The Central Financial Work Conference deployed financial work for the current and future periods and clarified the “keywords” for capital market reform, including activating the capital market, promoting the deepening and solidification of the stock issuance registration system, improving the multi-level market system, and promoting the improvement of listings. Company quality, cultivating first-class investment banks and investment institutions, etc.
The reporter learned that the China Securities Regulatory Commission is preparing a number of reform measures to implement the requirements of the Central Financial Work Conference and continue to improve market expectations. For example, it will continue to cooperate with relevant departments in guiding medium and long-term funds to enter the market and encourage long-term value investment to study and promote a number of new Important measures; take multiple measures to stimulate the vitality of the bond market; promote the introduction of regulations on the supervision and management of listed companies, and increase the accountability for breach of trust such as capital appropriation and third-party entities’ cooperation in fraud.
Highlight 1: Active capital market reform will not stop
The Central Financial Work Conference pointed out that efforts should be made to carry out key tasks in the current financial field, maintain reasonable and sufficient liquidity, continue to reduce financing costs, and activate the capital market.
A reporter from the Securities Times learned from people close to the regulator that in the next step, the China Securities Regulatory Commission will continue to study and demonstrate policy measures that have not yet been launched, mature one and launch another, and continue to improve market expectations. In addition, we will actively cooperate with relevant departments to continue to study and launch a number of new important measures in guiding medium and long-term funds to enter the market and encouraging long-term value investment.
Point 2: The stock issuance registration system will be deepened and implemented
The Central Financial Work Conference proposed to promote the deepening and solidification of the stock issuance registration system and better play the hub function of the capital market.
The market generally believes that promoting the deepening and solidification of the stock issuance registration system is the central task of the capital market to better play its hub function. How to promote the stock issuance registration system to be deeper and more solid? Zhang Wangjun, director of the Market Supervision Department of the China Securities Regulatory Commission, said that the China Securities Regulatory Commission will continue to improve the basic systems of issuance, listing, trading, mergers and acquisitions, delisting, etc., and promote the basic system of the capital market to be more complete and It will be more finalized and enhance the competitiveness and inclusiveness of the modern capital market with Chinese characteristics.
Under the registration system, “delegation and regulation combined”, in terms of “regulation”, the above-mentioned people pointed out that in the next step, the China Securities Regulatory Commission will focus on the main responsibilities and main businesses. First, adhere to “zero tolerance” to investigate and handle major cases. In light of the new market situation of the comprehensive implementation of the registration system, we will seriously investigate and deal with fraudulent issuance, financial fraud, market manipulation and other illegal activities that seriously affect the market order, and increase the number of controlling shareholders and actual controllers who instruct the company to commit fraud, as well as sponsors and underwriters, audit evaluations, legal The severity of punishment for serious dereliction of duty by service and other intermediary agencies will make those who do bad things pay a heavy price. The second is to further improve the securities legal liability system. Promote the introduction of regulations on the supervision and management of listed companies, and increase accountability for breaches of trust such as capital misappropriation and third-party entities’ cooperation in fraud. The third is to continue to deepen law enforcement cooperation. We will further leverage the institutional advantages of the public security and procuratorial organs stationed at the Securities Regulatory Commission, strengthen law enforcement cooperation with the public security procuratorial organs, and promote the rapid investigation and handling of a number of major illegal and criminal cases through timely special operations and joint supervision.
Point 3: Attract more medium and long-term funds
When implementing the spirit of the Central Financial Work Conference, the China Securities Regulatory Commission stated that it will strengthen the construction of basic systems and mechanisms, attract more medium and long-term funds, vigorously promote the improvement of the quality of listed companies, optimize refinancing and mergers and acquisitions and restructuring mechanisms, consolidate and deepen the normalized delisting mechanism, Support listed companies in their transformation and upgrading to become better and stronger.
It is understood that the regulatory authorities will also introduce rules for the restructuring of directional convertible bonds in the near future, and the Shanghai and Shenzhen Stock Exchanges are studying and improving the “small amount and fast” review mechanism for restructuring. The policy environment for mergers, acquisitions and reorganizations will be further optimized, and the role of the main channel for mergers, acquisitions and reorganizations in the capital market will be more prominent.
In terms of attracting medium and long-term funds, the reporter learned from people close to the regulatory authorities that the China Securities Regulatory Commission will continue to strengthen departmental coordination and introduce the “Capital Market Investment Side Reform Action Plan” to increase the introduction of medium- and long-term funds. Specifically:
The first is to promote the improvement of equity investment space. On the basis of increasing the upper limit of investment in equity assets of annuity funds from 30% to 40%, we will actively promote various medium and long-term funds such as social security funds and basic pension insurance funds to broaden the sources of funds, increase the proportion of equity asset investment, and reasonably expand the scope and strategy of investment. .
The second is to increase product innovation. Support fund managers to enrich their product systems and rationally use financial derivatives to create more fund products suitable for various types of medium and long-term capital investments.
The third is to strengthen the stability of investment operations. Taking long-term assessment as an important starting point, we continue to advocate the establishment of long-term assessment mechanisms of more than three years for various types of pensions and insurance funds. Recently, the Ministry of Finance issued the “Notice on Guiding Long-term Stable Investment of Insurance Funds and Strengthening the Long-term Assessment of State-owned Commercial Insurance Companies”, which clarified the implementation of a three-year assessment mechanism for the return on net assets of state-owned insurance companies to guide state-owned commercial insurance companies to operate in a stable and long-term manner. We should give full play to the role of medium- and long-term funds as a market stabilizer and a booster of economic development.
The fourth is to promote high-quality development of personal pension business. Promote the expansion of the personal pension system to the whole country and expand the coverage of the system; further improve the convenience of system participation and smooth the entire service process; further enrich the personal pension product system and study the establishment of a personal pension investment advisory system.
The fifth is to optimize the capital market investment ecology. Formulate behavioral rules for institutional investors to participate in the governance of listed companies, give full play to the restraint role of professional buyers, and improve the governance efficiency of listed companies; optimize the supervision of investment transactions and facilitate the investment operation management of professional institutions; improve risk management tools and create a policy environment conducive to the entry of medium and long-term funds into the market .
Point 4: Take multiple measures to cultivate first-class investment banks and investment institutions
The Central Financial Work Conference emphasized the need to strengthen the internal governance of industry institutions, return to the roots, develop steadily, and accelerate the cultivation of first-class investment banks and investment institutions.
The above-mentioned person close to the regulatory authorities pointed out that in the next step, the China Securities Regulatory Commission will promote the securities and fund industry to strengthen its mission of “financial service to the country” and accelerate the formation of more effective institutional functions, more stable business concepts, more intensive development models, more complete corporate governance, and more comprehensive A new pattern of high-quality development of the securities fund industry with more conscious regulation and risk control, a healthier industry ecology, deeper cultural construction, and more mature regulatory mechanisms.
In terms of promoting the high-quality development of the securities industry, the China Securities Regulatory Commission will promote the coordinated linkage of securities companies’ investment banking, investment, and investment research, continuously improve their ability to serve the real economy and serve the registration system reform, and help build a diversified relay financial service system for real enterprises. Support leading securities companies to become better and stronger through business innovation, group operations, mergers and acquisitions, etc., build first-class investment banks, play an important role in serving the main force of the real economy and maintaining financial stability as a ballast; guide small and medium-sized institutions to integrate with shareholders background, regional advantages and other resource endowments and professional capabilities to achieve characteristic and differentiated development. Pay close attention to the internal control and compliance construction of investment banking business, promote securities companies to truly have the concepts, organizations and capabilities that match the registration system, effectively fulfill their responsibilities, and continuously improve the quality of projects. Actively guide investment banks to improve their position, integrate their own development into the overall situation of the country, effectively give full play to the business functions of investment banks, actively serve high-level science and technology, be self-reliant and self-reliant, and promote high-level circulation of science and technology, industry and capital. Securities companies are encouraged to strengthen financial technology construction, improve transaction service capabilities, increase online business coverage under the premise of controllable risks, and take multiple measures to facilitate investors’ participation in capital market investment.
In terms of promoting the high-quality development of the fund industry, the China Securities Regulatory Commission continues to improve the system and mechanism, effectively transmit regulatory requirements, guide the public fund industry to allocate more funds to strategic emerging industries and other places where the country needs it most, and further support enterprises in original technological innovation, ” Carry out research in key technical fields such as “Stuck Neck” to better promote the formation of innovative capital and support high-level scientific and technological self-reliance and the construction of a modern industrial system. Persevere and vigorously develop equity funds, increase the shareholding ratio of public funds in the A-share market, guide fund managers to focus on grasping the long-term trend, maintain determination, continuously strengthen the stability of investment behavior, and lay a solid foundation for the stable development of the capital market.
The China Securities Regulatory Commission will further comprehensively strengthen financial supervision and effectively prevent and resolve financial risks. Establish and improve the “textbook-style” supervision model and industry standards, effectively improve the effectiveness of financial supervision, bring all financial activities into supervision in accordance with the law, comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, continuous supervision, and eliminate supervision White space and blind spots. Continue to strengthen the internal governance of industry organizations, carry out in-depth comprehensive management of industry culture, vigorously promote the excellent traditional Chinese culture in the securities and fund industry, adhere to the principles of honesty and trustworthiness, profit from justice, stability and prudence, integrity and innovation, compliance with laws and regulations, and consolidate high-quality development of the industry. Cultural foundation, establish the bottom line thinking of risks, always be “open, see clearly, and manage”, and resolutely fight the protracted battle to prevent and resolve major financial risks.
Point 5: Bond marketHigh-quality development is on the way
The Central Financial Work Conference proposed to promote high-quality development of the bond market.
The reporter learned from people close to the regulator that the next step will be to stimulate the vitality of the bond market. Comprehensively improve the vitality and quality of the bond market. Strengthen the reform of the investment side of the bond market and promote the full participation of banking institutions in exchange bond market transactions. Strengthen the team of bond market makers, steadily advance the reform of the inquiry and quotation system, and deepen the opening of the bond market to the outside world. Promote the construction of a multi-level REITs market, continuously improve the REITs market system and rules, and promote high-quality expansion and category expansion of the REITs market. Implement the “Twelve Measures” requirements for the normal issuance of REITs, promote the supply of high-quality projects, study and launch REITs-related indexes and ETF products, and promote the interconnection between the REITs market and the Hong Kong market. Improve the quality and efficiency of the bond market in serving the real economy. Improve the bond review and registration system that is open, transparent, standardized, orderly, honest and efficient. Deepen bond product innovation, optimize regulatory services, and take multiple measures to improve the availability and convenience of bond financing. We will adhere to bottom-line thinking and make every effort to prevent and control risks in key areas such as real estate and urban investment. To adapt to the new situation of major changes in the supply and demand relationship in the real estate market, continue to focus on the capital market to support the implementation of policies and measures for the stable and healthy development of the real estate market. Maintain the overall stability of equity and debt financing channels for real estate companies and support the reasonable financing needs of real estate companies in normal operations. Adhere to “one enterprise, one policy” to steadily resolve the bond default risk of large real estate enterprises. Strengthen the risk monitoring and early warning of urban investment bonds, make the “explosion-proof” of open market bonds and non-standard debt a top priority, and make every effort to maintain the smooth operation of the bond market.
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(Source of article: Securities Times)
Source of article: Securities Times
Author of the article: Cheng Dan
Original title: The central government sets the tone for capital market reform and more policies are expected to be implemented.
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2023-11-03 23:29:54
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