The reporter learned from interested parties, in order to promote the stable development of the securities market, ensuring the smooth running of the share-trading reform, China Securities Regulatory Commission in conjunction with the relevant departments, to in-depth articles 9 of the "country" as the main line, research has developed a series of policy measures, and have the consent of the State Council is to implement the relevant departments of the organization.
It is understood that, at present has implemented measures include: start including SASAC straight pipe of large State-owned enterprises holding company, the second batch of equity division reform; reduce personal income tax bonus dividends to investors; on the reform of the price paid and the price obtained is not chargeable and income tax; allow the circulation of shares listed on the repurchase of equity division reform increased holdings of shares in circulation after listed companies; allow fund managers with clear natural capital investment; participation in State-owned shareholder equity division reform of policies and regulations.
In addition to the above measures, there are the following measures are implemented:
The share-trading reform will comprehensively promote. In the second batch of pilot share-trading reform, no longer carries on after the end of the third instalment of reform, in summing up the two groups on the basis of the pilot experience, study and formulate comprehensive open share-trading reform management approaches, published after approval by the State Council, start promoting equity division reform efforts. In the share-trading reform implementation of new and old scratch off moratorium on new shares, the issuance of shares of listed companies in the future, will be implemented after the equity division reform; the new mechanism does not complete the reform of public companies stop refinancing.
In line with the share-trading reform, has been in advancing the development of State-owned economic distribution and industry share guidance, stabilization of equity division reform; encourage expansion expected to sponsor use of a variety of financial innovation tool design adapts to different companies of the share-trading reform programmes, the stock exchange and depository and Clearing Corporation actively provide appropriate technical support; to share-trading reform, the company set up separate transactions plate, research and development-related financial derivatives.
In advancing equity division reform efforts, including public companies standard development, securities companies integrated governance, strengthening of institutional investors, such as a series of guidance documents are being developed and will be published. Through sound and perfect capital market law, promoting the development of capital market specifications.
The listed company specifications development, builds company consolidated supervision system, strengthening the social protection of the rights and interests of public shareholders, support optimal structure of listed companies, promoting improved quality of listed companies. Of these, including the adoption of effective measures to promote the State-owned shareholder deadline problems addressing misappropriation; to promote private placement shares, absorption merger and other market-oriented and reorganization pilot; to share-trading reform as an opportunity to optimize the implementation record of bad company reorganization, liquidation of large shareholders of misappropriation; after the reform of State-owned assets listed companies on the market of assessment and management procedures; developing non-paid circulation shareholders accounting treatment on price.
Integrated management of the Corporation, will increase the intensity of the underlying system, plug the resulting risk of system vulnerabilities, senior managers and shareholders of regulation, promoting industry resource integration, support high-quality company bigger and stronger. It is understood that, for securities companies current difficulties, the innovative pilot class of securities companies and equity division reform of sponsor to provide liquidity support. At the same time, for the effective protection of the legitimate interests of investors and the Securities Investor Protection Fund is established.
In strengthening institutional investors, will further the development of securities investment funds to accelerate many types of institutional investors and team development. Specific measures include: allows a fund management company with stock collateral financing; further commercial bank initiated the creation of a fund management company pilot work; increase the Social Security Fund and State-owned insurance companies into the city, and solutions to extend the financial evaluation period and the accounting treatment of investment income. At the same time, the $ 4 billion in existing QFII limits, then increase the amount of 60 million QFII. In addition, in accordance with the relevant provisions of independent investment, will cancel the Government on State-owned enterprises to invest in the stock market's restrictive provisions.
In addition, in summing up in recent years on the basis of the practice of supervised, securities laws and regulations of the revised and improved work is actively going on.
The above measures have been organized special forces of implementation, some substantive progress has been made. Estimated at some time in the future, will be published.
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