Monday, December 27, 2010

The SFC continued shelling: Shenzhen Stock Exchange are also frequently intervene in the market.

Shenzhen Stock Exchange before the market rumors have been called a "PK Study Commission Report," alluding to the Commission within the text too much intervention in the market, leading to market "overwhelmed" and so on. .However, the report put up on the Shenzhen Stock Exchange web site taken down the night was rushed, so do not try to figure out the market can not be careful the true intention of the report, analysts said, the Shenzhen Stock Exchange is the practice of market intervention. .According to reports, this report uses more than 90 pages long, "overview" of the market participants, including listed companies, controlling shareholders, directors, supervisors and executives, brokers and their employees, investment (including the Fund) and .consulting, intermediary organizations and other illegal situation, and to 8 "Appendix" in the form of the typical cases of illegal all 181 patients, many of whom are currently on the market does not know some of the major cases. .Are these major cases in the report would not be worth careful review and analysis of the market to even the "hype", rather than make the market "eyeballs" focused on the mere point of "PK" it? .Learned only from the current "report" full view, too many hard conclusions of the report "PK" SFC content. .Or, if you have to wear a "PK", then, might as well say that the Stock Exchange, the SFC with the "PK" Well, although the report does not appear in the "PK" exchange content. .So from a practical perspective, first-line supervisory duties in the implementation of Exchange at the same time, whether there are certain problems, such as "too much intervention in the market" and other acts? .October 2003, Shenzhen Stock Exchange issued "Guidelines on the Management of Listed Companies Investor Relations," states: "Listed companies can manage all investor relations activities and modalities of voluntary disclosure of the provisions of existing laws and regulations and rules of information should be disclosed other than information" .. .As early as in the preceding 2001, the Commission on a range of information disclosure of listed companies and content of the file format already provides that: "... the principle is a minimum requirement of information disclosure .... All investment decisions of investors .significant impacts, regardless of whether there are clear provisions of the guidelines, the company should be disclosed. " .Although has been overtaken by events, but no matter how the relevant provisions of change, which never changes this provision, the scope of the prospectus has been from a variety of periodic reports to the disclosure. .Such provisions should be said that the information disclosure of listed companies is a major challenge because it is no longer merely to meet regulatory requirements, but to the basis of the information needs of investors, more importantly, these present and future, .has been or will be of concern to investors and their investment decisions have "significant impact" disclosure of information, must be based on the statutory disclosure form, but not to other forms. .Or that the information disclosure of listed companies in China, the regulatory framework, have no any other "information should be disclosed other than information." .Clearly, the Shenzhen Stock Exchange of this provision, the surface is a "PK" a higher level of regulatory requirements, but it is a result of information disclosure of listed companies on the disorder and confusion. .Because companies were unable to identify which is the "information should be disclosed other than information", but also to certain companies with certain investors such as funds, or specific people, such as media, "one on one" when, intentionally or unintentionally leaked some companies .undisclosed material information or "insider" to regulatory aspects of connivance and acquiescence. .Again, in accordance with the Exchange "Listing Rules" provides that "provisions of this chapter listed company suspended matter, should be applied for the suspension and resumption of trading ... ...." .The "matter of this chapter shall be suspended for a" range of 12.6, "public media has not yet appeared in listed companies disclose material information", is also one. .Apparently in accordance with the "Listing Rules" provides the right to decide whether or not suspension, is a listed company (applications). .Although the "Listing Rules" also stipulates that the company was involved in illegal in serious cases under investigation; incomplete or inadequate disclosure of information may mislead investors, but refused to explain or supplement the disclosure; serious violation of the "Listing Rules" and in .refuse to correct it within the stipulated period; for some reason the loss of the company's effective exchange of information sources (such as the Wenchuan earthquake in Sichuan shares) and other major cases, the Exchange has the power of the company's shares were suspended. .However, since April 1, 2007 until August 20 because of the media "false" reports the company caused the suspension Shenzhen, as many as 43, which are suspended, not by the relevant company to apply, but direct the Shenzhen Stock Exchange .surgeon: "In the media ... ..., according to the Shenzhen Stock Exchange" rules "the provisions of Article 12.6 of the of the temporary suspension of ... ...." .Even the "public media" and increase to the securities research institutions, "Research Report." .Nevertheless, "research report" is not "public media" is not among the 12.6 range. .The same situation, but no case in the Shanghai Stock Exchange. .So, is this regulation of the Shenzhen Stock Exchange "excessive intervention", and "carrying heavy administrative supervision," the market "overwhelmed", the Shenzhen Stock Exchange are also to be self-"PK" or some self-examination?.

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