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New securities law passed

Effectively establish a registration system for stock issuance from March 1, 2020

The newly revised Securities Law (hereinafter referred to as the "New Securities Law") was passed at the closing meeting of the 15th Session of the Standing Committee of the 13th National People's Congress on December 28 and will be implemented from March 1, 2020. The Securities Regulatory Commission reviewed ten key reforms of the new securities law, including the comprehensive implementation of the securities issuance registration system, significantly increasing the cost of securities violations, improving the investor protection system, further strengthening information disclosure requirements, improving the securities trading system, and implementing the "Serving" requires the abolition of relevant administrative licenses, compacting the legal responsibilities of "gatekeepers" in the intermediary market, establishing and improving a multi-level capital market system, strengthening supervision and enforcement and risk prevention and control, and expanding the scope of application of securities laws.
Ministry of Finance of China Economic Net
Headlines
China Securities Regulatory Commission: Formulate, revise and improve supporting rules and regulations of the new securities law
After more than four years and four deliberations by the Standing Committee of the National People's Congress, the securities law has finally completed its "overhaul". The new securities law directly addresses the focus issues of the capital market and has improved the securities issuance system, legal responsibilities, and investor protection.
New securities law opens China's capital market registration system for A-shares to welcome new vigor in the market
The new securities law will promote the fundamental institutional changes and long-term healthy development of China's capital market, and bring new vitality to development. After the revision of the law, the registration system has been extended to other sectors such as the GEM and already has a legal basis, and the issuance system of the capital market will undergo reconstruction. He predicted that the GEM reform will become an important driver of capital market reform in 2020.
Investment Service Center Implements New Securities Law in Seven Aspects to Promote the Implementation of Securities Mass Litigation Mechanism
As a specialized investor protection institution, the Investment Service Center will implement the investor protection function of public welfare institutions in accordance with the responsibilities entrusted by the new Securities Law, properly promote the implementation of securities group action lawsuits, and effectively protect investors and investors from the following seven aspects: Legal rights of listed companies.
Implementation of the new securities law from March 1 next year
The newly revised securities law, which took more than 4 years and 4 deliberations, was passed at the closing meeting of the 15th meeting of the 13th NPC Standing Committee on December 28. The release of the "upgraded version" of the securities law marks another crucial step for China's capital market on the road to marketization and legalization. As the fundamental law of the capital market, all parties look forward to the completion of the overhaul of the securities law to deal directly with market pain points and difficulties, bring profound changes to the market ecology, and better escort the reform and development of the capital market.
Here comes the new securities law! Fraud issuers may be ruined!
For a long time, in the A-share market, due to the huge profit temptation after listing, some companies took the risk to falsify financial data and other data in order to meet the listing standards. Once it was revealed that investors' interests were seriously damaged, the price paid by the responsible party was far from enough to form a deterrent. The market often made fun of this by "three glasses of fines".
New revised securities law passed: maximum penalty of 20 million yuan for fraudulent issuance
At the press conference of the General Office of the Standing Committee of the National People's Congress held on the morning of the 28th, Cheng Hehong, director of the Legal Department of the Securities and Futures Commission, said that a very important content of the amendment of the Securities Law is to clearly and comprehensively implement the registration system. Wang Xiang, deputy director of the Economic and Law Office of the Standing Committee of the National People's Congress of the National People's Congress, has introduced increased administrative penalties for securities violations. For example, Article 181 of the Securities Law grants issuers 2 million yuan for fraudulently issued and unissued securities A fine of more than 20 million yuan.
New securities law like "Bao Zheng"
During the revision of the Securities Law, the call for raising the cost of violating the law has been high. At the same time, investor protection has become one of the focuses that has received much attention during the revision of the Securities Law. The new "Securities Law" further increases the penalties for securities violations. In the securities issuance documents announced by the issuer, the issuer conceals important facts or fabricates major false content. If the securities have not yet been issued, they will be punished with more than 2 million yuan and 20 million yuan. The following fines.
New securities law paves the way for registration
This revision of the securities law began in 2015. After four reviews, it systematically summarized the years of practical experience in China's securities market reform and development, regulatory enforcement, and risk prevention and control. It is the basis for an in-depth analysis of the securities market's operating laws and developmental characteristics. In the past, a series of new system reforms and improvements were made.
China Amends Securities Law Emphasizes Protection of Small and Medium Investors' Rights
Cheng Hehong, director of the Legal Department of the China Securities Regulatory Commission, said at a press conference held on the same day by the Standing Committee of the Standing Committee of the National People's Congress that the new law sets out a comprehensive system of securities issue registration systems in accordance with the basic positioning of the full implementation of the registration system.
New securities law passed to focus on three major capital markets
The registration system is an important part of the amendment of the securities law. "This revised securities law, on the basis of summing up the experience of the Shanghai Stock Exchange in setting up a science and technology board and piloting the registration system, is in accordance with the basic positioning of the full implementation of the registration system, and has formulated relatively comprehensive regulations for the registration of securities issuance." Cheng Hehong, director of the legal department of the meeting, said at a press conference held on the 28th by the General Office of the Standing Committee of the National People's Congress.
Investment Service Center: Promote the implementation of securities mass litigation mechanism in accordance with the Securities Law
Securities Law completed "overhaul". This amendment has made special provisions on investor judicial remedies, and specifically provided for the representative litigation system and shareholder subrogation proceedings. All sectors of the society have responded enthusiastically. The Investment Service Center said on the 29th that as a specialized investor protection agency, it will implement the function of protecting public welfare investors from various aspects in accordance with the duties conferred by the securities law, properly promote the implementation of securities group action lawsuits, and effectively safeguard investors and listings. Legal rights of the company.
New securities law passed in fourth trial! Effective from March 1 next year
The new securities law consists of 14 chapters and 226 articles, from securities issuance, securities trading, acquisition of listed companies, information disclosure, investor protection, securities trading venues, securities companies, securities registration and settlement agencies, securities service agencies, securities industry associations, The securities regulatory authority, legal responsibilities and other aspects have been detailed.
New securities law increases administrative penalties, offenders face these severe penalties
For example, Wang Xiang stated that Article 181 of the Securities Law will issue an issuer with a fine of more than 2 million yuan and less than 20 million yuan for securities that have been issued fraudulently. The following fines. You can't just look at the figure of 20 million. In fact, the amount of fines will be greater in the latter proportion, depending on how large the issuer raised funds.
Wang Xiang of the Legal Affairs Commission talks about the new securities law: striving to create a "good-natured" capital market
"In the process of formulating and revising the securities law, there has always been a main line, which is to adhere to the reform direction of marketization and rule of law." On December 28, Wang Xiang, deputy director of the Economic and Law Office of the Legal Work Committee of the Standing Committee of the National People's Congress, attended the National People's Congress Said during a press conference held by the Standing Committee General Office.
New securities law escorts high-quality development of capital markets
As the fundamental law of the capital market, the release of the "upgraded version" of the securities law is another brand-new result of the improvement of the basic system of China's capital market, marking a new level of marketization and rule of law in China's capital market. The new securities law will come into effect on March 1 next year. The new version of the securities law has been comprehensively improved from the aspects of the securities issuance system, the reform of the stock issuance and registration system, the substantial increase in the cost of illegal securities, the strengthening of investor protection, and the strengthening of information disclosure to protect the high-quality development of the capital market.
Dong Shaopeng: Securities Law Injects Surging Power into Capital Markets in the New Era
After nearly 30 years of ups and downs in China's capital market, we have accumulated valuable experience and gained some profound lessons in basic system construction and market supervision. To deepen the reform and development of the capital market, an "upgraded" securities law is urgently needed. The revision of the law lasted for more than 4 years, and extensively solicited social opinions, especially the first-line opinions of the market. At the same time, it also learned from the best practices of the international market. It is a grounded legislation and a combination of internationalization and localization. The process of revising the law has also played a positive role in consolidating consensus and constantly improving market governance. At this time, through this method, it is not only difficult, but also natural.
Zheng Yanpan: The passage of the new Securities Law is good for the long-term
The new "Securities Law" passed by the above-mentioned NPC legislation clearly states that "the registration system will be fully implemented." The law also significantly increased penalties for insider trading, letter violations, and fraudulent issuance. These contents are positive for the stock market in the long run, and they are more in line with the opinions of investors, especially those related to increasing penalties for violations of laws and regulations.
New securities law sets "class action" rules to tell and deny shareholders decision
The amendment to the Securities Law, which lasted for more than four years and went through four trials, finally came to fruition, and 160 million investors in A shares ushered in a huge positive. The new "Securities Law" has a new chapter on investor protection, a total of eight regulations, and by further strengthening the requirements of trust, the protection of investors' right to know has been enhanced.
The new securities law authorizes the State Council to regulate the specific scope and implementation steps of the securities issuance registration system
The Securities Regulatory Commission said that the current revision of the securities law has further improved the basic system of the securities market in accordance with the design requirements of the top-level system, embodies the direction of marketization, rule of law, and internationalization, and has been implemented for the comprehensive deepening of the securities market reform, effectively preventing and controlling market risks To improve the quality of listed companies, to effectively protect the legitimate rights and interests of investors, to promote the function of the securities market to serve the real economy, to create a standardized, transparent, open, dynamic, and resilient capital market, and to provide a strong guarantee of the rule of law. Far-reaching significance.
A number of brokerage firms have weak compliance regulations and new securities laws have compacted the role of "gatekeeper"
Securities companies are important intermediaries in the capital market, and compliance is of paramount importance. According to incomplete statistics, since December alone, 4 securities firms have been punished by the Securities and Futures Commission for issues such as insufficient compliance staffing, and compliance issues still need to be taken seriously. Earlier, the Securities Regulatory Commission issued the "Guidelines for the Implementation of Compliance Management of Securities Companies", which aims to improve the level of compliance management of securities companies; the recently revised securities law has once again clearly consolidated the legal responsibilities of "gatekeepers" in the intermediary market and increased the failure of securities service institutions Diligence and diligence.
Implement new securities law and improve legal framework for wealth management
Recently, the new securities law was passed at the closing meeting of the 15th session of the 13th NPC Standing Committee. The new securities law has expanded the scope of securities, clarified the direction of the securities public offering registration system, and made important changes in regulating public securities issuance and trading, increasing the crackdown on securities illegal activities, protecting investor interests, and improving regulatory measures. The new securities law will play a positive role in promoting the healthy development of the capital market. In the second article embodying the scope of application of the securities law, "The measures for the management of the issuance and trading of asset-backed securities and asset management products shall be prescribed by the State Council in accordance with the principles of this law." This authorization affirms the asset-backed securities and asset management products .. .
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