermediaries should adhere to the concept of co construction, CO governance and sharing, care for this market and create a sustainable development ecology together. The CSRC will further improve the classified supervision and differentiated development ideas of intermediary institutions, increase policy support to good institutions, support to make them better, stronger and bigger; strengthen accountability to problem institutions and relevant responsible persons, improve the blacklist system, and truly reflect the rewards, rewards and punishments. To meet the requirements of the reform of the registration system, we are working with relevant ministries and commissions to formulate the regulations on the record management of intermediary agencies engaged in securities service business. While canceling the prior examination and approval, we will give more prominence to the supervision during and after the event, so as to promote the healthy development of industry norms. At the same time, we will continue to promote the construction of a compliance, integrity, professionalism and stability industry culture, improve the reputation constraint mechanism, and create a good industry ecology.

Yi Huiman: the unswerving development direction of capital market is to implement high-level opening to the outside world and promote the optimal allocation of capital elements in domestic and foreign markets and at a higher level. We will continue to promote the two-way opening of the capital market, strive to realize the transformation from the pipeline and single point opening to the institutional and systematic opening, force reform by opening up, and promote development by opening up. At the same time, we should further strengthen the construction of regulatory capacity under open conditions, strengthen cross-border risk prevention and regulatory cooperation, and make sure that it is open, clear and manageable. We reiterate that no matter what form is adopted or where it is listed, listed companies should strictly abide by the laws and rules of the relevant market, truly, accurately and completely perform the obligation of information disclosure, and maintain their image and reputation. To improve the quality of information disclosure of listed companies and protect the legitimate rights and interests of investors are the common responsibilities of regulatory agencies in various countries. It is in the common interests of global investors to deepen cross-border regulatory cooperation and resolutely crack down on violations. We are maintaining close communication with relevant overseas regulatory agencies on suspected financial fraud and other issues of individual overseas listed enterprises in the near future, and will further strengthen cooperation in cross-border securities law enforcement, audit supervision and other fields to jointly promote and improve the international financial governance system.

Sixthly, we should keep the bottom line of risk.

Yi Huiman said: stability is an important prerequisite for the reform and development of the capital market. In the current situation of increasing external uncertainties and unstable factors, it is necessary to strengthen the bottom line thinking, enhance the sense of suffering, focus on input and cross risk prevention, improve the response plans in various scenarios, and strive to achieve stable and healthy development of the capital market. At the same time, we will continue to do a good job in risk prevention and treatment in key areas. For the risk of stock pledge, we should strengthen the coordination of supervision, promote the interconnection of on-site and off-site information, and discuss the prevention and control measures with each other, so as to improve the overall effect. For the bond default risk, we will improve the market-based and legal default disposal mechanism, and take multiple measures simultaneously to make a smooth transition. For the risks of private placement funds, we should accelerate the establishment of a risk prevention and disposal mechanism featuring inter ministerial linkage and central local cooperation, actively explore effective solutions to both symptoms and root causes, and effectively solve such outstanding problems as pseudo private placement, quasi private placement and random private placement.