Financial fraud in the capital market has been repeatedly banned. How can the hand of supervision exert its strength? What breakthroughs will be made in the reform of basic systems such as the registration system? How to give full play to the hub function of capital market? Yi Huiman, Chairman of China Securities Regulatory Commission, China, responded to these hot issues at the May 15th National Investor Protection Publicity Day in 22.
Yi Huiman said that vicious violations of laws and regulations such as financial fraud, insider trading and market manipulation have occurred frequently, which not only destroyed the market ecology, but more importantly affected investors' confidence. In this regard, we must use heavy punches and heavy codes, resolutely eliminate the black sheep and effectively protect the legitimate rights and interests of investors.
He said that at present, the epidemic situation has affected the operating performance of some listed companies. I believe that the market and investors can understand the normal fluctuations in performance, but they must never tell lies, make up stories or make false accounts, let alone "take a big bath" or "speculate on topics" in the name of the epidemic situation.
"It is necessary to highlight the key points of law enforcement, concentrate superior resources to investigate and deal with major cases such as financial fraud, promote more investigations in one case, and deal with relevant listed companies, intermediaries and individuals strictly and severely." Yi Huiman said that at the same time, it is necessary to classify policies, distinguish between substantive violations and formal flaws, and distinguish between being affected by the epidemic and taking the opportunity to falsify.
"By promoting the establishment of an authoritative and efficient capital market law enforcement system with self-discipline management, daily supervision, inspection and punishment, criminal accountability, class action and civil compensation, the market discipline will be serious and the market order will be maintained, and the capital market will be restored." Yi Huiman said.
Yi Huiman said that enhancing market activity includes not only promoting more active transactions, but also attracting more investors, especially institutional investors, and improving the investor structure, as well as establishing an open, fair and just market order to win the trust of the market.
"We will focus on enhancing activity, optimizing transaction supervision, enhancing transaction convenience and greatly enhancing the transparency of transaction supervision. At the same time, actively create conditions to smooth all kinds of funds, especially medium and long-term funds entering the market. " He said.
Yi Huiman said that it is necessary to further develop and strengthen the team of managers in Public Offering of Fund; Promote the relaxation of the proportion and scope of all kinds of medium-and long-term funds entering the market, and promote the implementation of the Public Offering of Fund policy of individual pension investment as soon as possible. Promote the activity of equity investment in wealth management products of commercial banks; We will promote the improvement of supporting policy arrangements such as taxation, performance evaluation and accounting for institutional investors, and strengthen the concept of value investment and long-term investment.
It is reported that since last year, the market vitality has been greatly increased by promoting the reform of Public Offering of Fund's access system. In the first four months of this year, the amount of equity Public Offering of Fund raised was 43 billion yuan, 3.8 times that of the same period last year.
Yi Huiman said that the more severe and complicated the situation is, the more we must unswervingly deepen reform, and the direction and determination of the capital market to promote reform and open wider to the outside world will not change because of the epidemic.
He said that the reform of the registration system is the general program of this round of capital market reform, and it must be carried out step by step, especially with the active participation and promotion of all parties in the market. "We have already piloted the incremental registration system reform in science and technology innovation board and accumulated some experience. At present, we are piloting the registration system reform of the stock market on the Growth Enterprise Market. The next step will be to steadily realize the registration system reform goal in stages in the whole market on the basis of summary and evaluation."
regarding the refinancing system, he said that the next step would be to focus the refinancing audit on key issuance conditions, issue guidelines for refinancing audit in a timely manner, enhance market predictability, and promote the classified review of refinancing.
regarding the reduction system, Yi Huiman said that through repeated research and demonstration, a phased reform plan was formed. On the one hand, we will continue to strictly regulate the reduction of controlling shareholders, actual controllers and directors; On the other hand, for venture capital funds, private enterprise bail-outs, and other appropriate openings, give policies.
in terms of delisting system, Yi Huiman said that since last year, ***18 companies have successfully withdrawn, reaching a record high. It is necessary to further improve the multi-delisting mechanism of marketization and rule of law, improve the delisting standards, simplify the delisting process, and resolutely delist those who touch the mandatory delisting standards.
stability is an important prerequisite for the reform and development of the capital market. Yi Huiman said that the CSRC insisted on respecting the law and trusting the market, resolutely refrained from administrative intervention, actively strengthened communication with the market, and strengthened policy coordination in all aspects, thus realizing the normal opening and normal operation of A-shares after the Spring Festival, and the market toughness was obviously enhanced. Risk prevention and disposal in key areas such as stock pledge, bond default and private equity funds have achieved remarkable results and generally converged.
He said that in the current situation of increasing external uncertainties and unstable factors, it is necessary to strengthen the bottom line thinking, enhance the sense of hardship, focus on the prevention of imported and cross risks, improve the response plans in various scenarios, and strive to achieve a stable and healthy development of the capital market. At the same time, we will continue to do a good job in risk prevention and disposal in key areas.
Yi Huiman said that at present, on the one hand, we should actively respond to severe and complicated internal and external risk challenges and strive to achieve stable and healthy market development; On the other hand, we should be proactive, strengthen countercyclical adjustment and promote market function. We should continue to make efforts to support economic recovery and development, to promote the implementation of the new securities law, to comprehensively deepen the reform of the capital market, to optimize the combination of liberalization and management and to improve services.
It is understood that in the first four months of this year, IPO, refinancing and exchange bond market financing maintained rapid growth; The amount of M&A and restructuring transactions was 1.2 times that of the same period last year.