2012 Work Report on Self-discipline and Supervision, issued by Shenzhen Stock Exchage (SZSE) lately, summarizes works on self-discipline and supervision from perspectives of system development, supervision on law enforcement, and daily supervision. As the report indicates, SZSE will take steps in five aspects to further enhance the quality of works on self-discipline and supervision, and give full play to the trinity coordinated influence of self-discipline, administration, and judicial supervision.
In 2012, adhere to the unified deploy of China Securities Regulatory Commission, SZSE carried out the capital market’s reform and innovation in the works of self-discipline and supervision. With respect of system development, SZSE, energetically coordinating the delisting system reform, revised rules on three core works. Meanwhile, upholding the principle of simplification and transparency, footing on the direction of market-oriented reform, SZSE completed the 9th round of business rules rationalization,abolishing 59 items of business rules, further optimizing the business rule system. With respect of supervision on law enforcement, SZSE have continued to improve the ‘separation of investigation and examination’ discipline mechanism system, and formulated Standards for Public Condemnation for Companies Listed on SME Board, and Rules on Discipline Punishment Hearing Procedures, both of which improve the transparency, fairness and credibility of discipline punishment; SZSE also intensify the punishment on violation behaviors, with 11 examination meeting being held by discipline punishment committee in this year, decisions on 51 cases of punishment involving 45 listed companies and 200 people responsible for the violation having been made. With respect of daily supervision, SZSE put forward vehemently the reform on issuance and delisting system, expanded the pilot scope of Information Disclosure Express, launched Guideline on Information Disclosure of Different Sectors, and probed for new supervision mechanism for classified sectors, strengthened the supervision on listed companies. Behaviors such as insider trading, market manipulation, and speculation have been firmly cracked down; supervision on securities trading have been strengthened; SZSE continue to carry out investors’ appropriateness management on ChiNext Board, improve risk warning system for newly-issued share trading, enhance members’ risk control capacity and members’ standardized operation, and strengthen the supervision on members.
The report pointed out that, as the advancing of reform and innovation of capital market, self-discipline and supervision work is facing a string of new challenges. Against such backdrop, SZSE will tackle the situation from five aspects: firstly, to develop integrated simplified and efficient business rule system, further laying solid system foundation for self-discipline and supervision; secondly, to unyieldingly push forward multi-layer capital market system innovation, and solve the practical problem via innovative minding and measures; thirdly, continue to intensify the daily supervision, further improve the transparency of market operation; fourthly, to innovate the self-discipline supervision and law enforcement mechanism, earnestly carry out supervision in the light of law; fifthly, to give full plays to the closeness between frontline of self-discipline supervision and investors, enhancing the service and protection for investors.
In recent years, SZSE fully fulfill its own duties, and release a series of documents including Annual Report on Self-discipline and Supervision, and Empirical Analysis Report on the Annual Report of Listed Companied periodically. SZSE is probing to enhance the market operation and standardization, science and transparency of frontline supervision works, which, as SZSE hope, will be supported by the market bodies with more good suggestions.