On the evening of October 30, the China Securities Regulatory Commission issued the revised “Measures for the Administration of Stock Exchanges.” From September 3 to October 3 this year, the China Securities Regulatory Commission publicly solicited opinions from the public on the revised “Measures for the Administration of Stock Exchanges” (hereinafter referred to as the “Measures”).
The amendments to the “Measures” mainly involve three aspects:
First, it stipulates that the company-based stock exchange Organization. Clarify the formation and functions of the shareholders meeting, board of directors, general manager, and board of supervisors.
The second is to clarify and improve relevant regulatory arrangements. It is stipulated that when a stock exchange formulates or revises relevant business rules, it shall be approved by the board of directors or board of directors of the stock exchange and submitted to the China Securities Regulatory Commission for approval.
At the same time, in accordance with practice, a new provision has been added, that is, for non-member directors’ objections or abstentions, the stock exchange shall request instructions submitted to the China Securities Regulatory Commission. Or make an explanation in the report. It is stipulated that the chairman of the board of directors, the vice chairman of the board of directors, and the chairman of the board of supervisors of a company-based stock exchange shall be nominated by the China Securities Regulatory Commission and approved by the board of directors and the board of supervisors respectively.
The third is to clarify the applicable arrangements for some terms. Regarding expressions such as “the balance of income and expenditure of a stock exchange shall not be allocated to members” and “seats”, it is clear that it is only applicable to membership-based stock exchanges. It is clarified that the directors, supervisors and senior management personnel of corporate stock exchanges must abide by the obligation of good faith, part-time and avoidance regulations, etc.
The China Securities Regulatory Commission stated that, on the whole, all parties basically agree on the revised ideas and main revisions of the “Administrative Measures”. During the period of soliciting opinions, the opinions raised are mainly at the operational level. Questions or text expressing opinions.
The China Securities Regulatory Commission stated that the revision of the Measures mainly followed three lines of thinking:
Specifically, The first is to clarify the internal governance of corporate stock exchanges. Draw lessons from the management experience of membership-based stock exchanges, supplement the organizational regulations of corporate-based stock exchanges, and clarify the governance requirements of the shareholder meeting, board of directors, general manager, and board of supervisors of corporate stock exchanges.
The second is to follow the provisions of the Securities Law and the Company Law. As a company-based stock exchange, the Beijing Stock Exchange must comply with the “Securities Law” as well as the “Company Law” in terms of the powers, composition, convening and rules of procedure of the shareholders meeting, board of directors, and board of supervisors.
The third is to start steadily at the initial stage and gradually explore and improve. Corporate stock exchanges are a new thing in the Chinese market. This revision is mainly to meet the needs of a stable start at the initial stage of the establishment of the Beijing Stock Exchange, and to make regulations for the limited liability company stock exchanges, which will be evaluated and improved in practice in the future.
The China Securities Regulatory Commission emphasized that in the next step, it will guide the stock exchange to earnestly implement the Measures, support and guide the Beijing Stock Exchange to improve corporate governance, and effectively exert its self-discipline management function. To better serve the high-quality development of the real economy.