(1) Improve the comprehensive financial service capability. Support securities institutions to further deepen and upgrade traditional businesses such as brokerage, self-management, asset management, underwriting and sponsorship, actively use network information technology to innovate products, businesses and trading methods, and explore new Internet financial services. Encourage securities institutions to carry out management innovation, implement differentiated, specialized and characteristic development, and promote the formation of a modern investment bank with international competitiveness, brand influence and systemic importance.
(2) Improve basic functions. Support securities institutions to expand basic functions such as investment and financing, sales transaction and asset custody, and innovate sales transaction products to meet customers' demand for non-standardized products. Securities institutions are encouraged to provide market-making services for various financial products such as block trades, private placement products and OTC derivatives. Support securities institutions to carry out asset custody business. Promote the construction of a unified securities account platform and establish an account system suitable for private equity market, Internet securities and other businesses. Standardize the payment system of the securities industry and study and build a payment platform.
(3) Broaden financing channels. Support securities institutions to carry out equity and debt financing, issue and list at home and abroad, list in the national share transfer system for small and medium-sized enterprises, issue preferred shares and corporate bonds, and carry out mergers and acquisitions. Encourage securities institutions to explore new financing channels and new financing tools. Support securities institutions to carry out income voucher business pilot.
(4) Develop cross-border business. Support securities institutions to provide intermediary services such as financial consultancy, underwriting, custody and settlement for cross-border listing, bond issuance, merger and reorganization of domestic enterprises. Support securities institutions to "go global" and set up subsidiaries in overseas markets such as Hongkong, Macau and Taiwan Province through new establishment and mergers and acquisitions. Support securities institutions to provide relevant services for qualified overseas enterprises to issue RMB bonds in China, actively participate in the pilot of Shanghai-Hong Kong stock market transaction interconnection mechanism, and provide investment and financing services for domestic and foreign individuals and institutions based on the mechanisms and policies of Shanghai Free Trade Zone and other economic and financial reform pilot zones.
(5) Improve the level of compliance risk control. Optimize the risk control index system of securities operating institutions with net capital and liquidity risk prevention as the core. Implement the risk management responsibility of securities institutions themselves and improve the comprehensive risk management mechanism. We will promote the compliance management of all members of securities institutions and strengthen the construction of compliance teams and the protection of their duties. Supervise securities institutions to adhere to the interests of customers as the center, strictly abide by the moral bottom line and professional bottom line, and fulfill their industrial responsibility, market responsibility and social responsibility.
Second, support enterprise product innovation.
(6) Promoting the development of asset management business. Securities institutions should innovate and improve asset management business processes and improve the professional level of product sales, product design, investment operation and after-sales service. Qualified securities institutions can develop cross-border and cross-market products, cover different asset classes, adopt diversified investment strategies, and distinguish the charging structure and level. To study the establishment of real estate investment trust funds (REITs) system and the corresponding product operation mode and scheme. Broaden the investment scope of the collective asset management plan and allow investment in equity, creditor's rights and other property rights that have not been transferred through the stock exchange.
(seven) support the development of fixed income, foreign exchange and commodity business. Accelerate the innovation of bond products and improve the trading mechanism of market makers. We will develop asset securitization businesses such as accounts receivable, financial leasing claims and infrastructure income rights, and actively explore the development of credit asset securitization business. Carry out spot trading of bulk commodities and foreign exchange according to law.
(8) Support financing business innovation. Improve the relevant rules of margin financing and securities lending business and expand the sources of funds and securities for margin financing and securities lending business. Carry out financing guarantee business innovations such as agreement repurchase and stock (right) pledge repurchase, and expand the scope of investors in agreement repurchase and stock pledge repurchase.
(9) Steady development of derivative business. Support securities institutions to participate in domestic futures market transactions and credit risk mitigation tools, interest rate swaps, options and other derivatives transactions. Further improve the master agreement and related supporting documents for derivative products trading. Study the centralized settlement and transaction information reporting system of derivative products transactions. To meet the needs of risk management in the capital market, we will steadily and orderly develop related financial derivatives. Qualified institutional investors can use futures derivatives to hedge risks.
(ten) the development of counter business. Expand the pilot of over-the-counter trading business of securities institutions. Accelerate the construction of an inter-agency private placement product quotation and service system to provide institutional investors with services such as private placement project docking and online transfer. We will steadily develop the inter-agency market and promote interconnection. Encourage securities institutions to participate in regional equity markets in various ways. Study and establish industry credit enhancement institutions and standardize the management of financing guarantee institutions.
(eleven) support the independent creation of private equity products. According to the principle of classified supervision, private placement products independently created by securities institutions will be put on record gradually afterwards. Private placement products created in the over-the-counter market of securities institutions or the inter-agency private placement product quotation and service system shall be directly filed afterwards. Support securities institutions to set up direct investment funds such as merger and acquisition funds, mezzanine funds and industrial funds.
Third, promote regulatory transformation.
(12) Change the supervision mode. Improve the supervision mechanism, unify the supervision scale, and change from emphasizing prior approval to strengthening supervision afterwards. Support securities institutions to independently carry out business and product innovation according to law, and independently identify, judge and bear innovation risks. Strengthen process supervision and dynamic monitoring and risk-and problem-oriented on-site inspection. Strengthen post-event supervision, strengthen law enforcement, and improve the linkage mechanism of supervision and law enforcement among daily regulatory agencies, inspection and law enforcement departments and self-regulatory organizations.
(thirteen) deepen the reform of examination and approval. Determine and clean up the examination and approval and filing matters of securities institutions. Further cancel the adjustment of administrative licensing examination and approval matters; Further adjust the non-administrative licensing examination and approval items and gradually cancel them; In addition to the statutory administrative licensing examination and approval matters, it is forbidden to implement administrative examination and approval in any name or in any way or in disguised form. In the CSRC system, all units cancel the pre-filing and reporting items that are not stipulated by laws, regulations and rules, and if it is really necessary to keep them, they will be filed afterwards. Where the examination and approval, filing matters, must be published standards, processes, deadlines, methods, etc., not published shall not be implemented.
(14) relaxing industry access. Support private capital, professionals and other qualified market entities to set up securities operating institutions, and further relax the conditions for foreign investment access of securities operating institutions. Support state-owned securities institutions to carry out mixed ownership reform. Support social insurance funds, enterprise annuities and other long-term funds to entrust professional institutions to invest and operate or set up professional securities business institutions. Support financial institutions such as securities institutions to explore the comprehensive management mode of mutual holding and equity participation under the premise of controllable risks, and improve the policy of "one participation and one control".
(fifteen) the implementation of business license management. Establish an open and transparent license management system for securities and futures business. On the premise of promoting the revision and improvement of relevant laws and regulations, support cross licensing of securities companies, fund management companies, futures companies and securities investment consulting companies, and support other qualified financial institutions to apply for securities business licenses on the basis of risk isolation. Encourage qualified securities companies to apply for public issuance of fund management licenses and custody business licenses. Expand the business scope of joint venture securities companies in due course.