Interim Measures for the Administration of SME Share Transfer System

Abstract In order to accelerate the country's SME share transfer system construction, and effectively for the majority of SMEs to provide capital market services, February 2, China Securities Regulatory Commission announced "national SME share transfer system limited liability company Interim Measures" (hereinafter referred to as the "Interim Method"...
In order to speed up the construction of the national SMEs share transfer system and effectively provide capital market services for the majority of SMEs, on February 2, the China Securities Regulatory Commission promulgated the Interim Measures for the Administration of the National Small and Medium Enterprises Share Transfer System Co., Ltd. (hereinafter referred to as the Interim Measures). ")), implemented from the date of publication.

According to the person in charge of the relevant departments of the China Securities Regulatory Commission, the "Interim Measures" mainly solves three problems: First, the establishment of the National Small and Medium Enterprise Share Transfer System (referred to as the "National Share Transfer System"), the National Small and Medium Enterprise Share Transfer System Co., Ltd. "National share transfer system company" and the legal status of listed companies; second, the functions of the national share transfer system company, the special requirements for its organizational structure, the clear requirements for its self-regulatory duties; the third is to establish a national share transfer The basic regulatory framework of the system, while clarifying and highlighting the self-regulatory responsibilities of the national share transfer system company, requires the CSRC to implement unified supervision according to law.

The "Interim Measures" consists of six chapters and 35 articles, including the general rules, the functions of the national share transfer system company, the organizational structure of the national share transfer system company, the self-regulation, supervision and management of the national share transfer system company. In the process of formulation, the Interim Measures adhere to the following principles: First, learn from international experience and explore regulatory innovation. Judging from the practice of developed overseas markets, the supervision of securities regulatory agencies on corporate market organizers mainly includes three aspects: governance structure supervision, business rules approval, and on-site inspection. The "Interim Measures" actively explored the supervision method of the first corporate securities market organization in China, and stipulated the corresponding content. The second is to fully decentralize and support market innovation. The "Interim Measures" seeks to give the national share transfer system company a more market-oriented operating mechanism, more full autonomy and a broader policy space. Therefore, in accordance with the general idea of ​​market priority and social autonomy, the Interim Measures fully authorizes the National Stock Transfer System Company to independently formulate basic business rules such as listing conditions, transfer methods, and management of securities brokerage, and support its exploration to form an efficient, flexible and consistent The rules system and institutional framework of the off-market market characteristics enhance competitiveness. The third is to stipulate according to law, and public welfare is preferred. From the perspective of international practice, cultivating and supporting small and medium-sized enterprises has certain public welfare, and most of them are the responsibilities of government departments. Therefore, the social welfare attribute of the national share transfer system company is more prominent, and it bears the dual functions of serving small and medium-sized enterprises and responsible for self-regulation. To this end, the "Interim Measures" clearly stipulates in the general provisions that the national share transfer system company should adhere to the priority of public welfare, create an open, fair and just market environment, ensure the normal operation of the national share transfer system, and provide high quality and efficiency for all participants. Flexible, low-cost financial services. The specific provisions of the Interim Measures further reflect the above requirements. The fourth is simple and clear, and it is urgent to go ahead. Considering the current supervision of the national share transfer system and the national share transfer system company, and lack of sufficient practical experience, the Interim Measures are positioned in a phased and exploratory supervision and management approach, focusing on some important issues. It stipulates that some content that is temporarily difficult to clarify should be simplified. As the expansion of the pilot work continues, it will be further improved in the future.

The person in charge said that after the implementation of the "Interim Measures", the National Stock Transfer System Company will also issue relevant business rules, and the business rules system of the national over-the-counter market will be gradually established, and the construction of the national over-the-counter market will be changed from a regional pilot to Lay the legal basis for the normative operation of the country.

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