Recently, Shenzhen Stock Exchange (SZSE) have completed the 9th round of business rules rationalization, and released to the market Announcement on the Catalogue of the Abolished Business Rules (the 5th batch), which declares the abolishment of 59 kinds of business rules, including the types rules before revision, of self-invalid, under abolished upper laws and regulations and abolished due to the none applicability to the business development. After the clean-up, SZSE have 103 valid business rules, all of which will be publicized and updated in a real-time manner on the Laws and Regulation column of SZSE’s website.
Having always highly valued the system development of business rules, SZSE adherent to the principle of “simplification and transparency” carry out rationalization and appraisal of business rules on a regular basis, striving to develop concise and efficient business rule system while footing on the direction of the market-oriented reform. Up till now, SZSE has cleaned up and abolished 451 types of business rules. SZSE will carry out the dynamic business rules rationalization for the next step.
In order to facilitate the market bodies to understand accurately and enforce efficiently the business rules, SZSE energetically promote the “deduction”, advancing the business rules system development from quantity-oriented to quality-oriented. As the statistics shows, in spite of the gradual increase of market layers and securities types, SZSE’s business rules reduced from the 139 items as of the end of June, 2008 to 103 items after this clean-up.
While simplifying the rule system, SZSE attach importance to improving the transparency of rules formulation produces and self-discipline supervision standards. Via soliciting public opinion solicitation, and holding symposium, SZSE widely solicit market opinion, propelling the openness and transparency of rule formulation, and actively probe and explore the open standards for self-discipline and supervision, boosting the principle of ‘supervise in the light of law, and sunshine supervision’. After releasing Standards for Public Condemnation for Companies Listed on ChiNext Board on April 1, 2011, SZSE released and enforced Standards for Public Condemnation for Companies Listed on SME Board, and Rules on Discipline Punishment Hearing Procedures, so as to enhance the fairness of supervision and protect the legal rights and interests of the parties.
Relevant principal from SZSE stressed that in face of new situation, in which multi-layer market, various types of securities co-exist, and market reform and innovation speed up , SZSE will continue to improve the long-term mechanism for formulation, revision, rationalization appraisal of business rules, and constantly intensify the foresight, harmony and transparency of business rules.
