Version 3.0 of the “Nine National Articles” to promote high-quality development of the capital market is here
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4moon12On the same day, the State Council issued “Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-Quality Development of the Capital Market” (hereinafter referred to as the “Opinions”).
This is2004Year1“Nine Articles of the Nation” and2013Year12After the new “Nine National Regulations”, it is another important milestone in the development of my country’s capital market.
“Opinions” requires that in the future5In 2016, an overall framework for the high-quality development of the capital market was basically formed. The institutional mechanisms for investor protection have become more complete. The quality and structure of listed companies have been significantly optimized, and the strength and service capabilities of securities, fund and futures institutions have continued to increase.Capital market regulatory capabilities and effectiveness have been significantly improved,The formation of a good ecosystem in the capital market is accelerating.
arrive2035By 2020, a highly adaptable, competitive, and inclusive capital market will be basically established, and the legitimate rights and interests of investors will be more effectively protected. The investment and financing structure has become more reasonable, the quality of listed companies has improved significantly, and significant progress has been made in building first-class investment banks and investment institutions. The capital market regulatory system and mechanisms are more complete.
By the middle of this century, the modernization level of the capital market governance system and governance capabilities will be further improved, and a high-quality capital market matching that of a financial power will be built.
Issuing and listingaspect, the “Opinions” proposed to further consolidate the main responsibilities of the exchange’s review, improve the formation method and operating mechanism of the stock listing committee, and strengthen the whole-process supervision of the members’ performance of duties. Establish an audit and retrospective accountability mechanism.Further strengthen the primary responsibility of issuers and intermediaries“Gatekeeper” responsibility and the establishment of a “blacklist” system for intermediaries. Adhere to the principle of “declaration means responsibility” and strictly investigate illegal issuances and other illegal issues.
“Opinion”express,It will promote listed companies to enhance their investment value and formulate market value management guidelines for listed companies. Research on incorporating the market value management of listed companies into the internal and external assessment and evaluation systems of enterprises. Guide listed companies to repurchase their shares and then cancel them in accordance with the law. Listed companies are encouraged to focus on their main businesses and comprehensively use mergers, acquisitions, restructuring, equity incentives and other methods to improve the quality of development. Strictly crack down on market manipulation, insider trading and other illegal activities in the name of market value management in accordance with the law.
Deepen the reform of the delisting system, accelerate the formation of a normalized delisting pattern that requires all delistings to be delisted and liquidate in a timely manner, further tighten compulsory delisting standards, further unblock multiple delisting channels, and further reduce“Shell” resource value and further strengthen delisting supervision.
Promote the high-quality development of securities fund institutions. Improve the regulatory system for key businesses such as derivatives and margin trading. Promote industry institutions to strengthen investment banking capabilities and wealth management capabilities. Support leading institutions to enhance their core competitiveness through mergers, acquisitions, reorganizations, organizational innovation, etc., and encourage small and medium-sized institutions to develop differentiated development and characteristic operations.
The “Opinions” once again emphasizes vigorously promoting the entry of medium and long-term funds into the market and continuing to strengthen long-term investment forces.Establish a market ecosystem that cultivates long-term investment, improve the basic system to adapt to long-term investment, and build supportThe policy system of “long-term money and long-term investment”. Vigorously develop equity public funds and significantly increase the proportion of equity funds. Create an exchange-traded open-end index fund (ETF) Fast approval channel to promote the development of indexed investment. Comprehensively strengthen the investment research capabilities of fund companies, enrich the investable asset categories and investment portfolios of public funds, and transform from scale-oriented to investor return-oriented. Optimize the policy environment for insurance fund equity investment, implement and improve the performance evaluation methods of state-owned insurance companies, and better encourage long-term equity investment.
The “Opinions” propose to promote the strengthening of the rule of law in the capital market and significantly increase the costs of violating laws and regulations. Promote the revision of the Securities Investment Fund Law. Promulgate regulations on the supervision and management of listed companies, revise regulations on the supervision and management of securities companies, speed up the formulation of regulations on the management of corporate bonds, and study and formulate regulations on the management of real estate investment trust funds. Promote the issuance of judicial interpretations on the crime of breach of trust and harming the interests of listed companies, judicial interpretations on civil compensation such as insider trading and market manipulation, as well as judicial documents on combating criminal acts such as misappropriation of private equity funds and breach of trust in the use of entrusted property.
Strengthen joint crackdowns on securities and futures crimes. Improve clue discovery, reporting reward and other mechanisms. Improve the judicial system and mechanism of securities law enforcement and improve the efficiency of administrative and criminal connection. Strengthen efficient coordination among administrative supervision, administrative adjudication, and administrative prosecution. We will increase the intensity of administrative, civil, and criminal accountability, and strictly investigate and deal with all types of violations in accordance with the law. Increase the application of the special representative litigation system for securities disputes and improve the party commitment system for administrative law enforcement. Explore and launch pilot programs for procuratorial organs to initiate securities civil public interest litigation. Further strengthen the construction of the capital market integrity system.
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