Different from the previous regulatory work conference, which summarized the past and looked forward to the future, yesterday's work conference only focused on one content, that is, "regulatory transformation". The main task is to promote the reform of the stock issuance registration system and establish a regulatory concept centered on information disclosure.
Promote the registration system
65438+1October 2 1 9: 00 a.m. to10: 00 a.m., Chairman of CSRC Xiao Gang delivered a speech on vigorously promoting "regulatory transformation".
"There is a lot of content, and there is a lot of content under each article. 1 1, the chairman didn't finish. " According to the above-mentioned insiders, on June 5438+1October 265438+1October 22, the CSRC system will also discuss Xiao Gang's speech in groups and give feedback.
"When the content of today's meeting (2 1) mentioned the registration system, it was said that the draft measures for the registration system were first promulgated in June 20 14 and implemented in June 20 15." Informed sources told this newspaper that it should be based on the revision of the Securities Law. "The revision of the securities law has now been included in the list of laws revised by the legislature for the first time. If it goes well, the revision can be completed in 20 14 years, and the IEC may be cancelled at that time. "
Following the Third Plenary Session of the 18th CPC Central Committee's proposal of "promoting the reform of the registration system of stock issuance", on October 30th, 20165438/kloc-0, the CSRC issued the Opinions on Further Promoting the Reform of ipo (hereinafter referred to as the Opinions), and began to implement the gradual transition from the approval system to the registration system of stock issuance.
"We are now faced with a very arduous task, which is to implement the task of the Third Plenary Session of the 18 th Central Committee on the reform of the stock issuance registration system." People from the issuance department of the CSRC have previously said that Xiao Gang has repeatedly stressed that the regulatory transformation is to meet the needs of the registration system. While relaxing the front-end administrative control, we should strengthen the supervision during and after the event.
"It is conceivable that without strict process supervision, severe punishment for violations afterwards, supervision and management of violations by the entire judicial system and all sectors of society, and even civil and criminal punishment by the judicial system, the reform of the registration system is doomed to be unsuccessful." The aforementioned CSRC official said.
At yesterday's meeting, Xiao Gang put forward the main tasks of supervision transformation. Besides promoting the reform of registration system and establishing the supervision concept with trust as the core, he also put forward tasks such as rationalizing the relationship between supervision and law enforcement, improving the efficiency of inspection and law enforcement, and building a standardized system of law enforcement.
"Regulatory transformation is a long-term task and systematic project, and it cannot be done overnight." Xiao Gang stressed at the meeting. Accordingly, representatives from the Central Committee, the National People's Congress, relevant departments of the State Council and the Supreme People's Court also appeared at the meeting that day.
Market pressure
The CSRC attaches great importance to regulatory transformation, and there is also pressure from the market. At the same time of IPO reform, it is the IPO restart that has been silent for more than a year.
In fact, part of the regulatory transformation of the CSRC has actually begun. The aforementioned people in the issuance department said that the issuance of the Measures on Strengthening the Supervision of New Share Issuance and the initiation of spot checks in the issuance process are both the contents of regulatory transformation, and they are relatively small actions made in the basic work of the registration system reform, and the subsequent process supervision and post-event supervision will also be continuously introduced.
According to the requirements of the CSRC, the first batch of IPO enterprises will implement new reform measures after the release of the Opinions. Including strengthening information disclosure, protecting the rights and interests of small and medium-sized investors, introducing the old share transfer system and adjusting the placement mechanism. The main purpose is to restrain issuers from setting high prices, restrain investors from speculating high prices, and curb "speculation" after listing. However, in the past ten days, due to the suspension of IPO by Osekan and other companies due to the "three highs", the CSRC initiated a major inspection of the IPO process, and an associate professor of Shanghai Normal University reported the real name, many market participants began to take a "chicken feather" pessimistic attitude towards IPO.
On June 5438+1October 12, the CSRC issued the "Measures on Further Strengthening the Supervision of" Three Highs ",and the phenomenon of" Three Highs "was temporarily alleviated. However, the problem of "speculation" is coming. Yesterday, eight new shares landed on the Shenzhen Stock Exchange, and seven of them all rose more than 45% on the first day.
Xiao Gang pointed out that promoting regulatory transformation is an inherent requirement of capital market reform and innovation, and a new exploration of modern securities and futures regulatory laws under the conditions of socialist market economy. Xiao Gang said that to promote regulatory transformation, it is necessary to realize "six transformations", including the transformation of regulatory orientation from focusing on financing to focusing on the balance of investment and financing and risk management functions, and better protecting small and medium investors; The focus of supervision has shifted from focusing on market scale development to strengthening supervision and law enforcement, with equal emphasis on scale, structure and quality; The way of supervision has changed from too much prior approval to strengthening supervision after the event and implementing full supervision; The supervision mode has changed from fragmented and divided supervision to * * * enjoyment and functional supervision; The means of supervision has changed from single, compulsory and closed to pluralistic, negotiated and open; The operation of supervision has changed from lack of transparency and stability to fairness, transparency, rigor and efficiency.