On December 27th, the State Council’s measures to implement the reform of the stock issuance registration system were authorized by the highest legislative body in China.
The 18th meeting of the Standing Committee of the 12th National People's Congress voted in Beijing on the 27th and passed a decision on authorizing the State Council to adjust and apply the relevant provisions of the Securities Law of the People's Republic of China in implementing the reform of the stock issuance registration system. The current stock issuance in China is an approval system, which is established by the Securities Law. The implementation of the reform of the stock issuance registration system needs to be resolved in accordance with the law.
The decision pointed out that in order to implement the reform of the stock issuance registration system and further exert the basic functions of the capital market to serve the real economy, the 18th meeting of the Standing Committee of the 12th National People's Congress decided to authorize the State Council to propose to be on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. For the public issuance of stocks listed and traded, the relevant provisions of the Securities Law of the People's Republic of China on the public approval system for stocks shall be applied, and the registration system shall be implemented. The specific implementation plan shall be formulated by the State Council and reported to the Standing Committee of the National People's Congress for the record.
The decision pointed out that the State Council should strengthen the organization and leadership of the reform of the stock issuance registration system, and make an interim report to the Standing Committee of the National People's Congress on the implementation of the decision. The securities regulatory authority under the State Council shall, in conjunction with relevant departments, strengthen post-event supervision, prevent and resolve risks, and effectively protect the legitimate rights and interests of investors.
Xiao Gang, chairman of the China Securities Regulatory Commission, said earlier that compared with the stock issuance approval system, the registration system is a more market-based stock issuance system. Its main content is information disclosure as the center, and the information disclosure rules are improved. The exchange is responsible for the registration review of the company's stock issuance application, and the registration of the CSRC is effective; the timing, size and price of the stock is decided by the market participants. The investor is independent of the issuer's asset quality and investment value and bears the investment risk. . The supervisory department focuses on the supervision of the completeness, consistency and intelligibility of the issuer's information disclosure, strengthens the post-event supervision, strictly punishes fraudulent issuance, information disclosure violations, etc., and effectively safeguards the market order and the legitimate rights and interests of investors.
It is known that the implementation period of the decision is two years and it is decided to implement it from March 1, 2016.
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