How does the policy ＂combination boxing＂ strengthen supervision and promote development？ Measures proposed in four policy documents of CSRC

On March 15th, the CSRC issued four documents, namely, Opinions on Improving the Quality of Listed Companies from the Source (Trial), Opinions on Strengthening the Supervision of Listed Companies (Trial), Opinions on Strengthening the Supervision of Securities Companies and Public Offering of Fund to Accelerate the Construction of First-class Investment Banks and Investment Institutions (Trial) and Opinions on Implementing the Standards of Excellent Political Ability, Excellent Work Style and Comprehensively Strengthening the Construction of the CSRC System. Li Chao, vice chairman of the China Securities Regulatory Commission, said that these four documents are an organic whole, and systematically put forward policy measures from the aspects of issuance access, continuous supervision of listed companies, supervision of intermediary institutions, etc., highlighting "strengthening the foundation and strengthening the foundation" and "strict supervision and management".

What is the significance of issuing four policy documents in a centralized manner? How can the policy "combination boxing" strengthen supervision and promote development? What are the difficulties in cracking down on new corruption in the capital market? Let’s watch together.

Eight policies and measures strictly control the access to issuance and listing.

First of all, pay attention to the relevant contents of the four policies issued by the CSRC. In the "Opinions on Improving the Quality of Listed Companies from the Source by Strictly Controlling the Access of Issuance and Listing (Trial)" issued by the China Securities Regulatory Commission on the 15th, eight policy measures were put forward with a view to improving the quality of listed companies from the source.

First, strictly declare the quality of enterprises to be listed.

The second is to compact the janitor’s responsibility of intermediary agencies.

The third is to highlight the main responsibility of the exchange audit.

The fourth is to strengthen the supervision responsibility of the dispatched offices of the CSRC.

Fifth, resolutely fulfill the responsibility of coordinating the whole chain of the CSRC organs.

The sixth is to optimize the functional convergence of multi-level capital markets.

Seventh, standardize and guide the healthy development of capital.

Eighth, improve the whole chain supervision and accountability system.

Constructing a comprehensive punishment and prevention system to combat financial fraud

The relevant person in charge of the China Securities Regulatory Commission said that in the future, it will focus on cracking down on five types of behaviors, including long-term systematic fraud, third-party cooperation fraud and fraudulent issuance of stocks and bonds. China Securities Regulatory Commission will work with various regions and departments to build a comprehensive punishment and prevention system to combat financial fraud.

Guo Ruiming, Director of Supervision Department of Listed Companies of China Securities Regulatory CommissionIn the criminal aspect, we should make good use of the institutional advantages of the public security and procuratorial organs stationed in the CSRC to jointly investigate and deal with a number of typical malignant cases. On the civil side, it is mainly to enable investors who have suffered losses from fraud to get compensation, which will greatly increase the illegal cost of fraud, such as paying in advance, supporting investors to sue, and the parties to administrative law enforcement promise these systems, and we will launch more cases. For those who are mainly responsible, the market is firmly banned. Financial fraud, which touches the standard of mandatory delisting of major violations of law, will be resolutely delisted.

According to the principle that substance is more important than form, comprehensively prevent detour reduction

In view of the illegal curve reduction of listed companies after high-priced issuance, which is widely concerned by the market, the relevant person in charge of the China Securities Regulatory Commission said that the system of reduction rules will be comprehensively improved, and in accordance with the principle that substance is more important than form, various measures will be taken to comprehensively prevent detour reduction.

Consolidate and restore market confidence and crack down on illegal activities

At the press conference on March 15, the CSRC stated that it should adhere to the goal orientation and problem orientation, firmly grasp the main line of strong supervision, risk prevention and high-quality development, and implement the requirements of "long teeth and thorns" and "strong foundation" and "strict supervision and strict management". What is the significance of issuing four policy documents in a centralized manner? How does the CSRC’s policy "combination boxing" strengthen supervision and promote development? Let’s listen to Wu Xiaoqiu, Dean of the National Finance Research Institute of Renmin University of China.

Wu Xiaoqiu, Dean of the National Finance Research Institute of Renmin University of ChinaChina Securities Regulatory Commission issued a series of policies on March 15th. The most important function of this policy is to realize the spirit of openness, fairness and justice. At present, our market is still facing to continue to consolidate and restore market confidence, which is very important at present. But it is very important to purify the environment so that investors can have expectations and confidence. Therefore, we are still in this IPO link, and we must strictly control the entrance. We should crack down on those enterprises that fraudulently go public. We should implement such a basic principle of declaration and responsibility. It also urges intermediaries to perform their duties, maintain their functions, and ensure that IPO enterprises conform to the market principle. At the same time, it also makes clear provisions on reducing their holdings, including refinancing. These are very important, that is, to restore market confidence, which is in the first place. I think in the future, we will still stick to short-term market stability and long-term institutional reform, and the future is our two very important tasks.

Combating new corruption and hidden corruption in the capital market

The last of these four documents issued by CSRC is about self-construction. Li Chao, vice chairman of China Securities Regulatory Commission, said that China Securities Regulatory Commission will make continuous efforts from three aspects: not daring to corrupt, not wanting to corrupt.

Li Chao said that the issue audit field is a high-incidence area of corruption, and the market is highly concerned. The China Securities Regulatory Commission resolutely cracked down on new and hidden corruption problems in the capital market, such as neglecting regulatory duties, undermining regulatory order, creating financial risks, and infringing on the rights and interests of small and medium investors.

Li Chao, Vice Chairman of China Securities Regulatory CommissionTo deepen the binding force of "incorruptibility", the key lies in the system. In view of the new characteristics of corrupt behaviors such as "option corruption" and "shadow shareholders" reflected in the case, we should improve the supervision system from multiple dimensions such as strengthening the supply of the system and strengthening the penetration supervision, strengthen the construction of supervision transparency, persist in promoting supervision and standardization through publicity, and eliminate the rent-seeking space of power from the source.

The word "strict" comes first in the four policy documents.

According to reports, although the focus of the four policy documents released this time is different, they all highlight the word "strict". Comprehensive coverage of major market entities such as listed companies, listed companies, securities fund operating institutions, accounting firms and private equity institutions, as well as organs of the CSRC, agencies and exchanges, with strict words as the first priority and strict to the end. This time, the Opinions on Implementing the Standards of Excellent Politics, Excellent Ability and Excellent Style and Comprehensively Strengthening the Self-construction of the Securities Regulatory Commission System is even more prominent, with strict words, facing problems directly and cutting edges inward.