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To regulate members' securities trading and relevant businesses as well as to guarantee trading safety, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE), upon approval by the China Securities Regulatory Commission, issue today (February 26) the "SSE Member Management Rules" and the "SZSE Member Management Rules", respectively. The rules will be officially implemented from May 1, 2007.
The issuance of the rules is to meet the requirements of the "Securities Law" and the needs of the securities companies' supervision work in a new period. So far, the reform and development of the capital market has made great progress. Besides, the comprehensive governance of securities companies has seen an obvious effect. The securities industry, at a turning point, is entering a new phase of standard and innovative development. The timely issuance of the "Member Management Rules" by the two exchanges will play a positive role in consolidating the achievements of comprehensive governance of securities companies, building a long-term and effective supervision mechanism for the industry's standard development as well as promoting the innovative businesses of securities companies.
Based on the experience of member regulation and the responsibilities of stock exchanges, the rules, by making clear the member management content and enriching the member management methods, have provided a basic code of conduct to regulate the members' securities trading, maintain the market order and protect the interests of investors. The issuance of the rules, further improving the two exchanges' systems of basic business rules, will play an important role in standardizing the exchanges' member management and enhancing their levels of supervision according to law.
