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Since the beginning of this year, the regulation of capital market has been characterized by rule of law, marketization, and normalization. The supervision and law enforcement has been upgraded in an all-round way, and the market ecology has undergone positive changes.
From the deployment of IPO fraudulent issuance and anti-discrimination special actions, strict anti-fugitive reorganization to *ST Boyuan, Xintai Electric was forced to withdraw from the market, the capital market "inlet", "export" full chain supervision is being deployed;
From the revision of brokerage risk control indicators, fund guidance in funds to strengthening the implementation of institutional responsibilities of brokerage firms, law firms, accounting firms, etc., capital market intermediaries are strictly rolled out;
From the establishment of a sound and unified investor appropriateness system to the promotion of shareholding exercise pilots and the establishment of a training base, investor protection has been fully attacked and promoted step by step;
From the normalization of administrative punishment cases every Friday to the deployment of various special law enforcement actions, and the strengthening of supervision and coordination of various ministries and commissions, the supervision and enforcement efforts are gradually strengthening, and the effectiveness is gradually improving.
Experts said that under the guidance of General Secretary Xi Jinping's specific requirements for the development of the stock market, the CSRC has implemented the concept of “regular supervision, strict supervision and comprehensive supervision†in an orderly manner this year, focusing on consolidating the market infrastructure, improving service capabilities, and strictly observing The bottom line of systemic risk.
Top-level design "anchored" stock market position
Since September last year, General Secretary Xi Jinping has publicly talked about the development of the capital market at least eight times. Among them, on November 10, 2015, General Secretary Xi Jinping pointed out at the 11th meeting of the Central Financial and Economic Leading Group that it is necessary to prevent and resolve financial risks, accelerate the formation of a complete financing function, solid foundation system, effective market supervision, and adequate investor rights. Protected stock market. The industry generally believes that this has guided the direction of the development of the stock market and clarified the tone.
On January 18 this year, General Secretary Xi Jinping emphasized in his speech at the provincial and ministerial level leading cadres studying and implementing the spirit of the Fifth Plenary Session of the 18th Central Committee of the Communist Party of China that leading cadres must have a high level of economic professionalism. Capital investment, safe production, stock market regulation, and Internet financial management and control are all high-risk and high-skilled. If mistakes are made, choices are inadvertent, and control is weak, problems and even big problems will occur, which will seriously affect social stability. For a period of time, major events that have occurred continuously in the areas of safe production, stock market, and internet finance have repeatedly sounded the alarm.
On April 29 this year, the Political Bureau of the CPC Central Committee held a meeting to analyze and study the current economic situation and economic work. The meeting stressed that macroeconomic policies should be targeted. It is necessary to maintain the healthy development of the stock market, give full play to the regulatory role of the market mechanism, strengthen the construction of the basic system, strengthen market supervision, and protect the rights and interests of investors.
The organization believes that maintaining the healthy development of the stock market is the goal. Strengthening market supervision and protecting investors' rights and interests is an important starting point. Giving full play to the regulation of the market mechanism reflects that market-oriented reform will be the main direction for the future operation of A-shares.
Yang Delong, chief economist of Qianhai Kaiyuan, believes that economic reform and transformation cannot be separated from healthy capital markets. From the current point of view, China's positioning of the capital market is relatively high, and the attitude of supporting the healthy development of the capital market has not changed. In the positioning and development direction of the stock market, the top-level design has been clarified. This has quelled the previous debate about the development of the real economy and the virtual economy, and also corrected the bubble tendency of “deviating from reality†and “self-entertainmentâ€.
In the market construction, the improvement of the basic system has received more attention. In the "2016 Lujiazui 600663, buy Forum" talk about "building the new era of capital markets need a good grasp of several key", Commission Vice-Chairman Jiang Yang will "reinforce the foundation for the market to improve service capabilities" as the first. He said that to develop capital markets, we must always adhere to the fundamental purpose of serving the real economy. For the capital market to better serve the real economy, the first task is to consolidate the foundation of market development. In his view, listed companies are the cornerstone of the capital market, and their quality directly affects the market vitality and value; the quality and operation of the securities intermediaries, accounting firms, law firms, asset appraisers and other important intermediaries. The level directly affects the healthy and stable operation of the entire market. In addition, the capital market is a rule-oriented market with dependence on the rule of law.
Authorities of the regulatory authorities pointed out that the stock market should be based on restoring the market financing function, fully protecting the rights and interests of investors, giving full play to the regulatory role of the market mechanism, strengthening the establishment of basic systems such as issuance, delisting and trading, effectively strengthening market supervision and improving information disclosure. Quality, severely crack down on insider trading, stock price manipulation and other actions.
Regulatory upgrade escort health development
Judging from the regulatory trends since the first half of this year, the chairman of the China Securities Regulatory Commission, Liu Shiyu, emphasized that “regular supervision, strict supervision, and comprehensive supervision†are the practice of the above-mentioned top-level design in the capital market. At present, violations of laws and regulations in various aspects such as IPO, restructuring, and market transactions have been regularized.
Administrative penalties and efficiency continued to increase. Zhang Xiaojun, spokesperson of the China Securities Regulatory Commission, said that in the first half of 2016, the CSRC penalized 88 cases and made 109 administrative punishment decisions, an increase of 84.75% over the same period of last year. The total amount of fines and penalties was 2.554 billion yuan, and a market ban was made. 4 copies were imposed on 7 people, and 2 of them were banned for life market. The efficiency and punishment of administrative punishments continued to increase.
Inspection and law enforcement continued to maintain high pressure. In the first half of the year, there were 193 cases of initial investigation and filing of insider trading, accounting for 52% of the total number of cases currently in operation. Xinli has handled 52 market cases, a 68% increase over the same period last year, and is the fastest growing number of cases. There were 33 cases of IPO and listed companies' information disclosure violations, and the intermediary agencies failed to perform 18 cases according to regulations, with obvious growth. Xinli used 42 cases of undisclosed information transactions, and fund managers accounted for 85% of the cases, and remained high for a long time.
Zhang Xiaojun emphasized that in the second half of the year, the CSRC will continue to pay close attention to the development of the market, further optimize the investigation and organization model of “category of cases, batch promotion, and continuous high pressureâ€, continue to maintain high-pressure situation of various violations of laws and regulations, and resolutely protect investment. Legal rights and interests, maintaining a stable and healthy development of the capital market.
The entire chain of capital market imports and exports is strictly regulated. IPO links, deploying IPO fraudulent issuance and letter-breaking violations and special actions to prevent disease listing; backdoor restructuring, standardizing the return of red-chip stocks, cross-border restructuring, and amending the Measures for Major Asset Restructuring of Listed Companies, tightening the curve and backing the shell, compressing the shell Selling shells and profit-making space; delisting links, strictly implementing the delisting system, this year completed *ST Boyuan illegally delisted due to major information disclosure, and initiated Xintai Electric's delisting procedure due to fraud.
The supervision of institutional investors and intermediaries is also escalating. For example, this year, regulators and related associations have increased their regulation of private equity funds. Li Chao, vice chairman of the China Securities Regulatory Commission, pointed out that policy support and strengthening supervision are two aspects that are indispensable for promoting the healthy development of private equity funds. He said that since private equity funds are essentially “respected by people and financed by generationsâ€, there is an asymmetry in information and rights and obligations between the principal and the trustee, which is prone to moral hazard and therefore needs to be properly regulated. In order to ensure that the private equity industry develops along the direction of health regulations. In particular, in the special period of "private private chaos and illegal fundraising", if this situation is allowed to continue, it will inevitably undermine the industry ecology of private equity development and damage the image of the entire industry.
Investor protection work continues to strengthen. Jiang Yang emphasized that protecting small and medium-sized investors is to protect the capital market. This is the fundamental starting point and the end result of our supervision and law enforcement work. In February of this year, the regulatory authorities launched a pilot program of shareholding exercise, and will strive to achieve a deep breakthrough in the content and methods of exercise. In the delisting, the regulatory authorities also emphasize the protection of the legitimate rights and interests of investors, and the sponsors pay first.
Steadily promote regulatory reform
At the moment of regulatory escalation, regulatory reform is also an unavoidable topic. In October 2015, General Secretary Xi Jinping pointed out that the “13th Five-Year Plan†proposal to the Fifth Plenary Session of the 18th Central Committee pointed out that the recent frequent exposure of local risks, especially the recent volatility of the capital market, indicates that the current regulatory framework exists. Adapting to the institutional contradictions in the development of China's financial industry, we once again reminded us that we must protect financial security through reforms and effectively prevent systemic risks.
Li Jiange, co-director of the National Finance Research Institute of Tsinghua University, said that this raised the issue of financial regulatory reform. "As far as I know, the relevant departments have done a lot of research and opened many internal seminars this year." He believes that establishing a super-regulatory body to coordinate banks, securities, insurance and even monetary policy cannot solve the current regulatory body. Some problems with missing omissions. To really solve this problem, the first step is to continue to implement a large-scale policy of decentralization, to hand over the market management to the market, and to change the ex ante approval to post-event supervision, thus avoiding the emergence of rent-seeking space. Another one is who decides who to ask for responsibility, and the regulator should also be accountable afterwards, rather than excessive prior guidance.
Wu Xiaoling, deputy director of the NPC Financial and Economic Committee, mentioned on many occasions that he should unify the understanding of the nature of financial products, overcome the regulatory awareness of the site, and truly implement functional supervision.
Li Dongrong, president of China Internet Aiki, Net Value, Information Finance Association, said that the supervision of the wealth management industry should be improved and the regulatory rules for cross-border and cross-cut wealth management products should be clarified. According to the functional attributes and the unified regulatory standards of business essence, reduce the regulatory vacuum and strictly supervise; establish a wealth management data statistics and risk monitoring system, dynamically monitor, analyze and evaluate cross-market risks and regional and systemic risks, and formulate risk disposal plans.
Nie Qingping, chairman of China Securities Finance Corporation, believes that in order to avoid systemic risks, wealth management institutions must adhere to the concept of value investment. In addition, to prevent leverage risk from a cross-market perspective, this is one of the biggest lessons to be learned from abnormal stock market volatility. He also suggested establishing a market-wide, full-scale wealth management system for financial management and financial innovation products.
Tian Lihui, a professor at the Institute of Financial Development of Nankai University, said that the second half of the year is still the implementation. For the supervision, the core is supervision. The existing regulations must be strictly implemented, with more supervision and control, maintaining the stability of correct market rules, and not rushing to introduce new rules. .
The industry expects that on the rule of law and marketization, strict supervision and comprehensive supervision will be normalized, and the corresponding mechanisms will be improved and the system reform will be gradually and in-depth.
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