The State Council Has Asked For A Registration System Reform Plan.

Li Keqiang, premier of the State Council, chaired the executive session of the State Council on November 19th, and put forward ten measures, including the introduction of a stock registration and registration system reform plan, which further alleviated the problem of high financing cost. Reporters learned that, a little earlier in November 14th, the SFC Already A small range of internal seminars was held to discuss a series of details under the registration framework.

The executive meeting of the State Council mentioned that we should pay close attention to the reform of stock issuing registration system, cancel the continuous profit conditions of stock issuance, and reduce the threshold of listing for small and micro enterprises and innovative enterprises. We must establish a quick mechanism for small refinancing in capital market, and carry out a pilot scheme for public financing. In fact, at the executive meeting of the State Council in July 23rd this year, we proposed that we should vigorously develop direct financing and develop multi-level capital markets. In August 14th, the guidance of the general office of the State Council on the measures to solve the problem of high financing costs of enterprises (No. 2014 of the State Council No. 39) further clarified that we should improve the multi-level capital market system and continue to optimize the institutional arrangements for the main board, SME board and innovation board market.

Subsequently, the SFC was chaired by Xiaogang. convene The meeting has studied and implemented specific measures to implement the State Council's opinions on solving the problem of high financing costs. The SFC said that it is necessary to formulate a reform plan for the registration system of stock issuance, and explore a set of institutional arrangements that are in line with China's reality, market orientation, responsibility in place, disclosure based, expected clarity and strong supervision.

"Economic reference daily" reporter learned that, under the auspices of Yao Gang, vice chairman of the securities and Futures Commission, last Friday (November 14th), a small expert seminar on registration system was convened inside the SFC. Experts attending the meeting said that this time mainly discussed some details about the implementation of the stock issue registration system, including a series of "whether to examine, how to examine, how to divide the exchange and the SFC, and how to grasp the degree of marketization". problem 。 Experts at the meeting suggested that the financial standards of IPO should be formulated and grasped by the exchanges. The regulation of integrity, authenticity and effectiveness of information disclosure should be attributed to the SFC. The CSRC should focus its efforts on continuous information disclosure regulation and combating securities offenses.

Experts attending the meeting said that the biggest role of registration system is to reduce the financing cost of the real economy and raise the efficiency of financing. Yao Gang said that the bond market expanded rapidly after the financial crisis. In contrast, the direct financing of the stock market is in a dilemma, and it is no match for the existing direct financing scale of the debt market.

Experts at the conference generally agreed that registration system is definitely to be examined, the key is how to divide the work, what contents to be examined, how to set up institutions, etc. In particular, how to balance the pressure between the SFC's supervision tasks and the daily business of the exchanges, so as to achieve the pressure balance and proper decentralization so as to achieve the coordination of the administrative supervision of the SFC and the exchanges and institutional self-discipline, and to escort the legislature at the legal level to protect the market, to set up every corner of the market, to follow the marketization and legalization registration framework, to realize the marketization of IPO pricing and the marketization of IPO rhythm.

"The Standing Committee of the State Council directly put forward the registration system, which should be a great encouragement to the SFC." An industry insider said that the SFC has some concerns and pressure on the implementation of the registration system. The State Council has emboldened the SFC to speed up the pace of registration reform. At present, the most urgent requirement for registration reform is the gem. The gem is directly linked to innovative small businesses. The registration system is not introduced. The reform of the gem, including the IPO standard, has been greatly restricted to offset the innovation of the gem system.

In November 19th, the vice chairman of the securities and Futures Commission, Zhuang Xin, said that with the implementation of the innovation driven development strategy, innovative and Entrepreneurial Small and medium enterprises have increasingly become the "new force" to promote economic development. However, the existing financial system and pattern still tend to serve large enterprises and mature enterprises, and there is obvious "short board" in promoting the docking of science and technology finance and promoting the development of small and medium enterprises. In view of the progress of registration system reform, Chuang Xin Yi said that he is now discussing with all aspects of the market, gathering his mind and studying it fully. He pointed out that the current situation of the distribution of enterprises in the domestic market is the reality that the regulatory authorities must face in the process of market reform, and is also a subject to be solved. The reform of stock issuing registration system will help to solve the problem of IPO queuing in enterprises. In fact, at the previous regular press conferences, the SFC news spokesperson indicated that the registration system reform plan was expected to be launched before the end of the year.