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.

The core connotation of classified supervision is manage less, manage better, distinguish situations and implement classified policies. In terms of supervision, it is required to highlight key points and precise supervision; in terms of service, it is required to be based on the market and seek actual results.

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

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

(2) for the company whose credit rating result is a or B in the latest year, support it to simplify the information disclosure requirements according to the actual situation, and apply for the fast examination channel of refinancing, merger and reorganization of the CSRC according to the regulations;

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.

look out! 4 kinds of key companies and 8 kinds of key issues should be vigilant

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.

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;

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;

The proportion of shares directly or indirectly held by the controlling shareholder or the largest shareholder or the actual controller is relatively high, and there is a large risk;

(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;

And other matters that may seriously affect the interests of investors, securities prices or market order.

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.

The guideline runs through the concept of integrating supervision with service, adheres to the two pronged approach of supervision and service, and emphasizes the need to take improving the quality of listed companies as the goal, support and promote the effectiveness of credit and financing convenience, stimulate market vitality and optimize market ecology, so as to cultivate a better market environment for the development of listed companies.

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.

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.

A quick review of the three key regulatory transitions:

Since 2015, it has carried out industry by industry supervision mode, carried out information disclosure supervision according to the industry of listed companies rather than regions, strengthened the comparison of Companies in the same industry, unified industry information disclosure standards, and improved the effectiveness of supervision.

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.

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. The Shanghai Stock Exchange said that in the follow-up, all listed companies are welcome to put forward opinions and suggestions on the working mechanism and service content of classified supervision of information disclosure, so as to jointly promote the specific implementation of classified supervision. Qiu Zhongming, editor of Shanghai Securities_ NF5619

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.

Editor: Qiu Jiang