Special topic: essence of four securities newspapers
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On Thursday, May 16, the highlights of today's headlines are as follows:
China negotiable securities newspaper
China Securities Regulatory Commission Issued Regulations on the Administration of Programmed Transactions in the Securities Market
In the view of the insiders, the Management Regulations, closely centering on the main line of strengthening supervision, preventing risks and promoting high-quality development, adhere to the general idea of "seeking advantages and avoiding disadvantages, highlighting fairness, effective supervision and standardized development", and make comprehensive and systematic regulations on the supervision of programmed transactions in the securities market (usually referred to as "quantitative transactions" in the market), It is an important measure to strengthen the supervision of market transactions.
CSRC: run insurance through all aspects of the whole process of system construction, supervision and law enforcement
On May 15, the CSRC held the 2024 "May 15 National Investor Protection Publicity Day" in Beijing, with the theme of "Caring for investors to act together - promoting high-quality development and boosting investor confidence". Wu Qing, Chairman of the CSRC, said in his speech that the CSRC would focus on the implementation of investor protection in all aspects of the whole process of capital market system construction, supervision and law enforcement, further consolidate the institutional foundation of investor protection, further promote the improvement of the quality of listed companies, and further promote the improvement of professional services of industry institutions, We will further crack down on securities crimes in accordance with the law, and further open the channels for investors to safeguard their rights and relief. In addition, the CSRC will adapt to the needs of the development of new quality productivity, optimize institutional arrangements such as issuance and listing, mergers and acquisitions, and equity incentives, and support those companies with innovative development potential to accelerate their optimization and strength. It not only supports the healthy growth of high-quality emerging enterprises, but also supports the transformation and upgrading of high-quality traditional enterprises, so that investors can better share the fruits of high-quality economic development.
Industrial integration, market value management, big state-owned buyers, big game, combined M&A
The reporter found that in the past two years, the combined transaction of "agreement transfer+waiver of voting rights" has become popular among state-owned asset acquisitions. Under this mode, state-owned assets can not only become the controller of listed companies at a lower cost, but also solve the problem of "professional managers" in mergers and acquisitions. After mergers and acquisitions, the original management still enjoys most of the company's profits. In addition, as major shareholders who lose the label of "actual controller" become less restrictive in reducing their holdings, their liquidity becomes stronger.
Supreme law: strengthen the function of diversified dispute resolution mechanism
We will build a three-dimensional accountability system that integrates administrative law enforcement, civil accountability, and criminal strikes. First of all, we should work with the CSRC to promote the normalization of the collective action system, make financial fraudsters pay their due price, make up for the losses of small and medium-sized investors in a timely and effective manner, protect their rights and interests, and give full play to the exemplary role of representative action system in investor protection. The second is to strengthen coordination with regulatory authorities, strengthen the connection and cooperation of administrative law enforcement, civil accountability and criminal strike, and work together to punish the capital market for crimes and purify the capital market.
Shanghai Securities News
Wu Qing, Chairman of the Securities Regulatory Commission, said at the "May 15 National Investor Protection Publicity Day" activity that insurance will run through all aspects of the whole process of system construction, supervision and law enforcement
Wu Qing stressed that investor protection should be run through all aspects of the whole process of capital market system construction and supervision and law enforcement, and elaborated on five "further": further consolidating the institutional basis of investor protection, further promoting the quality of listed companies, further promoting the professional service level of industry institutions, further cracking down on illegal and criminal securities acts according to law Further unblock the channels for investor rights protection and relief.
The first "May 15" activity after the new "National Ninth Article" releases multiple signals
Industry insiders said that the capital market is a market that "concerns the vital interests of hundreds of millions of families and hundreds of millions of people", and there is a long way to go to protect the legitimate rights and interests of investors. After the introduction of the new "National Ninth Article", the first "May 15" activity released multiple signals: first, in the next stage, from the regulatory concept to the system design, to the regulatory law enforcement, it will more reflect the protection of the legitimate rights and interests of investors, especially small and medium-sized investors; Secondly, the capital market will focus more on "strengthening the foundation" and "strict supervision and management", and respond to investors' concerns with the quality improvement of listed companies and the return of securities fund institutions; Finally, "zero tolerance" to crack down on violations of laws and regulations in the capital market is still the key work in the next stage. At the same time, combined with industry practice, the "toolbox" of diversified dispute resolution in the capital market is expected to continue to enrich and innovate, and effectively protect the legitimate rights and interests of investors.
The CSRC issued three system rules to standardize quantitative trading, protect investors' rights and interests, and resolve securities and futures disputes in a diversified way
On May 15, the CSRC issued three institutional rules closely related to investor protection, including the Administrative Provisions on Programmed Trading in the Securities Market (for Trial Implementation), the Guidelines for the Application of Regulatory Rules - Issuance No. 10, and the Work Plan on Improving the Diversified Resolution Mechanism of Securities and Futures Disputes and Deepening the Source of Action Governance The protection of investors' rights and interests, the diversified settlement mechanism of securities and futures disputes and other work were deployed.
MLF Equal Parity Renewal RRR and Interest Rate Reduction Window or Move Back
The financial data fluctuation superimposed on the issuance of ultra long term special treasury bonds is imminent, and the use of the central bank's monetary policy tools has drawn much attention from the market. On May 15, the People's Bank of China carried out a 7-day reverse repo operation of 2 billion yuan and a MLF (medium-term lending facility) operation of 125 billion yuan, and the bid winning interest rate was the same as before. Due to the expiration of MLF of 125 billion yuan this month, this operation realized the renewal of equal parity.
Securities Times
China Securities Regulatory Commission Holds 2024 "May 15 National Investor Protection Publicity Day" Activity, Consolidates the Foundation of Investor Protection System, Cracks Down on Securities Illegal Acts
On May 15, the CSRC held the 2024 "May 15 National Investor Protection Publicity Day", and Wu Qing, Chairman of the CSRC, attended the event and delivered a speech. He said that investor protection should be run through all aspects of the whole process of capital market system construction and supervision and law enforcement, including further consolidating the institutional basis for investor protection, promoting the improvement of the quality of listed companies, promoting industry institutions to improve professional service levels, cracking down on securities crimes according to law, and unblocking the channels for investor rights protection and relief.
Prospectus needs to publish forward-looking information such as the issuer's statement to investors that unprofitable enterprises need to disclose expected earnings
On May 15, the CSRC issued the Guidelines for the Application of Regulatory Rules - Issuance No. 10, which will be implemented from now on. The CSRC said that the guidance is intended to promote all parties to establish the concept of being responsible for investors, strengthen the behavioral constraints of enterprises to be listed, and effectively protect the interests of investors.
The framework of procedural trading rules clearly defines high-frequency quantitative supervision
On May 15, the CSRC issued the revised Administrative Provisions on Programmed Trading in the Securities Market (for Trial Implementation). It has made overall and framework institutional arrangements for the supervision of programmed transactions in the securities market, stipulated specific matters such as the management of programmed transaction reports, transaction monitoring and risk management, information system management, high-frequency transaction differentiation management, and authorized the stock exchange to refine business rules and specific measures.
"Teeth with thorns" CSRC "zero tolerance" crack down on all kinds of violations
On May 15, the China Securities Regulatory Commission (CSRC) released the "transcript" of law enforcement in 2023 and clarified the key points of law enforcement in 2024. The CSRC said that it would crack down on illegal acts in the securities and futures market that seriously endanger the smooth operation of the market, infringe on the legitimate rights and interests of investors, have a bad social impact and have strong public reaction, strengthen clue discovery, investigate major cases, improve law enforcement efficiency, continue to deepen cooperation, focus on both punishment and prevention, and accelerate the construction of a safe, standardized, transparent, open, dynamic A resilient capital market escorts.
Securities Daily
Wu Qing: Further consolidate the foundation of investor protection system to provide more substantial and fair protection for investors
"At present, we are deeply implementing the spirit of the Central Financial Work Conference, comprehensively implementing the new 'National Nine Rules', and solidly promoting the implementation of' 1+N 'policies and measures in the capital market to take effect." Wu Qing said that the core content is to promote strong supervision, risk prevention, high-quality development, strengthen the foundation, tighten supervision and strict management, and accelerate the building of safety, norms, transparency, openness, vitality A resilient capital market. To this end, the CSRC has issued a series of rules and regulations, including strictly controlling the entrance of issuance and listing, strengthening the supervision of cash dividends, share reduction, quantitative trading and other aspects, and urging industry institutions to perform their duties. All of these fully reflect the clear orientation of investor protection.
China Securities Regulatory Commission: the stock exchange implements real-time monitoring on program trading and strengthens high-frequency trading supervision
On May 15, the CSRC issued the Regulations on the Administration of Programmed Trading in the Securities Market (for Trial Implementation) to further promote the standardized development of programmed trading and maintain the order of securities trading and market fairness. The Management Regulations will be officially implemented from October 8, 2024.
In 2023, the CSRC will impose 539 administrative punishments and confiscate 6.389 billion yuan
On May 15, the CSRC released a summary of law enforcement in 2023. Since 2023, in accordance with the requirements of "comprehensively strengthening financial supervision", the CSRC has strengthened political guidance, faithfully performed its duties and responsibilities, rallied the joint efforts of the system, "zero tolerance" to crack down on all kinds of illegal acts, and made efforts to achieve "long teeth and thorns" in supervision and law enforcement, to strengthen the foundation and strict supervision, to fully maintain the stable operation of the capital market and protect the legitimate rights and interests of investors, To provide a strong legal guarantee for the high-quality development of the capital market.
The CSRC issued regulatory guidelines to urge issuers to firmly establish a correct "listing view"
On May 15, in order to implement the new "National Ninth Article" and the "Opinions on Strictly Controlling the Access to Issuance and Listing to Improve the Quality of Listed Companies from the Source (Trial)", promote all parties to establish the concept of being responsible for investors, strengthen the behavior constraints of enterprises to be listed, and effectively protect the interests of investors, on the National Investor Protection Publicity Day on May 15, The CSRC issued the Guidelines for the Application of Regulatory Rules - Issuance Category No. 10, which will be implemented from now on.
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