Effective decision-making to prevent financial risks

Guo Fa [2011] No.38

People's governments of all provinces, autonomous regions and municipalities directly under the Central Government, ministries and commissions and institutions directly under the State Council:

In recent years, in order to promote the development of rights and interests (such as equity and property rights). ) and commodity markets, some areas have successively approved the establishment of various trading places (hereinafter referred to as trading places) engaged in property rights trading, cultural and artistic transactions and long-term trading of bulk commodities. Due to the lack of standardized management, the illegal and illegal problems in the establishment of trading places and trading activities are increasingly prominent, and the risks are constantly exposed, which has aroused widespread concern in society. In order to prevent financial risks, standardize market order and maintain social stability, the following decisions are made:

First, attach great importance to the risks of illegal trading activities in various trading places.

The trading place is a platform for all market participants to provide equal and transparent trading opportunities and conduct orderly trading. It has strong sociality and openness, and needs to be supervised according to law to ensure safe operation. Among them, securities and futures trading has special financial attributes and risk attributes, which is directly related to economic and financial security and social stability. It must be carried out in approved specific trading places and follow strict management rules and regulations. At present, some trading places illegally carry out securities and futures trading activities without approval; Some trading places are not standardized in management, and there are serious speculation and price manipulation; Shareholders of individual trading places directly participate in the transaction, and even problems such as managers misappropriating customers' funds and operators absconding with money appear. If these problems continue to spread, it will easily lead to systemic and regional financial risks, and even affect social stability, and measures must be taken as soon as possible to resolutely correct them.

The local people's government and the relevant departments of the State Council should unify their understanding, attach great importance to the illegal problems existing in various trading places, proceed from the overall situation of maintaining market order and social stability, earnestly do a good job in cleaning up and rectifying various trading places and standardize market order. All kinds of trading places should establish and improve rules and regulations, and strictly abide by the provisions on information disclosure, fair trade and risk management. Establish an investor management system suitable for risk tolerance, investment knowledge and experience, improve investors' risk awareness and discrimination, and effectively protect investors' legitimate rights and interests.

Two, establish a clear division of labor and close cooperation mechanism.

In order to strengthen the organization and leadership to clean up and rectify the trading places and standardize the market order, and form a supervision mechanism with both division of labor and mutual cooperation, an inter-ministerial joint meeting on cleaning up and rectifying various trading places (hereinafter referred to as the joint meeting) system led by the CSRC and attended by relevant departments was established. The main task of the joint meeting is to coordinate relevant departments and provincial people's governments to clean up and rectify illegal securities and futures trading, urge all kinds of trading places and products to establish a standardized management system, and complete other tasks assigned by the State Council. The daily office of the joint meeting is located in the CSRC.

The joint meeting does not replace the regulatory responsibilities of the relevant departments of the State Council and the provincial people's government. The financial management department of the State Council is responsible for the daily supervision of the trading places set up by the financial management department of the State Council or the State Council to deal in financial products. Other trading places shall be supervised by the provincial people's government in accordance with the principle of territorial management, and do a good job in statistical monitoring, illegal handling and risk disposal. The joint meeting and relevant departments and provincial people's governments should communicate the situation in a timely manner, strengthen coordination and cooperation, make concerted efforts to clean up, rectify and standardize all kinds of trading places.

Three, improve the management system, strict management procedures

Since the date of promulgation of this decision, except for the legally established stock exchange or the trading place approved by the State Council, no trading place may split any rights and interests into equal shares for public offering, and may not conduct transactions by centralized bidding, market makers and other centralized trading methods. The rights and interests shall not be listed and traded continuously according to the standardized trading unit, and the time interval for any investor to buy the same trading variety after buying, selling or selling shall not be less than 5 trading days; Unless otherwise provided by laws and administrative regulations, the number of holders of accumulated rights and interests shall not exceed 200.

Except for the establishment of a trading place for futures trading with the approval of the futures regulatory authority in the State Council or the State Council according to law, no unit may conduct standardized contract trading by centralized bidding, electronic matchmaking, anonymous trading, market makers and other centralized trading methods.

Trading places engaged in the trading of financial products such as insurance, credit and gold must be approved by the relevant financial management departments of the State Council.

In order to standardize the names of trading places, all trading places that use the word "exchange" must be reported to the provincial people's government for approval, except those approved by the financial management department of the State Council or the State Council; Before the approval of the provincial people's government, it shall solicit the opinions of the joint meeting. The industrial and commercial departments shall not apply for industrial and commercial registration for trading places that are not approved to be established in accordance with the above provisions or use the word "exchange" in their names in violation of the above provisions.

Four, steadily promote the rectification work.

The people's government at the provincial level should immediately set up a leading group, establish a working mechanism, and conduct a centralized clean-up and rectification of various trading places in the region in accordance with the requirements of laws, administrative regulations and this decision and the principle of territorial management. The key point is to resolutely correct illegal securities and futures trading activities and take effective measures to ensure the safety of investors' funds and social stability. For trading places engaged in illegal securities and futures trading activities, it is strictly forbidden to expand the business scope, add new trading varieties and new investors in any way, and cancel or terminate trading activities within a time limit; Trading places that use the word "exchange" in their names without approval shall be cleaned up within a time limit. During the rectification period, no new standardized product trading places or contract trading places shall be established. The people's governments at the provincial level shall formulate the rectification work plan as soon as possible, and report it to the State Council for the record before the end of 20112.

The joint meeting should earnestly take responsibility, strengthen organizational guidance, supervision and inspection, and effectively promote the effective and orderly development of clean-up and rectification work. The Ministry of Commerce shall, under the working mechanism of the joint meeting, be responsible for the supervision, inspection and guidance of the rectification of the medium and long-term trading market of bulk commodities, and promptly formulate measures for the management of the medium and long-term trading market of bulk commodities to ensure the orderly return of the medium and long-term trading market of bulk commodities to the spot market. The relevant departments of the joint meeting shall, in accordance with the division of responsibilities, strengthen communication, cooperate with each other, support each other, and do a good job with due diligence. Financial institutions shall not provide underwriting, account opening, custody, fund transfer, trading agent, investment consulting, insurance and other services for illegal securities and futures trading activities; Financial institutions that have provided services should promptly carry out self-examination and self-cleaning and do a good job in the aftermath.

the State Council

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