The Third Party Evaluation Mechanism Should Be Introduced Into Securities Administrative Laws And Regulations.

No rules, no Cheng Fangyuan.

In the fourth Plenary Session of the 18th CPC Central Committee, the Party adopted the decision of the CPC Central Committee on comprehensively advancing several major issues of governing the country according to law, and ruling the country by law became a consensus.

The decision clearly defines the legislative power boundary and effectively prevents departmental interests and legalization of local protectionism in terms of institutional mechanisms and working procedures.

For the important legislative matters that are more controversial between departments, the third party assessment should be introduced by the decision-making organs, and the views of all parties should be fully listened to and the decisions should be coordinated.

Most people are familiar with the company law and the securities law, but they are not familiar with many securities administrative regulations and departmental rules. Moreover, the revision of securities administrative regulations and departmental rules over the years has been more and more unclear.

Are these administrative regulations and departmental rules inconsistent with the higher law? Are the specific provisions reasonable? I am afraid that the third party assessment should also be perfected.

Help policymakers to make decisions with a global vision.

Some of the chaos in the final analysis is related to the imperfections of certain administrative regulations.

Take the securities investor protection fund management method as an example, it was jointly issued by the China Securities Regulatory Commission, the Ministry of Finance and the people's Bank of China in June 30, 2005, approved by the State Council.

The twelfth article of the Measures refers to the source of funds (three). When issuing stocks, convertible bonds and other securities, the purchase of interest income from frozen funds is one of the sources of the fund.

It is because of this regulation that the two level market investors are now buying new shares to have both full stock market value and full purchase funds.

Due to the monthly issuance of new shares, the amount of funds required to purchase new shares in full amount is much higher than the market value of stocks. When the new shares are centralized, many retail investors sell the old stock cash to buy new shares, and then buy the old stock reserve market capitalization after the funds are thawing.

Now the A share market has formed a unique new monthly subscription shock wave, which is lamentable.

Many people are right.

The purchase of both the market value and capital requirements have opinions, which is very unreasonable, because the market value of the purchase has been limited to the scope of applicants, and the new shares signed only 500 shares or 1000 shares, there is no need to spend so much money to purchase.

The reason why this rule has been carried out for a long time is to ensure that the securities investor protection fund has a stable source of funds, but it ignores the interests of all investors in the two tier market.

As for the stock investors protection fund, how many new shares have been charged for the freezing of funds over the years, but they have never disclosed any detailed accounts.

That being the case, it is necessary to introduce the third party assessment agency to conduct a comprehensive assessment of all aspects of the provision and make public the results of the assessment, listen to the opinions of the parties and decide whether to modify the provision according to the majority's opinions.

An unreasonable provision may bring a long hidden danger to the stock market, and the third party assessment can help policymakers jump out of the limitations of the Department's interests and make the right decisions with a global vision.

There are also some unreasonable provisions in the new underwriting system, which also have a negative impact on the stock market.

Since 2010, in which no new shares were issued in 2013, the IPO underwriting rate has increased year by year, rising from 3.43% in 2010 to about 7% this year, and the highest rate in the Dongfang Tong underwriting sponsorship rate is 16.96%.

People can not help asking, what is the basis for the high rate of underwriting sponsor rates? Is such a high fee reasonable? This also requires a comprehensive assessment by the third party assessment agencies.

For brokerages, underwriting an IPO, earning tens of millions of dollars and hundreds of millions of dollars.

Because of the huge underwriting interests of new shares, a small number of brokerages become collusion or even mastermind of new stock fraud in the face of interest temptation.

At the same time, because the more the new shares raise, the more the Underwriters sponsor the fees. Therefore, the securities companies change the way to raise the IPO price under the drive of interest. IPO "three high" has great relationship with this. Osecon is a typical case.

The high fees charged by the securities dealers are not directly proportional to the labor they pay. In some ways, such high fees are actually a kind of passage fee, because it is the necessary way for IPO, so the IPO company can only give in.

But high fees do not bring high dedication.

Once such a scandal broke out, a listed sponsor of a brokerage announced that it had used all the previous listing templates of Yao Chi poker and did not change all the names of the companies.

If the new underwriting sponsor rate can maintain a reasonable proportion, underwriting new sponsors is no longer a huge profit project, then it can make the broker overcome the impetuous mentality, rationally treat the IPO project, and be able to say no to the problem company.

When the IPO project has no great impact on the income of the sponsor representative, the sponsor representative can maintain enough sense to perform the duties of the first gatekeeper without losing himself in the temptation of huge interests.

In this way, the listing of new shares can be reduced a lot.