The registration system of stock issuance mainly means that when an issuer applies for issuing shares, it must declare all kinds of public information to the securities regulatory agency completely and accurately according to law. The duty of the securities regulatory agency is to formally review the comprehensiveness, accuracy, authenticity and timeliness of the declaration documents, leaving the quality of the issued company's shares to the market to decide, without substantive review and value judgment of the issuer's qualifications.

The core of the registration system is as long as the materials provided by the securities issuer are not false, misleading or omitted. The representatives of this distribution system are the United States and Japan. This system has the highest degree of marketization.

On February 9, 2065438+0515, the executive meeting of the State Council deliberated and adopted the draft decision on authorizing the State Council to adjust and apply the relevant provisions of the Securities Law of People's Republic of China (PRC) in implementing the reform of the stock issuance registration system. ? 20 15, 16 on February 27th, the State Council, China was authorized by the highest legislature of China to amend the law, and the stock issuance registration system was implemented from March 20th16. ?

20 16 March 12 At the press conference of the Fourth Session of the 12th National People's Congress, Liu, chairman of the CSRC, said that the registration system could not be achieved overnight. It takes a long time to study and demonstrate. This also means that the reform of the stock issuance registration system will be suspended.

Extended data

201April 10, Xiao Gang [Weibo], Chairman of China Securities Regulatory Commission, told the media at Boao Forum for Asia that the draft reform of IPO registration system was issued at the end of the year. ?

2065438+20031October 30th, 165438+2003 China Securities Regulatory Commission issued the Opinions of China Securities Regulatory Commission on Further Promoting the Reform of New Stock Issuance, which is an important step to gradually promote the transformation of stock issuance from the approval system to the registration system. During the two sessions in 20 14, Xiao Gang also told me that one of the main tasks of the CSRC in 20 14 was to study the implementation scheme of the registration system. Since the premise of implementing the registration system is to amend the securities law, it will definitely not be implemented this year; If the 20 15 Securities Law is amended, then the registration system can be implemented. ?

20 15 15 the 18th session of the second the National People's Congress Standing Committee (NPCSC) adopted a decision on authorizing the State Council to adjust and apply the relevant provisions of the People's Republic of China (PRC) securities law in the implementation of the reform of the stock issuance registration system.

The decision pointed out that in order to implement the reform of the stock issuance registration system and further give play to the basic role of the capital market in serving the real economy, the 18th meeting of the 12th the National People's Congress Standing Committee (NPCSC) decided to authorize the State Council to publicly issue shares and list them on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, adjust and apply the relevant provisions of the People's Republic of China (PRC) Securities Law on the approval system for public offering of shares, and implement the registration system. The specific implementation plan shall be formulated by the State Council and reported to the NPC Standing Committee for the record.

The decision pointed out that the State Council should strengthen the organization and leadership of the reform of the stock issuance and registration system, and make an interim report on the implementation of the decision to the National People's Congress Standing Committee (NPCSC). The State Council Securities Regulatory Authority shall, jointly with relevant departments, strengthen supervision after the event, prevent and defuse risks, and effectively protect the legitimate rights and interests of investors.

The implementation period of this decision is two years, and it will take effect on March 1 day, 2065438. ?

Some insiders said that although the registration system can be implemented on any day within two years from March 1, the corresponding detailed rules have not yet come out, and even the discussion draft or opinion draft has not been seen. It will take time for the real implementation. Among them, the reform of the stock registration system, which has attracted much attention, is in the "second instance" stage of the National People's Congress. The State Council authorized the CSRC to speed up as much as possible after the pilot, but it is unlikely that the registration system reform plan will be launched in 20 16.

At the same time, some insiders said that the decisive factor of the introduction of the registration system, in addition to the progress of specific affairs, lies in whether the entire A-share market has entered a relatively long period of stability or recovery. Only when the market sentiment is optimistic can the promotion of the registration system be accelerated.

References:

Stock issuance registration system-Baidu Encyclopedia