Intermediaries Should Be Held Accountable For Inadequate Audit Of Mergers And Acquisitions.

Zhao Lixin, deputy director of the regulatory department of the China Securities Regulatory Commission recently said that from the perspective of regulatory development, the regulation of mergers and acquisitions of listed companies will change from direct regulation to indirect regulation.

In this process, we should gradually increase.

The SFC listed company supervision department and the China Asset Appraisal Association have recently held the merger and reorganization of the listed companies' cooperative evaluation of corporate valuation.

The conference discussed how to better play the role of asset appraisal in the professional value of mergers and acquisitions of listed companies, how to establish cooperative mechanisms, exert supervision and synergy, and further strengthen the supervision and management of mergers and acquisitions of listed companies.

Zhao Lixin pointed out that the communication, cooperation and cooperation between the supervision department of the China Securities Regulatory Commission and the China Association for the evaluation of listed companies were very effective, and the China Appraisal Association played an important role in supporting and promoting the merger and reorganization.

He has put forward new ideas for strengthening cooperation and coordinated supervision in the future.

First, we should further promote cooperative research.

We will focus on the important issues that concern the development of mergers and acquisitions of listed companies, and focus on tackling the problems of the whole industry as future research directions, such as market law pricing, liquidity discounts and discount rates.

The two is to establish industry information platform.

We should explore effective models and set up information platform for evaluation industry, so as to provide information support for improving the overall practice level of the industry and better serving the pricing of capital market.

Three is to strengthen listed companies.

"From the perspective of regulatory development, the regulation of mergers and acquisitions of listed companies will be changed from direct regulation to indirect regulation, that is, by focusing on the audit of every listed company's project, gradually turning to the professional intermediary service institutions such as asset assessment, and so on, will form a pattern of institutional homing, self-regulation, and the Commission's investigation afterwards."

Zhao Lixin said that in this process, we should gradually increase the role of the intermediary agencies, promote their duties and responsibilities, and be responsible for the evaluation report, and find out the follow-up responsibility for the problems.

We should further strengthen self-regulation and supervision, and build up the survival of the fittest in the industry through the integrity system construction and self-discipline punishment.

The supervision department of the listed company will take some measures to improve the management of the merger and reorganization project, so as to promote their respective supervision and function orientation.

Zhao Lixin also put forward specific proposals for establishing the normal cooperation mechanism between the SFC and the SAS: first, establish a mechanism for personnel exchanges and training.

Invite experts to give lessons to the SFC system.

The two is to establish a direct notification mechanism.

The regulatory department of the listed company will sort out the feedback discussed by the feedback committee or the reorganized Committee, as well as the general problems, and inform the association directly.

The CSRC should also inform the SFC in time about the non-standard practices of the evaluation institutions.

Fan Yongwu, director of mergers and acquisitions at the regulatory department of the SFC listed company, said that asset appraisal played a very important role in the merger and reorganization of listed companies. Two.

The evaluation industry has already established a relatively perfect evaluation standard system, and the evaluation organization has gradually developed and expanded, and the quality of the evaluation report has been steadily improved, which effectively safeguards the standardization and development of the merger and reorganization market.

But in many ways,