The new securities law is approaching the half year examination and will be promoted to medium and small board and main board next year

category:Finance
 The new securities law is approaching the half year examination and will be promoted to medium and small board and main board next year


Implementing the new securities law in the registration system

Next year, it is expected to push forward to medium and small board and main board

As the most important legal supply of the capital market, the new securities law emphasizes the comprehensive implementation and step-by-step implementation of the securities issuance registration system. So far, the registration system has been steadily promoted from the science and technology innovation board to the gem, and the IPO under the registration system has also been normalized.

It is worth noting that with the implementation of the pilot registration system on the gem on June 12 this year, the website of Shenzhen Stock Exchange shows that as of August 9, the Shenzhen Stock Exchange has accepted 363 IPO registration applications of gem enterprises, and plans to raise 232.484 billion yuan of initial fund. In terms of progress, 18 of them have registered, 16 have submitted for registration, 6 have passed the meeting of the municipal Party committee, 182 and 135 enterprises have been inquired and accepted respectively, and 6 enterprises have been suspended.

On the whole, as of August 9, under the registration system of the science and technology innovation board and the growth enterprise market, there were 568 planned IPO enterprises, with a total of 407.645 billion yuan of initial fund-raising.

Zhang Lei, Executive Committee of Huatai United Securities, said that the markets attention to the promotion of the registration system of the science and technology innovation board and the growth enterprise market is mainly reflected in the IPO business. In fact, refinancing and merger and reorganization are also the implementation of registration system. At present, the supporting system is complete. Next, it is possible to realize the normal audit under the registration system in refinancing and M & A, especially in the gem. It should be noted that, as a new board, the IPO of listed companies has raised enough funds. It should take a long time for enterprises to conduct large-scale refinancing and merger and reorganization. However, the registration system of gem is the reform of stock and increment at the same time. The refinancing, merger and reorganization of some enterprises are parallel switched from the original approval system to the registration system. Therefore, the focus and efficiency of audit may be further reflected.

Talking about the current progress of the registration system promotion, Zhang Lei believes that if the pilot registration system of the gem is smoothly promoted this year and can meet the expectations, it is expected that it will be promoted to the small and medium-sized board and the main board next year.

Investors call reference value soaring

As one of the important safeguard measures to implement the registration system of securities issuance, the regulations on information disclosure have been upgraded in the new securities law and summarized systematically.

Wang Ying, senior partner of Beijing Jingshi law firm, said that after the implementation of the new securities law, the most intuitive feeling is that the number of listed companies that have been filed for investigation and supervision due to information disclosure violations has increased. Among them, there are vicious cases such as financial fraud, embezzlement of funds by major shareholders, illegal guarantee, and relatively minor cases caused by delayed and selective disclosure. It is believed that under the background of further regulation and upgrading of information disclosure in the new securities law, all-round and large-scale punishment covering the whole capital market can not only promote the high-quality growth of listed companies and issuers, but also make investors more active to a certain extent.

It is worth noting that in order to comply with the new requirements of the new securities law on information disclosure, the Shanghai and Shenzhen Stock Exchange issued on February 28 the notice on conscientiously implementing the new securities law and doing a good job in information disclosure of listed companies, which also made further timeliness requirements for the information disclosure of holding more than 5% of the issued voting shares of listed companies.

Downsizing of capital market regulation rules

Recently, the Shanghai Stock Exchange released a list of self regulatory and market services. In this list, in order to enhance the friendliness of the rule system, the Shanghai Stock Exchange has vigorously merged similar items and deleted redundant items in view of the large scale and rich levels of the current rule system, integrated and merged the low-level norms such as business notices and guidelines, and abolished the rules that did not meet the needs of market development.

13 business rules and 33 business guidelines have been abolished in this clean-up, and the effect of downsizing of the rule system has begun to show.

In fact, the Shanghai Stock Exchanges burden reduction for the rule system is only a microcosm of the capital market regulatory authorities in-depth implementation of the new securities law and the practical implementation of the requirements of regulation and regulation services.

Chen Li, director of Sichuan Financial Securities Research Institute, said that for listed companies and capital markets, deregulation, management and service is conducive to further simplifying and optimizing the original administrative audit process, making the allocation of capital market elements more convenient and more market-oriented, and promoting the overall implementation of the reform of the registration system marketization, and making the integration more smooth.

Source of this article: Yang Bin, editor in charge of Securities Daily_ NF4368