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Recently, the Shanghai Stock Exchange (SSE) has completely sorted out and appraised the business rules of 2012, and released an announcement on abolishment of the 6th batch of business rules (involving 33 kinds of business rules) to the market. After the clean-up work, the SSE has had 189 kinds of valid business rules, which are divided into 7 categories of "Organization", "Issuance", "Listing", "Trading", "Membership", "Service", and "Fee", or 4 levels of "Basic Business Rule", "Detailed Rule (Measure) For Implementation", "Business Guideline", and "Business Notice". All the business rules are publicized on the "Business Rules" column of the SSE's website.
One of the SSE's major measures on propelling the system of business rules is to build a long-term rationalization and appraisal mechanism of business rules, and conduct regular rationalization and appraisal. The SSE, for the purpose of facilitating the understanding and application of market participants, has fully rationalized the currently valid business rules with binding force and continuous validity year by year, and appraised and checked the formulation and implementation of business rules, in a bid to improve the effect of business rules' implementation. So far, six rounds of regular rationalization of businesses rules have been finished, with 217 kinds of business rules already abolished.
In the rationalization work of 2012, the SSE also initially made an all-round clean-up of other regulatory documents which were not included into the scope of business rules. As a result, a total of 95 kinds of documents, including business guides and procedure-related regulatory documents, were put in order. These documents, which were divided into 6 categories of "Corporate Supervision", "Trading Management", "Member Management", "Bonds Business", "Funds and Derivatives Business", and "Market Regulation", have been released on the "Business Guides and Procedures" column of the SSE's website.
The full and timely rationalization of business rules and other regulatory documents was carried out as the capital market stressed to develop itself in a public, standardized, and legal approach. The SSE has blazed new trails to build a system of rules matching with the market growth on the whole by formulating and amending business rules in time, and taking "Standardizing the Market Operation", "Driving the Market Growth", "Fueling the Market-oriented Innovation", and "Protecting Investors' Interests" as fundamentals, with the soaring growth of the capital market and the incessant perfection of fundamental legal systems over the past years. On the other hand, the SSE, according to the requirement of regulating in a transparent and legal approach, has further disclosed the processes of making business rules, apart from soliciting the market opinions by means of collecting suggestions, holding symposiums, and conducting questionnaire surveys while formulating and amending the influential business rules for the market development, innovation, and regulation. Furthermore, the SSE has attached importance to popularizing the regulation standards and experience, and refined relevant merits in the regulation in time for release.
