Original title: China Securities Regulatory Commission’s heavy response: Strengthen market risk monitoring, curb excessive speculation in the bulk commodity market, and resolutely investigate and punish various violations of laws and regulations in the futures market
[SFC’s heavy response: Strengthen market risk monitoring to curb excessive speculation in the commodity market]In response to the recent large fluctuations in commodity prices, the CSRC pays great attention to the market operation of agricultural products, energy, minerals and other futures related to the national economy and the people’s livelihood. Continuously strengthen market risk monitoring and response mechanisms to effectively prevent market risks and curb excessive speculation. Resolutely investigate and deal with various violations of laws and regulations in the futures market, and maintain the normal trading order in the market. Actively strengthen communication and collaboration with the macroeconomic management departments, and actively cooperate with the macroeconomic management departments to do a good job in the macro-control of bulk commodities. (Futures Daily)
On May 28, the China Securities Regulatory Commission held a press conference, chaired by press spokesperson Gao Li, and Li Weiyou, deputy director of the issuance department, attended and issued the guidelines for the supervision of the stock participation behavior of the resigners of the China Securities Regulatory Commission, and the progress and regulation of the first batch of infrastructure public offering REITs. Commodity futures trading behavior answered reporters’ questions.
Resolutely investigate and deal with various violations of laws and regulations in the futures market
In view of the recent large fluctuations in commodity prices, the China Securities Regulatory Commission pays close attention toAgricultural productsThe market operation of futures products related to national economy and people’s livelihood, such as energy, minerals, etc. Continuously strengthen market risk monitoring and response mechanisms to effectively prevent market risks and curb excessive speculation. Resolutely investigate and deal with various violations of laws and regulations in the futures market, and maintain the normal trading order in the market. Actively strengthen communication and collaboration with the macroeconomic management departments, and actively cooperate with the macroeconomic management departments to do a good job in the macro-control of bulk commodities.
Clarify the situation of improper shareholding by resigned personnel from the CSRC system
In February of this year, the China Securities Regulatory Commission issued the “Guidelines for the Application of Supervisory Rules—Regarding theshareholder“Information Disclosure”, strengthen the regulatory constraints on surprise share purchases, abnormal share prices, transfer of interests, “shadow shareholders” and other behaviors, consolidate the information disclosure responsibilities of companies to be listed and the verification responsibilities of intermediary agencies, and guide legal and compliance investment in companies to be listed.
During the implementation of the system, the China Securities Regulatory Commission insisted on keeping its blade inward, and simultaneously studied and formulated a package of institutional measures to prohibit improper shareholding by system resigners to fill in the shortcomings of the system. While strengthening the supervision and management of the integrity and improving the independent review system, we have specially formulated and issued the “Guidelines for the Application of Supervisory Rules—Issuance No. 2” (hereinafter referred to as the “Guidelines”) to clarify that the retired personnel of the Securities Regulatory Commission will participate in the public offering and listing or new listings. The verification requirements of selected companies listed on the third board include targeted supervision of resigners who fall within the scope of the specification, compacting the verification responsibilities of intermediary agencies, and maintaining the “three public” order of the market.
The “Guidelines” mainly include the following: First, clarify the circumstances of improper shareholding. The resignation personnel of the CSRC system used the influence of their original position to seek investment opportunities, the process of shareholding has the transfer of interests, the shareholding during the shareholding prohibition period, the shareholding as an unqualified shareholder, the source of the shareholding funds violates laws and regulations, etc., are considered to be improper shareholding. The second is to strengthen the verification responsibilities of intermediary agencies. The third is to strengthen audit supervision and establish an independent review system. Review the issuance and listing (listing) review process involving the participation of departed employees to ensure that the review process is fair, just, and in compliance with laws and regulations. If clues of violations of laws and disciplines are found, they shall be transferred to relevant departments for handling.
The first batch of infrastructure public offering REITs will start public sale
In April 2020, the China Securities Regulatory Commission and the National Development and Reform Commission jointly issued the “Regarding the Promotion of Real Estate Investment Trust in Infrastructurefund(REITs) Notice on Pilot Related Work” to start the pilot work of infrastructure REITs.
The China Securities Regulatory Commission stated that since the issuance of the notice, all parties have attached great importance to and cooperated closely to advance various tasks in a steady and orderly manner. At present, the infrastructure REITs rule system is basically sound, and the technical system transformation has been completed. The first batch of 9 infrastructure public offering REITs projects were registered by the CSRC on May 17, and the inquiry was completed recently. Offline investors have actively subscribed, and the next step will be to launch the fund public sale.The first batch of pilot projects covershighway, Industrial parks, warehousing and logistics, sewage treatment and waste-to-energy, and other asset types. The funds raised are used for new infrastructure andPublic utilitiesConstruction, focusing on areas that make up for shortcomings.
In the next step, the China Securities Regulatory Commission stated that it will actively implement the “14th Five-Year Plan” plan with relevant units to promote the healthy development of infrastructure REITs, summarize the pilot experience in a timely manner, and steadily expand the scope of pilot infrastructure REITs in a timely manner, and actively cultivate diversified REITs Investor groups, encouragebank、Insurance、Social securityFunds, securities, funds and other professional institutional investors participate. At the same time, strengthen basic system research, further improve and optimize REITs rule system, strengthen REITs business supervision, and ensure the long-term healthy development of the market.
Announcement of the first batch of “whitelists” of securities companies will continue to be dynamically adjusted in the follow-up
Yesterday, the China Securities Regulatory Commission announced the first batch of “whitelists” of securities companies, including a total of 29 securities companies. In accordance with the idea of “combination of classified supervision and decentralization”, the China Securities Regulatory Commission will implement a “white list” system for securities companies with effective corporate governance and compliance and risk control. It is necessary to keep the regulatory opinions, simplify the work process, and turn the pre-employment into strict supervision and inspection during and after the event.
Specifically: First, if you can reduce, you can reduce. For securities companies included in the whitelist, the regulatory opinion requirements for issuing perpetual subordinated bonds, guaranteeing commitments for issuing bonds for overseas subsidiaries, and increasing capital or financing for overseas subsidiaries will be cancelled. The second is to be simple and simple. Simplify the issuance of some regulatory opinions. Starting,Additional issuance、Allotment,issuedConvertible bond, Short-term financing bonds, financial bonds, etc., no longer solicit the opinions of dispatched agencies and the Shanghai and Shenzhen Stock Exchanges according to the previous procedures, and directly issue a supervisory opinion after confirming that they meet the statutory conditions. Third, companies with innovative pilot businesses must be generated from the whitelist, and applications for innovative pilot businesses from companies that are not included in the whitelist will not be accepted. In accordance with the principles of law and prudence, companies included in the whitelist continue to apply for innovative business regulatory opinions in accordance with existing rules and procedures. Fourth, securities companies that are not included in the whitelist are not eligible for regulatory submission reduction or exemption or simplified procedures, and continue to apply for various regulatory submissions in accordance with the existing procedures.
The China Securities Regulatory Commission stated that it will continue to dynamically adjust the “white list” based on the compliance and risk control of securities companies, and publish the list under the Institution Department column on the official website of the China Securities Regulatory Commission on a monthly basis. Companies that meet the requirements will be included in a timely manner, and those that do not meet the requirements will be recalled in a timely manner. .
Improving the new third board’s initiative to terminate the listing system
On the same day, the China Securities Regulatory Commission issued the “Guiding Opinions on Improving the National SME Share Transfer System and Termination of Listing System”, with the purpose of further consolidating the basic system of the New Third Board market, promoting the improvement of the quality of listed companies, and protecting the legitimate rights and interests of investors.
The “Guiding Opinions” follow the spirit of the “Securities Law”, follow the policy of “establishing a system, non-intervention, and zero tolerance”, fully learn from the practical experience of the delisting system of listed companies, and combine the characteristics of the new three-board market to further improve the active termination of listing, The basic institutional framework for compulsory termination of listing, clarifies relevant regulatory arrangements after termination of listing, highlights the main responsibility of trading venues, respects market rules and company autonomy, strengthens market clearance and risk prevention and control, strengthens investor protection, and promotes a more standardized market exit system.
The main contents of the “Guiding Opinions” are as follows:
First, it requires the voluntary termination of the listing system. On the basis of respecting the autonomy of market entities, it is required that listed companies should fully listen to the opinions of small and medium shareholders, formulate reasonable protective measures for dissenting shareholders, and disclose relevant information in a timely manner. From the perspective of the legitimate rights and interests of investors, perform review duties.
The second is to make requirements for the mandatory termination of listing, clarify that the national equity transfer company shall formulate detailed rules, clarify the circumstances of the mandatory termination of listing in terms of financial authenticity, information disclosure, legal compliance of corporate governance, and ability to continue operations, and assume responsibility for the mandatory termination of listing. Responsibilities for review, strict market discipline, and promote market clearing.
The third is to clarify the follow-up supervision arrangements for the termination of listed companies. It is clarified that the 200-person terminated company is an unlisted public company. After the termination of listing, it will enter the special area established by the National Equity Exchange Company for transfer. The National Equity Exchange Company conducts self-discipline management of the company’s share transfer, information disclosure and other matters.
In the next step, the China Securities Regulatory Commission stated that it will guide the national equity transfer companies to continue to improve relevant self-discipline rules, strengthen investor protection, promote market clearing, and continue to improve the NEEQ termination of listing system of “in and out” and “in and out”.
(Source: Futures Daily)
(Editor in charge: DF506)
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