CCTV News:On April 12th, the State Council issued "Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of Capital Market" (hereinafter referred to as "Opinions"), which consists of nine parts, referred to as the new "National Nine Articles" of Capital Market. The new "National Nine Articles" emphasizes the protection of the rights and interests of small and medium-sized investors, and requires strict access to issuance and listing and increased supervision of delisting. Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, also interpreted the new "National Nine Articles" on April 12.
Wu Qing said that the new "National Nine Articles" on the capital market this time is a special guiding document on the capital market issued by the State Council again after two "National Nine Articles" in 2004 and 2014, with a lapse of 10 years. Compared with the first two "National Nine Articles", the new "National Nine Articles" has its own characteristics.
Wu Qing, Chairman of China Securities Regulatory Commission, said: First, it fully reflects the political and people-oriented nature of the capital market. Emphasize the need to uphold and strengthen the Party’s overall leadership over capital market work, adhere to the people-centered value orientation, and more effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors. The second is to fully reflect the main line of strong supervision, risk prevention and high-quality development. It is emphasized that we should adhere to stability as the keynote, strengthen the foundation, strictly supervise and manage, and better serve the overall situation of high-quality economic and social development with the high-quality development of the capital market itself.
It is worth noting that the new "National Nine Articles" introduced this time do not shy away from hot concerns, and fully reflect the goal orientation and problem orientation.
Wu Qing said: "In particular, in view of the outstanding problems in institutional mechanisms, supervision and law enforcement exposed by stock market fluctuations since August last year, we should fill shortcomings and strong and weak items in time, respond to investors’ concerns, promote the resolution of deep-seated contradictions accumulated in the capital market for a long time, and accelerate the construction of a safe, standardized, transparent, open, dynamic and resilient capital market."
Around the new "National Nine Articles", a number of supporting system rules of the CSRC have also been released. In March this year, the CSRC has issued four supporting policy documents, such as strictly controlling the access of issuance and listing and strengthening the continuous supervision of listed companies. On the 12th, the CSRC issued supporting policy documents to strengthen delisting supervision, and publicly solicited opinions on six specific institutional rules. The Exchange also solicited opinions on a number of self-regulatory rules simultaneously.
Wu Qing said: "This is an organic whole that complements each other and must be promoted and implemented systematically."
It is worthy of attention to upgrade multiple points of view after ten years.
The capital market "National Nine Articles" has been upgraded after ten years, and several major points deserve attention.
Aspect 1: iterative upgrade of the issuance and listing system. The "Opinions" clearly stated that the listing standards of the main board and the Growth Enterprise Market should be improved, the evaluation standards of science and technology innovation board Science and Technology Innovation Attribute should be improved, the coverage of on-site inspection should be expanded, and the refinancing audit should be strictly checked.
Aspect 2: formulate guidelines for market value management of listed companies. The "Opinions" proposes to formulate guidelines for market value management of listed companies and study the inclusion of market value management of listed companies in the internal and external evaluation system of enterprises. At the same time, we will severely crack down on market manipulation, insider trading and other illegal acts in the name of market value management.
Aspect 3: improve the investor compensation and relief mechanism in the process of delisting. The "Opinions" clarify that the investor compensation and relief mechanism in the process of delisting should be improved, and the controlling shareholders, actual controllers, directors and senior executives who are responsible for major illegal delisting should compensate investors for their losses according to law.
Aspect 4: Improve the compensation management system of the securities fund industry. The "Opinions" clarify that the compensation management system of the securities fund industry should be improved in line with business performance, business nature, contribution level, compliance and risk control, and social culture.
Aspect 5: Improve the expected management mechanism. The Opinions clarify that the impact assessment of major economic or non-economic policies on the capital market should be included in the macro-policy orientation consistency assessment framework, and a coordination mechanism for the release of major policy information should be established.
Aspect 6: Promote the development of new quality productive forces. The "Opinions" proposes to enhance the competitiveness of the capital market system, enhance the inclusiveness of new industries, new formats and new technologies, better serve the implementation of national strategies such as scientific and technological innovation, green development, state-owned enterprise reform, and the development of small and medium-sized enterprises and private enterprises, and promote the development of new quality productivity.
Aspect 7: The rule of law in the capital market is expected to accelerate. The "Opinions" clearly promote the revision of the Securities Investment Fund Law. Introduce regulations on supervision and management of listed companies, revise regulations on supervision and management of securities companies, speed up the formulation of regulations on corporate bonds, and study and formulate regulations on management of real estate investment trusts. Promote the judicial interpretation of the crime of breach of trust and damage to the interests of listed companies, the judicial interpretation of civil compensation such as insider trading and market manipulation.
关于作者