It Is Not The Key That The SFC Pfers The Registration Right Of Issuing Audit.

And the dual status of regulators, and before the registration system reform is launched, the SFC should first pfer the right to issue audit to the stock exchange. Only in this way can the SFC jump out of the interest circle and ensure its fairness and independence.

Recently, registration has become the most popular topic, and the government work report has not mentioned the registration system, which has aroused heated debate in the market.

Those who say "delay", say "dystocia", say "fetal death", say "register to make cannon fodder", and others say "indefinitely postponed".

At the same time, some people came up and said, "registration system reform is still in progress". "A share market must be" de administration ". The only way to solve the problem is to implement registration system.

But in my opinion, registration system is not the key. The SFC's pfer of the right to issue audit is the most important thing for its return to the main business.

To open the SFC website, there are 18 functional departments, including the issuing department, the gem issuing department, the institution supervision department, the fund supervision department, the futures department and the futures two department. The accounting department and the international cooperation department have administrative jurisdiction, while the other 9 departments are mainly responsible for a number of administrative affairs.

Why does the SFC suffer criticism? Why is the chairman of the SFC sitting on the "crater"? The most important reason is that it has double identities as the examiner and the regulator. The company issued the stock market was issued by the securities and Futures Commission. The sale of counterfeit goods in the primary market is difficult to get rid of; the establishment of a securities company and a fund company must go through its examination and approval. If the problem arises, it will also say that it is not properly examined and approved; the general manager of the exchange is appointed by it; even the accounting firm and law firm engaged in Securities and Futures business are also licensed by the SFC.

In short, almost all products in the stock market are issued by the SFC, and all the "passes" entered into the securities market are issued by the SFC, but they still need to be regulated.

The children are born with him, and then they are stubborn and no longer able to reform.

Moreover, the concentration of power is bound to breed corruption. The greater the power, the higher the rank of corruption.

Therefore, before the registration system reform is launched, the SFC shall first pfer the right to issue the audit to the stock exchange.

As in Hongkong, the stock exchange is the main contact platform for listed applicants. In accordance with the listing rules and the Companies Ordinance, the stock exchange conducts substantive examination of the listed documents, and the Hongkong Securities Regulatory Commission conducts a formal examination in principle.

In this way, the Hongkong Securities Regulatory Commission can indirectly perform the regulatory functions of the securities issuance and listing by supervising the power of the stock exchange in accordance with the law. It also has legal investigation and law enforcement power and the final veto of the approved decision.

It can jump out of the interest circle and ensure its fairness and independence.

The 103rd provision of the securities law stipulates: "

The formulation and revision of the articles of association must be approved by the securities regulatory authority under the State Council "; the 107th provision provides that" a general manager shall be appointed by the stock exchange and appointed and removed by the securities regulatory authority under the State Council. "

In fact, the exchange is the subordinate body of the securities and Futures Commission. Before, many experts and media often talked about "going down to the stock exchange" when they were examined by the exchange.

So we must repair the law.

If we do not modify the 103rd and 107th clauses, we will turn them in.

Under the Shanghai Stock Exchange, Shanghai and Shenzhen will surely seize each other's resources on the market, which will lead to the great leap forward of the stock market. How can we see such a situation? And 103rd and 107th amendments are believed to be much easier than the implementation of the comprehensive registration system.

Just like Gao Xiqing, former vice chairman of the securities and Futures Commission, the registration system involves "not a single law that the securities system can solve. It is related to the whole market economy system of China, and is related to the whole macro public governance mechanism, corresponding to our government governance and public governance system".

Such a complex project should not be pushed out this year. It is also difficult during the "13th Five-Year" period.

The "13th Five-Year plan" outline does not refer to the need to create conditions for the implementation of the stock issuing registration system. First, the pfer of the right to issue the trial is pferred to the exchange through partial revision. This is one of the conditions for creating conditions for registration.