Xiao Gang: Preparation For Registration Reform

< p > the China Securities Regulatory Commission issued the annual report of the 2013 China Securities Regulatory Commission yesterday.

In the speech of the annual report, Xiao Gang, chairman of the securities and Futures Commission, said that in 2013, the SFC, based on "two maintenance and one promotion", served the overall situation of economic and social development, actively and steadily promoted the reform and development of the capital market, strengthened and improved market supervision, and achieved positive results in various fields.

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< p > he mentioned in his speech that in 2013, the SFC continuously deepened the reform of the administrative examination and approval system, and streamlined administrative examination and approval matters, and formed a streamlined scheme for administrative examination and approval matters from 2013 to 2015.

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< p > Xiao Gang said in his speech about the issue of reform, it is a matter of great interest to restart the IPO. In June last year, the SFC issued the opinions of the China Securities Regulatory Commission on further promoting the reform of < a href= "http:// www.sjfzxm.com/news/index_cj.asp" > new shares < /a > issuing system, but coincided with the "money shortage" in the capital market, and the capital market fluctuated sharply. The Shanghai Composite Index fell to more than 1800 points, and the resumption of work had to be postponed.

Subsequently, the stock index stabilized and picked up, and the market was generally improving.

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< p > last November, the SFC issued the opinions on the issue of reform, restarted the IPO after 13 months' suspension, and made preparations and foreshadowing for the establishment of a sound IPO system centered on information disclosure and the reform of the stock issuing registration system.

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< p > Xiao Gang pointed out that the national small and medium enterprises share pfer pilot expansion to the national mark, China's multi-level equity market construction work has made substantial progress; the advance of the preferred stock pilot is conducive to deepening the joint-stock system reform, providing a flexible direct financing tool for the issuer, and further enriching the securities varieties; the Treasury bond futures offer a basic tool for the management of "a href=" http:// "www.sjfzxm.com/news/index_cj.asp" > interest rate < /a > volatility risk. As of the end of last year, China has 40 futures varieties, and the volume of pactions is in the forefront of the world.

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At the same time, < p > > at the same time, < a href= "http:// www.sjfzxm.com/news/index_cj.asp" > the SFC < /a > shifted the focus of supervision to the enforcement of inspection, and a total of 190 new cases were filed throughout the year, and 41 cases were pferred to public security organs, up 68% and 20% respectively from the same period last year; 142 cases were approved for the whole year, up 88.4% over the same period last year; 79 decisions were made and the total amount of the fines reached 728 million yuan.

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< p > Xiao Gang said in his speech that China has the largest and most active individual investor group in the world, with 90 million stocks, bonds and futures investors and about 60000000 public fund investors, of whom more than 99% are small investors who invest less than 500 thousand yuan.

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< p > "in the new stage of capital market pformation in China, it is very difficult to do a good job in protecting the legitimate rights and interests of small and medium-sized investors."

Xiao Gang said that at the end of last year, the general office of the State Council promulgated the opinions on Further Strengthening the protection of the legitimate rights and interests of small investors in the capital market, and constructed an investor protection policy system that accords with China's actual conditions, which is an important milestone in the development of China's capital market.

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In addition, he also suggested that in 2013, the SFC continued to deepen the reform of the administrative examination and approval system, and streamlined administrative examination and approval matters. It has formed a streamlined scheme for administrative examination and approval matters from 2013 to 2015, and promptly announced the adjustment of administrative examination and approval matters. "P"

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