Before the Lunar New Year, the CSRC ushered in a new leader. Up to now, Wu Qing, the new chairman of the CSRC, has been in office for more than 100 days.
The reporter from Nandu Bay Finance Agency found that in more than three months since Wu Qing took office, many head brokers have received tickets intensively. It is rare that tickets are issued intensively and cover a wide range of securities dealers. There are various reasons for the ticket. In addition to the IPO recommendation business, research paper writing and other common areas, it also involves continuous supervision, regular increase, handling investor disputes, etc. On May 10, the CSRC revised and issued the Provisions on Strengthening the Supervision of Listed Securities Companies, which clearly requires listed securities companies to take a more distinctive position of the people and more strict compliance risk control, and effectively assume the role of "leader" and "pacesetter" in leading the high-quality development of the industry.
Emphasize "two strong and two strict" capital market supervision
According to Xinhua News Agency, on February 7, 2024, Wu Qing was appointed Chairman of the China Securities Regulatory Commission. Wu Qing's appointment has been expected by the outside world.
During the National Two Sessions in 2024, Wu Qing systematically elaborated on some of his ideas on capital market supervision when answering questions from reporters, which can be summarized as "two strong and two strict".
"To further promote the high-quality development of the capital market, from the perspective of supervision, the most important two keywords are: strong and strict. Strong means to strengthen the foundation. Strict means to strictly supervise, strictly supervise the market according to law, and strictly manage the team according to discipline." Wu Qing said at that time.
Strictly supervise leading securities companies to promote high-quality development
The reporter from Wancai News Agency noticed that since Wu Qing took office, many head brokers have received tickets intensively, and some even received three or four tickets.
Tian Lihui, president of the Financial Development Research Institute of Nankai University, said in an interview with the reporter of Wancai News Agency that the intensive punishment of head brokers was due to strengthened supervision and insufficient compliance. Only the high-quality development of the head securities companies can lead the main market institutions to comply with the rules and regulations, and achieve the stability and justice of the market. "
The economist Pan Helin also said to the reporter of the Gulf Financial News Agency: "The head securities companies used to neglect supervision and have many problems. Now the supervision is strengthened, trying to let the securities companies take the responsibility. For the head securities companies in the future, real-time supervision will be promoted in a multi-dimensional way, especially the supervision of the internal control level of the securities companies needs to be strengthened."
Focus on supervision and performance of duties and strengthen the whole chain supervision
Since this year, IPO recommendation business is still a "high incidence area" for securities firms' violations, while continuous supervision has become a new disaster area for fines. The specific violations involve trade business, review and disclosure procedures for changes in raised investment plans, issuing shares to purchase assets and raising supporting funds.
On May 6, Guangdong Securities Regulatory Bureau disclosed that Guosen Securities, as the sponsor of the initial listing of Guangdong Optech Technology Co., Ltd. (hereinafter referred to as Optech), had the following violations in the process of continuous supervision: First, it failed to timely urge Optech to perform the review and disclosure procedures for changes in the offering plan. Second, it did not correct the problem that Opt used other special accounts for raising to pay salaries. According to relevant regulations, Guangdong Securities Regulatory Bureau decided to take administrative supervision measures to issue a warning letter to the company.
On May 10, Guangdong Securities Regulatory Bureau issued a warning letter again: CITIC Securities, as the continuous supervision organization for the initial public offering of shares of Guangdong Quanwei Technology Co., Ltd. (formerly Guangdong National Technology Co., Ltd.), has violated the rules in the process of continuous supervision and performance of duties.
On May 14, Jiangsu Securities Regulatory Bureau disclosed that Everbright Securities failed to fully perform its verification obligations in the process of performing its continuous supervision duties in the project of Jintongling Technology Group Co., Ltd. issuing shares to purchase assets and raising matching funds in 2018, which was issued a warning letter by Jiangsu Securities Regulatory Bureau.
According to the observation of reporters from Gulf Financial News Agency, the supervision direction of investment banks extends from IPO to continuous supervision, which indicates that the whole chain supervision is further strengthened. Pan Helin said: "Strengthening supervision can further improve the quality of information disclosure. As an intermediary, securities firms are much clearer about the relevant information of listed companies than investors, and supervision can urge securities firms to perform their duties through supervision."
Take the protection of investors' rights and interests as the top priority
Since this year, under the background of "long teeth and thorns" and "edges and corners" of supervision and law enforcement, "investor protection" tickets have also appeared frequently.
On February 9, Shenzhen Securities Regulatory Bureau disclosed a ticket against China Merchants Securities. The reason for the violation was "failure to properly handle investor complaints and disputes in a timely manner". "Failure to properly handle investor complaints and disputes in a timely manner" was also the reason why a branch of Huatai Securities was fined more than three months later. In addition to investors' complaints, the failure to remind customers of investment risks or assess risk tolerance is also the reason why the head brokers or their practitioners were punished.
Investor protection is the eternal theme of capital market construction and the inevitable requirement of serving the high-quality development of the economy. At the "May 15 National Investor Protection Publicity Day" in 2024, Wu Qing stressed in his speech that it is necessary to protect the legitimate rights and interests of investors, especially small and medium-sized investors, and firmly grasp the largest market situation that small and medium-sized investors account for the vast majority. Since its establishment, the CSRC has insisted on protecting the legitimate rights and interests of investors as its fundamental mission and top priority.
High number and frequency of regulatory policies
It is worth noting that since this year, in addition to the intensive receipt of tickets, some of the leading securities firms have also been investigated by the CSRC. In terms of the speed of investigation, the interval between the declaration of investigation and the "issuance" of the ticket is short. For example, the punishment of CITIC Securities and Haitong Securities in the China Nuclear Titanium Dioxide case was only one week from the case filing investigation to the issuance of the notice of administrative punishment in advance.
Since this year, the number and frequency of regulatory policies have reached a new high.
For example, on March 15, the CSRC issued four policy documents in a row, systematically proposing measures from the aspects of issuance access, continuous supervision of listed companies, supervision of intermediaries, and comprehensive strengthening of the self construction of the CSRC system, to effectively respond to market concerns.
On April 12, the State Council issued a blockbuster document, "Several Opinions on Strengthening Supervision and Risk Prevention to Promote the High Quality Development of the Capital Market" (hereinafter referred to as "Opinions"), consisting of nine parts. This is the second capital market guidance document issued by the State Council 10 years after the two "National Nine Articles" in 2004 and 2014. It is the third "National Nine Articles" of the capital market, which will have a far-reaching positive impact on the capital market and promote the healthy and stable development of the market.
On May 10, the CSRC revised and released the Regulations on Strengthening the Supervision of Listed Securities Companies, which clearly required listed securities companies to return to their roots, become better and stronger, and take the lead in leading the high-quality development of the industry with a clearer position of the people, more advanced development concepts, more strict compliance risk control, and more standardized and transparent information disclosure And the role of "vanguard".
Some observers believe that under the strict supervision and strict supervision, the construction of a safe, standardized, transparent, open, dynamic and resilient capital market is accelerating.
Interview: Wang Yufeng, intern of Nandu · Wancai News Agency, Wang Jiajia
