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Xiao Gang: Capital Market Is A Vanity Fair, So It Must Be A Rule Of Law Market.

2013/12/10 20:00:00 41

the chairman of the China Securities Regulatory Commission < a href= "//www.sjfzxm.com/news/" > Xiao Gang < /a > published a signed article in yesterday's Cai Xinxin century weekly. The capital market is a capital field, information field and vanity fair. Therefore, it must be a rule of law market and highly dependent on a sound and complete legal system. After more than 20 years of development, great progress has been made in the construction of China's capital market legal system, and there are still some practical problems to be solved. We must do a good job in the overall planning and design of the capital market legal system, draw up a good road map, and continuously enhance the systematicness and scientificity of the capital market legal system. 
 Xiao Gang pointed out in the article that in the aspects of laws and administrative regulations, we should conscientiously sum up the practical experience of capital market, and amend the securities law as soon as possible, so as to develop the futures law. We will formulate regulations on supervision of listed companies, securities and futures investor protection fund regulations, stock issuing management regulations and private equity supervision regulations in time. In judicial interpretation and judicial policy, it is necessary to revise the judicial interpretation of civil compensation for misrepresentation as soon as possible. We should promptly formulate criminal judicial interpretation of insider trading, market manipulation, civil compensation judicial interpretation and misrepresentation, market manipulation, and rat trading. We should promptly study and formulate judicial interpretations that identify securities and futures trading venues and register the legal effect of Clearing Corp commercial rules. 
Xiao Gang P believes that the SFC, as a regulatory body, should comply with the basic requirements of functional supervision, adapt to the practical requirements of market development, abide by the jurisprudential logic of securities and futures supervision, integrate the existing regulations and normative documents in accordance with the different nature of regulatory content and legal relationship, formulate necessary administrative rules in time, and make possible the same nature and type of matters to be stipulated by the same regulations, so as to form a relatively scientific and complete legal implementation standard subsystem. 
 1 is the "financing and acquisition" subsystem. We must focus on the regulatory concept centered on information disclosure and closely follow the institutional positioning of investor equity changes. In accordance with the requirements of the registration system, we should integrate regulations on securities issuance management, mergers and acquisitions, and information disclosure rules on the basis of the existing system rules of securities issuance and listing. 
 two is "a href=" //www.sjfzxm.com/news/ "> market < /a > spanaction subsystem. We should take the maintenance of spanaction order and the confirmation of spanaction results as the core, and properly handle the relationship between fairness and efficiency. On the basis of the contents and rules of the relevant trading rules of the existing securities and futures exchanges, we should formulate regulations on spanaction management and settlement management for securities and futures respectively. 
 three is the "product business" subsystem. We must closely follow the institutional positioning of financial services standards such as securities, futures and business, and focus on the regulatory concepts that focus on the practice standards and strengthen the code of conduct. On the basis of the existing rules of the fund, we will form an asset management regulation applicable to securities companies, fund companies, Futures Company, private placement, operation management, information disclosure, etc., and formulate securities and futures investment consultation methods; formulate self-management and brokerage business management methods separately for securities and futures; and separately form special business management methods such as sponsorship, financial advisor, credit rating, audit services, legal services, asset appraisal and so on. 
 four is the sub system of "market and institution main body". We should take the establishment and governance norms of the main bodies of different market organizations and market bodies as the core. Based on the existing institutional provisions of the management of institutions, funds and futures companies, we should integrate the management methods of securities companies, the management methods of fund companies, and the management methods of Futures Company, and formulate the management methods of securities and futures trading places covering different market levels on the basis of the current rules. 
 five is the "opening up" sub system. It is necessary to guide and standardize the use of the international market as the core of domestic entities, and formulate regulations governing the provision of cross border securities investment services by domestic institutions, and the management of cross border supervision and law enforcement cooperation. 
 six is the "prudential supervision" subsystem. We should take the monitoring, early warning and prevention and control of systemic risks as the core, and integrate the regulations of market statistical monitoring, market risk fund management, wind control index management, and information technology security assurance. 
 seven is the subsystem of investor protection. Taking the protection and relief of investors' rights and interests as the core, based on the existing investor suitability system, sales appropriateness and cash dividend policy, we should integrate the investors' appropriateness methods, product sales rules, shareholders' rights and interests protection and realization methods that are applicable to the entire securities and futures market, formulate rules for investors' equity fund, and public institutions' support for investor rights litigation management. 
 eight is the subsystem of "supervision and law enforcement". We should take the unified < a href= "//www.sjfzxm.com/news/" > Securities < /a > futures supervision and enforcement procedures and substantiality identification standards as the core, and integrate the regulations of regulation work responsibilities, supervision information disclosure and petition work rules, etc., according to the key points of law enforcement work such as discovery, filing, investigation, punishment, reconsideration and other law enforcement work, respectively, to formulate complaint handling methods, filing examination and handling methods, administrative reconciliation implementation rules, and administrative punishment implementation rules, and so on, and formulate substantive identification methods for major illegal activities such as manipulating the market, insider trading and rat farm. 
 Xiao Gang pointed out in his article that further perfecting the legal system of capital market is a long-term systematic project. On the one hand, we should actively cooperate with and support the legislative and judicial organs in doing the legislative work so as to speed up the revision of the securities law and the formulation of the futures law. On the other hand, we should conscientiously fulfill the responsibilities of the SFC, concentrate on the work of cleaning up and integrating regulations and normative documents, establish specialized and normalized working mechanisms, clarify job requirements, standardize work procedures, fulfill responsibilities, enhance the unity of the system of legal implementation norms, the scientificity of system contents and the appropriateness of hierarchy effectiveness, and provide more effective legal system guarantee for the reform and development of China's capital market.