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Optimization Of Self Regulatory Rules In Shenzhen: Rules Of "Addition And Subtraction" And "Sense Of Propriety" Of Supervision

2020/6/23 7:06:00 0

Self RegulatoryRulesRulesAddition And SubtractionSupervisionSense Of Propriety

[deep vision regulation twentieth phase]

In this book, the Shenzhen Stock Exchange abolished all the memorandums of the main board, small and medium sized boards and gem, and removed the contents of the original memorandum. The contents of the substantive regulatory requirements were upgraded to guidelines for information disclosure, and implemented in a mature way, which was further incorporated into the standard operation guidelines or listing rules.

As an important part of the legal system of the capital market, the rules of self-regulation of stock exchanges are also important codes of conduct for market participants and constitute an important part of the market based system.

In recent years, in the process of marketization and rule of law reform, its dynamic optimization and adjustment process has been widely concerned by all parties in the market. In particular, with the implementation of the new securities law and the reform of registration system, how to build a simple, transparent, and efficient market friendly rule system has become a common topic faced by the frontline regulators and the market parties for further promoting the supervision of the law and consolidating the foundation of the rule of law according to the law and landing the key reform tasks.

Recently, the Shenzhen Stock Exchange has issued 23 business management guides in a batch. At this point, the self regulatory rules system of Shenzhen listed companies over a year has been basically optimized.

Looking back on the optimization of the rules of self regulation in Shenzhen, since the beginning of 2019, the Shenzhen Stock Exchange has revised and improved the GEM Listing Rules and the standard operation guidelines. It has revised and revised the guidelines for the standardized operation of the motherboard and small and medium-sized boards, revised 25 industry and special business information disclosure guidelines, and abolished 92 rules documents. The basic system has been constantly innovated and accelerated, providing a set of deep market evolution samples.

"Thin" and "thick" of regulatory books

For thirty years, the capital market has developed rapidly, and the number of listed companies has increased from two digit to nearly 4000. The relevant rules of self-regulation have also evolved from thin paper to self-contained.

The rules are closely related to the development stage of the market from the thin to the thick. When the original market is not mature enough, in order to orderly develop the market and transmit clear and strong regulatory signals, as regulators of the rulers, they sometimes choose to "teach with hands" and "feet and feet". For example, in order to ensure the safety of the funds raised by the listed companies, it is stipulated that during the period of raising funds to make up the flow, or before and after 1. 2 months, a listed company shall not engage in venture capital or provide financial assistance to others.

However, books are always getting thinner and thinner. The reform of registration system has opened a good cut to rationalize the relationship between the market and the government.

The registration system takes information disclosure as the center and requires the issuers to disclose the company information truthfully, accurately and completely, so that investors can get the necessary information to judge the value of the securities and make decisions about whether to invest or not. At the same time, we should further standardize the boundary of the supervision department's responsibilities, relax unnecessary regulation, and let the market play a decisive role in the allocation of resources.

In this process, it is an inevitable trend for regulators to "intervene less". It is an important manifestation of regulators' continuous optimization of rules system.

So how should we let go? For the listed companies to "lighten their burden" and clarify the positioning of supervision, the editor of the exchange has given the direction.

First, streamline the rule hierarchy. Before optimization, the rules of self-regulation of Listed Companies in Shenzhen stock market are mainly divided into four levels. Among them, the quantity and content of the information disclosure memorandum are many, not only related to the requirements of information disclosure, but also the matters needing attention in practical operation, as well as the way of business contact and the filing of document templates. Problems, precise supervision and effective supervision can hardly be truly realized.

In this book, the Shenzhen Stock Exchange abolished all the memorandums of the main board, small and medium sized boards and gem, and removed the contents of the original memorandum. The contents of the substantive regulatory requirements were upgraded to guidelines for information disclosure, and implemented in a mature way, which was further incorporated into the standard operation guidelines or listing rules. Finally, the three tier rule system, which takes the listing rules as the core, takes the guidelines of standardized operation, guidelines for special information disclosure and guidelines for disclosure of industry information as the backbone, is guided by guidelines. When the rules are clear, the market players will have a better idea of finding and using rules.

Second, take the road of differentiation. At present, the Shenzhen Stock Exchange has formed a multi-level capital market, including the main board, small and medium sized boards and gem, and the characteristics of the market segments and companies are not the same. In particular, GEM companies differ in their industry distribution, business models and volume sizes with those of the main board and small and medium-sized boards.

Let GEM companies and the main board, small and medium-sized board companies fully apply a set of rules, inevitably appear applicability is not strong, it is also difficult to really guide and serve the innovation and development of listed companies, therefore, the rules must be "tailored".

In this revision, the Shenzhen Stock Exchange carries out the unification of the self regulatory rules and regulations of the main board and the small and medium-sized plates. At the same time, it optimizes the rules of self-regulation of the gem as an important part of the gem reform, complies with the needs of the reform, and closely combines the characteristics of "three creation and four new", and improves the supervision rules in an all-round way.

Third, reduce unnecessary intervention. The development of rules is complementary to the development of the market. When the market was still at the initial stage of development, the regulatory rules could be more careful and strict because of the protection of the market. However, the A share market has developed for thirty years, and the market players are relatively mature. The rules that are numerous and detailed, which are likely to be bound by the market players, can not effectively stimulate the vitality of the market.

For example, the aforementioned fund-raising management, from the request issued by the Shenzhen Stock Exchange in February 28th for the implementation of the new version of the guidelines for the standardized operation of listed companies, the guidelines appropriately release the restrictions on venture capital or financial assistance provided by the listed companies during the period of raising funds to make up or flow, and further simplify the deliberation procedure for idle capital investment products, and simplify the use of surplus funds. The procedures reduce the restrictive requirements during the period of raising funds, and give more initiative and option to the market players.

These three tactics will not only make the regulatory books more and more "thin", but also make the system supply more and more thick for the market players.

Pay equal attention to supervision and service

Since it is redundant, how can some rules be reduced?

Similarly, taking the Shenzhen Stock Exchange as an example, the 3 major business information disclosure guidelines for major asset reorganization, ESOP, transaction and related transactions have been issued in the new revision. At the same time, 4 industry information disclosure guidelines for industrial robots, integrated circuits, lithium batteries and non-metallic building materials have been formulated on the basis of in-depth study of the characteristics of the industry.

"Thin" and "thick" are always a dynamic process. The other side of burden reduction is to combine the new situation, new situations and new problems of the capital market, and continue to make up for the short board with the development of the market, so as to perform the proper supervision.

For example, with the further development of intelligent manufacturing upgrading, the domestic industrial robot industry has made considerable progress in recent years, and judging the core competitiveness of an industry company, its key technology or performance indicators may include the technology type, consistency level, accuracy of the reducer, the main driving mode of the motor, the power quality ratio, the type and application of the industrial robot body. Domains, liabilities, repeatability accuracy, etc. Industry threshold is high, professional, and the number of listed companies involved is large. How can investors make value choices? Only through full disclosure of information. As a result, the necessity of industry information disclosure guidelines is highlighted.

In the development of capital market, the "sense of propriety" of regulators is very important. This "sense of propriety" comes from positioning itself, not only as a supervisor but also as a service provider. In fact, under the background of macroeconomic restructuring and diversification of market players, the service-oriented reform of the system will be an inevitable trend in the future.

For example, in this amendment, the Shenzhen stock exchange conducted a comprehensive restructuring and upgrading of the handling guide system, upgrading user convenience, focusing on specialized businesses, concentrating the same business and concentrating on standardization, and improving the contents of each link. In this way, a listed company and other subjects can only make clear the whole process of a business by looking at a guide, which is precisely the deepening of capital market services. Embodiment.

After the establishment of the system, it is necessary to "re enforce". In this regard, the Shenzhen Stock Exchange also said that through training exchanges, rules interpretation, problem solving and other ways to help listed companies understand rules, abide by rules, make good use of rules, and continue to track the implementation effect of rules. At the same time, we should further optimize the regulatory concept and regulatory mechanism, and vigorously promote classified supervision, precise supervision, scientific and technological supervision, and crack down on financial fraud and other illegal activities.

Recently, at the twelfth Lujiazui forum, Liu He, member of the Political Bureau of the CPC Central Committee and vice premier of the State Council, put forward the overall requirements for the development of the financial market from a higher level. To speed up the development of the capital market, the nine word policy of "building up a system, not interfering and zero tolerance" also provides guidance for understanding the deep logic of the reform of the capital market. Among them, listed companies and other market players strictly abide by the rules and regulations, carry out operation and operation according to law, regulators accelerate the improvement of the market infrastructure system including self-regulation rules system, firmly push forward market-oriented reforms, respect market rules, reduce unnecessary intervention to the market, and resolutely fight against such "cancer" such as financial fraud and other market development. "Zero tolerance" situation; large shareholders and directors of supervisors are responsible for the return of "key minority", and intermediaries play a good role in "gatekeeper" responsibility. As a result, the parties' practical awe and the resultant force can make the regulation of self-regulation rules more clear and effective, so that the market will be more orderly and efficient, so that investors' legitimate rights and interests should be protected.

 

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