Implementation Of The New "Nine Countries" SFC Intensive Recruitment

< p > Xiao Gang put forward eleven concrete works in his speech: first, to speed up the construction of multi-level stock market according to the requirements of multiple channels, wide coverage, strict supervision and high efficiency; two, to improve the quality of listed companies, to consolidate the basic development of capital market; three, to accelerate the basic system reform such as issuance, merger and reorganization, and delisting; four, to standardize the development of the bond market; five, to foster private placement market; six, to promote the construction of futures market; seven to improve the competitiveness of securities and futures services; eight to further expand the opening of the capital market; nine to resolutely crack down on criminal activities of securities and futures; ten to earnestly protect the legitimate rights and interests of investors, especially small and medium-sized investors; and eleven to accelerate the pformation of securities and futures regulation.

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< p > thus, the SFC has taken a solid step in implementing the new "nine countries", and is expected to adapt to the affordability of the market.

China Securities Journal reporter learned that the eleven work related policies are expected to fall before the end of the year.

This can be seen as the third important steps for the SFC to implement the new "nine states".

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< p > to speed up the construction of a multi-level stock market, Xiao Gang said that we should strengthen the leading position of the stock exchange market, expand the motherboard and SME board market, innovate the trading mechanism, increase the variety of pactions, and study the pilot of stock ETF option trading on the Shanghai stock exchange market.

We should further reform the growth enterprise market, relax financial access standards, set up a refinancing system for GEM companies, launch a "small quick" private placement mechanism, establish a separate level on the gem, and support the Internet and high-tech enterprises that have not yet made profits to the new board after a year of listing.

The system of securities trading and registration and settlement of the share pfer system of small and medium-sized enterprises has been set up, which enriches market maker and agreement pfer, and establishes a small, convenient, flexible and diversified investment and financing mechanism.

On the basis of doing a good job in cleaning up and rectification work, we have studied and promulgated the guiding opinions on the development of regional equity market.

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< p > to improve the quality of listed companies, Xiao Gang said that the listed companies should be urged to fulfill their obligations of information disclosure and so on, so as to strengthen supervision over the company's commitments, capital appropriation and other matters.

We should pay close attention to the introduction of the market value management system of listed companies, improve the company's equity incentive system, and launch the ESOP of listed companies as soon as possible.

With investors' needs as the guide, business rules such as information disclosure should be revised.

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< p > to speed up the reform of basic systems such as issuance, merger and reorganization, delisting and so on, Xiao Gang said that the current issue of new shares should be done well to stabilize market expectations. From the end of June to the end of the year, there will be about 100 new issues of listed stocks, and will be issued on a monthly basis.

We should pay close attention to studying the registration system reform plan, and gradually explore the conditions of stock issuance, listing standards and auditing methods that are in line with China's actual conditions, so as to co-ordinate the intensity of registration reform and the affordability of the market.

We must strictly supervise the issuance and listing activities in accordance with the law, and resolutely crack down on illegal behaviors such as whitewashing, malicious fraud and false disclosure.

We must resolutely implement the State Council's opinions on further optimizing the market environment for mergers and acquisitions, actively promote mergers and acquisitions, give full play to the role of capital market in the main channel of mergers and acquisitions, strengthen the pricing and trading functions of capital market, broaden the financing channels for mergers and acquisitions, and enrich the payment methods of mergers and acquisitions.

We need to launch a new round of reform of the delisting system, introduce a market oriented and diversified normalization delisting system, strictly delisting the companies that meet the requirements of the delisting conditions, and enforce the mandatory delisting of the listed companies that are fraudulent, so as to support the listed companies to take the initiative to withdraw the market according to their own needs.

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< p > on regulating the development of the bond market, Xiao Gang said that as soon as possible to complete the "corporate bond issuance Pilot Measures" revision.

In accordance with the principle of "decentralization, decentralization and strict management", we should further streamline the audit process, establish a comprehensive non-public offering system, strengthen market supervision and maintain market order, improve the debt financing system suitable for China's entity enterprises, and improve the ability to support the real economy.

In accordance with the requirements of "making good use of increments and revitalizing the stock", we will promote the development of asset securitization business, and realize the listing of high quality credit assets securitization products to the stock exchange as soon as possible, actively promote the development of enterprise asset securitization business, and accelerate the improvement of the relevant system convergence and supporting measures after canceling the administrative licensing of asset securitization business, so as to better support our country's asset securitization development based on real assets and enrich the channels for investment and financing.

We should conscientiously strengthen the responsibilities and restrictions of issuers and investors, improve the mechanism for dealing with the default of bonds, and support bondholders' meetings to maintain "a href=" http://www.91se91.com/news/index_c.asp > creditors' /a > overall interest and prevent moral hazard.

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< p > on cultivating private equity market, Xiao Gang said that we should establish and improve the regulation rules and regulations system of private investment funds, and introduce regulations on private investment fund supervision and regulations as well as the standard of qualified investors as soon as possible.

In accordance with the principles of self-regulation, functional supervision, moderate supervision and bottom line supervision, the supervision system of private equity funds should be established.

Establish a unified monitoring system, strengthen statistical analysis and risk monitoring, and promote private equity fund managers to strengthen risk control.

We should establish a supervision and coordination mechanism and cooperate with relevant departments and local governments to crack down on all kinds of illegal fund-raising activities under the name of private placement.

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< p > to promote the construction of the futures market, Xiao Gang said that we should implement the policies and measures of the capital market to support the Shanghai free trade area, and firmly push forward the construction of the international crude oil futures market, and strive to introduce crude oil futures within the year.

We should increase the variety of treasury bond futures and further improve the yield curve of treasury bonds reflecting market supply and demand.

We should increase the research and development of the futures of Yi agriculture, and actively expand the channels and mechanisms for the futures market to serve the "three rural issues".

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< p > to improve the competitiveness of the securities and futures service industry, Xiao Gang said that we should thoroughly implement the SFC's opinions on further promoting the innovative development of the securities business institutions, solidly promote the innovative development of the securities business institutions, and accelerate the construction of modern investment banks.

We should relax access restrictions, encourage competition and explore functional supervision.

We should closely study and formulate relevant rules for the establishment of securities and futures business institutions and the management of business license plates.

We should expand basic functions and actively support business and product innovation.

We should promptly release opinions on further promoting the innovation and development of the fund industry and futures institutions, and steadily and orderly promote the innovation and development of the fund industry and the futures industry.

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< p > to further improve the opening up of the capital market, Xiao Gang said that we should do a solid job in the preparatory work of the Shanghai and Hong Kong a href= "http://www.91se91.com/news/index_c.asp" > the stock market < /a > interoperability mechanism to ensure the smooth implementation of the pilot.

We will further improve the overall investment quota of QFII and the upper limit of a single QFII quota, and speed up the examination and approval process.

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< p > to resolutely crack down on "a href=" http://www.91se91.com/news/index_c.asp "Securities and futures > /a > illegal and criminal activities, Xiao Gang said that we should strengthen the monitoring and clues finding of the illegal activities of securities and futures, and resolutely crack down on various illegal activities such as fraudulent listing, false information disclosure, insider trading and manipulation of the market according to the principles of strict law enforcement, fair law enforcement and civilized enforcement, and always maintain a high pressure situation.

We should deepen cooperation between the securities regulatory authorities and the public security and judicial organs, improve the cohesive mechanism of administrative law enforcement and criminal justice, and intensify administrative and criminal accountability.

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< p > to conscientiously do a good job in protecting the legitimate rights and interests of investors, especially small and medium-sized investors, Xiao Gang said that we should improve the investor's appropriateness system and strictly manage the investors' Appropriateness.

We should improve the voting and voting mechanism of small and medium investors in public companies, optimize the return mechanism of investors, explore diversified dispute resolution and investor compensation for damages.

A small and medium-sized Investor Service Center will be set up to strengthen education and services for small and medium-sized investors.

Study and expand the source and scope of investor protection fund.

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< p > to accelerate the pformation of securities and futures supervision, Xiao Gang said that we should effectively reduce the examination and approval, approval and filing matters, and strengthen supervision afterwards.

We should strengthen dynamic monitoring and monitoring, and risk and problem oriented on-site inspection, and improve the linkage mechanism of supervision and law enforcement.

The central regulatory information platform of the SFC system is built to centrally reengineer regulatory business and process, realize the unified integration of data and resources of the whole system, realize the share of regulatory data in the capital market, and promote the pformation of regulatory mode from fragmentation, segmented supervision to shared and functional supervision.

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