Our reporter Hou Jiening
On December 28, the newly revised securities law was passed at the closing meeting of the 15th session of the 13th National People's Congress Standing Committee. The revised securities law will be implemented on March 1 next year. The release of the "upgraded" securities law, which lasted more than four years and has undergone four deliberations, marked another crucial step on the road to marketization and rule of law in China's capital market.
At a press conference held on December 28 at the General Office of the Standing Committee of the National People's Congress, Cheng Hehong, director of the Legal Department of the China Securities Regulatory Commission, said that a very important content of the amendment of the securities law is the registration system, which is also of great concern to the market and relevant parties. . There are four main aspects:
The first is to streamline and optimize the conditions for securities issuance. The requirement that the public offering of stocks under the current securities law should have "sustainable profitability" was changed to "have continuous operation ability". In addition, in terms of public bond issuance, the standard for the amount of net assets required by companies that had previously issued public bonds was also abolished. "Such a change would help break the administrative approval thinking in securities issuance supervision and is in line with the spirit of registration system reform." Cheng Hehong said.
Second, the procedures for issuing securities have been adjusted. On the basis of clearly specifying the State Council's securities regulatory authority or a department authorized by the State Council as a statutory registration authority, the original law's issuance review committee system was abolished, and it was clear that institutions such as stock exchanges can apply for securities issuance in accordance with regulations Review. At the same time, the State Council is authorized to stipulate specific measures for the registration of public offerings of securities.
The third is to strengthen information disclosure in securities issuance. The implementation of the registration system is very important in the disclosure of information. Therefore, the amendment of the Securities Law clearly stipulates that the securities application documents submitted by the issuer should fully disclose the information necessary for investors to make value judgments and investment decisions. , The content is required to be true, accurate, complete, concise and clear, and easy to understand. In this amendment of the Securities Law, a chapter has been set up specifically to provide for systematic disclosure of information.
Fourth, the newly amended Article 9 (1) of the Securities Law stipulates that the specific scope and implementation steps of the securities issuance registration system shall be prescribed by the State Council. This is to leave room for the step-by-step implementation of the registration system in practice.
Cheng Hehong said that the registration system is the central policy of the central government, and it is also a clear stipulation of the securities law, which must be resolutely implemented. But he also pointed out that the advancement of the registration system is in place step by step. Because the securities market has different sectors and different types of securities, it is not objectively possible to implement the registration system in one step. This is also a consideration of the new addition of this article of the Securities Law to authorize the State Council to make specific provisions on the specific scope and implementation steps of the registration system.
In addition, Cheng Hehong also revealed that the CSRC is intensively studying and advancing GEM reform. According to the authorization of this law, the CSRC will fully consider market realities, and in particular, must grasp the organic integration of securities issuance, securities registration, and market affordability, and proceed step by step and steadily in accordance with the unified deployment of the State Council.
However, it should be noted that there are implementation steps authorized by the law, and some sections or varieties may not have been registered before the full implementation. According to the arrangements of the State Council, the provisions of the securities law before the amendment on the approval of securities issuance will continue to apply.
(Editing Cai Shandan)