further strengthen the institutional foundation for investor protection;
further promote the improvement of the quality of listed companies;
further promote industry organizations to improve the level of professional services;
further crack down on securities violations and crimes in accordance with the law;
Further unblock channels for investors to protect their rights and remedies.
On May 15, the first "5.15 National Investor Protection Publicity Day" after the promulgation of the new "National Nine Articles" was held in Beijing. Wu Qing, Chairman of the China Securities Regulatory Commission, Liu Guixiang, Deputy Ministerial-level Full-time Member of the Adjudication Committee of the Supreme People's Court and Second-level Justice, and Fu Wanjun, Deputy Director of the State Administration of Financial Supervision and Administration, attended the event and delivered speeches, and Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, presided over the event.
Wu Qing stressed that investor protection should run through all aspects of the whole process of capital market system construction and supervision and law enforcement, and elaborated on five "furthers".
He said that in the process of formulating and revising the system, it is necessary to fully listen to the suggestions and opinions of the majority of investors, especially small and medium-sized investors, make objective and fair professional research and judgment, pay more attention to the fairness of the system, and provide more substantive protection for investors.
Wu Qing also stressed that the "zombie enterprises" and "black sheep" should be resolutely cleared out of the market; As a "key minority", controlling shareholders, actual controllers, and directors, supervisors and senior executives must stand up to the front and shoulder their responsibilities.
In his speech, Wu Qing said that investors are the foundation of the market, and protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is a concrete embodiment of the people-centered development concept in the capital market.
"Since its establishment, the China Securities Regulatory Commission has insisted on protecting the legitimate rights and interests of investors as its fundamental mission and the top priority of its work." Wu Qing said that at present, the China Securities Regulatory Commission is thoroughly implementing the spirit of the Central Financial Work Conference, fully implementing the new "National Nine Articles", and solidly promoting the implementation of the "1+N" policy system in the capital market. The core content is to promote strong supervision, risk prevention, and high-quality development in an integrated manner, strengthen the foundation, strictly supervise and strictly manage, and accelerate the creation of a "safe, standardized, transparent, open, resilient, and vibrant" capital market.
He said that the China Securities Regulatory Commission has issued a series of institutional rules, including strict control of the entry of issuance and listing, strengthening cash dividends, share reduction, quantitative trading, etc., and urging industry institutions to perform their duties and responsibilities, which fully reflects the clear orientation of protecting investors.
Wu Qing stressed that the China Securities Regulatory Commission will consistently do a good job in implementation, and ensure that investor protection runs through all aspects of the entire process of capital market system construction and regulatory law enforcement.
Wu Qing elaborated on the following five aspects:
First, we should further consolidate the institutional foundation for investor protection.
Wu Qing said that advocating the rule of law and respecting rules are the basic prerequisites for running the capital market well. To achieve good laws and good governance, we must follow the general laws of the capital market, and we must base ourselves on China's actual conditions and China's national conditions, and firmly grasp the largest market situation, which is that small and medium-sized investors account for the vast majority.
"This requires us to fully listen to the suggestions of investors, especially small and medium-sized investors, in the process of formulating and revising the system, make objective and fair professional research and judgment, pay more attention to the fairness of the system, and provide more substantive protection for investors." Wu Qing said.
The second is to further promote the improvement of the quality of listed companies.
Wu Qing said: Listed companies are the foundation of the market and the source of investment value. From the entrance of listed companies to continuous supervision, to the export of more stringent institutional arrangements are being established, the purpose is to resolutely keep counterfeiters out, the requirements of openness and transparency in the whole process of corporate information disclosure, and the concept of respecting investors and rewarding investors into various mechanisms of corporate governance. resolutely clear the "zombie enterprises" and "black sheep" from the market; As a "key minority", controlling shareholders, actual controllers, and directors, supervisors and senior executives must stand up to the front and shoulder their responsibilities.
He also mentioned that the China Securities Regulatory Commission adapts to the needs of the development of new productive forces, optimizes a series of institutional arrangements such as issuance and listing, mergers and acquisitions, and equity incentives, and further supports companies with innovative development potential to accelerate their efforts to become better and stronger, not only to support the healthy growth of high-quality emerging enterprises, but also to support the transformation and upgrading of high-quality traditional enterprises, so that investors can better share the fruits of high-quality economic development.
The third is to further promote industry institutions to improve the level of professional services.
"Industry institutions connect the two ends of investment and financing, and must devote more energy to serving investors." Wu Qing emphasized that industry institutions should put functionality in the first place, correct the business philosophy, return to the origin, keep integrity and innovation, abide by fiduciary obligations, enhance professional capabilities, and provide investors with more diversified and more suitable products. Pay attention to reputation management, adhere to professional ethics, and cultivate a good industry culture and investment culture.
Fourth, it is necessary to further crack down on securities violations and crimes in accordance with the law.
"Illegal and criminal acts such as fraudulent issuance, financial fraud, insider trading, and market manipulation are tumors in the capital market and seriously infringe on the legitimate rights and interests of investors." Wu Qing introduced that since 2023, the China Securities Regulatory Commission has resolutely implemented the requirements of supervising long teeth with thorns and edges, and the number of cases investigated and the amount of penalties have increased significantly.
He stressed that the CSRC has an unwavering attitude towards "zero tolerance" to crack down on securities violations and crimes. The China Securities Regulatory Commission will work with relevant parties to improve the judicial system and mechanism for securities law enforcement, accelerate the construction of a comprehensive punishment and prevention system for preventing and combating counterfeiting in the capital market, further improve the efficiency of administrative and criminal linkage, make lawbreakers pay a heavy price, and effectively maintain the order of the three public markets in the market.
Fifth, further unblock the channels for investors to protect their rights and remedies.
In recent years, the revision of the Securities Law and the promulgation of the Futures and Derivatives Law have provided many new institutional mechanisms to resolve investor disputes and strengthen equity relief, and some landmark cases have been implemented one after another.
Wu Qing said that the China Securities Regulatory Commission will continue to sum up experience, make comprehensive use of these institutional tools for investor protection, increase the application of litigation by securities special representatives, better play the role of mediation and arbitration, strengthen the docking of litigation and mediation, promote the model judgment mechanism, and make good use of advance compensation and party commitments in accordance with the law, so as to more effectively support investors to obtain compensation and relief. At the same time, the China Securities Regulatory Commission will mobilize all parties to strengthen investor education in a more targeted manner, help investors enhance risk awareness, stay away from illegal financial activities, and better protect their legitimate rights and interests.
"Protecting investors is the primary task of securities regulation, and it is also a systematic project, which requires continued strong support from all sides." Wu Qing said that the China Securities Regulatory Commission will work with all relevant parties, especially with the State Administration of Financial Supervision and other financial management departments, public security and judicial organs, local party committees and governments, news and publicity units, and market participants to work together to continuously improve the investor protection system and mechanism, work together to cultivate a mature and rational investment culture, actively create a law-abiding and trustworthy market ecology, and promote the high-quality development of the capital market to a new level.
Source: Shanghai Securities News
Editor: Wang Muyin
Review: Ji Haitao
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