The Shanghai Stock Exchange (SSE) recently screened all the effective standardization documents issued by the exchange from its establishment till October 2008. 338 business rules were eventually confirmed as existing and effective, while the list of 82 abolished ones announced. In 2004, the SSE published a book after its checkup on all the business rules issued by the end of 2003.
It is learned that the clear-up is an important measure to continue its progress to "run the SSE in accordance with the law", with the following innovations based on previous experiences. Firstly, it rationalized all the existing business rules issued since the SSE's establishment in1990, covering such areas as SSE's self-organization, market supervision and services in the forms of basic business rules, detailed business rules, business notices as well as various guidelines, white books and memorandums. Secondly, the "Formulation Method of SSE's Business Rules" was amended to improve the rules formulation procedures and further smooth out the working mechanism of formulating, amending and rationalizing the business rules. Thirdly, the "Detailed Rules of Supervising and Evaluating the Implementation of the SSE's Business Rules" was set up to stress the implementation effects of business rules by establishing the supervision and evaluation systems. Fourthly, a long-term mechanism was established to upgrade the efficiency of business rules screening by prompt collection, sorting and updates. Fifthly, focusing on the services to securities issuers, member companies and investors, the screened rules will be published on the SSE's website and updated in time for the convenience of market participants.
The SSE is said to take this opportunity to drive the legal system construction on the market, improve its capacity to "run the SSE in accordance with the law" for a transparent, open, safe and efficient market environment, thus promoting the sustainable, sound and harmonious development of the capital market.
