This article is from the WeChat public account: China Economic Weekly (ID: ChinaEconomicWeekly) , reporter: Wei Xie, picture from: Visual China
In the morning of December 28, the 15th meeting of the Standing Committee of the 13th National People’s Congress closed, and the meeting voted to pass the newly revised Securities Law of the People’s Republic of China.
It took more than four years and after four deliberations, the amendment of the securities law was finally finalized. Xu Shaoshi, chairman of the NPC Finance and Economics Committee, once said, “The amendment of this law has taken a long time and has been difficult, which is rare in the history of the legislative legislature.”
This amendment is the second amendment to the Securities Law in 21 years. Previously, the Securities Law was amended three times in 2004, 2013, and 2014, and the first amendment was made in 2005. The securities law will come into effect on March 1, 2020. The new law has been comprehensively improved from the reform of the stock issuance registration system, the substantial increase in the cost of illegal securities, the strengthening of investor protection, and the strengthening of information disclosure.
When the review committee is cancelled, when will the registration system be fully implemented?
An important part of this amendment to the securities law is the registration system.
Cheng Hehong, director of the Legal Department of the China Securities Regulatory Commission, said at the press conference on the 28th that the revised securities law is in accordance with the basic positioning of the comprehensive implementation of the registration system, and has made relatively comprehensive and comprehensive regulations on the registration system for securities issuance. Aspects:
One is to streamline and optimize the conditions for securities issuance. Changed the requirement that the publicly issued stocks under the current securities law should have “continuing profitability” to “have continuous operating ability”; for example, in the case of public issuance of bonds, the original requirement for the company’s net assets when issuing bonds was cancelled . “Such a modification is helpful to break the administrative approval thinking in the supervision of securities issuance and is in line with the spirit of registration system reform.”
Second, the procedures for issuing securities have been adjusted. On the basis of clearly specifying the State Council’s securities regulatory authority or a department authorized by the State Council as a statutory registration authority, the original law’s issuance review committee system was abolished, and it was clear that securities exchanges and other institutions can apply for securities issuance in accordance with regulations Review. At the same time, the State Council is authorized to stipulate specific measures for the registration of public offerings of securities.
The third is to strengthen information disclosure in securities issuance. The amendment to the Securities Law specifically established a chapter, which made a systematic provision on information disclosure.
Cheng Hehong said that the key to implementing the registration system is to take information disclosure as the core. This amendment to the Securities Law clearly stipulates that securities issue application documents submitted by issuers should fully disclose the value judgments and investment decisions made by investors. The necessary information must be true, accurate, complete, concise, and easy to understand.
Fourth, the specific scope and implementation steps of the securities issue registration system stipulated in Article 9 (1) of the New Securities Law shall be prescribed by the State Council. “This is to leave space for the step-by-step implementation of the registration system in practice.”
“The registration system is the central policy of the central government, and it is also a clear stipulation of the securities law that must be resolutely implemented. There is no doubt about it. At the same time, the promotion of the registration system is also step by step.” Cheng Hehong said that securities The market has different sectors and different types of securities. It is not objectively possible to implement the registration system in one step.
Cheng Hehong revealed, “In accordance with the central government’s requirements for accelerating the implementation of the GEM reform pilot registration system, we are intensively studying and advancing the GEM reform. According to the authorization of this law, the CSRC will fully consider the actual market conditions, and in particular must grasp it The organic integration of securities issuance, securities registration and market affordability will be carried out step by step and steadily in accordance with the unified deployment of the State Council. “
Increase the investor protection chapter and explore the establishment of a securities civil litigation system in line with national conditions
The revised securities law has added a special chapter on investor protection. Gong Fanrong, director of the bill room of the Financial and Economic Committee of the National People ’s Congress, stated that “maintaining the legitimate rights and interests of investors is an important foundation for the healthy and stable development of the capital market. This amendment highlights investors Protection, especially the system design on the main line of protecting the rights and interests of small and medium investors.
At the conference site, he introduced some of the highlights, including: distinguishing between ordinary investors and professional investors, making targeted investor protection arrangements; establishing a shareholder rights system, and allowing specific entities to publicly request listing The company’s shareholders entrusted them to attend the shareholders’ general meeting and exercise the right of proposal