SFC'S Big Adjustment Or Pave The Way For Registration System

< p > since February, the internal adjustment of the SFC has been going on in full swing.

People close to the regulatory authorities revealed that the detailed plan and personnel list of institutional adjustment has been basically determined.

"The current adjustment should be to prepare for the direction of registration system, which will gradually weaken the role of the Commission."

The head of a brokerage investment bank said in an interview with the newspaper that at present, the SFC policy intensive release period has many variables.

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< p > < strong > keep continuity < /strong > < /p >

< p > "may not have much impact on our work, because it is still those people, but the process may change."

The head of the investment bank said that because the SFC currently "does not encourage" IPO declaration, the impact of the current policy adjustment on the investment bank will not be too obvious.

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< p > at the beginning of this year, the Central Committee approved the reform plan of the SFC and "four sets four", and then the SFC entered the stage of refinement.

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< p > so-called "and four" refers to the merger of the supervision department of the Ministry of supervision and the issuance of the GEM board as the issuing supervision department, the supervision of one listed company, the supervision of the listed company into two parts, the supervision department of the listed company, the futures supervision department and the futures supervision department two merged into the futures supervision department, and the structural supervision department and the fund supervision department are merged into the supervision department of the securities fund institution.

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< p > at present, the consolidated list of officers issued by the Ministry of supervision has been basically confirmed.

Liu Chunxu, the director of the original issue supervision department, was appointed director, and Wang Zongcheng, deputy director of the supervision department of the original gem issuing board.

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Liu Chunxu, former director of Beijing securities regulatory bureau and member of the audit committee of mergers and acquisitions of listed companies, supported the reduction of administrative intervention and emphasized the strengthening of process supervision and accountability.

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< p > in addition, < a href= "//www.sjfzxm.com/news/index_c.asp" > listed company < /a > supervision one, two, futures supervision one and two, the merger of the institutional supervision department and the fund supervision department is also in progress.

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< p > "recently, various policies have been introduced densely, which has been somewhat exhausted for this rhythm."

He said that everything must be determined.

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< p > the securities and Futures Commission has also made clear that the adjustment of the organs within the SFC has maintained the total number of organs and the total number of departments, and the relationship with the relevant departments remains unchanged.

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< p > < strong > turn to < a href= > //www.sjfzxm.com/news/index_c.asp > function supervision < /a > /strong > /p >

< p > after the merger of the Ministry of supervision and the GEM board, the audit of the main board and the small and medium board will also be carried out in the same department.

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< p > one is responsible for the legal audit of the motherboard and small and medium-sized boards, two are responsible for the financial audit of the motherboard and small and medium-sized boards, three are responsible for the legal audit of the gem, four are responsible for the audit of the gem, five are and six are responsible for refinancing legal review and financial audit.

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< p > in addition, there are seven separate audits.

"There have been many problems in the process of issuing, and the SFC may set up a separate department to issue it."

The head of the investment bank said.

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< p > another industry insider told this newspaper that the previous a href= "//www.sjfzxm.com/news/index_c.asp" > motherboard < /a > is separate from the audit of small and medium board. The merger may be adapted to a new change in the Department of independent listing.

In the industry's view, with the gradual lowering of the listing threshold, the future motherboard, small and medium board and GEM may converge.

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< p > in fact, functional regulation is a basic train of thought for the adjustment of the SFC. The issuing, listing, institutions, funds and futures departments are integrated according to the principles of functional supervision and one matter one management.

It includes the newly established corporate bond supervision department, the innovation business supervision department, the private equity fund supervision department, and the anti illegal securities and Futures Bureau.

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< p > in view of the rapid development of the securities business in the current development, the SFC has decided to be placed under the supervision department of the corporate bond, and the specific regulatory measures will be released in the near future.

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< p > "the adjustment now should be to prepare for the direction of registration system, which will gradually weaken the role of the Commission."

The head of the investment bank believes that the current policy level reform will consider doing well in information disclosure and strengthening supervision, so as to prepare for registration.

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< p > trial is considered to be the "black box" of IPO. Recently, people close to the SFC told reporters that regulators are studying the "black box" opening, allowing the sun to shine in, and making the trial process open to the public.

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