According to Article 19 of 20 15 Opinions on Deepening Economic System Reform, we will implement the reform of stock issuance registration system, explore the establishment of multi-level capital market transfer mechanism, develop regional equity market serving small and medium-sized enterprises, and carry out equity crowdfunding financing pilot. Promote the securitization of credit assets, develop the bond market and increase the proportion of direct financing.

Formulate and promulgate the Interim Regulations on the Management of Private Investment Funds. Revise the Measures for the Administration of Equity Incentives of Listed Companies. Piloting commodity futures options and stock index options to promote the development of OTC derivatives market. Promote the revision of the Securities Law and the formulation of the Futures Law. We will launch catastrophe insurance, promote product innovation in the field of credit guarantee insurance, and issue pilot guidance on food safety liability insurance.

Extended data:

Provisions on the relevant requirements for the reform of the stock issuance registration system:

1. In order to make the registration system run healthily, the delisting system of listed companies should be strictly implemented, and listed companies that are fraudulently issued and seriously violate the law should be forcibly delisted and resolutely eliminated from the market.

2. The registration system will make the intermediary institutions assume more important functions. The regulatory authorities will comprehensively improve the practice norms and regulatory rules of intermediaries, especially sponsors and accounting firms, and implement the diligence and information disclosure responsibilities of intermediaries through effective regulatory measures and accountability.

Notice of the Central People's Government-the State Council on Approving the Opinions of the Development and Reform Commission on Deepening Economic System Reform 20 15