On the afternoon of June 7, the CSRC officially solicited opinions on further reforming the new share issuance system.
The IPO system reform proposal was closed to the 21st, and after the end of the review, the regulatory authorities revised and officially released the information according to the request for comments. After the official release of the plan, the auditing enterprise has completed the review process and meets the requirements of the new issuance reform plan, and has the conditions for granting the approval.
The CSRC announced that the new round of new share issuance system reform has five major directions
The CSRC announced on the 7th that it will announce a new round of reforms on the new share issuance system, including five major directions. Some key reform measures include: declaration, pre-disclosure, issue of bonds before issuance, introduction of the lead underwriter's independent placement mechanism, and launch of spot checks on relevant intermediaries' drafts before the trial.
China Securities Regulatory Commission: Proposed disclosure of prospective IPO corporate prospectus
According to the new phase of the new share issuance reform plan announced by the CSRC on the 7th, the pre-disclosure time of the IPO enterprise prospectus is further advanced, and the “acceptance and disclosure†is implemented. At the same time, the issuer and the intermediary must apply for the application materials from the date of disclosure. Real, accurate and complete responsibility.
CSRC: It is proposed to allow IPO queuing companies to apply for the issuance of corporate bonds first
The person in charge of the relevant department of the China Securities Regulatory Commission said on the 7th that in accordance with the newly issued opinions on the issuance of new shares (draft for comments), IPO companies that have been accepted by the CSRC may apply for the issuance of corporate bonds.
China Securities Regulatory Commission: IPOs under the new share issuance
The person in charge of the relevant department of the China Securities Regulatory Commission introduced on the 7th that the newly issued opinions on further promoting the reform of the new share issuance system (draft for comment) stipulate that the placement of new shares will give priority to the requirements of institutional investors such as social security and public funds.
It is proposed that the financial data of the issuer's IPO pre-disclosure shall not be changed at will.
On the 7th, the CSRC issued a proposal on promoting the reform of new share issuance (draft for comment), which stipulates that after the issuer has pre-disclosed the prospectus, the financial data of the issuer's application materials shall not be changed at will.
The China Securities Regulatory Commission: IPO pre-approval from the formal acceptance of the issuance application
A spokesman for the China Securities Regulatory Commission said on the 7th that the reform of the new share issuance proposal. The content includes pre-approval to the formal acceptance of the issuance application draft, and encourages the combination of stocks and bonds.
SFC: GEM refinancing method is still under study
In response to media questions about whether the GEM refinancing method will be launched soon, the China Securities Regulatory Commission spokesperson said on the 7th that the GEM refinancing method is still under study and will be made available to the market when conditions are ripe.
CSRC: Ten companies entered the second batch of on-site inspections
On the afternoon of the 7th, under the supervision of the media, the CSRC selected on-site inspection enterprises from 12 enterprises that submitted their self-inspection reports after the end of March. Due to the small sample size, the heads of the Securities Industry Association will randomly select two companies from them, and the remaining 10 will all enter the site for inspection.
Among the second batch of 12 companies, Shanghai Runxin and Beijing Naiwei 2 GEM companies did not enter the on-site inspection, and the remaining 10 companies all entered the second batch of on-site inspections.
CSRC: A total of 268 companies have submitted applications for termination review since the special inspection
A spokesperson of the China Securities Regulatory Commission said that as of May 31, the self-inspection of the issuers and intermediaries of the IPO inspecting the enterprise's financial special inspections has been completed, and the on-site inspections of the first batch of 30 batches of enterprises have been basically completed. From April to the end of May, the CSRC received a total of 106 companies to submit applications for termination review. There were 28, 50, and 28 main boards, small and medium-sized boards, and GEMs, plus 162 companies that submitted applications for termination before March 31. Since the inspection, a total of 268 companies have submitted termination applications. A total of 12 companies applying for suspension of censorship after March have three, six, and three main boards, small and medium-sized boards, and GEM.
The CSRC: Proactively apply for termination of the review. If the application is re-applied within 1 year, it still needs to be self-examined.
A spokesperson of the China Securities Regulatory Commission said that in order to prevent the issuer and the intermediary from evading the obligation by withdrawing the bill in the special inspection work, the 162 enterprises that submitted the application for termination will be closed from the date of termination of the examination. If the application is filed again during the year, the self-examination obligation must be fulfilled in accordance with the requirements of this special inspection. The IPO application materials must be submitted at the same time as the self-inspection report, and the CSRC will conduct random inspections in accordance with this special inspection method.
The China Securities Regulatory Commission: The special inspection of the oversized GEM companies is not true.
A spokesperson for the China Securities Regulatory Commission said that it was not true that the regulatory authorities were conducting special on-site inspections of GEM companies that had been over-represented. The CSRC has not arranged for local SFCs to conduct special on-site inspections of GEM companies. Every year, the organization has the task of conducting on-site inspections of listed companies in its jurisdiction, but it is a daily work and there are no special arrangements.
The CSRC and the China Insurance Regulatory Commission jointly issued an interim regulation on the management of securities investment funds for insurance institutions.
A spokesperson for the China Securities Regulatory Commission said that the China Securities Regulatory Commission and the China Insurance Regulatory Commission jointly issued an interim regulation on the management of securities investment funds for insurance institutions. This provision clarifies the regulatory requirements for insurance institutions to participate in sales operations and the division of responsibilities. The next step will be to shift from the development of business rules to the day-to-day supervision of insurance agency fund sales activities.
Securities Regulatory Commission: Securities companies must go through four stages in applying for a public offering license
A spokesperson of the China Securities Regulatory Commission said that a securities company applying for a public offering license must go through four steps: first, the local securities regulatory bureau, the fund department, the agency department, and the information center conduct joint on-site inspections of the applicants; second, the institutional department of the CSRC issues the applicants. The corresponding regulatory opinions; third, the applicants apply for on-site inspection results and institutional supervision opinions to the CSRC; fourth, the fund department conducts qualification examinations and approves compliance with the regulations.
Compared with the establishment of fund companies, the review process has been significantly shortened, reflecting the requirements of joint supervision and coordination. The spokesperson also said that the application for licenses by asset management institutions such as securities companies must comply with the Fund Law and various current and effective regulatory requirements, such as avoiding conflicts of interest, horizontal competition and part-time requirements.
The CSRC issues regulations on the management of sales expenses of open securities investment funds
The CSRC issued the regulations on the management of sales expenses of open-end securities investment funds. On the basis of the implementation of the new fund law, it further clarified the scope of application of the regulations on the management of open-end fund sales expenses, promoted the formation of market-based differentiated rates, and enriched sales expenses. The method of collection, clear punitive redemption fees for short-term frequent transactions, and support fund sales branches to handle fund sales. The regulation has been implemented since August 1.
SFC: Bitcoin funds have not been included in the scope of fund law regulation
In response to the recent launch of a Bitcoin fund on the Internet, a spokesperson for the Securities and Futures Commission said that the fund was established in the form of a limited partnership. According to the limited partnership law, the number of partners must not exceed 50. Therefore, the fund faces the norm as a new thing. The problem of operation, at the same time, this form is not within the scope of fund law regulation. At the same time, Bitcoin is a virtual currency. As a new investment product, relevant departments are still observing research. The spokesperson said that it is hoped that the sponsors of the Bitcoin Fund will operate in accordance with the requirements of relevant national laws and regulations, and at the same time fully disclose the risks and make due arrangements for the protection of investors' rights and interests.
The IPO system reform proposal was closed to the 21st, and after the end of the review, the regulatory authorities revised and officially released the information according to the request for comments. After the official release of the plan, the auditing enterprise has completed the review process and meets the requirements of the new issuance reform plan, and has the conditions for granting the approval.
The CSRC announced that the new round of new share issuance system reform has five major directions
The CSRC announced on the 7th that it will announce a new round of reforms on the new share issuance system, including five major directions. Some key reform measures include: declaration, pre-disclosure, issue of bonds before issuance, introduction of the lead underwriter's independent placement mechanism, and launch of spot checks on relevant intermediaries' drafts before the trial.
China Securities Regulatory Commission: Proposed disclosure of prospective IPO corporate prospectus
According to the new phase of the new share issuance reform plan announced by the CSRC on the 7th, the pre-disclosure time of the IPO enterprise prospectus is further advanced, and the “acceptance and disclosure†is implemented. At the same time, the issuer and the intermediary must apply for the application materials from the date of disclosure. Real, accurate and complete responsibility.
CSRC: It is proposed to allow IPO queuing companies to apply for the issuance of corporate bonds first
The person in charge of the relevant department of the China Securities Regulatory Commission said on the 7th that in accordance with the newly issued opinions on the issuance of new shares (draft for comments), IPO companies that have been accepted by the CSRC may apply for the issuance of corporate bonds.
China Securities Regulatory Commission: IPOs under the new share issuance
The person in charge of the relevant department of the China Securities Regulatory Commission introduced on the 7th that the newly issued opinions on further promoting the reform of the new share issuance system (draft for comment) stipulate that the placement of new shares will give priority to the requirements of institutional investors such as social security and public funds.
It is proposed that the financial data of the issuer's IPO pre-disclosure shall not be changed at will.
On the 7th, the CSRC issued a proposal on promoting the reform of new share issuance (draft for comment), which stipulates that after the issuer has pre-disclosed the prospectus, the financial data of the issuer's application materials shall not be changed at will.
The China Securities Regulatory Commission: IPO pre-approval from the formal acceptance of the issuance application
A spokesman for the China Securities Regulatory Commission said on the 7th that the reform of the new share issuance proposal. The content includes pre-approval to the formal acceptance of the issuance application draft, and encourages the combination of stocks and bonds.
SFC: GEM refinancing method is still under study
In response to media questions about whether the GEM refinancing method will be launched soon, the China Securities Regulatory Commission spokesperson said on the 7th that the GEM refinancing method is still under study and will be made available to the market when conditions are ripe.
CSRC: Ten companies entered the second batch of on-site inspections
On the afternoon of the 7th, under the supervision of the media, the CSRC selected on-site inspection enterprises from 12 enterprises that submitted their self-inspection reports after the end of March. Due to the small sample size, the heads of the Securities Industry Association will randomly select two companies from them, and the remaining 10 will all enter the site for inspection.
Among the second batch of 12 companies, Shanghai Runxin and Beijing Naiwei 2 GEM companies did not enter the on-site inspection, and the remaining 10 companies all entered the second batch of on-site inspections.
CSRC: A total of 268 companies have submitted applications for termination review since the special inspection
A spokesperson of the China Securities Regulatory Commission said that as of May 31, the self-inspection of the issuers and intermediaries of the IPO inspecting the enterprise's financial special inspections has been completed, and the on-site inspections of the first batch of 30 batches of enterprises have been basically completed. From April to the end of May, the CSRC received a total of 106 companies to submit applications for termination review. There were 28, 50, and 28 main boards, small and medium-sized boards, and GEMs, plus 162 companies that submitted applications for termination before March 31. Since the inspection, a total of 268 companies have submitted termination applications. A total of 12 companies applying for suspension of censorship after March have three, six, and three main boards, small and medium-sized boards, and GEM.
The CSRC: Proactively apply for termination of the review. If the application is re-applied within 1 year, it still needs to be self-examined.
A spokesperson of the China Securities Regulatory Commission said that in order to prevent the issuer and the intermediary from evading the obligation by withdrawing the bill in the special inspection work, the 162 enterprises that submitted the application for termination will be closed from the date of termination of the examination. If the application is filed again during the year, the self-examination obligation must be fulfilled in accordance with the requirements of this special inspection. The IPO application materials must be submitted at the same time as the self-inspection report, and the CSRC will conduct random inspections in accordance with this special inspection method.
The China Securities Regulatory Commission: The special inspection of the oversized GEM companies is not true.
A spokesperson for the China Securities Regulatory Commission said that it was not true that the regulatory authorities were conducting special on-site inspections of GEM companies that had been over-represented. The CSRC has not arranged for local SFCs to conduct special on-site inspections of GEM companies. Every year, the organization has the task of conducting on-site inspections of listed companies in its jurisdiction, but it is a daily work and there are no special arrangements.
The CSRC and the China Insurance Regulatory Commission jointly issued an interim regulation on the management of securities investment funds for insurance institutions.
A spokesperson for the China Securities Regulatory Commission said that the China Securities Regulatory Commission and the China Insurance Regulatory Commission jointly issued an interim regulation on the management of securities investment funds for insurance institutions. This provision clarifies the regulatory requirements for insurance institutions to participate in sales operations and the division of responsibilities. The next step will be to shift from the development of business rules to the day-to-day supervision of insurance agency fund sales activities.
Securities Regulatory Commission: Securities companies must go through four stages in applying for a public offering license
A spokesperson of the China Securities Regulatory Commission said that a securities company applying for a public offering license must go through four steps: first, the local securities regulatory bureau, the fund department, the agency department, and the information center conduct joint on-site inspections of the applicants; second, the institutional department of the CSRC issues the applicants. The corresponding regulatory opinions; third, the applicants apply for on-site inspection results and institutional supervision opinions to the CSRC; fourth, the fund department conducts qualification examinations and approves compliance with the regulations.
Compared with the establishment of fund companies, the review process has been significantly shortened, reflecting the requirements of joint supervision and coordination. The spokesperson also said that the application for licenses by asset management institutions such as securities companies must comply with the Fund Law and various current and effective regulatory requirements, such as avoiding conflicts of interest, horizontal competition and part-time requirements.
The CSRC issues regulations on the management of sales expenses of open securities investment funds
The CSRC issued the regulations on the management of sales expenses of open-end securities investment funds. On the basis of the implementation of the new fund law, it further clarified the scope of application of the regulations on the management of open-end fund sales expenses, promoted the formation of market-based differentiated rates, and enriched sales expenses. The method of collection, clear punitive redemption fees for short-term frequent transactions, and support fund sales branches to handle fund sales. The regulation has been implemented since August 1.
SFC: Bitcoin funds have not been included in the scope of fund law regulation
In response to the recent launch of a Bitcoin fund on the Internet, a spokesperson for the Securities and Futures Commission said that the fund was established in the form of a limited partnership. According to the limited partnership law, the number of partners must not exceed 50. Therefore, the fund faces the norm as a new thing. The problem of operation, at the same time, this form is not within the scope of fund law regulation. At the same time, Bitcoin is a virtual currency. As a new investment product, relevant departments are still observing research. The spokesperson said that it is hoped that the sponsors of the Bitcoin Fund will operate in accordance with the requirements of relevant national laws and regulations, and at the same time fully disclose the risks and make due arrangements for the protection of investors' rights and interests.
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