Is The Registration System Faster Or Is The Securities Law Slower?

In the process of deepening reform to focus on the development of new system, registration system and the securities law no matter who is faster or slower is the proper meaning of "to seize the key and make precise efforts".

In this regard, any misreading of one leaf or another is undesirable.

Is the registration system fast, or is the securities law slow? For this issue, different angles may have different interpretations. Different interpretations also have different meanings. They need rational knowledge and dialectical treatment.

On the face of it, registration reform is carried out in the form of authorization, which seems to mean that the registration system has come to the front of the revision of the securities law.

However, in accordance with the decision made by the Standing Committee of the State Council that the National People's Congress Standing Committee authorized the State Council to adjust the relevant provisions of the relevant provisions of the People's Republic of China securities law in the implementation of the stock issuance registration system reform, it is authorized to implement the registration system for the public issuance of shares to be listed on the Shanghai stock exchange and the Shenzhen stock exchange.

This is not only a coincidence with the completion of the two or three trial of the securities law, but it may not be much faster.

In fact, the stock market crash has not only delayed the original two or three trial process of the securities law, but also affected the reform of the IPO and registration system.

In accordance with the current arrangement for the renewal of new shares, even if the registration system is launched early to the beginning of next year to March, it can be said that it has been slower and slower than the original plan.

What's more, the registration system still needs a considerable part of the time to complete the pition from audit to registration system in the next two years. If the time for the revision of the registration system is not smooth, or it will not take two years in next year, then the implementation of the registration system will probably be similar to the gradual process after the completion of the revision of the securities law.

That is to say, the landing of registration system is fast, but it may not be fast enough. In fact, there will be a pitional period of two years.

It is worth noting that the registration system proposed by this time is obviously different from the original registration system changed with the amendment of the securities law.

According to the interpretation of the SFC, "registration system reform is a gradual process, it will not be implemented in one step, and the rhythm and price of IPO will not be released at once, which will not cause large-scale expansion of new shares."

The "three no" registration system of "socialism with Chinese characteristics" is said to be in fact "this registration system is not the other registration system".

At present, the negative impact of the stock market crash has not yet been completely eliminated. Many senior managers and senior managers of the Securities Regulatory Commission are still under review in order to save the market from the stock market crash. In the light of the recent violent shocks and the exposed local risks in the securities market, there is a systematic contradiction in the existing regulatory framework that is not suitable for the development of China's financial industry.

If we say that the registration system reform is faster, it is only for the issuers, intermediaries and the three party registration and audit organs to fulfill their duties on the basis of responsibility, as soon as possible out of power and money to carry out the pfer of interests and interests of one mu three points, to better play the role of the capital market to serve the real economy, then this means more.

It is impossible to leave the securities law.

The first trial of registration system is not a pointless single soldier rush, but for the improvement of the reform side. On the basis of summing up and absorbing the experience of reform and practice, the essence of the registration system has been written into the securities law.

Although the revised Securities Law in the future may be slightly slower than the registration system in time, the practice of registration reform is not only slow but fast for the further improvement and perfection of the securities law.

At the same time, at least, we can avoid the previous amendments to the Securities Act, so as to blindly accommodate the new shares, raise the proportion of direct financing and the administrative control of the state-owned enterprises' loss service, posing as a substitute for the essential market regulation, and repeat the same mistakes.

Under normal circumstances, if the securities law is formally amended, even if the new issue does not mean no approval, at least there will be no profit threshold or lower threshold.

Will the scramble to swarm into the market, that is, the loss companies that have not entered the market because of the lack of profit conditions, will not all be ready to rush to the test? But under the conditions of effective authorization, from the audit system to the registration system, there will be at least a legitimate and reasonable period of buffer or pitional period for two years.

In the pition from audit system to registration system, it involves not only the reform of the way of distribution, but also the pformation of market mechanism and regulation mode.

The combination of discharge and management will help optimize the market supply and demand structure, enhance market vitality and promote the long-term and stable development of the market.

But if there is no authorization to amend and perfect the IPO system dominated by market mechanism, strengthen the self-restraint of the pparency of the trial procedure, and promote the restitution of the issuers, intermediaries, investors and other market players, then a hasty step into the registration system will probably result in a lack of practical operability to a certain extent, which will inevitably cause considerable faults and bring about corresponding shocks to the market.

Therefore, the registration system of the "two-year" period is likely to be in the early stages.

"Revised" before, but in the implementation and implementation of the pace of reform is not only fast, but consciously and appropriately slowed down.

This not only helps the market to better accomplish "self repair and self regulation" under the condition of not really regain stability at present, but also helps to deal with the relationship between the pace and intensity of reform and the affordability of the market.

The implementation of registration system will slow down the financing pressure of enterprises and increase the proportion of direct financing in the stock market. Meanwhile, it will not bring too much impact to the A share market.

On the contrary, with the introduction of registration system, problems such as black box operation, power rent seeking and other problems which are difficult to avoid in the past will inevitably become more and more difficult to hide. The false and inferior enterprises that do not meet the listing requirements will gradually "retreat and retreat". Then, the landing of registration system will become a catalyst for the healthy development of the market.

And it can be said that the reason why this registration system was proposed was not as important as the past period of time.

Of course, the amendment of the securities law can not evade the significant direction reform of the financial regulatory system, and there is no reason to publish the ambiguous expression that may lead to new contradictions and new conflicts with the new regulatory system before the old rules of the existing securities regulatory system are followed by the framework of the financial regulatory reform.

The registration system may have a prior examination under the current regulatory system pformation, and the amendment of the securities law can not but be consistent with the general direction and overall pace of the reform of the financial regulatory system.

In the final analysis, the first step in the registration system and the coming back of the securities law are not the two cars that run on the road. Eventually, it will inevitably lead to the same direction and goal.

This is not only a need to better regulate and develop the securities market, but also to strengthen co-ordination and coordination, reform and improve the financial regulatory framework to adapt to the development of modern financial markets, and form a complementary need for regulatory synergy and risk management capabilities as soon as possible.

In the process of deepening reform to focus on the development of new system, registration system and the securities law no matter who is faster or slower is the proper meaning of "to seize the key and make precise efforts".

In this regard, any misreading of one leaf or another is undesirable.