The Negative List Disappeared In The Nine Rules Of The Securities Market.

< p > in May 16th, the third year a href= "http://www.91se91.com/news/index_cj.asp" > the securities industry < /a > Innovation Conference will be held soon.

"This is the main keynote document reflecting the innovation of the securities industry, and the meeting tomorrow will be further deepened."

A person close to regulators said to reporters.

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< p > according to the latest agenda of the Innovation Conference, the May 16th meeting was divided into the afternoon session, of which the morning was the home meeting. The keynote speech was mainly made by the head of the supervisory department and the responsible person of the Securities Industry Association.

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In the afternoon, the sub forum will be divided into six sessions, namely, the private placement market, wealth management, internet securities, financing, investment consulting and risk management. The summary of the meeting will be keynote speech by the head of the SFC's Organization Department and the responsible person of the association. Finally, the chairman of the SFC's assistant Zhang Yujun and the president of the association, Chen Gongyan, will make a concluding speech on the topic. P

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< p > < strong > New < a href= "http://www.91se91.com/news/index_cj.asp > > country nine < /a >" landing "/strong > /p >

< p > as the first landing rule of the new "nine countries", this innovation program has some "top-level design" colors.

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< p > from the general principle of the opinion, we can see that for example, we must insist on serving the real economy, closely promote the business and product innovation around the real needs of the real economy, support the development of small and medium enterprises, and enhance the ability and level of the securities business entities to serve the real economy.

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< p > in addition, in the area of thinning, the "opinion" has made a lot of substantive refinement in the development direction of the nine new countries.

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< p > < nine new countries > put forward to support securities and futures institutions to expand financing channels.

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< p > "opinion" has refined this to "support securities business institutions to carry out equity and debt financing, issue listings inside and outside the country, issue shares in the National SME share pfer system, issue preferred shares and corporate bonds, and carry out mergers and acquisitions.

Securities firms are encouraged to explore new financing channels and new financing tools.

Support securities business institutions to carry out pilot business of proceeds receipts.

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What is worth noting is that the new "nine countries" and some new initiatives in the whole capital market have brought some incremental details to the third year innovation program P.

In March, the securities industry association had asked for comments on the programme. If the two versions were compared, some interesting "increments" could be found.

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< p > > "new nine countries" proposed to "promote the connection between domestic and foreign exchange markets", at the same time, the actual connection has also started.

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< p > the deep innovation of this top-level design has also brought changes to the original version. In the final version, it pointed out that it is necessary to "actively participate in the pilot scheme of interconnection and exchange mechanism in Shanghai and Hong Kong stock market".

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< p > in addition, the new "nine states" encourages domestic securities and futures institutions to implement the strategy of "going out", and designs from the relatively thin going out of the original version, adding the details of "exciting the market by setting up subsidiaries in Hong Kong, Macao, Taiwan and other overseas markets through new ways, mergers and acquisitions, etc.".

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< p > there are still some changes that can reflect the leading landing of this top-level design. "Promoting the development of mixed ownership economy" is the general trend. In addition, the design is also introduced in the "opinion", which added "support for state owned securities institutions to carry out mixed ownership reform" in the initial version.

This will be combined with other details of "relaxing industry access", or will release new essential impetus for the securities industry from the governance structure.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_cj.asp > negative list > /a > cancel < /strong > /p >

< p > in addition to being the first landing rule, the industry's innovation program for third years, in addition to the detailed policy, is what the essence of deep innovation and direction lead is the industry's greatest concern.

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< p > this may have to go back to the course of innovation in the securities industry in the past three years.

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< p > the head of a large northern brokerage firm pointed out to the twenty-first Century economic news reporter that the innovation of brokers in 2012 seemed to be a ship, which allowed the industry to ride out the big river which was originally "relying on the sky" and moved from the two tier market to the opposite side of the broader market.

And when the broker crossed the river, the boat left, and there was no way to go back. Then we must continue to move forward.

But the direction is the most urgent problem at present.

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Behind the metaphor of "P" is actually the change of the main body of the industry innovation.

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The first innovation of < p > 2012 has much to do from top to bottom. Through the 33 innovation programs and a series of supporting documents, the business scope of brokerages will be relaxed.

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Less than P, however, such an upward and downward innovation mechanism has not adapted to it since 2013.

Since that year, regulators have gradually established an innovation mechanism for the industry's main body, that is, the industry comes out with ideas and leads to regulatory innovation.

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The second industry innovation conference in P > 2013 has already embodied this train of thought.

At that time, Zhang Yujun, assistant chairman of the securities and Futures Commission, pointed out in his concluding remarks, "if the job has been sent to your table, can there be more action, not in the Department of the organization, not in the assistant, in the broker himself."

At the time of the Innovation Conference, the most important keynote was that the association and the broker themselves would take on the leading role of innovation.

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< p > and before the third degree Industry Innovation Conference in 2014, the details of the solicitation manuscript issued by the industry once attracted market attention.

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In the current edition, < p > put forward "establishing a negative list of securities business" and gradually achieving "no law prohibition".

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< p > this is a surprise to many industries. "If the negative list system is implemented, the innovation mechanism of the whole industry will be totally different."

A deputy general of a large brokerage firm in Beijing pointed out to reporters.

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< p > however, in the final version of the opinion, the negative list has not appeared, but it has replaced it with a more stable statement.

There are realistic considerations behind this.

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< p > "negative list has some confusion in the financial market, but the idea of giving market players the main body of innovation is determined.

The "opinion" reflects the idea of separating the market from the government, and the market is the main body of innovation.

Those close to regulators said.

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< p > in fact, although the negative list is not mentioned directly in the final edition of the opinion, it has retained the key measures of "changing the mode of supervision" and "deepening the examination and approval reform".

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< p > the former clearly needs to improve the regulatory mechanism and unified supervision scale, and change from heavy ex ante approval to strengthening post event supervision.

It supports the securities business institutions to independently carry out business and product innovation according to law, independently identify, judge and undertake innovation risks.

Strengthen regulatory and dynamic monitoring and risk and problem oriented on-site inspections.

We should strengthen supervision afterwards, intensify law enforcement, and improve the linkage mechanism of supervision and Law Enforcement between daily regulatory agencies, inspection law enforcement departments and self-discipline organizations.

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< p > the latter carried out the thought of regulatory pformation before, and proposed screening and clearing up the approval and filing of securities business institutions.

We shall further cancel the examination and approval of administrative licensing approval, further adjust the examination and approval items for non administrative licensing, and gradually abolish them. Except for the statutory administrative licensing examination and approval matters, the administrative examination and approval shall be prohibited or implemented in any name or in any way.

Cancellation of the SFC system units without the provisions of laws, regulations, regulations, prior to the record, reporting matters, it is necessary to retain, instead of record after the event.

All standards for approval and filing must be published in terms of standards, procedures, time limits and methods.

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< p > "in order to ensure that the pmission of innovation will not be distorted."

The above pointed out.

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At this level, the innovation mechanism that the industry looks forward to has changed fundamentally, or has come to P.

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