The “road map” of capital market reform this year will be further clarified at the system working meeting of the CSRC in 2022.
Experts interviewed by China Securities Journal on the 16th said that adhering to the “stability” and “tackling key problems in reform”, taking the reform of the whole market registration system as the traction, comprehensively deepening the reform and opening up of the capital market, setting “traffic lights” for capital, and adhering to “zero tolerance” will become the theme and main line of capital market supervision in 2022. In 2022, relevant departments will accelerate the construction of a more mature and finalized basic system of capital market, and the attraction of capital market will continue to increase.
further improve the rules of the capital market system
Industry insiders believe that at present, the market has basically had the basis for the reform of the whole market registration system.
“Comprehensively promoting the registration system in 2022 will become a high probability event.” Shenwan Hongyuan Group Co.Ltd(000166) the recently released research report pointed out that the comprehensive promotion of the registration system will help the securities market better serve the real economy, promote the more market-oriented issuance pricing, and help to realize the effective allocation of resources. It is an important embodiment of the supply side structural reform and will also promote the high-quality development of China’s economy.
Recently, the regulatory authorities have also frequently released the signal of “comprehensively deepening the reform and opening up of the capital market under the guidance of the reform of the whole market registration system”. When conveying, studying and implementing the spirit of the central economic work conference, the Party committee of the CSRC recently pointed out that it will take the reform of the registration system as the traction, comprehensively promote key reforms such as improving the quality of listed companies, improving the delisting mechanism, multi-level market construction, strengthening the responsibilities of intermediaries, investment side reform, improving the judicial system and mechanism of securities law enforcement, and continuously improve the basic system of the capital market. We will coordinate development and security, steadily promote the high-level opening of the capital market to the outside world, and accelerate the improvement of the supervision system for overseas listing of enterprises.
The reform of the whole market registration system will reshape the ecology of the capital market and accelerate the construction of a more mature and stereotyped basic system of the capital market. Wu Xiaoqiu, vice chairman of the academic committee of Renmin University of China and President of China Capital Market Research Institute, believes that we should deeply study the development law of capital market and the basic characteristics of modern capital market. Focusing on the reform of the registration system, we will further improve the capital market system and rules, including the issuance system, M & A, information disclosure, regulatory system, delisting mechanism and punishment for violations of laws and regulations.
set “traffic lights” for capital
The central economic work conference pointed out that it is necessary to set up “traffic lights” for capital, strengthen the effective supervision of capital according to law, and prevent the barbaric growth of capital. Experts said that under the background of the reform of the whole market registration system, improving relevant systems and mechanisms and strengthening the normative guidance of capital will be an important content of capital market supervision in 2022.
“Traffic light” means that the vehicle should move forward and stop, so as to give play to the positive role of capital as a factor of production and effectively control its negative role. “Strengthening norms is for healthier, more sustainable and longer-term development, which is the same for the capital market.” Han Wenxiu, deputy director of the central finance office in charge of daily work, once said.
Zhang Aoping, President of incremental Research Institute, said: “after China’s capital market ushers in the comprehensive registration system reform, it is necessary to further strengthen the normative guidance of capital, and the supervision of specific matters may be more strict, so as to make China’s capital market develop in a more market-oriented, legalized and international direction.”
At the same time, experts also believe that to set up a “traffic light” for capital, the regulatory authorities should ensure the orderly supervision of capital and “neither absent nor offside”. Liu Junhai, Professor of Law School of Renmin University of China, suggested that we should truly realize the seamless connection, organic connection, CO frequency resonance and benign interaction between the invisible hand of the market and the visible hand of the government. Explore the establishment of a unified regulatory system and mechanism to promote the coordination and unification of regulatory standards, rules and ideas.
“zero tolerance” is true
“Zero tolerance” will be thoroughly implemented in 2021. Industry insiders predict that this situation will be further strengthened in 2022, and the regulatory efficiency of the capital market is expected to be comprehensively improved.
Fully implement the concept of “zero tolerance”, and the basic system of the capital market will be systematically improved and upgraded. Jiao Jinhong, chief lawyer of the CSRC, said recently that the three-dimensional legal liability system of administrative punishment, civil compensation and criminal punishment is more mature and stereotyped. Next, the CSRC will adhere to the nine character policy of “building a system, non intervention and zero tolerance”, continue to strengthen the construction of the rule of law in the capital market, and provide a more solid legal guarantee for accelerating the construction of a standardized, transparent, open, dynamic and resilient capital market.
Fully implement the concept of “zero tolerance”, and more new measures will be taken in investor protection. Huang Ming, a first-class inspector of the Investor Protection Bureau of the CSRC, recently said that he would improve the organic three-dimensional investor protection system, help common prosperity and further improve the relevant investor protection systems. Continue to improve the accuracy and effectiveness of investor education. We will improve the mechanisms for safeguarding the rights of various investors. We will continue to promote the litigation of special representatives for securities disputes.
Yi Huiman, chairman of the CSRC, said a few days ago that the CSRC will continue to promote the improvement of the financial rule of law with relevant parties. To adapt to the new changes such as the integration, platform, collectivization and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integration of financial formats, strengthen system construction, eliminate regulatory vacuum, give full play to regulatory forces and improve regulatory efficiency. At the same time, we will strive to improve the digital and intelligent level of supervision and improve the comprehensive quality and professional ability of supervision cadres.
