Stock Issue Registration System Reform, Securities Law Will Be Registered.

The formal implementation of the registration system reform may be launched later than originally expected.

After consulting the ministries and commissions, the State Council has given feedback to the ministries and commissions on the amendments to the securities law recently.

At present, the drafting group of the draft is now revising the draft on the basis of amendments to the ministries and commissions.

The contents of this need to be amended are more, and there will be great differences between the ministries and commissions around the registration system. If it goes smoothly, it is expected to be formally submitted to the Standing Committee of the National People's Congress for deliberation in April this year, and the revised Securities Law will be formally promulgated before the end of this year.

"Almost every chapter has amendments."

A person close to the finance and Economic Commission of the National People's Congress revealed.

On December 3, 2014, Yao Gang, vice chairman of the China Securities Regulatory Commission, said that according to the requirements of the Central Committee, the SFC issued the registration reform plan for stock issuance at the end of November.

Continuous profitability conditions, reduce small and micro enterprises and

Listing threshold.

"Many places need to be amended, opinions are not unified, and the internal opinions of the SFC are not the same. The finance and Economic Committee is also coordinating to strive for the consideration of the Standing Committee of the National People's Congress in April this year."

Another authoritative source revealed that because the securities law was overhauled this time, the relevant ministries and commissions put forward various opinions, mainly involving registration system reform, public offering system, equity financing, private placement, bond issuance, investor protection, the expansion of the concept of securities, supervision system, new three board quotation system, combating securities crimes, increasing civil relief of securities crimes, civil litigation, administrative mediation, etc.

At present, there are wide differences in some aspects, including the specific attribution of registration system, the reduction of listing threshold, and whether the 200 party should be liberalized.

However, the authority said that the completion of the securities law by the end of 2015 will still be a big probability event.

It is understood that, in accordance with the revision process of the securities law, before the "first reading", the NPC Finance Committee sent the draft drafting group of the securities law to the general office of the National People's Congress to seek the opinions of the general office of the State Council, and then consulted the relevant ministries and commissions including the three party, the development and Reform Commission and the Ministry of finance by the Legislative Affairs Office of the State Council. After the consultation was completed, the draft and the opinions of the ministries and commissions were returned to the general office of the National People's Congress.

According to the general expectation of the market, the revision of the securities law will be completed in the middle of 2015, and the registration system will be formally implemented at the end of 2015.

In a more optimistic case, the revised Securities Law should be submitted to the Standing Committee of the National People's Congress for consideration in December 2014.

Judging from the current situation, the above revision process is likely to be a little later than market expectations.

It is understood that similar amendments to the "Securities Law" generally adopted by the second instance, from the deliberation to the final passage time will not exceed a year, after the completion of the first instance, will be open to the public for comments, time usually in 20 days or a month or so.

Some people in the industry expect that the amendment of the securities law should be considered from the Standing Committee of the National People's Congress.

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Because of the major changes in the trial system, the revision process of the securities law undoubtedly directly determines the promotion of stock issuance registration system.

Zhuang Xinyi, vice chairman of the securities and Futures Commission, said at the fifth session of the Shanghai rule of law forum that the amendment of the securities law is the prerequisite for the formal implementation of the registration system.

He stressed the need to reform the registration system of stock issuance as the core and promote the revision and improvement of the market based legal system such as the securities law.

However, despite the uncertainty in the revision of the securities law, and its progress is also inferior to market expectations, the registration reform plan will still be a big probability event before the end of this year.

A few days ago, we learned from the people familiar with the matter that the reform of stock issuance registration system and the revision of the securities law have been included in the work of the central high level in 2015.

Insiders expect that in the backdrop of high level determination to implement the registration system to solve the problem of corporate financing, registration system reform is unlikely to be postponed until 2016.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, said that if the difficulties in the registration system were affected, the registration system would not be allowed. In China, it was an administrative drive reform. Now it has been put forward that the stock issue registration system will be implemented in 2015.

He expects that the revision of the securities law should be completed by the end of June this year.

From the point of view of the current regulatory authorities, registration reform has undoubtedly become the core system project of the SFC in 2015.

At the 2015 national securities and futures regulatory conference held earlier, Xiao Gang, chairman of the securities and Futures Commission, emphasized that the reform of stock issuance registration system was 2015.

The top priority of the reform is a systematic project involving the market participants.

Liu Junhai, director of the Commercial Law Research Institute of Renmin University of China, said that the amendment of the securities law should be "fine and not coarse", and the quality of the repair method should be the first.

He believes that the revision of the securities law should be widely heard of the legislative demands of different market players including investors, listed companies and listed companies. It should be open, inclusive and inclusive legislation. The revised Securities Law should be a law that benefits all parties in the capital market.