As the first special credit supervision regulation in China's capital market, the Interim Measures was promulgated and implemented in 20 12 and revised in 20 14. Through a series of institutional mechanisms, such as the definition and collection of credit information, the disclosure and inquiry of credit information, the restriction of dishonesty and the incentive of trustworthiness, the credit constraint on market subjects and their behaviors has been strengthened, and the credit awareness of the whole market and the whole industry has been enhanced, which has played an important role in promoting the credit construction of the capital market.
In recent years, the CPC Central Committee and the State Council have put forward many new requirements and new spirits for the construction of honesty and credit, and the capital market has seen new developments and new situations. The supervision work is faced with new problems and tasks, and the Interim Measures need to be revised:
(1) The CPC Central Committee and the State Council pay more attention to the construction of good faith, and it is necessary to implement the relevant policy requirements of the CPC Central Committee and the State Council by revising the Interim Measures. The 19th, 18th, 3rd, 4th and 5th Plenary Sessions of the 18th CPC Central Committee all put forward requirements for strengthening the construction of social integrity. In the past three years, the state has successively issued six special documents on credit construction, such as the Outline of Social Credit System Construction (20 14-2020), Guiding Opinions on Establishing and Perfecting the Joint Incentive System for Trustworthiness and the Joint Punishment System for Breach of Trust, and Guiding Opinions on Strengthening the Construction of Personal Credit System. Other policy documents have also made arrangements for the innovation of credit supervision system and mechanism. It is clearly required to establish a series of new credit construction and credit supervision mechanisms, including the credit commitment system of administrative license applicants, credit reporting system, credit membership system, credit or credit classification management of market subjects, public exposure of blacklists of serious dishonesty, a "green channel" system to encourage honesty, restrictions on financial institutions providing financial services to untrustworthy subjects, market access punishment for untrustworthy people, and information sharing and joint punishment for dishonesty. These institutional mechanisms are not stipulated in the Interim Measures, and it is urgent to implement them by amending the Interim Measures to realize the institutionalization of policy requirements.
(2) Great changes have taken place in the capital market, so it is necessary to improve the integrity supervision system and realize the "full coverage" of new fields, new subjects and new activities in the capital market. In recent years, great changes have taken place in the capital market, which puts forward new requirements for the construction of integrity. The market level is becoming richer and richer, and the financing function is becoming more and more complete. Not only is the main board and the Growth Enterprise Market expanding, but the "New Third Board" and the private equity fund market are also developing rapidly. The regional equity market has also been brought into the standardized development track, and asset-backed securities, bonds and futures have all made new developments. These areas should be included in the framework of market integrity construction. At the same time, it is urgent to further innovate the integrity supervision system and mechanism to adapt to the situation that new market formats, new models and new methods are changing with each passing day and intertwined with each other, and the market operation is becoming increasingly complex. For example, in recent years, not only margin financing and securities lending have developed rapidly, but also bond pledged repo and agreement repo. It is necessary to incorporate the integrity information into such trading activities, guide relevant subjects to inquire about the integrity files in such trading activities, and reflect the integrity constraints.
(3) In view of the problems and shortcomings in the construction of capital market system and mechanism exposed by abnormal fluctuations in the stock market, the basic system of credit supervision should be improved from the perspective of credit construction. The abnormal fluctuation of 20 15 stock market reflects some outstanding problems, such as "immature traders, imperfect trading system, imperfect market system and unsuitable supervision system", which are closely related to the low level of integrity of market participants, imperfect integrity system and mechanism, insufficient integrity binding force and poor effect. For example, in view of the immature traders and imperfect trading system, it is necessary to amend the Interim Measures to include traders and investors in credit files and inquire about the credit files of securities and futures accounts opened by traders and investors; In view of the imperfect market system, it is necessary to bring the securities and futures intermediaries and personnel, as well as the factual information of bond default, into the category of credit file and credit supervision; In view of the imperfect supervision system, it is necessary to improve the supervision and cooperation mechanism, strengthen market supervision and prevent market risks by realizing inter-ministerial sharing of credit information, joint punishment for dishonesty and joint encouragement for trustworthiness.
(four) to improve and strengthen the mechanism, measures and means of clean government supervision is an integral part and an important starting point for better implementing the requirements of comprehensive and strict supervision according to law. Under the background of decentralization, while ensuring good market access, it is urgent to innovate the ways, mechanisms and means of credit supervision in the intermediate stage, enrich the "toolbox" of supervision, establish a credit sub-system for market participants and implement credit classification management, which can provide a starting point for credit supervision in the intermediate stage. It is not enough to punish only some illegal and untrustworthy behaviors in the market, but also to restrict them by public exposure and restricting transactions. In some fields, the credit restraint mechanism can play the role of "supplement" and "strengthening". In addition, some explorations carried out in regulatory practice in recent years also need to be upgraded to regulations. Second, modify the principle of thinking.
The overall spirit of this revision is to further promote and improve the integrity supervision system of capital markets in rich countries in accordance with the requirements of the CPC Central Committee and the State Council on strengthening the construction of social integrity. In the process of revision, we basically follow the idea of "three combinations":
First, combine the relevant national requirements and the reality of the capital market. As mentioned above, in recent years, the state has put forward a series of new requirements for the construction of social integrity and social credit system. These requirements focus on the overall social and economic life of the country, and are relatively principled and general. In the process of revising the Interim Measures, it is necessary to combine the nature, laws and reality of the capital market and its supervision, and generally design relevant systems towards the goal of comprehensive credit record, strong punishment for dishonesty and effective collaborative supervision.
The second is to combine the new institutional content with the original institutional framework. Judging from the practice and effect of the Interim Measures for more than five years, this system conforms to the inherent requirements and actual needs of the capital market, and its institutional framework basically conforms to the inherent law of credit construction. The new requirements put forward in the new situation should and can be realized under the existing institutional framework by modifying, enriching and perfecting the content and scope of honesty information, disclosing and inquiring honesty information, punishing dishonesty and encouraging trustworthiness.
The third is to combine the integrity supervision of the regulatory authorities with the joint punishment of dishonesty and the joint encouragement of trustworthiness. According to the deployment of the inter-ministerial joint meeting of the State Council social credit system and the actual situation of capital market supervision, we should revise the Interim Measures, strengthen the regulatory constraints of the regulatory authorities, further attach importance to and give play to the role of honest information sharing and joint disciplinary mechanism, break the limitations brought by the isolation of honest information to supervision and law enforcement, and truly build a working pattern of "one place is broken and everywhere is limited".