CSRCs rush repair of convertible bond Rules refers to excessive speculation

category:Finance
 CSRCs rush repair of convertible bond Rules refers to excessive speculation


Specifically speaking, the first is to make clear the issuing conditions and procedures. The issuance conditions shall be stipulated in principle, and the existing provisions shall be basically unchanged. At the same time, if the issuance of convertible bonds to specific objects to purchase assets constitutes a major asset reorganization, the conditions for material asset reorganization shall also be met. The second is to improve the transaction transfer system. Securities trading places are required to formulate trading rules according to the risks and characteristics of convertible bonds to prevent and curb excessive speculation; those who conduct procedural trading shall comply with the provisions of the CSRC and report to the securities exchange; securities exchanges are required to formulate an investor suitability management system, and securities companies shall check and evaluate the investors suitability of customers, and guide investors to participate rationally It is suggested that the exchange should establish a cross variety monitoring mechanism, formulate targeted abnormal fluctuation indicators and take relevant measures in a timely manner. Third, improve information disclosure. Based on the provisions of the securities law, combined with the characteristics of convertible bonds and the actual regulatory experience, the interim disclosure events are further specified. Fourth, we should improve the mechanism for determining and adjusting the price of conversion, and strengthen the regulation of the price and price correction. The fifth is to strengthen the protection of the rights and interests of the holders of convertible bonds, and establish the entrusted management system of convertible bonds with reference to the administrative measures for issuance and trading of corporate bonds. The sixth is to clarify the rules of convergence. Source: Securities Times editor in charge: Guo Chenqi_ NBJ9931

Specifically speaking, the first is to make clear the issuing conditions and procedures. The issuance conditions shall be stipulated in principle, and the existing provisions shall be basically unchanged. At the same time, if the issuance of convertible bonds to specific objects to purchase assets constitutes a major asset reorganization, the conditions for material asset reorganization shall also be met. The second is to improve the transaction transfer system. Securities trading places are required to formulate trading rules according to the risks and characteristics of convertible bonds to prevent and curb excessive speculation; those who conduct procedural trading shall comply with the provisions of the CSRC and report to the securities exchange; securities exchanges are required to formulate an investor suitability management system, and securities companies shall check and evaluate the investors suitability of customers, and guide investors to participate rationally It is suggested that the exchange should establish a cross variety monitoring mechanism, formulate targeted abnormal fluctuation indicators and take relevant measures in a timely manner. Third, improve information disclosure. Based on the provisions of the securities law, combined with the characteristics of convertible bonds and the actual regulatory experience, the interim disclosure events are further specified. Fourth, we should improve the mechanism for determining and adjusting the price of conversion, and strengthen the regulation of the price and price correction. The fifth is to strengthen the protection of the rights and interests of the holders of convertible bonds, and establish the entrusted management system of convertible bonds with reference to the administrative measures for issuance and trading of corporate bonds. The sixth is to clarify the rules of convergence.