seagames2021football| The supervision of 43 listed securities firms is facing another overhaul. How to solve the problem of "big but not strong"? The CSRC clarifies four core contents

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On May 10, after the Securities and Futures Commission issued the amendmentSeagames2021footballThe provisions on strengthening the Supervision of listed Securities companies (hereinafter referred to as the "provisions"), and the new rules shall enter into force as of the date of promulgation.

From the regulatory practice in recent years, listed securities companies are still facing the problem of "big but not strong". There is still a big gap between the standards and requirements of first-class investment banks and investment institutions in terms of development concept, investor protection, internal control governance, information disclosure and so on. The contents of this revision include optimizing the concept of development, overall planning and standardizing financing behavior, improving corporate governance, strengthening internal control and risk management requirements, promoting industry development, improving information disclosure requirements, and implementing the people's standpoint. Improve the level of investor protection.

Some people in the industry told the interface news: "this revision improves the adaptability and effectiveness of the regulations, comprehensively reflects the regulatory requirements for the high-quality development of listed securities companies, and is conducive to the refinement and landing of the opinions on strengthening the supervision of securities companies and public funds and speeding up the construction of first-class investment banks and investment institutions (for trial implementation), and promote the standardized and healthy development of listed securities companies."

Optimize the concept of development and standardize financing behavior as a whole

The CSRC first corrects the positioning of institutions. It clearly requires listed securities companies to correct their business concepts, focus on the main business, put functionality in the first place, give full play to the functional role of financial services in the real economy, highlight value creation, shareholder returns and investor protection, implement comprehensive risk management and full compliance management requirements, improve the effectiveness of information disclosure, and play an exemplary role in standardizing corporate governance.

Secondly, standardize the market-oriented financing behavior. It is required that securities companies should, in the light of shareholders' returns and value creation ability, their own operating conditions and market development strategies, reasonably determine the scale and timing of financing, strictly standardize the use of funds, focus on the main business, prudently carry out high capital consumption business, and improve the efficiency of the use of funds.

Improve corporate governance and strengthen internal control and risk management requirements

First, improve corporate governance, clearly require listed securities companies to establish a corporate governance structure with clear ownership structure, streamlined organizational structure, clear boundaries of responsibilities, sound information disclosure, reasonable incentives and constraints, effective internal control checks and balances, and good professional ethics. We will improve the operating mechanism of the organizational structure, ensure the independence and robustness of the company's operation, implement the requirements of comprehensive risk management, and strengthen the control of all kinds of subsidiaries at home and abroad.

The second is to strengthen the regulation of shareholders and actual controllers, emphasize that shareholders, shareholders' actual controllers and other related parties shall not require securities companies and their subsidiaries to seize the funds and assets of listed securities companies and their subsidiaries by means of illegal related party transactions, foreign investment, financing, guarantee and sale of financial products, thereby harming the legitimate rights and interests of the company and other shareholders and customers.

Third, standardize the preparation and disclosure of financial statements, make it clear that the preparation and disclosure of financial statements of listed securities companies should comply with enterprise accounting standards and relevant information disclosure rules, and fairly reflect the company's financial position, operating results and cash flow.

Fourth, improve the management of employees and long-term incentive and restraint mechanisms, strictly regulate short-term incentives, not excessive incentives, and require listed securities companies to continuously improve the assessment and accountability mechanism and reputation risk management system, disclose salary information in accordance with the rules and regulations.

Promote the development of the industry and improve the requirements of information disclosure

Follow the principle of importance and necessity, classify and optimize the requirements of information disclosure. First, in combination with arrangements such as the consolidated supervision of securities companies, it is clear that listed securities companies shall, with the approval or requirements of the regulatory authorities, compile supervision statements of risk control indicators on the basis of consolidated data, or adopt advanced methods of risk measurement such as internal model method to calculate relevant risk control indicators, the relevant caliber and differentiation arrangements shall be explained at the time of disclosure.

Second, listed securities companies are required to disclose the details and compliance of major risk control indicators such as net capital in quarterly reports, interim reports and annual reports; when the core risk control indicators do not meet the prescribed standards, it shall be disclosed in a temporary announcement in a timely manner to explain the reasons, current status and possible impact.

The third is to abolish the requirement of disclosure of classification results of securities companies.

Practice the stand of the people and improve the level of investor protection

First, establish and improve the investor protection mechanism. It is emphasized that listed securities companies should establish and improve relevant systems and procedures for investor relations management activities, respond to investors' concerns in a positive, serious and professional manner, and objectively, truly, accurately and completely introduce and reflect the actual situation of the company. The investor relations management staff of a listed securities company shall have the professional knowledge necessary to perform its duties. If the parent company of the securities company is a listed company, the securities company shall appoint a special person to cooperate with it, to make professional responses to matters related to the operation of securities companies.

The second is to further highlight value creation and shareholder returns. It is clear that listed securities companies should firmly establish the consciousness of return to shareholders, formulate a reasonable plan for the return of shareholders in the light of the company's operation and management, and make a reasonable balance between the use of operating profits for their own development and return to shareholders. attach importance to improving the level of cash dividends, encourage the formation of institutional arrangements for the implementation of share buybacks, and actively improve shareholders' returns and optimize the governance structure through multiple dividends and buyback write-offs in a year.

Since April, 25 of the 43 listed securities firms have been subject to administrative supervision due to a variety of violations. Among them, some brokerage sponsor business was suspended for 6 months without due diligence, and the person in charge of the brokerage was found to be an inappropriate person. This move by the regulators shows that the supervision of securities firms should be strict, fast and heavy, with the aim of building a more standardized and transparent market environment.

Tian Xuan, deputy dean of the Wudaokou School of Finance at Tsinghua University, said that as "service providers" of direct financing, the quality of practice of listed securities firms is directly related to the quality of listed companies. They should continuously strengthen the responsibility of investment banks to recommend "real companies" and "good companies" and promote them. Better play the role of "gatekeepers" in the capital market. The concept of promoting securities firms to practice cannot just focus on quantity, scale, and short-term rankings, but pursue the formation of a practice ecosystem that is professional-oriented, trust-oriented, responsibility-oriented, and high-quality.