2020 Securities And Futures Supervision Conference Looking Ahead: How Can The "Deep Reform" Route Of Yi Man Capital Be Landed?

In 2020, the Lunar New Year's Day was earlier than before. The supervisory meetings of the two sessions were scheduled to be held for two weeks in the middle of January. As of January 14th, the people's Bank of China and the Banking Regulatory Commission held a supervisory meeting.

Twenty-first Century economic report reporter learned that the 2020 securities and futures regulatory work conference will also be held this week (January 2020 third weeks).

The market is highly concerned about this meeting. On the one hand, 2020 is a crucial year for the comprehensive deepening of the capital market reform. Many important basic policies should be formed in this year. On the other hand, this is also the first supervisory work conference since the chairman of the SFC is ready to take charge of the SFC. The regulatory direction discussed and decided at the meeting will have a significant impact on the overall deepening of the reform of the capital market.

Deep reform

Looking back at the capital market in 2019, the biggest impact on the future capital market reform is the introduction of "deep reform 12".

The chairman of the SFC, who took office in early 2019, will be full of the reform roadmap drawn up after investigation and investigation and research for more than half a year, which will have a great impact on the operation and development of capital market in the next 3 to 5 years. In 2020, it is the year of tackling key problems in deepening the reform of the capital market.

Reporters and some market participants exchanged their views on the reform. Many people expressed the hope that the supervisory conference could deliver two signals. First, the deep reform of the capital market will continue to advance in 2020, and the policy will not wag. On the other hand, it is hoped that regulators will not lose the awe of the market.

"Yi chairman took office before the Spring Festival in 2019, so 2019 has undergone a complete reform year. The deepest feeling is that the capital market has entered a new regulatory cycle, and many heavy reforms have fallen in this year. Therefore, the expectation of deep reform in 2020 is that we can keep the reform firmly and not stop because of some factors or turn the policy again. Beijing, a large public fund company investment director told reporters.

On the one hand, the deepening of reform is to increase the supply of policies and laws. On the other hand, it is "bomb disposal": the disposal of capital market risks is also the highlight of the conference.

In fact, at the beginning of the end of the year, the SFC has jointly carried out a number of preparations for risk management in conjunction with other departments. For example, in view of the high incidence of bond defaults in recent years, the Supreme People's court, together with the SFC and other departments, has formulated the draft of the Symposium on the trial of bond disputes in the national law court, focusing on the subject qualification, acceptance, jurisdiction and litigation mode of the litigant dispute cases, as well as the responsibilities of issuers and intermediaries, which was formally implemented in 2020.

At the same time, the central bank, the development and Reform Commission and the SFC jointly drafted the "notice on matters related to the breach of corporate credit bonds (Draft)" has also been publicly solicited.

Prior to the Commission's learning and implementation of the central economic work conference, the SFC also mentioned that in accordance with the principles of "stabilizing the overall situation, coordinating and coordinating, classifying policies and precise dismantling", we should strengthen the prevention and resolution of the risks in the key areas such as stock pledge, bond default, private equity funds and so on, and strive to maintain stable operation of the capital market, and resolutely fight against major financial risks.

"Risk is also one of the elements of the market. In the process of reform, we can not ignore the risk management. In recent years, due to the continuous outbreak of all kinds of risk events, regulators are paying more and more attention to the disposal of risk events. In all respects, there will be less risk events in 2020, so I think risk management will be the focus of this monitoring conference. " Ze Hao investment partner Cao Gang said.

Which heavy policy will fall?

In addition to the policy's outward appearance, the market is concerned about the landing of specific policies at the supervisory meeting.

Looking back in 2019, the heavy landing reform has been solving two problems, one is the reform of the financing side, that is, through various ways and policies, enterprises can better finance in the capital market, raise the proportion of direct financing in the whole market, and on the other hand, improve the quality of listed companies.

In the regulatory cycle from the early 2016 to the end of 2018, in addition to tightening the financing side, the export side of the fund also tightened accordingly.

In May 2017, the SFC issued a number of provisions on the shareholding of directors and directors of listed companies (hereinafter referred to as the "new rules"), which restricted the reduction ratio and reduction time, and slowed down the impact of important shareholders' reduction on the market by lengthening the time.

The revision of this reduction rule is called the most stringent reduction rule in history. Under the circumstances of tightening new rules and tightening other policies, the withdrawal period of institutional funds has been greatly extended.

At the end of 2018, from the continuous decline of stock market and the policy shift triggered by the outbreak of equity pledge risk, the market has been looking for a moderate optimization of the reduction rules, and it will be easy to fully optimize the relevant policies when it comes to public appearances before taking office.

Reporters learned that, in 2019, the SFC level is indeed studying and revising the new rules, but there has never been any concrete document and has been soliciting opinions from the public. Therefore, the reduction of new rules is a policy that the market most needs to optimize landing after major asset restructuring, refinancing and other rules.

For the direction of reducing the new regulation, the reporter learned from the agency close to the regulatory authorities: "the concern of regulators is to study how to moderately optimize the rules without affecting the two level market. But the optimization is very urgent. At present, the policy will be differentiated in the future. The controlling shareholders, the actual controllers and Dong Jiangao's reduction will still be strictly restricted. However, the restrictions on venture capital funds, private equity funds and social security funds that will be involved in refinancing, IPO investment will be moderately relaxed, so as to enhance the enthusiasm of the capital market and form a good cycle of capital market funds.

In addition to the reduction rules, another important reform that was expected but failed to land in 2019 was the further promotion of registration system, that is, the registration system reform of Shenzhen Stock Exchange's growth enterprise market.

In the light of the current situation, the conditions for the registration system reform of gem have been "firmly established" and the environment is mature.

First, before the expiration of the State Council registration system reform authorization, the revision of the securities law has been completed, and the expectation of full implementation of registration system reform has been established at the upper level level. Secondly, the science and technology board has been running smoothly for many days. Many experiences have been mature and can be used for reference. In January 14th, Ma Xingrui, governor of Guangdong Province, also expressed support for the registration system reform of Shenzhen Stock Exchange.

"At the meeting of securities and futures supervision held by the SFC, how to advance the registration of the growth enterprise registration system will be one of the key issues to be discussed in the SFC system," he said. A head of investment brokerage department of a medium-sized brokerage firm in Southern China said to reporters.