In recent years, in the context of deepening the structural reform of the supply side, in addition to boosting the listed companies to achieve "production capacity", the regulators in the IPO, refinancing and mergers and acquisitions and other sectors to strengthen the audit efforts and improve Related system to improve the level of capital operation norms, but also the capital market itself "to the production capacity," a concrete manifestation.
In the end of July this year, the national securities and futures regulatory system in the middle of the regulatory work forum clear, to effectively increase the quality of the audit review, to maintain the normalization of the initial public offering, standardize and support mergers and acquisitions of listed companies, improve the delisting system, Big delisting efforts, give full play to the function of the capital market.
In the issuance audit of the new shares, in order to promote more resources to optimize the configuration to the real economy most in need of the field, continue to enhance the first enterprise supervision, the Commission in the first half of 2017 to carry out the IPO business site inspection work, the on-site inspection is Strict control of quality and risk of the important measures, but also the whole system to participate in the IPO business on-site inspection of the important results. The inspection, to the Audit Bureau transferred two companies suspected of illegal clues to some enterprises and related intermediaries for a special treatment. The next step, the SFC will further strengthen the issuance of supervision, strict audit, to prevent corporate fraud.
Insiders believe that IPO companies on-site inspection of the clean-up audit environment, to support the real quality of qualified enterprises listed on the listing played a good role. And regulators to carry out on-site inspection of IPO enterprises, but also can urge the issuer to improve the quality of information disclosure, and urge the intermediary agencies diligence, strict capital market entry, and promote the healthy and orderly development of capital markets.
In February this year, the SFC on the "listed companies non-public offering of stock implementation details" to amend, and issued a "issue of regulatory Q & A - to guide the regulation of listed companies financing behavior regulatory requirements." The purpose of this amendment is to curb the current market over-financing, to raise funds out of reality and so on.
In the merger and reorganization side, 2016 the Commission on the "listed companies major asset restructuring management approach" has been modified. The purpose of this modification is to tie the system and the standard "fence", to "speculation" cooling, to promote the market valuation system of rational restoration, continue to support the merger and reorganization to enhance the quality of listed companies to guide more funds to the real economy. At that time, the Securities and Futures Commission also on the "strengthening of listed companies with major assets reorganization of the relevant stock abnormal supervision of the Interim Provisions", "on the regulation of major assets of listed companies a number of issues related to the provisions of the" revised accordingly.
In September this year, in order to improve the efficiency of mergers and acquisitions, to combat restrictions "忽悠", "follow the style" reorganization, increase the transaction certainty and transparency, regulate the reorganization of listed, the SFC on "public offering of securities information disclosure content and format guidelines No. 26 - Major Assets Reorganization of Listed Companies (Revised in 2014) has been revised accordingly. This is in line with the revision of the Measures for the Administration of Major Assets Reorganization of Listed Companies, which regulates the reorganization and listing of information disclosure.
"Securities Daily" reporter learned that the next step SFC will continue to improve the whole process of regulatory mechanisms to further regulate the reorganization of listed acts to curb false restructuring, "忽悠" reorganization, and promote capital market mergers and acquisitions to better enhance the quality of listed companies, Real economic development. At the same time will continue to strengthen the supervision of mergers and acquisitions, mergers and acquisitions to improve the economic capacity of the reorganization of services at the same time, crack down on false restructuring, to circumvent supervision and other acts.
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