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Easy To Respond To The Two Main Lines Of The Market Hot Spot: Fraud Zero Tolerance Reform Without Stopping

2020/5/16 10:04:00 2

MainlineMarketHot SpotsTolerance

In May 15th, the chairman of the China Securities Regulatory Commission published a keynote speech on the national Investor Protection Publicity Day.

Since the outbreak of the new crown pneumonia, it is the first time that Yi will fully respond to the hot issues of market concern. At this point in mid May, such a comprehensive and rich keynote speech undoubtedly set an official tone for the development of the capital market in the second half of the year.

"The content of this Yi chairman's speech is very rich. Seriously studying this speech can clearly sort out the key points of the SFC and the development trend of the capital market in the second half and even the whole year." Beijing, a small and medium-sized brokerage investment bank executives said.

According to the reporters, there are more than 10 key information points that will be covered by this speech, but on the whole, there are no more than two parts. One is to further respond to the "zero tolerance" of the capital market fraud proposed by the Finance Commission, and the other is to release positive signals to the market. The epidemic will not obstruct the pace of reform and opening up of the capital market, and the SFC firmly promotes the high quality of the capital market. Volume development.

Following these two lines, it is easy to find the trend of capital market supervision in the second half of the year.

Capital market fraud "zero tolerance"

With the entry into force of the new securities law in March 1st and the three mention of the capital market fraud in the month of the financial stability and Development Committee of the State Council, the "capital market fraud" has attracted unprecedented attention.

In fact, since the chairman of the SFC is ready to take office at the end of February 2019, the financial fraud of listed companies has been mentioned in a very high position. Now the SFC will upgrade the supervision of financial fraud of listed companies again.

What is even more remarkable is that in the evening of May 14th, the night before the investor protection publicity day, the SFC finally made a clear punishment for Kangmei pharmaceutical industry. Despite the most severe punishment, the market is still dissatisfied with the result that the top penalty is only 600 thousand. In this regard, Yi man man also responded in his speech on the 15 day.

Yi said that if the illegal activities really took place before the implementation of the new securities law, we are still in the stage of investigation and trial. We will adhere to the administration according to law, and implement the law according to the law of the occurrence of illegal activities. But we will implement the spirit of the new securities law, strictly handle the situation seriously, and meanwhile, we should step up efforts to clear up the accumulated cases.

Such a statement means that the SFC will try its best to prevent the recurrence of such a case like Kangmei pharmaceutical under the guidance of the new securities law and the financial committee.

Reporters learned that the Commission will make good use of the regulatory powers entrusted to the new securities law, increase penalties and strengthen regulatory deterrence.

Yi will reveal the key points of law enforcement first, concentrate on leading resources to investigate major financial frauds and other major issues, promote a case investigation, strictly handle the relevant listed companies, intermediaries and individuals, and timely inform the market; secondly, implement classified policies to reflect scientific supervision. Distinguish between substantive violations and form defects, distinguish between affected by the epidemic and take the opportunity to counterfeit, distinguish between the listed company and the controlling shareholder and the real controlling person's responsibility, which not only reflects the seriousness of the regulation, but also reflects the accuracy of supervision. Third, taking the case as a case, through the small incision of case handling, we further improve the basic system of information disclosure and corporate governance, and strengthen the controlling shareholder and the real controller. Mr Tung's "critical minority" fears the "listing" consciousness.

In addition, Yi will fully believe that market supervision, media supervision and investor supervision should be combined to improve the incentive and restraint mechanism, further improve the relief compensation mechanism, speed up the revision of the criminal law, and increase the protection of small and medium investors through means of representative litigation and convergence of execution.

"We are soberly aware that financial fraud, insider trading, manipulation of the market and other vicious violations occur frequently, which not only destroys market ecology, but also affects investor confidence. In this regard, heavy punches and heavy penalties must be put in place to resolutely wipe out the black sheep and protect the legitimate rights and interests of investors. We should maintain "zero tolerance" for vicious crimes such as financial fraud, clean up market ecology, and further win the trust in the market. Yi will speak when he is full.

In fact, the response will not only be fraudulent in the domestic capital market, but it will also respond to the "Rui Xing coffee" fraud. "For the recent suspected financial fraud of individual overseas listed companies, the SFC is maintaining close communication with the relevant regulatory agencies abroad, and will further strengthen cross-border securities enforcement, audit supervision and other fields. Do. No matter what form they take, no matter where they are listed, the listed companies should strictly abide by the laws and rules of the relevant market, fulfill the obligation of information disclosure truthfully, accurately and completely, and maintain their image and reputation.

Second half of the reform intensive landing

The important task since Yi took office was to launch a comprehensive deepening reform of the capital market last year. Now, facing the uncertainty of the epidemic, the market hopes that the SFC will release a positive signal to the market and make sure that the reform will continue to advance.

In this speech, we will once again make clear that we should make overall efforts to focus on the reform and development of capital market, and unswervingly push forward the high quality development of the capital market. At the same time, he also pointed out that according to the situation of epidemic prevention and control, we should reasonably grasp the pace and timing of reform, and step up the reform measures that are conducive to better support the epidemic prevention and control and the recovery of the real economy, so as to ensure that the "12 deep reforms" are orderly and gradually bloomed.

At the same time, Yi's speech has also recombed the direction of capital market reform in the second half and the next period. First of all, the most important thing is the registration system reform. The reporter has learned that Yi will be full and set the tone. At present, the registered registration system reform has been experimented in the Chuang Chuang board, and has accumulated some experience. At present, the registration system reform is being carried out in the stock market of the gem. The next step will be to achieve the goal of registration reform steadily in the whole market on the basis of the summary and evaluation.

"This year is an important year for the registration system to be extended to the whole market, especially the reform of the gem registration system that has already started. The success or failure of the reform is very important for the time and expectation of the registration system in full implementation." A large brokerage firm in Shanghai area told Bao Bao.

Yi will also emphasize that registration system reform is the master plan of this round of capital market reform. It is a major reform of "taking the lead and moving the whole body". We must stick to steady progress and implement step by step, in particular, the active participation and joint promotion of all parties involved in the market.

Another reform that is easy to focus on is to enhance investor's activity. In the easy to fill speech, the ranking is even before the registration system. If we analyze all speeches that are easy to be full of since taking office, we can see that respecting the market and activating the market is a very important ruling label.

Specifically, the reform of market activity includes further expanding the management team of public fund managers, promoting the improvement of institutional investors' taxation, performance evaluation, accounting and other supporting policy arrangements, and the most important step to promote the relaxation of the proportion and scope of all kinds of medium and long-term funds entering the market.

It is worth noting that the basic system reform of refinancing, reduction and delisting is also a hot issue of market participants.

Reporters learned that the Commission will continue to intensify efforts to continue to optimize the relevant system, the specific direction has been clear: refinancing, the focus of refinancing audit focused on key issuance conditions, timely release refinancing audit guidelines to enhance market expectations.

We should further promote the refinancing classification audit, further optimize the process and improve efficiency for the targeted issuance of high-quality listed companies. On the one hand, we should continue to strictly regulate the controlling shareholders, the real controllers and the directors of the companies. On the other hand, we will further improve the diversification of marketization and rule of law in terms of the appropriate opening and policy to the venture capital fund and the private enterprise bailout. The city mechanism, perfect the delisting standard, simplify the delisting process, and resolutely delisted the mandatory delisting standard.

"The development direction of the capital market in the second half of the year is very clear, that is, registration system and marketization. This is also the same as last year's reform. The epidemic has brought obstacles to the reform to some extent, so the reform in the second half of this year will probably come out in a concentrated manner." The foregoing broker pointed out.

 

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