The Fastest May Restart Of IPO Rules To Be Determined

　　 IPO The expectation of restart in April will be lost.

The comments on the supporting documents of the new shares ended only in April 14th, and the online investors need ten working days to record them. The fastest IPO restart will have to wait until May. A person specializing in the new policy said to reporters that the expected resumption of new shares in April will be lost.

According to press reports, in April 4th, China Securities business The Association issued the detailed rules for the management of investors' record under the initial public offering stock network (hereinafter referred to as the "rules for management") and the "rules for the placement of shares of the initial public offering" (hereinafter referred to as the "detailed rules for sale"). The deadline for comments is April 14th.

Prior to this, the Securities Industry Association also issued the "initial public offering underwriting management practices (2014 revised edition draft)" (hereinafter referred to as the "business standard"), which ended in March 31st for comments.

Insiders said that one of the necessary conditions for IPO to restart is the issuance of relevant supporting rules for new shares. Recently, the Underwriters and the inquiry agencies have submitted more feedback to the association. The association needs to incorporate relevant feedback to revise the relevant rules. It is expected that it will be finalized in the late April.

Restart in April

Based on the market participants' need to submit different feedback on the three supporting documents of the new shares, the industry expects that the rules will not be released until the end of April.

"You have made a lot of comments, and the association will have to discuss the amendment again after gathering the feedback from all sides. It is estimated that the rules will be issued after April 20th." Previous research focused on the new shares introduced that the market expected the new shares to be restarted in early April, but now it is expected that it will fail.

Insiders said that after the introduction of the new matching rules, the association would also organize the investors to record.

"All investors under the net have to file a record, and all kinds of institutions such as public offering, insurance, brokerage and so on are now doing compliance work." A new private equity fund manager in Shenzhen introduces the need to submit information records and qualification certificates for the investors.

Reporters noted that under the net investors' qualification documents generally need four to five information. Taking the public offering of securities investment products as an example, it is necessary to submit the approval of the fund raising, the confirmation letter of the fund's record, the capital verification report, the fund contract and the photocopy of the securities account card in Shanghai and Shenzhen.

The seventh section of the "management rules" shows that the association has completed the filing work within ten working days from the date of acceptance of the filing documents. At present, the association has not begun to accept the filing documents. The industry is expected to wait for the relevant supporting provisions to be determined before the association will start filing procedures.

Reporters learned that, because regulators modified the rules of IPO, the exchange also had to make adaptive transformation to the electronic publishing platform EIPO.

"The Shenzhen Stock Exchange [micro-blog] and the securities registration and settlement Shenzhen branch originally planned to jointly organize the Shenzhen market IPO net operation process training and the April 1st preview test in April 3rd. However, since the SFC [micro-blog] revised the rules for the issuance and underwriting of securities, the training and testing time has been postponed. A broker disclosed.

An inquiries agency told reporters that in March 21st, the securities and Futures Commission issued a decision to amend the "securities issuance and underwriting management measures", which stipulates that the securities account of the investors under the net must have a stock market value of not less than 10 million yuan. In order to implement the relevant measures of the new share reform, the electronic platform EIPO of the Shenzhen stock exchange network has to be adaptively reconstructed, so the testing time is delayed.

In addition, before IPO restarts, securities firms and inquiry agencies should also combine internal rules and compliance procedures with the supporting rules.

"The matching rules for new shares have put forward strict system requirements for placing and inquiries, and the participants also need to adjust the internal system and train employees according to rules." A listed brokerage investment bank said that the regulation of the new shares has been substantially adjusted based on the regulatory framework, which led to the re adjustment of the supporting work of the securities firms and institutions, and it was virtually impossible for them to restart the IPO in April.

　 Rules to be determined

In addition, one of the necessary conditions for IPO to restart is the issuance of new IPO details. After the issuance of the above three supporting documents, there are more opinions in the industry. The association needs to combine feedback to revise the rules. It is expected that it will be finalized in the late April.

Reporters learned that in the market participants group, some provisions will encounter executive difficulties in practical operation. For example, when the "business standard" is soliciting opinions, the inquiry organization points out that quotations under the name of the organization are not operable.

"The most important concern of the inquiry institutions is that the definition of the institution refers to the object of the inquiry or the object of the sale," he said. Lin Jin, a researcher at the New Research Institute of Shen Wan, introduces that there are many different styles of products under the public offering fund, and the uniform quotation is unreasonable.

In this regard, the feedback of brokers is more intense. "Self financing and management of securities companies themselves belong to the two departments with wind control and isolation. If the new stock quotes are the same, this shows that internal control is problematic." A securities brokerage information management department investment general manager said.

In addition, the inquiry agencies generally reflected that the workload of "matching stock needs to be reported balance" was huge.

The thirteenth provision of the rules of management stipulates that the investors who are entitled to the initial shares should be filed with the association on the first day, third and tenth days of the first day, third and tenth days after the first stock is listed.

"New shares are listed on a large scale, and the new shares allocated by different fund products are also different. Required by the Association Investor It is troublesome to submit the balance report. A public fund is responsible for the inquiry of new shares. It is believed that the association can extract data from the exchange and the company and directly see the matching balance.

The main focus of the Underwriters is on prohibiting the provision of shares to six categories of objects and giving more feedback.

"The eleventh provision of the detailed rules of sale" says that it is not possible to sell shares to the company that has sponsored or underwritten business relationship with the main underwriter in the past 6 months and its shareholders or directors holding more than 5% shares. But the definition of sponsorship and underwriting business is not clear. A large brokerage capital market department for example, the investment bank sponsor project is in the continuous supervision period, is negotiating the merger and acquisition project, whether it belongs to sponsor, underwriting relationship, investment bank can not judge.

In addition to the above provisions, the placing rules stipulate that the principal underwriter can not sell shares to directors, supervisors, senior managers and other staff members of the issuer and their shareholders, principal underwriters and shareholders holding more than 5% shares, the lead underwriter and its controlling shareholders.

In addition, family members closely related to the above categories are also prohibited from placing the sale, including spouses, children and their spouses, parents and spouses' parents, siblings and their spouses, brothers and sisters of spouses, parents of children and spouses.

One family Broker Investment banking capital market department pointed out that the implementation of this provision is very difficult. "Investment banks sponsor so many projects, and there are several affiliated subsidiaries in each project. It is impossible for investment banks to know the information of their spouses, parents, brothers and sisters, and it is impossible to check them one by one."