Focus on 4 kinds of companies and 8 kinds of matters! Shanghai stock exchange issues applicable guidelines for classified supervision of credit documents

category:Finance
 Focus on 4 kinds of companies and 8 kinds of matters! Shanghai stock exchange issues applicable guidelines for classified supervision of credit documents


In the past two years, Chinas economy has shifted from high-speed growth to high-quality development, and the background of the exchanges credit supervision has also changed accordingly. An industry expert told the reporter, under the task of six stabilities and six guarantees , on the one hand, supervision needs to better support and serve the listed companies to use the capital market to get out of difficulties and become better and stronger. At the same time, it should quickly respond to and seriously investigate and deal with the financial fraud, capital occupation, illegal guarantee and other issues that touch the bottom line, so as to enhance market confidence.

The relevant person in charge of the regulatory department of the Shanghai Stock Exchange told reporters that the guidelines are to implement the State Councils opinions on further improving the quality of listed companies, earnestly implement the nine character policy of establishing system, non intervention and zero tolerance, promote classified supervision according to the unified deployment of the CSRC, continuously improve the supervision efficiency, and give full play to the first-line supervision and self-discipline management of the stock exchange Responsibilities and other specific requirements of an important step.

There are two distinctions between companies and matters. Under the precise supervision, there are the following points:

Bring 4 types of key companies into the scope and focus on their information disclosure matters;

According to the impact on the interests of investors, securities prices and market order, eight categories of matters to be supervised should be defined;

Provide policy consultation, market training, M & A, refinancing, equity incentive, innovative products and other special business support for listed companies in accordance with laws and regulations.

The guidelines focus on the two distinctions between companies and matters, highlight the key points of supervision and implement differentiated regulatory arrangements. The key regulatory companies are determined according to the quality of information disclosure, the standard operation level and the risk severity, and the key regulatory items are determined according to the impact of the disclosure on the interests of investors, securities prices and market order, so as to clarify the scope of less management.

In terms of key companies, four types of companies will be included in the scope of information disclosure. It mainly includes the implementation of risk warning of stocks, the annual credit rating of D, the annual report being issued unable to express opinions or negative opinions, and the annual internal control issued unable to express opinions or negative opinions. This kind of company has been the focus of the market and supervision for a long time because of the concentration of risks and the small number of companies. The key supervision of these companies conforms to the market expectation and practice.

In terms of key issues, according to the impact on the interests of investors, securities prices and market order, eight categories of key regulatory issues are identified. It mainly includes:

There are false records, misleading statements or major omissions in the disclosure of financial information or major events;

(3) encroach on the interests of listed companies through non operating funds occupation, illegal guarantee and related party transactions;

(1) using the concept of information disclosure and speculation to influence the trading prices of the companys stocks and their derivatives or investors investment decisions;

Planning asset transactions that may result in large goodwill impairment risk or significant uncertainty in the realization of performance commitments;

Change accounting policies, adjust accounting estimates, or abuse accounting standards for improper accounting treatment;

(3) the directors, supervisors and senior managers are lazy in performing their duties, and the three committees and one layer can not operate normally, or the company fails to perform the information disclosure obligations normally and other major defects in internal governance;

In the view of industry insiders, it is the market consensus and the responsibility of front-line credit management to strictly supervise financial fraud, fund occupation, illegal guarantee and other matters that violate the bottom line of the market.

Supervision and service should be paid attention to, and the credit in place can not only improve the financing convenience

It is the key point of the change of the Shanghai Stock Exchanges information disclosure supervision idea to adhere to the simultaneous development of supervision and service, and to build a new supervision mode from the two aspects of precise supervision and flexible service.

In terms of specific service arrangements, the guidelines clearly cover all service objects. We will support all Shanghai stock exchange companies to carry out capital market activities in accordance with laws and regulations. At the same time, according to the actual situation and needs of the company, provide targeted services.

For companies with a or B credit rating results in the latest year, support them to simplify the information disclosure requirements according to the actual situation, and apply the rapid review channel of China Securities Regulatory Commission for refinancing, M & A and reorganization for those supporting applications that meet the requirements. For the companies whose credit rating results are C or D in the latest year, provide targeted services, focus on guiding and supporting their standardized operation, resolving risks and improving the quality of information disclosure.

The guidelines further enrich the service content. We will provide policy consultation, market training, M & A, refinancing, equity incentive, innovative products and other special business support for listed companies in accordance with laws and regulations, support listed companies to actively carry out investor relationship management, deepen market communication, and promote listed companies to improve the quality of industry information disclosure and strengthen exchanges with the industry.

Change! Shanghai Stock Exchange adapts to market demand and promotes the improvement of the quality of listed companies

In fact, the guidelines are also the adjustment and optimization made by the Shanghai Stock Exchange in terms of regulatory methods, following the through train of information disclosure, supervision of information disclosure by industry and thorough inquiry supervision, summarizing the practical experience of supervision and actively adapting to the market demand.

Since 2013, the through train of information disclosure has been implemented. Listed companies can directly issue announcements, and the exchange will no longer carry out pre audit. The supervision of information disclosure is mainly in the process and after the event.

Since 2016, it has carried out thorough inquiry supervision, focusing on the substantive content, and carrying out one or more regulatory inquiries, thus strengthening market discipline.

Overall, the previous three major regulatory transitions have laid the foundation for the implementation of classified supervision.

Under the new policy and market situation, to achieve the goal of improving the quality of listed companies calls for innovation in regulatory methods. To deal with the above difficulties and risks faced by listed companies, there will be more both and necessary problems, and the requirements for hidden danger detection, risk prediction and handling discretion will be higher and more challenging. In addition, due to the limitation of regulatory resources, only through regulatory transformation can the relationship between regulation and development be well coordinated.

According to the person in charge of the supervision department of Shanghai Stock Exchange, through the implementation of classified supervision, the intensification of regulatory resources, the improvement of regulatory efficiency, and the precise supervision of matters that may seriously affect the interests of investors, securities prices or market order, invest more energy and more targeted services for listed companies, so as to achieve both hands should be grasped and both hands should be hard in supervision and service, which will help to enhance capital The ability of the market to serve the real economy can better promote the improvement of the quality of listed companies.