Registration System Reform Should Not Be Haste.

At the end of the first half of this year, the SFC proposes this goal, which not only means that the introduction of registration reform plan is imminent, but also shows that SFC The research on the registration system of stock issuance has made some progress internally. However, although promoting registration system reform is one of the main tasks of management transformation this year, registration system reform is not an isolated reform. Registration system reform needs to match other conditions, and can not be haste.

At a news conference in June 27th, Zhang Xiaojun stressed that registration system reform should also be based on the revision of the Securities Act. Xiao Gang, chairman of the securities and Futures Commission, said in November 19th last year that when he attended the annual meeting of Finance and economics, he clearly stated that apart from amending the securities law, we should clarify the responsibilities and perfection of various participants in the capital market. judicial system Of reform In addition to the reform of the civil compensation system, the protection of small and medium-sized investors is also emphasized.

However, judging from the actual situation, the registration reform is obviously insufficient to support the introduction of registration system reform. Although the revision of the securities law is currently under way, the amendment involves many aspects of content and interest relations. Whether the revised Securities Law can be launched before the end of the year, and whether it can escort the registration system reform is still a big suspense.

Moreover, although various reforms in the market are gradually defining the responsibilities of various participants in the capital market, accountability is still blank. If the ST long oil delisting was not long ago, the liability of the parties concerned has not been investigated, and all losses will be borne by investors. As for improving the reform of the judicial system and the reform of the civil compensation system, there is no substantial progress at present. The protection of small and medium-sized investors is still more verbal.

Because of this, at present, the conditions for the registration system reform are not mature. Registration system reform still needs a step-by-step process. The result of the strong push registration system is not only to further highlight the characteristics of the A share market, but also to draw pictures of the tiger's skin and make it difficult to make bones.