New York, NY / TickerInsider / August 20, 2021 /  On August 20, China Securities Regulatory Commission (CSRC) held the 2021 system mid-year regulatory work conference to study and deploy the next phase of key work. Yi Huiman, Chairman of the CSRC, made a report entitled “Adhering to the stable and seeking progress and deepening reform and opening up to further promote the capital market to achieve high-quality development”.

DiDi Global Inc. (NYSE:DIDI)
Trade Date: 2021-08-19
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Country: CN, Currency: USD, Industry: Software—Applicati, SectorTechnology


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The meeting required that

1. to promote the reform of the securities market registration system, including: focus on promoting reform to optimize the pricing mechanism of the issue, improve the quality of prospectus disclosure, and further clarify the responsibilities of intermediaries.

2. is unswervingly promote the capital market system-type opening to the outside world. Coordinate development and security, and steadily launch policy measures to further expand and open the capital market. Create conditions to promote Sino-US audit and regulatory cooperation, strengthen market communication, and stabilize policy expectations and institutional environment.

3. Resolutely investigate and handle cases of financial fraud, capital appropriation, illegal guarantees and market manipulation, insider trading and other violations. Effectively strengthen the supervision of shareholders of industry institutions and promote the improvement of governance effectiveness. Strengthen the construction of technological supervision and improve the level of digital and intelligent supervision.

4. Strengthen the prevention and resolution of spillover, import and cross-risk. Continue to address risks in key areas such as private equity funds and bond defaults in a steady and orderly manner. Improve the capital market public opinion guidance mechanism and actively create a favorable external environment.

5. Promote the punishment of financial corruption and prevention and control of financial risks.

The key contents of the meeting.

1, adhere to the organic unity of scale and structure, speed and quality, development and security, pay more attention to the quality and structure of enterprises to be listed, scientific and reasonable to maintain the normalization of IPO.

2, pay more attention to the industry professional ability to improve, product business structure optimization and good investment concept cultivation, and promote the high-quality development of the securities fund industry.

3, co-ordinate the prevention and resolution of risks in key areas, maintain timely and efficient and smooth and orderly risk disposal, strive to stay ahead of the market curve and firmly guard the bottom line of no systemic regional risks.

4, respect the laws of the market, balance the responsibilities and rights of the various market participants, so that those who do bad things are punished, so that the rules of the people who do things are incentivized.

5, enhance policy stability, continuity and predictability, and promote all parties to adhere to the rule of law, integrity, the spirit of contract and other basic norms of the market economy, and effectively maintain the market “three fair” order.

6, for the whole market registration system reform to lay a solid foundation. Focus on promoting reform to optimize the pricing mechanism of the issue, improve the quality of prospectus disclosure, further clarify the responsibilities of intermediaries, and improve the prevention of integrity risks of the system mechanism.

7, to further deepen the reform of the New Third Board, and strive to enhance the ability and level of service to “specialized and special new” SMEs.

8, to promote the capital market system-oriented opening to the outside world. Create conditions to promote Sino-US audit and regulatory cooperation, strengthen market communication, and stabilize policy expectations and institutional environment. Deepen the interconnection of the mainland and Hong Kong markets, and firmly support the stable development of the capital market in Hong Kong.

9, play a good role in coordinating the working group to combat illegal activities in the capital market, resolutely investigate and handle cases of financial fraud, capital appropriation, illegal guarantees and market manipulation, insider trading and other illegal and irregular cases, and comprehensively improve the quality and efficiency of investigation and handling of major cases. Keep the “import”, “export” and corporate governance, and continue to promote the improvement of the quality of listed companies.

10, strengthen macro research and judgment, strengthen the prevention and resolution of spillover, import and cross-risk, more emphasis on stabilizing expectations, improve information communication and policy coordination mechanisms, prevent secondary financial risks in the process of dealing with risks in other areas, and strive to maintain the smooth operation of the market.

SOURCE: https://tickerinsider.com/industry-insight/csrc-statement-securities-audit-and-supervision-between-china-and-the-united-states/

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