Saturday, March 12, 2016

Liu Shiyu registration no solo fingering supporting the reforms needed for a

Stock issue registration system do not do? How to do it? The afternoon of March 12, CBRC, CSRC and CIRC joint news conference, Mr Liu Shiyu gives the answer.

Liu Shiyu clear answer, registration is a must, "as to what, on this issue. "

"Do well in our multi-level capital market"

Announced on March 5 by 2016 in the Government work report, the capital market itself is: advancing construction of stock and bond market reforms and the rule of law, promote the healthy development of multi-level capital market, increase the proportion of direct financing. Initiate a "Shenzhen Tong".

"Registration system" words no longer appear. However, published on the day of the national economic and social development of the 13th five-year plan (draft), referred to "create conditions for the implementation of stock issue registration system". Four words were added "create the conditions". These subtle wording changes, triggering heated debate about registration system reform process.

Liu Shiyu said at the press conference, 18 plenary decision of justice by improving the multi-level capital market system, advance registration system reform, promote equity financing through various channels, and so on.

Here, Liu Shiyu focused on reminding the commas in the decision, Liu Shiyu stressed that these reforms are not isolated, independent, and even separate options, comma and comma between these are progressive relationships to each other.

"In other words, do well in our multi-level capital market, can create very favorable conditions for registration system reform. "

"Creating the conditions must have a process"

Liu Shiyu also said the registration system reform requires a considerable improvement of the legal environment.

The end of 2016, adopted by the NPCSC to vote on authorizing the State Council in the implementation of adjustment with transformation of stock issue registration for People's Republic of China provisions of securities laws relating to the decision of the implementation of this decision for a period of two years, and decided to come into force on March 1 next year.

In the eyes of Liu Shiyu, the Standing Committee on the Government's authorization, marks start of registration reform and the existing administrative examination and approval system, approved system needed to convert between a series of rules and regulations. No special authorization is not a start to the national people's Congress system research. Because at that point, even now, the China Securities Regulatory Commission on duty the legal basis of the Securities Act. These technical preparations, that is supporting the regulations, research requires quite a long process.

"In this process, there must be full communication, consensus, gather together, supporting the reform process requires considerable, quite a long time. "Liu Shiyu stressed that registration is not individual dash!

Released on March 5, the 13th five-year plan for national economic and social development (draft), referred to "create conditions for the implementation of stock issue registration system".

"The conditions must have a process in all aspects of this process, we want to communicate, build consensus. "Liu Shiyu said.

Following is a question-and-answer and record:

CCTV, CCTV, CCTV news client Reporter: my question to Chairman Liu Shiyu, on stock issue registration system reform. We noted that this year the Government did not like last year, as mentioned in the report on the work of reform of the registration, but was released on the same day the "Thirteen-Five" is mentioned in the draft planning framework conditions must be created to implement a stock issue registration system. Create conditions can understand: is now does not have the launch of registration conditions?

Another question, whether or not being present to launch the registration system, registration system sooner or later to launch, on what will be in the future a way of launching? Is one step was gradually introduced? If you are gradually introduced, which first launched, which after launch? In addition, what matters is continued, and what issues are no longer approved? If these elements are present, there will be a new round of unfair?

Liu Shiyu: thank you for your question. Tasks of this year's Government work report on capital market speaks very clearly, the SFC will conscientiously, and implement. On the registration system reform, as reporters ' question, after I had to serve on the Commission found that most of the media are discussing this issue. I did some homework, specially took a little time to research, generally divided into two aspects: on the one hand is a registered business or not, what happened to the other hand. I think these two aspects are not opposites, but consistent. Investment banking legend Xue Rong years King

First registration system, this is the Party Central Committee and the State Council on China's long-term and healthy development of the capital market under the top-level design of a major task. Here a clear answer, registration is a must. However, as to why, on this issue. We have to carefully understand the 18 session of the party's decision, the decision of justice by improving the multi-level capital market system (comma), advance registration system reform (comma), promoting equity financing through various channels, and so on. Why I am here telling you to pay attention to the third plenary session of comma in file, it means that these reforms are not isolated, independent, and even separate options, comma and comma between these are progressive relationships to each other. In other words, do well in our multi-level capital market, can create very favorable conditions for registration system reform.

Meanwhile, registration system reform requires a considerable improvement of the legal environment. On December 27 last year, the national people's Congress Standing Committee adopted the special special authorized since March 1. I understand that this authorization of the Standing Committee on Government, indicates that Government can start the registration system reform and the existing administrative examination and approval system, approved system needed to convert between a series of rules and regulations. No special authorization is not a start to the national people's Congress system research. Because at that point, even now, the China Securities Regulatory Commission on duty the legal basis of the Securities Act. These technical preparations, that is supporting the regulations, research requires quite a long process. In the process, there must be full communication, consensus, gather together, supporting the reform process requires considerable, quite a long time. Registration is not individual dash.

We have seen that "Thirteen-Five" proposed in the draft program, create conditions for the implementation of stock issue registration system. Create the conditions must have a process in all aspects of this process, we want to communicate, build consensus. To pool the wisdom of the SFC. On this subject, I stressed to the CCTV reporters and the media present, whether it is approved or registered business, we must all live our sincere ideas to protect the legitimate rights and interests of investors, to review the authenticity of issuer disclosure strictly, this even if the registration system will not be able to relax, but must be strengthened. Thank you.

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