The Rumor Of Registration System Has Left Investors In A State Of Uncertainty.

The revision and improvement of the securities law is a prerequisite for the introduction of registration system.

As for Xiaogang's latest speech on the registration system, investors are worried that it is not the registration system itself, but that there is no strict law to protect the registration system.

A story about the chairman of the securities and Futures Commission, Xiao Gang, about the registration system made the market panic.

Although micro-blog soon removed the news from the source of the rumor, investors still had a lingering fear of the news.

The original rumor said: 20 morning, the chairman of the securities and Futures Commission Xiao Gang, assistant chairman Huang Wei, and the general office, the issuing department and other leaders, listened to promote the stock issuance registration system reform.

Chairman Xiao Gang said: after the abnormal fluctuation of stock market, the revision of the securities law has been postponed. The State Council may adopt legal authorization to issue opinions and make every effort to let the registration system have a result in March next year.

The initial arrangement is to release the rhythm first, then release the price; shorten the issuing process (3 to 6 months), and give the enterprise a clear expectation.

Therefore, according to this rumor, the registration system has a clear timetable, and the way is "authorized by the State Council".

For the current Chinese stock market, the introduction of registration system is the general trend.

And the launch time is basically in 2016.

Why is it that Shaogang's speech on the registration system has made the market uneasy? The reason is that the registration system has exceeded the market expectations.

Because according to the previous management's consistent statement, it was first amended by the securities law, and then the registration system was introduced. The amendment of the securities law is a prerequisite for the introduction of the registration system.

We must go all out to launch the registration system.

Of course, the market must be uneasy about it.

Why is it necessary to amend the securities law? Because the current securities law can no longer meet the needs of stock market development.

In terms of the IPO system, the Securities Act has even become an enterprise fraud and fraud.

Umbrella.

When a company fraudulent listings, the securities act can only impose penalties on enterprises for less than one year's cost of capital use, and those who make false listing gain their profits.

It is based on the weakness of the securities law that IPO corruption is rampant in the stock market, including the leadership of the SFC in charge of IPO, almost all of which has become a major symbol of IPO corruption.

Therefore, it is necessary to revise and perfect "

"It has become an important prerequisite for perfecting the IPO system. If we can not punish the counterfeiters severely, if we can not let the fraudulent listed companies withdraw directly from the market, if we can not effectively compensate the investors' losses, IPO corruption will still be rampant in the stock market.

It is for this reason that the whole market is full of expectations for the revision of the securities law.

And Xiao Gang's speech about the registration system made the market frightening because the rumor bypassed the amendment of the securities law to implement the registration system. Instead, it adopted the administrative authorization of the State Council to launch the registration system, which of course let investors panic.

This means that the introduction of registration system has no strict law to convoy, which means that the listing of enterprises is still fraudulent and IPO corruption remains.

Moreover, the registration system has lowered the threshold of listing, and has relaxed the examination of the listing of enterprises. This also means that it is easier for enterprises to fake listing.

The interests of investors will suffer more.

Such a registration system will naturally be regarded as a curse by investors.

Moreover, it should be pointed out that in the absence of amendments to the securities law, the introduction of the registration system by means of the "administrative authorization of the State Council" itself is also suspected of breaking the law.

Although, according to the tenth provision of the securities law, public issuance of securities can be approved by the securities regulatory authority under the State Council or by the department authorized by the State Council.

However, the twenty-fourth article clearly stipulates that the securities regulatory authority under the State Council or the department authorized by the State Council shall, within three months from the date of accepting the application documents for securities issuance, make a decision to approve or disapprove in accordance with statutory conditions and statutory procedures.

Therefore, according to the existing securities law, the department authorized by the State Council can only make approval system audit and issue, not registration system approval.