Stock Market Situation: A Wave Of Laws And Regulations Are Being Revised And Formulated.

The so-called "no rules, not Cheng Fangyuan".

The construction and development of capital market can not be separated from the protection and support of laws and regulations.

China Securities Journal reporter learned from the securities and Futures Commission that a large number of laws and regulations are being revised and formulated.

Supervision by law, strict supervision and comprehensive supervision are the regulatory concepts put forward by Liu Shiyu, chairman of the SFC, when he took office.

Today, Liu Shiyu has been in the post of chairman of the securities and Futures Commission for a year, and the supervision of strong supervision has run through all aspects of the SFC's work.

In view of the deficiencies of the system reflected in the fluctuation, and combining with the actual situation, in-depth investigation and research have formed the following suggestions for the revision of the securities law and the revision of the securities law, and actively cooperated with the legislature in carrying out relevant work in the securities law, focusing on solving the problems of system supply and protection urgently needed in the securities market development and supervision and law enforcement, further improving the multi-level market system, consolidating the market trading system, strengthening the supervision of the listed companies, giving full play to the role of stock exchange supervision, enhancing the effectiveness of the supervision and law enforcement, strengthening the protection of the rights and interests of investors, especially small and medium investors, and achieving the top-level design objectives of "preventing and eliminating financial risks and accelerating the formation of a stock market with a complete function of financing, a solid foundation system, effective market supervision, and full protection of investors' legitimate rights and interests". SFC based on abnormal stock market in 2015

2. Draft Futures Law is expected to be submitted for consideration as soon as possible.

In accordance with the NPC's legislative plan, the futures law is an important financial law established by the NPC.

The SFC has been actively cooperating with the legislature in promoting the legislative process of basic laws in this futures and derivatives market.

It is understood that the relevant draft of the futures law is expected to be submitted for consideration as soon as possible.

In combination with the revision of the securities law, the SFC has begun to study the linkage reform of the company law, focusing on the corporate governance of listed companies, the protection of minority shareholders' rights and interests, the share repurchase system, the merger and separation system, and the restructuring and listing system.

4, actively promote the improvement of the provisions of the criminal law on crime of securities and futures.

In view of the new situation and new characteristics of the securities and futures criminal cases in practice, especially the new illegal and criminal activities, the securities and futures crimes stipulated in the current criminal law are relatively low in fines and short in prison terms, and the relevant provisions can not fully cover the new criminal cases and hands. The SFC actively promotes the improvement of the provisions of the criminal law on the crime of securities and futures.

According to the market participants and legal experts who participated in the study of relevant legal issues, it is necessary to substantially increase their sentences and the amount of fines based on the social harmfulness of such crimes as fraud, insider trading, manipulation of the market and false disclosure of information. In order to enhance the deterrent force of the criminal law against the crime of securities and futures, we should improve relevant provisions in accordance with the new criminal situation and hand.

5, promote the formulation of regulations on supervision and administration of listed companies.

The listed company is an important cornerstone of the securities market. In order to strengthen the supervision and management of listed companies and improve the quality of listed companies, the SFC has carried out research many years ago to promote the formulation of the regulations on supervision and administration of listed companies.

In 2016, on the basis of the regulations on the supervision and administration of listed companies, the SFC seriously studied the quality problems of listed companies reflected in the abnormal fluctuations of the stock market, and put forward new suggestions for modification.

After further consultation, the Department will be submitted to the State Council for consideration according to the procedures.

6. The Provisional Regulations on the management of private equity funds have entered the new stage of the Legislative Affairs Office of the State Council.

In recent years, private equity fund industry has been developing rapidly and has attracted much attention.

Combined with the supervision practice over the past 3 years, the SFC has actively cooperated with the Legislative Affairs Office of the State Council to draft the Interim Regulations on the management of private equity investment funds, so as to consolidate the legal basis of private investment funds, adapt to the requirements of various private investment funds, and guide the healthy development of the private investment fund industry.

At present, it has entered the new stage of the review of the Legislative Affairs Office of the State Council.

The national share pfer system, commonly known as the "new three boards", has more than ten thousand listed companies, but only the relevant decisions of the State Council have been standardized.

To this end, the SFC launched the research and development work to formulate the new three board regulations.

8, to study and promote the revision of the Interim Measures for the management of securities and futures investment consultation.

In response to the confusion of the investment advisory business, which is reflected by a large number of small and medium-sized investors, such as the stock market "black mouth", the securities and Futures Commission has begun to study and promote the revision of the Interim Regulations on Securities and futures investment consultation and regulation issued in 1997, and intends to further standardize the securities and futures investment advisory business activities.

In addition, the SFC also supports the formulation of two criminal judicial interpretations in collaboration with the judiciary for the purpose of combating the use of undisclosed information and manipulating market crimes.

The SFC also adopted a sound regulatory system for securities and futures regulations to ensure effective implementation of relevant laws and regulations.

In 2016, the SFC issued the regulations on the appropriateness management of securities and futures investors, some provisions on the interconnection and exchange mechanism between the mainland and Hongkong stock market, 42 rules and normative documents concerning the revision of the management measures for the major asset reorganization of listed companies, the administrative measures for equity incentive of listed companies, and 27 pieces of regulatory documents and normative documents.

The legal experts said that in a short period of time, the SFC fully promoted the legal system construction of the capital market in such a large and high-density way. Compared with other fields, the SFC was relatively rare, reflecting the strong determination of the CSRC to adhere to the direction of capital market development in accordance with the rule of law, internationalization and strict supervision.

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