Amend the securities law
Since the revision of the Securities Law in 2005, China's capital market has undergone tremendous changes, with a major breakthrough in the reform of non-tradable shares, the successful launch of the Growth Enterprise Market and stock index futures, the rapid development of cross-border qualified institutional investors QFII, QDII, RQFII and joint venture securities institutions, the improvement of the marketization and internationalization of the capital market, and the increasing cross-border securities activities. On 20 13, treasury bonds futures resumed listing, ipo reform developed in depth, and the regulatory authorities were pushing forward the transition from approval system to registration system. As the fundamental law of the securities market, many contents of the Securities Law have been difficult to adapt to these new situations and changes, and even restricted the further development of the capital market. It is urgent to revise the securities law again, which needs comprehensive, breakthrough and forward-looking revision to reserve and expand space for the development and innovation of the securities market.
Formulate futures law
In the mid-1990s, the Futures Law was being drafted. In 2006, NPC Financial and Economic Committee initiated the legislative procedure of the futures trading law and set up a working group. However, no substantive measures were taken afterwards. During this period, China's futures market has developed rapidly, and the trading varieties have been enriched and the scale has been expanding. China futures market has become one of the largest commodity futures markets in the world. China Financial Futures Exchange officially launched the Shanghai and Shenzhen 300 stock index futures on April 6th, 20 10, which opened the prelude to the development of China financial futures market. September 6, 20 13 18 Treasury futures were suspended and restarted. Although the newly revised Regulations on the Management of Futures Trading came into effect on 20 12, 12, 12, 1, it is urgent to upgrade the Regulations on Futures Trading in order to comprehensively regulate futures trading, further solve the basic and institutional problems in the development of futures market and provide strong legal guarantee for the sustained and healthy development of China's futures market.
Amend the Measures for the Supervision and Administration of Unlisted Public Companies
The Measures for the Supervision and Administration of Unlisted Public Companies of China Securities Regulatory Commission came into effect on 20 13 and 10, which is a basic regulation for unlisted public companies, and makes systematic provisions on the trading and supervision of the "New Third Board". At the same time, companies with more than 200 shareholders who are not listed on the New Third Board will also be supervised.
In order to implement the spirit of the Third Plenary Session of the 18th CPC Central Committee on accelerating the development of multi-level capital markets, the State Council issued the Decision on Issues Related to the National Small and Medium-sized Enterprise Share Transfer System on February 4th, 201March, which clarified the nature, function and orientation of the National Small and Medium-sized Enterprise Share Transfer System. According to the decision of the State Council, the China Securities Regulatory Commission publicly solicited opinions on amending the Measures for the Supervision and Administration of Unlisted Public Companies on June 5438+February 65438+June 6, and officially issued the Decision on Amending the Measures for the Supervision and Administration of Unlisted Public Companies on the 27th. According to this decision, the Measures for the Supervision and Administration of Unlisted Public Companies were revised. Among them, it is clear that the public share transfer of unlisted public companies can only be carried out in the national share transfer system for small and medium-sized enterprises, and unlisted public companies can carry out activities such as equity financing, debt financing and asset restructuring according to law, which broadens the channels for enterprise financing, mergers and acquisitions, simplifies the audit procedures and improves the audit efficiency. For companies with no more than 200 shareholders, the China Securities Regulatory Commission is exempted from examination and approval and managed by the national share transfer system. The author thinks that, as a supporting rule, the regulatory rules for mergers and acquisitions of unlisted public companies also need to be formulated ... (For the full text, please read China Finance, No.02, 20 14).