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Cheng Dan, a reporter from the Securities Times
On May 10, the Securities Regulatory Commission revised and issued the "on strengthening the Supervision of listed Securities companies"BingocasinogamesThe regulations clearly require listed securities companies to strive to return to their roots, be better and stronger with a clearer people's stand, more advanced development concepts, stricter compliance risk control and more standardized and transparent information disclosure, and earnestly assume the role of "leader" and "vanguard" in leading the high-quality development of the industry. The new rules will come into force as of the date of promulgation.
The "regulations" have four aspects. First, optimize the concept of development and standardize financing behavior as a whole. Correct the positioning of the mechanism. 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. Standardize 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.
The second is to improve corporate governance and strengthen internal control and risk management requirements. To improve corporate governance, listed securities companies are required to establish a corporate governance structure with clear ownership structure, streamlined organizational structure, clear boundaries of duties, 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. Strengthen the regulation of shareholders and actual controllers, emphasizing shareholders, actual controllers and theirBingocasinogamesHis affiliated parties shall not require securities companies and their subsidiaries to misappropriate 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, damage the legitimate rights and interests of the company and other shareholders and customers. Standardize the preparation and disclosure of financial statements, and make it clear that the preparation and disclosure of financial statements of listed securities companies shall comply with the provisions of enterprise accounting standards and relevant information disclosure rules, and fairly reflect the financial position, operating results and cash flow of the company. Improve the management of employees and long-term incentive and restraint mechanisms, strictly regulate short-term incentives, not excessive incentives, require listed securities companies to continue to improve the assessment and accountability mechanism and reputation risk management system, and disclose salary information in accordance with the rules and regulations.
Third, promote the development of the industry and improve the requirements of information disclosure. 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 the relevant risk control indicators, the relevant caliber and differential arrangements shall be explained at the time of disclosure. 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. Abolish the requirement for disclosure of classification results of securities companies.
The fourth is to practice the people's position and improve the level of investor protection. 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 their duties. If the parent company of a 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. 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.
The CSRC said that in the next step, it will adhere to the main line of strengthening supervision, preventing risks, and promoting development, continuously strengthen the daily supervision of securities companies, strengthen accountability for law enforcement, and urge listed securities companies to implement a series of new requirements of the "regulations." and radiate the good experience and practices in practice to the whole industry to promote the high-quality development of securities industry institutions.