New Three Board Expansion Related Supporting Policy Framework Initially Set

Organizing classified supervision of Securities Dealers

It is understood that the new three board pilot expansion will implement the classified supervision system of host securities companies, and determine the introduction of market maker system and reduce the threshold for individual investors to enter the market.

It is reported that the classified rating standards for hosting brokerages are: first, according to the quality of the enterprises recommended by the broker, the performance and growth of the company's performance after listing; and the two is whether the information disclosure work of the enterprises after listing is in place.

In the industry view, the advantage of the higher rated securities companies is that they have a certain brand advantage in the project. For example, a grade A will be more persuasive than the B rated broker.

The top rated brokerage firms may have the first mover advantage when undertaking project approval.

"At least the higher rated brokers will be more confident in the materials submitted, and the audit may be quicker.

If a poorly rated company is queued up, "

The general manager of a large brokerage company's share pfer agency said.

The hosting team must be over 15 persons.

It is reported that the organizers of the securities business

In the industry view, the number of restrictions may give the current earnings prospects are not good enough to bring a certain cost of labor brokerage pressure.

"At present, the brokerage business is basically at a loss.

If more than 15 people are required, that means millions of manpower costs and even tens of millions of people a year, which is a great pressure. "

The director of a large brokerage company mentioned above.

At present, the industry has launched a large scale business personnel is the Western securities.

It is understood that the company's current business team of more than 80 people, and has been active in the output of talent.

The market maker scheme is basically determined.

Direct pfer plate will not be introduced.

"When the new three board project is declared to be a gem, there is still a preemptive advantage when queuing up."

According to the source, "the existing trading system will also fine tune, such as the 30 thousand shares of the trading unit to split up, reduce the trading threshold, attract individual investors, and its trading threshold is basically fixed in two years of age, 500 thousand yuan of financial assets."

In addition, around the market maker system, mixed mode or pure mode is the most desirable system.

"It is more likely to be done purely through brokers' channels, but regulators have not yet fully stated their position.

The proportion of securities companies holding shares of new three Board companies is not completely limited.

According to the above sources.

It is understood that the plan has also been identified: the number of market makers who make the market for the same stock is more than 2, the identity needs to be disclosed to the public; the valuation information is conveyed to investors through two-way real-time quotations; market makers are required to hold positions between 3% and 10%, so as to reduce the possibility of hoarding speculation; meanwhile, market makers are required to make pactions with their own investors at the level of their quotations with their own funds, so that they can "pay the bills" for the high priced quotations.

Letter phi and audit matching mechanism has been improved.

Previous, the industry is more concerned about the sponsor with the recommended project advantage in the new three board company after listing suspected insider trading, the latest scheme has made a certain limit.

"The information we get at present is to allow companies to disclose in advance, and host securities companies to review them again."

According to the above sources, "in addition, there are a lot of detailed rules and regulations for training and core business processes, such as emphasis on the practice of accountants."

In addition, it is understood that the new round of pilot projects is likely to expand the scope of the pilot to the national high-tech park.