On July 30, the China Securities Regulatory Commission held the 2020 mid-year system work conference and warning education conference (video). The meeting summarized the work in the first half of the year, analyzed the current situation, implemented the work arrangements of the Party Central Committee and the State Council, and arranged key tasks in the second half of the year.

Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, Yi Huiman, delivered a report entitled "Concentrate efforts to do a good job in the capital market to better serve the overall situation of epidemic prevention and control and economic and social development". Fan Dazhi, the leader of the Disciplinary Inspection and Supervision Team of the State Supervision Commission of the Central Commission for Discipline Inspection in the China Securities Regulatory Commission and a member of the Party Committee, notified the typical cases of violations of discipline, law, and crime, and violation of the spirit of the eight central regulations of the CSRC system.

The key policies reviewed by the reporter include: maintain the normalization of IPOs, promote the classification and review of refinancing; accelerate the implementation of the pilot implementation of public REITs in the infrastructure sector, and form a demonstration effect as soon as possible; promote the innovation of futures options products; improve the market-based and legalized delisting mechanism, and smooth diversified delisting channels; implement the securities class action system; promote the implementation of the policy of individual pension investment public funds; strengthen cross-border supervision and cooperation, and take practical measures to do a good job in Chinese concept stocks in response to the situation, promote the construction of relevant regulatory systems and jointly crack down on cross-border securities illegal and criminal activities; strengthen risk research and judgment, strengthen the monitoring of leveraged funds, prevent and combat systematic and large-scale OTC funds; accelerate the formulation of fraudulent issuance and order repurchase method.

Priority 1: In the implementation of the “six stability” and “six guarantees”, the role of the capital market will be further reflected as the meeting emphasized the detailed implementation of various measures to support epidemic prevention and control and economic and social development. It is necessary to combine the early stage policies with institutional arrangements to improve the accuracy, operability and directness of the policies, and promote the protection and activation of market entities. Give full play to the role of capital market mechanisms to better support major national and regional development strategies such as innovation-driven development and the reform of state-owned assets and state-owned enterprises. Improve effective ways and mechanisms to improve the quality of listed companies in the context of the epidemic. Maintain the normalization of IPOs and promote classification review of refinancing. Accelerate the implementation of pilot projects of publicly-raised REITs in the field of infrastructure and form a demonstration effect as soon as possible. At the same time, innovation in futures and options products should also be promoted.

Priority 2: Focusing on the main line of “building the system” and accelerating the promotion of a more mature basic system of the capital market to finalize meeting requirements, insisting on overall design, highlighting key points, and problem orientation, speeding up key system innovation, and complementing system shortcomings. Improve the rules of the registration system, enhance the targeted effectiveness of information disclosure, and improve the quality, efficiency and transparency of review and registration. Improve the market-based and legalized delisting mechanism and smooth diversified delisting channels. Guided by more market-oriented facilitation, we will steadily advance the reform of the transaction settlement system.

Priority 3: Practice the concept of "non-intervention" and build a good predictable mechanism for the capital market. The meeting pointed out that reducing regulation and vigorously promoting the reform of "delegation, regulation and service"; adhere to the rules and systems to maintain the normal functioning of the market; improve the anticipation management mechanism, strengthen macro research and judgment and stabilize market expectations. Taking the preparation of a list of rights and responsibilities as a starting point, we will comprehensively clean up the "pocket policy" and "invisible threshold", and further integrate and standardize the filing and reporting matters. Improve the institutional mechanisms that promote industry institutions to become better and stronger, and develop high-quality investment banks and wealth management institutions.

Priority 4: Implementing the "zero tolerance" requirement to severely crack down on illegal and criminal behaviors in the capital market. The meeting proposed to implement work arrangements and continue to increase the crackdown on vicious criminal cases such as fraudulent issuance, financial fraud, insider trading, and market manipulation, and promote the establishment of a crackdown. The coordination mechanism for illegal activities in the capital market promotes the construction of a three-dimensional and organic system that connects and supports each other in administrative law enforcement, civil recovery, and criminal punishment. Grasp the implementation of the securities class action system. Strengthen law enforcement propaganda through multiple channels and platforms to deliver a clear signal of "zero tolerance".

Priority 5：Grasp the timeliness and effectiveness of reforms and smoothly advance the implementation of the comprehensive deepening of reforms in the capital market. The implementation meeting pointed out that the reform will be maintained, reform evaluation will be strengthened, and various reform measures on the financing and investment sides will be further coordinated. Efforts will be made to improve the systemicity and coordination of the financing end reform, continue to promote the innovation of the science and technology innovation board system; promote the reform of the growth enterprise board and the stable implementation and stable operation of the pilot registration system; continue to deepen the reform of the new three board to enhance market attractiveness, radiation and coverage. Adhere to both internal and external efforts, launch more practical and effective measures on the investment side, increase policy support, strive to build a professional asset management institution, and promote the accelerated implementation of the personal pension investment public fund policy.

Priority 6：Resolutely promote the high-level two-way opening of the capital market and strengthen supervision. The cooperation meeting pointed out that we will continue to promote the opening of markets, industries and products, study the gradual unification and simplification of channels and methods for foreign investment in the domestic market, and simultaneously strengthen supervision and risk prevention and control capacity building under open conditions. Strengthen cross-border supervision cooperation, take effective measures to deal with the situation of China's stocks, promote the construction of relevant supervision systems, and jointly crack down on cross-border securities illegal and criminal activities. Revise and integrate existing overseas listing rules to build a complete and clear overseas listing regulatory system. Improve the normalized coordination mechanism with Hong Kong's financial regulatory authorities, and firmly maintain the stable development of Hong Kong's financial market.

Priority 7：Adhere to both symptoms and root causes, resolutely win the battle to prevent and resolve major financial risks, strengthen risk research and judgment, strengthen the monitoring of leveraged funds, prevent and combat systematic and large-scale OTC funds, strive to stay ahead of the market curve, and promote the capital market Stable development. Actively promote the resolution of risks in key areas such as stock pledges and bond defaults, and strive to improve the disposal effect and further reduce risks. Strengthen the risk prevention and supervision of private equity funds, accelerate the promulgation of the "Private Fund Regulations", introduce the bottom line requirements for the regulated operation of private equity funds, and steadily advance the handling of high-risk cases.

Priority 8：Strengthen the construction of supervisory capacity and improve the investor protection mechanism meeting requirements, further implement the concept of classification and differentiation, and strengthen the supervision of market entities such as listed companies and intermediaries. Promote a three-year action plan for listed company governance. Further compact the "gatekeeper" responsibilities of intermediary agencies and promote the return of responsibility. Accelerate the implementation of scientific and technological supervision and take effect, and promote the improvement of the technological level of the entire industry. Speed up the formulation of fraudulent issuance and repurchase orders. Innovate investor education services and actively cultivate a mature and rational equity investment culture.

Priority 9: Consolidate and expand the achievements of work style construction to promote the systematic party building high-quality development meeting requirements, implement the spirit of the State Council's third anti-corruption work conference, stick to the main theme of "strictness" for a long time, and solidly promote the systematic and comprehensive governance of the party, and coordinate the promotion of risks Disposal and financial anti-corruption work. Continue to promote the strengthening of awareness education of political organs, the special rectification of the "black under the lights" issue, and the standardized and standardized construction of party branches. Promote the institutionalization and normalization of system style construction. Adhere to the standards of good cadres in the new era and build a team of "loyal and professional" high-quality supervisory cadres.

Source: China Securities Journal, China Fortune Gang

证监会7月31日消息，7月30日，中国证监会召开2020年系统年中工作会议暨警示教育大会（视频），总结上半年工作，分析当前形势，贯彻党中央、国务院工作部署，安排下半年重点工作。证监会党委书记、主席易会满作了题为《集中力量办好资本市场自己的事 更好服务疫情防控和经济社会发展全局》的报告，中央纪委国家监委驻证监会纪检监察组组长、党委委员樊大志通报证监会系统有关违纪违法犯罪、违反中央八项规定精神和“四风”方面典型案例。记者梳理的重点政策包括：

保持IPO常态化，推进再融资分类审核。加快推进基础设施领域公募REITs试点落地，尽快形成示范效应；

推进期货期权产品创新；

健全市场化法治化退市机制，畅通多元化退市渠道；

抓好证券集体诉讼制度落地实施；

推动个人养老金投资公募基金政策加快落地；

加强跨境监管合作，切实采取措施做好中概股情况应对，推进相关监管制度体系建设，共同打击跨境证券违法犯罪行为；

加强风险研判，强化对杠杆资金的监测，防范和打击体系化、规模化场外配资；

加快制定欺诈发行责令回购办法。

重点一：
在落实“六稳”“六保”中
进一步体现资本市场担当作为
会议强调，细化落实支持疫情防控和经济社会发展的各项举措，将前期的阶段性政策与制度性安排相结合，提高政策的精准度、可操作性和直达力，促进保护和激发市场主体活力。发挥资本市场机制作用，更好支持创新驱动发展、国资国企改革等国家重大战略和区域发展战略。完善在疫情背景下提高上市公司质量的有效途径和机制。保持IPO常态化，推进再融资分类审核。加快推进基础设施领域公募REITs试点落地，尽快形成示范效应。推进期货期权产品创新。
重点2：
聚焦“建制度”主线
加快推进资本市场基础制度体系更加成熟定型
会议要求，坚持整体设计、突出重点、问题导向，加快关键制度创新，补齐制度短板。完善注册制制度规则，增强信息披露针对性有效性，提高审核注册的质量、效率和透明度。健全市场化法治化退市机制，畅通多元化退市渠道。以更加市场化便利化为导向，稳妥推进交易结算制度改革。
重点3：
践行“不干预”理念
构建资本市场良好的可预期机制
会议指出，减少管制，大力推进“放管服”改革；坚持按规则制度办事，保持市场功能正常发挥；完善预期管理机制，加强宏观研判，稳定市场预期。以编制权责清单为抓手，全面清理“口袋政策”和“隐形门槛”，进一步整合规范备案报告事项。健全促进行业机构做优做强的制度机制，发展高质量投资银行和财富管理机构。
重点4：
落实“零容忍”要求
严厉打击资本市场违法犯罪行为
会议提出，落实工作部署，持续加大对欺诈发行、财务造假、内幕交易、操纵市场等恶性违法犯罪案件的打击力度，推动建立打击资本市场违法活动协调机制，推动构建行政执法、民事追偿和刑事惩戒相互衔接、互相支持的立体、有机体系。抓好证券集体诉讼制度落地实施。多渠道、多平台强化执法宣传，传递“零容忍”的鲜明信号。
重点5：
把握好改革的时度效
平稳推进资本市场全面深化改革落地实施
会议指出，保持改革定力，加强改革评估，进一步统筹好融资端和投资端的各项改革举措。着力提升融资端改革的系统性、协调性，持续推进科创板制度创新；推进创业板改革并试点注册制平稳落地和稳定运行；继续深化新三板改革，增强市场吸引力、辐射力和覆盖面。坚持内外双向发力，在投资端推出更多务实管用的举措，加大政策支持力度，努力打造专业化资产管理机构，推动个人养老金投资公募基金政策加快落地。
重点6：
坚定推进资本市场高水平双向开放
强化监管合作
会议指出，持续推进市场、行业和产品开放，研究逐步统一、简化外资参与境内市场的渠道和方式，同步加强开放条件下监管和风险防控能力建设。加强跨境监管合作，切实采取措施做好中概股情况应对，推进相关监管制度体系建设，共同打击跨境证券违法犯罪行为。修订整合现有境外上市规则，构建完整清晰的境外上市监管制度体系。健全与香港金融监管部门常态化协作机制，坚定维护香港金融市场稳定发展。
重点7：
坚持标本兼治
坚决打赢防范化解
重大金融风险攻坚战、持久战
加强风险研判，强化对杠杆资金的监测，防范和打击体系化、规模化场外配资，努力走在市场曲线的前面，促进资本市场平稳发展。积极推进化解股票质押、债券违约等重点领域风险，力争处置效果有新的提升，风险进一步收敛。加大私募基金风险防范和监管，加快推动出台《私募基金条例》，出台私募基金规范经营的底线要求，稳妥推进高风险个案处置。
重点8：
加强监管能力建设
完善投资者保护机制
会议要求，进一步落实分类和差异化的理念，强化对上市公司、中介机构等市场主体的监管。推进上市公司治理三年行动计划。进一步压实中介机构“看门人”责任，促进归位尽责。加快推动科技监管落地见效，促进提升全行业科技化水平。加快制定欺诈发行责令回购办法。创新投资者教育服务，积极培育成熟理性的股权投资文化。
重点9:
巩固拓展作风建设成果
推动系统党的建设高质量发展
会议要求，贯彻落实国务院第三次廉政工作会议精神，把“严”的主基调长期坚持下去，扎实推进系统全面从严治党，协同推进风险处置和金融反腐工作。持续推进强化政治机关意识教育、“灯下黑”问题专项整治和党支部标准化规范化建设落地见效。推动系统作风建设制度化常态化。坚持新时代好干部标准，打造“忠专实”的高素质监管干部队伍。
作者：赞秀丽
来源：中国证券报 中国财富帮