Pi Haizhou: Financial Market Regulation Is Still Going On.

Since becoming Chairman of the SFC in February 20th this year, Liu Shiyu has stepped up supervision work for himself and the SFC's top priority.

In the first half of the year, the SFC did a lot of work in strengthening the supervision of the stock market.

For example, in the first half of the year, the SFC imposed penalties on 88 cases and made 109 decisions on administrative penalties, up 84.75% from the same period last year. The total amount of fines was 2 billion 554 million yuan. 4 written decisions on market entry were banned, and 7 people were banned from entering the market. 2 of them were banned from entering the market for life, and the efficiency and punishment of administrative penalties continued to rise.

In the second half of the year, regulation is still going on.

While monitoring the supervision of listed companies, the regulatory authorities also significantly strengthened the supervision of the market itself.

For example, in recent years, the regulatory authorities have launched the most stringent new rules for backdoor regulation, increased the chaos of heavy punches, and tightened the supervision of IPO auditing. At the same time, at the market level, they have implemented the "special stop" mechanism, and "refined the system of checking the suspension of cooling insider trading, and resolutely curbed speculation in the market." and the Shenzhen Stock Exchange also named the hot topics such as "virtual reality", "graphene", "artificial intelligence", "PE+ listed companies", capital departments or partnerships into listed companies.

The market has felt tremendous pressure on the speculation of theme stocks.

In particular, the Shenzhen Stock Exchange named the "virtual reality", "graphene", "Ai" and "PE+ listed companies" shares of these four companies, and even a general downward trend.

Just now

For the regulation of the stock market, the stock market especially needs to say goodbye to the "three noes" supervision that the market is under pressure.

First, there is no standard for regulation.

This is most evident in the suspension of market speculation or "demon stock".

For example, the suspension of new stocks and sub shares, and the rise of some suspension stocks are all different. Some have risen by 300%, while others have risen by 600% or even 700%.

As for some old stocks, they are three suspension boards, or four suspension boards, or five suspension boards. There is no standard.

Including how long the suspension of "special stop" stock is, there is no specific provision, and it has great randomness.

Such regulation itself is not normative, it should be accepted.

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The two is supervision.

On the one hand, supervision involves too wide, too wide a range of damage to innocent people; on the other hand, it should give up some content that should be supervised.

From a regulatory point of view, all listed companies are subject to supervision, and from the hype of hot topics, the stock market is not limited to the "four types of molecules" or "black five categories".

The Shenzhen Stock Exchange named "four types of molecules" or "black five categories", which is the performance of the loss of supervision.

The three is regulation.

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For example, * hintai is the stock that the Shenzhen Stock Exchange has mainly monitored, but in the face of the "adverse trend" of the stock in July 27th, the supervision of the Shenzhen Stock Exchange did not give a clear statement.

As a matter of fact, there is no doubt about price manipulation on the stock market in the 3 minute period from the limit to the limit, the 15 minute volume is close to 200 million yuan, and the turnover rate exceeds 50%.

For example, the way of supervision of the exchange is mainly based on inquiry letters, letters of concern and regulatory letters, and these "letters" are lacking in deterrent force, so it is difficult to solve the existing problems.

Of course, for some problems, even if the SFC level can look into the end, it will eventually be hard to escape the outcome of "lifting the whip high and dropping gently".

Based on the fact that speculation in A share market prevails, it is necessary to strengthen supervision over speculation in the market.

If it is necessary, a real storm of regulatory storm is true.

As to whether this regulation is really "short-term prevention of financial market risks", such as securities companies think, is conducive to the development of capital market in the medium and long term?

At least in my view, the conclusion that "the medium and long term is conducive to the development of capital market" is too hasty.