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The Shanghai Stock Exchange (SSE) studies the requirements put forward at the national securities and futures regulatory work meeting.
On January 18, an enlarged Party committee meeting, attended by SSE officials at middle level and above, was held by the SSE to convey and study the requirements at the 2016 national securities and futures regulatory work meeting. All the attendees held that the report delivered by Chairman Xiao Gang of the China Securities Regulatory Commission (CSRC) summarized the lessons learnt from the stock market’s abnormal fluctuations, analyzed the opportunities and challenges for the capital market’s development brought about by the current economic situations both at home and abroad as well as the supply-oriented structural reform, specified the general requirement for the 2016 securities and futures regulatory work, and deployed an array of key tasks, such as enhancing the capital market’s ability of serving real economy, cementing regulation against market risks, attaching importance to the compliance and honesty of market players, and strengthening Party building and cadre team building in the system. The report, characterized by its high pertinence and clear requirements, will guide us in our work in 2016.
The attendees, in light of the requirements of the national securities and futures regulatory work meeting and the SSE’s actual work, talked about their understandings. They held that the SSE would face both pressures and opportunities in 2016, as we will encounter a complicated market and an arduous reform task this year. Higher requirements are put forward for stabilizing the market, due to the continuously greater pressure on the economic downturn, the interaction between the domestic and overseas financial markets, and the more variables and risks in the capital market’s operation. Besides, we have a batch of new tasks in propelling the market’s reform and growth, when it comes to the requirements for boosting the supply-oriented structural reform, the shares and bonds issuance system reform and coordinating with market-oriented mergers, acquisitions and reorganizations.
The SSE Party Committee said that the general requirement for the SSE’s work in 2016 is to highlight the central tasks with reform and innovation as the core and risk control and market regulation as the guarantee, and serve the national economic growth and the capital market construction. (1) All the preparations for the registration system reform of stock issuance should be made according to the unified deployment by the CSRC. (2) All the work items related to rules, technologies and the market should be well done to establish the board of strategic emerging industries. (3) The SSE bond market should be further developed by perfecting all the systems and mechanisms as well as furthering risk control. (4) More efforts should be made in the SSE 50 ETF option pilot for optimizing the relevant mechanisms and stabilizing its operation. (5) We should build a trading platform of international financial assets in the Shanghai Free Trade Zone, optimize the Shanghai-Hong Kong Stock Connect, study the Shanghai-London Stock Connect and support the growth of China Europe International Exchange (CEINEX). (6) We should perfect the monitoring, assessing and alerting mechanisms of market risks, fuel the researches on trading systems and the liquidity guarantee mechanism, and comprehensively elevate the ability of controlling systematical risks. (7) We should cement the regulation on listed companies’ information disclosure and behaviors of major shareholders and senior managers, strengthen the self-regulation of the SSE’s member institutions and improve the frontline surveillance efficiency. (8) We should also guarantee safe market operation, rationalize technological management and enhance the technologies’ supporting ability. (9) For the opinions given by the Central Inspection Team, all the rectification items should be accomplished.
The SSE Party Committee required that all Party members and comrades of the SSE should further study the key instructions on the capital market’s reform and growth which were delivered by General Secretary Xi Jinping and Premier Li Keqiang, carry out the requirements put forward in the suggestions on the 13th five-year planning and at the Central Economic Work Conference, implement all the arrangements and requirements at the national securities and futures regulatory work meeting. We should, with our unified thought and firm confidence, overcome the difficulties in a down-to-earth manner. Under the leadership of the CSRC Party Committee, we should bear our responsibilities and be courageous, more attentive, careful and patient than ever, erect a correct outlook on the market development and complete all the SSE work items of 2016.
