This article is reprinted from: Xinhua News Agency
Xinhua News Agency, Beijing, April 12 (Xinhua) -- The "Nine Articles" of the capital market have been upgraded after ten years, and the nine highlights are worth paying attention to
Xinhua News Agency "Xinhua Viewpoint" reporters Liu Hui and Liu Yujia
A few days ago, the State Council issued the "Several Opinions on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market", which consists of 9 parts. This is following the two "National Nine Articles" in 2004 and 2014, and the State Council has issued a guiding document on the capital market again after 10 years, and the nine highlights are worth paying attention to.
Aspect 1: The high-quality development of the capital market must adhere to the "five musts"
How to profoundly grasp the main connotation of the high-quality development of the capital market and realize the stable and healthy development of the capital market?
-- We must uphold and strengthen the party's leadership......
-- We must always practice the concept of finance for the people......
-- We must comprehensively strengthen supervision and effectively prevent and defuse risks......
-- We must always adhere to the principle of marketization and rule of law......
-- We must firmly grasp the theme of high-quality development......
The "five musts" reflect the goal orientation, which is not only the internal requirement for the high-quality development of the capital market, but also the practical path for the stable and healthy development of the capital market.
In addition, the opinions also clarified the development goals of the mainland capital market "in the next five years", "by 2035" and "by the middle of this century", and set a clear roadmap.
Aspect 2: Iterative upgrading of the issuance and listing system
Issuance and listing have always attracted attention from all parties. According to the new situation of the reform and development of the capital market, the opinions make efforts from three aspects: further improving the issuance and listing system, strengthening the responsibility of the whole chain of issuance and listing, and increasing the supervision of issuance and underwriting, so as to strictly control the access to issuance and listing.
In terms of further improving the issuance and listing system, the Opinions clearly raise the listing standards of the main board and the Growth Enterprise Market, improve the evaluation standards for the scientific and technological innovation attributes of the Science and Technology Innovation Board, expand the coverage of on-site inspections, and strictly check the refinancing review. It is foreseeable that the issuance and listing system will be further iteratively upgraded and more refined.
The Opinions release policy signals to further consolidate the first responsibility of issuers and the "gatekeeper" responsibilities of intermediaries, strictly investigate illegal issues such as fraudulent issuance, and rectify market chaos such as over-offering at high prices and group price reduction, which will be conducive to the formation of more effective market constraints in the issuance and listing process.
Aspect 3: Formulate guidelines for the management of the market value of listed companies
Reduction, cash dividends, investment value of listed companies, information disclosure and corporate governance...... The Opinions' measures on the continuous supervision of listed companies are highlighted.
With regard to fraud that is deeply hated by all parties in the market, the opinions emphasize the establishment of a comprehensive punishment and prevention system for the prevention and suppression of counterfeiting in the capital market, and the serious rectification of violations of laws and regulations in key areas such as financial fraud and capital occupation. For the reduction of shareholdings, the opinions clearly introduce the management measures for the reduction of shareholdings of listed companies, implement policies for different types of shareholders by classification, and resolutely prevent all kinds of detours to reduce shareholdings. For dividends, the opinions are clear to increase incentives for high-quality companies with dividends, and take multiple measures to promote the increase of dividend yields.
How to promote the investment value of listed companies? Market value management is the focus of attention of all parties. The opinions put forward new policy measures and proposed to formulate guidelines for the management of the market value of listed companies. Research on the inclusion of market value management of listed companies in the internal and external assessment and evaluation system of enterprises. At the same time, we will strictly crack down on market manipulation, insider trading and other violations of laws and regulations in the name of market value management.
Aspect 4: Improve the investor compensation and relief mechanism in the process of delisting
Delisting supervision is not only related to the "exit gate" of the capital market, but also related to the vital interests of relevant investors. The Opinions' policy measures on delisting continue to work hard to smooth the "export customs", and also pay more attention to the legitimate rights and interests of relevant investors.
In terms of unblocking the "export customs", the opinions further tighten the mandatory delisting standards, further unblock multiple delisting channels, and further reduce the value of "shell" resources. Among them, it is worth paying attention to the establishment and improvement of a differentiated delisting standard system for different sectors and the scientific setting of the scope of application for major illegal delisting.
At the same time, the Opinions make it clear that the investor compensation and relief mechanism in the process of delisting shall be improved, and the controlling shareholders, actual controllers, directors and senior executives who are responsible for the material illegal delisting shall compensate investors for their losses in accordance with the law.
Aspect 5: Improve the salary management system of the securities and fund industry
To strengthen the supervision of securities and fund institutions, it is necessary to promote the industry to return to its origins and become better and stronger. The opinions are clear, strengthen the management of shareholders and business access of industry institutions, promote industry institutions to strengthen investment banking and wealth management capabilities, and support leading institutions to enhance their core competitiveness through mergers and acquisitions, restructuring and organizational innovation.
In addition, the opinions also make it clear that the remuneration management system of the securities and fund industry that is compatible with business performance, business nature, contribution level, compliance and risk control, and social culture should be improved.
Aspect 6: Strengthen the construction of strategic force reserves and stability mechanisms
"Strengthening transaction supervision and enhancing the internal stability of the capital market" is one of the focuses of attention of all parties after the issuance of the opinions, and the relevant policy measures have revealed a lot of information. For example, the new formulation of "strengthening the strategic force reserve and the building of a stabilization mechanism" has attracted attention. Another example is "exploring a futures regulatory system and business model that adapts to China's development stage" and "doing a good job in cross-market, cross-industry and cross-border risk monitoring and response", which means that supervision will make further efforts to promote the smooth operation of the market.
With regard to the supervision of transactions that the market is concerned about, the opinions have released clear policy signals: the introduction of regulations on the supervision of programmatic transactions, the strengthening of the supervision of high-frequency quantitative transactions, the formulation of operating rules for private securities funds, the improvement of response measures to extreme situations, and the serious investigation and punishment of illegal activities such as market manipulation and malicious short-selling......
It is particularly noteworthy that the Opinions have also brought new breakthroughs in the expectation management mechanism, clarifying that the impact assessment of major economic or non-economic policies on the capital market will be included in the macro policy orientation consistency assessment framework, and a coordination mechanism for the release of major policy information will be established.
Aspect 7: Optimize the policy environment for equity investment of insurance funds
Continuing to expand the strength of long-term investment is inseparable from vigorously promoting medium and long-term funds into the market. The opinions put forward a number of pragmatic measures to promote the entry of medium and long-term funds into the market.
In terms of establishing a market ecology that cultivates long-term investment, the opinions propose to improve the basic system for long-term investment, and build a policy system to support "long-term money and long-term investment". Vigorously develop equity public funds, and greatly increase the proportion of equity funds.
The Opinions clarify the policy environment for optimizing the equity investment of insurance funds, implement and improve the performance evaluation methods of state-owned insurance companies, and better encourage the development of long-term equity investment. Improve the regulatory system for equity investment of insurance funds, and optimize the information disclosure requirements of listed insurance companies. Improve the investment policies of the national social security fund and the basic pension insurance fund. Encourage banks to actively participate in the capital market for wealth management and trust funds.
Aspect 8: Promote the development of new quality productive forces
In the opinions, the policy measures of "further deepening reform and opening up in an all-round way and better serving high-quality development" put forward to enhance the competitiveness of the capital market system, enhance the inclusiveness of new industries, new forms of business and new technologies, and better serve the implementation of national strategies such as scientific and technological innovation, green development, and the reform of state-owned assets and state-owned enterprises, as well as the development and growth of small and medium-sized enterprises and private enterprises, and promote the development of new quality productivity. This marks the focus of the next step of the reform of the registration system.
In addition, the relevant policy measures also emphasize increasing support for equity and bond financing for enterprises that are in line with the national industrial policy guidance and have breakthroughs in key core technologies, promoting the high-quality development of the bond and real estate investment trusts (REITs) market, broadening the financing channels for overseas listings, and improving the quality and efficiency of overseas listing filing management.
Aspect 9: The construction of the rule of law in the capital market is expected to accelerate
In recent years, the high-quality development of the capital market is inseparable from the deepening consensus of all parties. In this opinion, there is a special article to "promote the formation of a joint force to promote the high-quality development of the capital market". Among them, there is a lot of ink on the construction of the rule of law and the intensification of joint crackdowns on securities and futures crimes.
In terms of the construction of the rule of law, a series of laws and regulations expected by the market will be gradually implemented. The opinions are clear and promote the revision of the Securities Investment Fund Law. It has promulgated regulations on the supervision and administration of listed companies, revised the regulations on the supervision and administration of securities companies, accelerated the formulation of regulations on the administration of corporate bonds, and studied and formulated regulations on the management of real estate investment trusts. The Opinions also make it clear that it will promote the issuance of judicial interpretations on the crime of breach of trust harming the interests of listed companies, and judicial interpretations on civil compensation such as insider trading and market manipulation.
In addition, in terms of forming a joint force in the capital market, all parties have been concerned about how to improve the fiscal and taxation system that is conducive to the formation of innovative capital and the revitalization of the market. The opinions give a response to the relevant measures of "deepening the coordination and linkage between the central government and the local government" and the "inter-ministerial linkage": implement and improve the tax policies of listed companies, such as equity incentives, medium and long-term funds, private equity venture capital funds, and real estate investment trusts.
Risk Warning: This article is transferred from Xinhua News Agency, and the views do not represent the company's position, are for reference only, and are not intended as investment advice.
Investors should carefully read the fund contract, prospectus and other legal documents of the fund, understand the risk-return characteristics of the fund, and judge whether the fund is suitable for the investor's risk tolerance according to their own investment objectives, investment period, investment experience, asset status, etc., independently judge the investment value of the fund, make investment decisions independently, and bear the investment risks by themselves. The mainland fund has been in operation for a relatively short period of time and does not reflect all stages of the development of the stock market. The performance of other funds managed by the fund manager or the performance of other funds previously managed by the fund manager does not constitute a guarantee of the performance of the fund. Funds should be invested with caution and should be chosen carefully.
