The Measures include the "New Third Board", private equity market, regional equity market, asset-backed securities, bonds and futures into the framework of market integrity construction.
It is noteworthy that in view of the outstanding problems reflected by the abnormal fluctuation of the 20 15 stock market, such as "immature traders, imperfect trading system, imperfect market system and unsuitable supervision system", the Measures included traders and investors in credit files, and established credit supervision systems such as restricting the opening of securities and futures accounts for those who seriously undermined the market credit order; Securities and futures media institutions, personnel and the factual information of bond default, etc. , into the integrity file and integrity supervision.
The drafting instructions of the CSRC pointed out that under the background of decentralization, while ensuring good market access, it is urgent to enrich the supervision "toolbox" by innovating the methods, mechanisms and means of credit supervision in the intermediate stage, establish the credit score system of market participants, and implement credit classification management, which can provide a starting point for the supervision in the intermediate stage. It is not enough to punish some illegal and dishonest behaviors in the market, but also to restrict them by public exposure, restricting account opening 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.
According to the reporter's understanding, the CSRC has been working hard to promote the integrity supervision of the capital market. In 20 12, the first capital market credit regulation, Interim Measures for the Supervision and Administration of Credit in Securities and Futures Markets (hereinafter referred to as the Interim Measures), was formulated. Since the implementation of the Interim Measures for five years, positive results have been achieved. Unify the establishment of the securities and futures market integrity file database and the public inquiry platform for dishonesty records, improve the integrity incentive and restraint mechanism, implement the integrity information sharing and cross-departmental joint punishment, effectively exert the power of diversified supervision means "combination boxing" and realize a major leap in the efficiency of supervision and law enforcement.
In recent years, the CPC Central Committee and the State Council have put forward a series of higher requirements for the construction of honesty. With the development of multi-level capital market, many new requirements have been put forward for credit supervision. ? To this end, the CSRC revised the "Interim Measures" in combination with the relevant national requirements and the reality of the capital market, and formed the method of soliciting opinions this time. This revision focuses on seven aspects: First, it has expanded the subject scope and information content scope of credit information coverage, and realized the "full coverage" of credit supervision in the capital market. The second is to establish a "blacklist" system for publicity of major illegal and untrustworthy information. Publicize illegal and untrustworthy information that seriously infringes on the legitimate rights and interests of investors, such as administrative punishment, market ban, securities and futures crimes, refusal to cooperate with supervision, inspection or investigation, and refusal to implement the effective punishment decision, and the market reflects strongly. The third is to establish a good faith commitment system in market access. The relevant parties involved in the application for administrative license shall submit a written commitment to ensure that the application materials are true, accurate and complete, and will participate in the securities and futures market activities honestly and legally. The fourth is to establish a credit scoring management system for major market players and implement credit classification supervision for major market players. The fifth is to establish a "green channel" system for administrative licensing, encourage trustworthiness, and implement a priority review system for applicants with good integrity in administrative licensing matters. The sixth is to establish a mutual check system of market subjects' credit status and strengthen the self-credit constraint in market trading activities. The seventh is to strengthen the integrity constraint of post-event supervision. It is an important factor to incorporate the inquiry of credit files into all processes and links of supervision as an important factor to take supervision and law enforcement measures.