Ye Tan'S Three Major Prerequisites For Registration System

Does the registration system become louder and louder? Does it mean that the more than 600 enterprises currently excluded can be listed on a one-off basis? Does that mean that the new three board enterprises can smoothly transfer the board?

Not necessarily, Rome wasn't built in a day. Before implementing the registration system, there are three prerequisites.

First, it is estimated that the improvement of laws and rules will take about a year. According to "financial weekly", two people from Shenzhen investment bank and the legal profession pointed out that the amendment of the securities law does not need to be modified at the NPC and CPPCC sessions. The Standing Committee of the NPC can be amended. The opinions of ministries and commissions were solicited by the Legislative Affairs Office of the State Council, and the public opinions were solicited on the 30 day after the adoption of the executive meeting.

At the end of November 2014, the SFC indicated that the registration scheme had been submitted to the State Council. The Executive Council of the State Council should hold a executive meeting in early January 2015 to catch up with the Standing Committee of the NPC in late February, and the Standing Committee of the National People's Congress will hold a meeting every two months, the most recent is February. The NPC Standing Committee deliberated on the revision of laws generally by "three trials". If it is optimistic, it will be finished in June; if the dispute is small and in a hurry, it will be passed at least in February and April.

According to Anxin securities, if the new securities law is promulgated in mid 2015, the registration system can be launched in the second half of 2015, while the conservative estimate is launched in the first half of 2016. This is the fastest speed of the registration system. Taking into account the 2015 national securities and futures regulatory conference held in January 15th to 16, Xiao Gang, chairman of the securities and Futures Commission, said that "promoting the reform of the stock issuance registration system" is the top priority of the capital market reform in 2015. It is a systematic project involving the market participants and is also an important breakthrough for the SFC to promote regulatory transformation. The possibility of launching the registration system in 2015 is relatively large; or, the basic framework of the registration system is set up in 2015.

Secondly, we should establish a substantive audit system. The marketization significance of registration system is well known. There is no need to elaborate on it. But whether the registration system can achieve the goal of marketization and normalization is the key to whether it can suppress fraud or insider trading under a certain proportion.

President Xiao Gang said frankly that the reform of registration system may face some risks and problems. For example, it may affect the psychological expectation of investors to expand the stock market. Some enterprises may issue high price, some companies are not of high quality and the risk of fraud is increased. He proposed "actively and steadily push forward the reform of stock issue registration system".

Judging from the disclosure, the number of fake listing is not high. In 2014, the SFC issued 87 tickets and issued 76 tickets in 2013, assuming that 10 of them were listed for counterfeiting, accounting for 125. New shares The number of 8% is not high. A small number of investigations do not mean that there is not much fraud. The punishment for fraud is lighter and is constrained by various factors.

According to Chairman Xiao Gang, under the registration system, "the government does not judge and endorse the asset quality and investment value of the enterprise, and the regulatory body is not responsible for the authenticity of the information disclosure, but it is responsible for the completeness, consistency and comprehensibility of the prospectus." The authenticity of the information disclosure of intermediaries is the top priority of the exchange. If the real proportion of false listing and false disclosure can not be controlled under a certain proportion, the market will usher in a real big margin, and the transaction cost will be too high to be imagined.

The Commission is responsible for supervision and exchange. list Intermediaries are responsible for providing real information so that registration can become a turning point in the A share market.

Since 2013, Regulators The implementation of big data analysis and supervision of insider trading, etc., but it is more effective for funds such as information disclosure, and information management companies and insurance companies that are not so open to information may not have very good results.

Third, the establishment of a quick settlement mechanism and a smooth judicial relief mechanism are essential. The protection of investors is the prerequisite for establishing a registration system. At present, judicial protection for small and medium investors is lagging behind and is not sound. Xi Xiaoming, vice president of the Supreme People's court, pointed out: "the twenty-sixth provisions of the existing securities law are more principled, and the relevant provisions of the main body of liability, the scope of liability, and the reasons for exemption and defense are not clear enough, which makes it very difficult for the law to mask the operation layer, and also makes the sponsors, underwriters, accounting firms and other market entities blurred their behavior boundaries in the stock issuing activities." At the same time, the settlement mechanism based on economic compensation has not yet been established, even if the establishment can compensate the injured investors.

If we clarify the responsibilities of each of them, if we establish a reconciliation mechanism and a judicial protection mechanism and amend the existing laws, the registration system will come to an end.