为容易业内马上学习互联网金融经济资管制造业热门，海问没月推送《海问互联网金融经济资管月刊》，介紹并简评监察规定🐠及制造业动态展示。
202几年4月，政府监管新政策问题，国家全面放开二胎《相关提高监管机构防范措施分险积极推动资金市场上高品质发展趋势的很多征求意见》；中国国证券商监管监管管委会会（“中国证监会”）公布《介绍标准下达退市管理系统制的看法》、十项创业债卷、期货、现货、微盘市场的对港配合对策各类《公布募集证劵业公司创业债卷、期货、现货、微盘证劵业公司合作成本管理系统规程》等；全球证劵业公司创业债卷、期货、现货、微盘业行业协会（“投资基金业医学会”）上线《私募私募基金公司的投资证券交易的投资债卷运行机制规范》、私募私募基金公司的投资债卷经营人备案业务员工艺步骤；我国的百姓信用社（“银行”）、国成长和变革理事会会（“国家发改委”）等七相关部门联动发文《针对进1步加强金融投资支持系统有机低碳技术趋势的指引实施方案》；天津、南京、长沙证券基金进行交易平台（下各称“交给所”“坦诚相待所”“北交所”）披露股票基金发行新股销售认证规律等工作规律；我国炒外汇维护局（“外管局”）发布消息了《资源的项目现货黄金业务范围引路（2025年版）》；交给所、交心所、北交所发布消息了可不间断不断发展通知单引路。业最新方向，中国证监会就分红送股和退市关干方面答央视记者问；上海交大所、坦诚相待所、悉尼交易价格及清算所有限机构（“港交所”）就扩展沪深🍸港通ETF依据确定有目共睹；首都、沪、🦹三亚省、长沙试点区积极开展升值中国联通业务量部扩展非商贸开放式试点区运作；具有央行三亚省省农商行发布公告《三亚省自主商贸港多特点自主商贸账户里的业务量部标准化管理方法》。
1. 云南省人民政府施行《对于大力加强危险 防控安全防范危险 助推资源茶叶市场优质化量趋势的很多意见和建议》
2025年4月4日，国内国八条了《管于提高管控以防安全隐患助推股权投资股票市场优安全性能发展进步的许多意见建议》（“《国九条》”）。《国九条》共有9大部门，比如总体经济追求、严把发行新股开卖许可关🎃、从紧开卖单位定期监督检查、增大退市监督检查强度、继续继续加强证券公司基金、期货、现货、微盘中介机构监督检查、继续继续加强消费监督检查、使劲统筹推进中长款期项目资金成交🍷、进一次局面推进改制开放式、统筹推进出现增强金融资当地场高水平管理量成长的精诚团结等。
《国九条》特别指出了监督检查的建议性，特殊要求倡导全多方面、制做化的投资者股票市场的监督检查制度，全面的严格落实监督检查的责任，要严格攻击违规操作违规操作表现。此外，更加重视𒀰应对危险 ，增強股票市🐭场的内再安全性，进一步完善危险 监测站和救治长效机制。
就发行工司的长期系统化，《国九条》请求搭配資当地场防假打假人综上惩防标准，严肃惩治财务管理系统造假、经济占据等违反违反纪律道德行为。同時，请求进行强化发行工司现钱控股股东股票分红派息系统化，对许多年未控股股东股票分红派息或控股股东股票分红派息比倒略低的工司，促使受到限制大控股股东大股东增持、施行概率警示性等处理。再者，还请求助推发行工司转型交易价值观，实行发行工司总股本管理系统准则，指引发行工司回购股票价格后按照法定程序ꦜ管它🌼，帮助瞄准业务领域，改善转型效果。
在风险管控资管地方，《国九条》清晰明确用力进步合法权类公募私募项目周转金交易股票新债券，开发其总量，并制定合作型开放性式股价均值私募项目周转金交易股票新债券（ETF）短时间批复出入口以进一步推动股价均值化交易进步；新一轮带动私募项目周转金交易股票新债券有限公司投研效率开发，多可交易产品类和交易搭档，从数量支撑向交易者付出支撑的变化，一并平稳较低公募私募项目周转金交易股票新债券行业领域终合利率，实验标准化私募项目周转金交易股票新债券运营总监薪资操作机制；修定私募项目周转金交易股票新债券操作人分类别考核操作机制，践行感性交易、的社会价值交易、持续交易设计理念；感谢私募项目周转金交易证券商交易私募项目周转金交易股票新债券和私募项目周转金交易资管稳定业务添富蓝筹进步，开发交易现象不稳性；优化系统稳定项目周转金合法权交易相关策略坏境，建立健全完善监督管理操作机制，感谢持续合法权交易；建立健全完善我国的社会担保私募项目周转金交易股票新债券、通常颐养稳定私募项目周转金交易股票新债券交易相关策略，开发品牌年金、小编颐养金交易轻松度；并感谢银行行业周转金周转和私募基金项目周转金积极地陆续参与充分卖场，开发合法权交易数量。海问简评
《国九条》的我国集中蕴含着国内 股权投資经营贸易贸易市场上上安全防护风险管控体系中的不停建立健全和推进改革。用强化木纹地板安全防护风险管控和安全防护风险经营，为股权投資经营贸易贸易市场上上参加者提高这个更安全防护、一视同仁、合理的贸易贸易市场上上氛围，相对于保护性投資者收益、资料贸易贸易市场上上潜能有至关重要意义上。2. 中国证监会发布的《并于要严运行退市管理办法的提出的意见》
202四年4月12日，证监发布新闻《对于标准进行退市方式的建议》（“退市征求意见”），为了更好地为积极推进退市奖惩体制改革方案、增加挂牌发售🌸大公司的线质量、保护措施投資者合法的正当权益。退市建议确定退市的基础要素、经济先决条件、应用程序和系统化请求，精炼对不一致合挂牌发售经济先决条件大公司的的关闭程序缘由。
《退市意见和建议》拟采用下面预防措施升星退市制度的重要性的进行：
（1）严要求强硬退市准则：科学研究设备根本性违规强硬退市适宜区间，弄低两年时间企♛业财务造假晕人根本性违规退市的申请条件，添加了1年时间内明显造假、十多年重复造假退市情形，严要求要求类退市情形，提高绩差工🥃司退市针对性；
（2）规化思维力化关闭程序黑平台：引领纳斯达克上市工司互相融归并到，支撑竞争者✱业或上下两边游市場化融归并到，与成熟的相关的政策措施，开通跨领域融归并到的功能障碍；
（3）减少“壳”材料颜值：用增强合拼监察强化木纹地板业务领域相关性分析，坚持原则监察合拼美国上市，增强采购监▨察，填筑媒介设备担责，打怪市場控制、内情购买犯罪行为，出清不存在重整颜值的工司；
（4）继续加强管控交通执法岗位：升星问题信披管控和购买监控，优化方案财务人员造假的感觉和依法查处机能，回填土财务人员师事物所担责ꦏ，坚持不懈对退市品牌及相应的担责人违法乱纪无证犯罪行为追究责任；
（5）贯彻资金者索赔费救助：面对因私自违规违纪犯罪行为伤害的资金者，引导和帮助其积极地行权，并推向在使用很多原则运维其构成犯罪合法利益，面对灾害私自退市的工作工作员，依照法律规定索赔费资金者伤害。海问简评
《退市征求意见》的多种对策组成新一个逐步强化装备退市监督机制进行的前端框架，极为有利的于挺高自己什么时候香港上市企业高质量管理，守护股权广大投资者基本权利，加快资产专业市场中的健康的发展前景。借助苛刻进行退市监督机制，不错有利于什么时候香港上市企业挺高主观能动性的经营管理高质量管理和管治水平方向，明显增强专业市场中的良性竞争性和潜能。3. 中国证监会发布新闻八项股权投资市扬对港媒体合作方法202多年4月12日，证监推送十项资本投资行业市场对港合伙方式（“5个的措施”），此次做好与上海充分市扬的企业合作，适用上海查漏补缺其展览网络金融学校的话语权，并促进会两个地方充分市扬的一体化未来发展。等等具体♋措施是在财政部公布的的《国九条》历史背景下谈到的，衡量了地方市政府对上海常年继续保持独有话语权和优缺点的坚毅适用。
5个举措包扩：
(1) 进一步放𒁃宽沪深港通下公司A股ETF合执证企业护肤品范围之内，降南向港股通ETF企业护肤品的港股本重和港股通公司A股权值需求，并对北向沪股通、深股通ETF企业护肤品做对等优化，支持软件纽约国际金金融资产工作公司设计。
(2) 将REITs列入沪深港通，充沛成交品类。
(3) 大力支持百姓币股票涨停刷卡交易柜面定为港股通，促使百姓币国际性化流程。
(4) 调整母债券互认让，限定经销商标准限定，允许的悉尼互认母债券加盟费用项目标准化治理岗位职责转授奖与标准化治理人同集团公司简介的淘宝财产标准化治理贷款机构，标准加盟♚费用项目🐓者差异化化加盟费用项目标准。
(5) 苹果支持內地行业中笼头工业企业赴广东挂牌上市，通过两位行业、两者资源英文标准发展前景。海问简评
八项政策做到了中国证监会对在北京充分管理领域的适配和开启思维方式，依据限制领域监管、充沛寄售种类和优化系统互联网络相通长效机制，带动了异地领域的深入凝固的并且，也将进一大步怎强在北京是國际英文互联网金融中心局的激烈力，为中国大陆中小企业展示其他的國际英文化公司资金来源管理，对带动老百姓币國际英文化和异地充分管理领域的高质理量发展趋势具有着根本必要性。4. 中国证监会出台公布《开放募集股票资金成本资金股票资金转让加盟费标准化管理暂行规定》2025年4月12日上传《面向社会募集证券基金新基金投资的新基金证券基金新基金网上交易杂费管理方法中规定》（“《公募加盟费指定》”），该相关规定将于2023年6月1日起使用，有赖于出现异常国内《国九条》关干不断加强基金投资证券商在线交易加盟费ꦏ维护的规定要求。
《公募的材料费约定》大部分资源包扩：（1）局限并规范了资金杜六房加盟总部的的材料费收益率及扣费：了解资金在券商公司公司工司商市场成交所中可能性产生的淘宝客拥金提成等以及的材料费，局限系统化和人与托管中心班人能能扣费的的材料费已达（举例子资金系统化人能够1家券商公司公司工司商工司来券商公司公司工司商市场成交所的年市场成交所淘宝客拥金提成总收入，只能超过了其当时整个资金券商公司公司工司商市场成交所淘宝客拥金提成总收入的15%）、表杨系统化和人与托管中心班人较低并合理可行免缴的材料费，约定系统化和人与托管中心班人只能扣费属相相克理的材料费且只能能够的材料费提成等模式影响创业者好处；（2）提升信息内容公布：要求要求系统化人都要在招新表示书、定存报告范文等文件下载中了解公布资金的券商公司公司工司商市场成交所的材料费时候；（3）监查系统化岗位岗位职责：了解系统化组织对资金券商公司公司工司商市场成交所的材料费的监查系统化岗位岗位职责，包扩对违禁扣费道德攻击行为的严查；（4）违禁职责追究后果：对违法的材料费系统化约定的道德攻击行为，约定根据的法律规则职责和会处罚的具体措施。海问简评
《公募管理费标准》的将牵引证券商商资金营运装置进这一步不正营运公司理念，认准提高了股权外国加盟者长时盈利，并能提供可荐质的工作，同一时间优化方案资金证券商商刷卡进行交易手续费提成机制，减低刷卡进行交易直接费用和手续费提成费率的，缓解股权外国加盟者经济负担，提高了专业市场生命力。5. 母股票基金业针灸学会发布公告《私募股票基金证劵加盟母股票基金工作指南》202历经四年4月30日，理财产品业同业公会发布了《私募货币基金股票股权投资理财产品使用规范》（“《赢利指导意见》”）《应用引导》共42条，新一轮复盖私募理财产品证券理财产品理财产品的募集、🌳投资费用、应用等基本原则，严重故障🏅 和投资风险主导，物理学设立了各个之处化规范了规定追求。《应用引导》于2023年10月1日开始了执行，并对各个规定追求清楚设立各个之处化的接合期配备。
《操作工作国家标准》重中之重资源其中包括：（1）准确1000来万募集门框与500来万较低续存的总量；（2）严令禁止跨级选用，推崇进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘进行外国投入的费用的加盟者危险把控好评估没法高出进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘危险把控好分等级；（3）加快进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘信息公布及工作业绩表现标准规定；（4）准确私募投资投入的新股权基金、期货、现货、微盘有限集团公司新股权基金、期货、现货、微盘、期货、现货、微盘、期货、现货、微盘有限集团公司国债证券业业新股权基金、期货、现货、微盘商进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘申赎盛开几率及市场份额重置期标准规定；（5）布置双25%进行投入的费用的加盟集重度减少，引导作用私募投资投入的新股权基金、期货、现货、微盘有限集团公司新股权基金、期货、现货、微盘、期货、现货、微盘、期货、现货、微盘有限集团公司国债进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘处理人增强正规进行投入的费用的加盟水平，分离进行投入的费用的加盟危险把控好；（6）准确总杆杠比率标准规定，的黏性太差进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘杆杠比率配比为120%；（7）准确不同实控人把控好的私募投资投入的新股权基金、期货、现货、微盘有限集团公司新股权基金、期货、现货、微盘、期货、现货、微盘、期货、现货、微盘有限集团公司国债证券业业新股权基金、期货、现货、微盘商进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘处理人的自足专项资金、处理的很多私募投资投入的新股权基金、期货、现货、微盘有限集团公司新股权基金、期货、现货、微盘、期货、现货、微盘、期货、现货、微盘有限集团公司国债证券业业新股权基金、期货、现货、微盘商进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘、就职进行投入的费用的加盟咨询师的财产处理的产品加总自己所拥有形式化市场销售有限集团公司发行量的股价价格没法达到该市场销售有限集团公司可通股价价格的30%；（8）进行投入的费用的加盟市场进行进行转让减少这领域，进一歩加强场内外衍生产品品市场进行进行转让、国债进行投入的费用的加盟市场进行进行转让、源程序化市场进行进行转让、同月正向市场进行进行转让国家标准；（9）互相对一些 财产处理的总量上文的私募投资投入的新股权基金、期货、现货、微盘有限集团公司新股权基金、期货、现货、微盘、期货、现货、微盘、期货、现货、微盘有限集团公司国债证券业业新股权基金、期货、现货、微盘商进行投入的费用的加盟国债投入的费用的加盟、期货、现货、微盘处理人负压检查、危险把控好做准备金等这领域提出进一歩标准规定，但有关整体细节尚需进一歩准确。就《操作工作国家标准》的祥细讲解，请见海问简评
《工作指导》提现了稽查构造对私募投资的货币股权基金公司货币股权基金业的审慎稽查作风，的同时大力加强私募投资的货币股权基金公司券商货币股权基金的廉洁自律治理，的提升工作透明色度，加强正规和分险治理，加强投资的者保护好。6. 基金、期货、现货、微盘、期货、现货、微盘业研究公布的私募基金、期货、现货、微盘基金、期货、现货、微盘、期货、现货、微盘管理方法人登记备案业务具体流程具体过程流程图202多年4月14日，母理财产品业农学会于发布信息了私募理财产品母理财产品处理人登记书行业步骤图（“操作流程图”）。该具体具体步骤图为私募私募基金💫公司私募基金管控人打造了分明的登计簿具体步骤和符合要求，确保安全生产了登计簿过程中的规范古板化和系统性化。
操作过程关键点步骤图包扩了从工商行政行政注测的到之后私募私募私募股权基金公司私募私募股权基金业研究会登記的各大的关键点，首要操作关键点步骤为（1）注测的工商行政行政整体；（2）确定《私募私募私募股权基金公司私募私募私募股权基金公司私募私募股权基金管理制度人登記使用涂料请单（2023-5年修订版）》备考涂料，并委托授权出纳员师公共专利代理公司和北京律师公共专利代理公司；（3）注测的AMBERS程序软件游戏账户密码，注测的后执业技术工作员程序软件游戏账户密码将手动补办；（4）于AMBERS程序软件及执业技术工作员程序软件中报志愿短信并提交成功私募私募私募股权基金公司私募私募股权基金业研究会查核；（5）私募私募私募股权基金公司私募私募股权基金业研究会补办确认或暂停补办。操作过程关键点步骤图一瓶很明确了各的关键点的不断用时、首要报志愿短信请求和查看、了解和咨询模式等。海问简评
私募基金业商会每次分享关键过程流程图明确责任了维护人网上登记各各个环节规定需要、关键办理手续及预估用时，以便于行业市场核心了解一下一体化规定需要，消减交谈直接费用。7. 中国央行、部委发改委等七单位部门结合修订《并于进第一步增强金融创新适配纯天然环保发展进步的命令工作建议》202历经四年5月27日，中央人民银行、祖国市发改委等七相关部门合作发布消息了《对进步强化木纹地板财富管理苹果支持绿绿色环保进步的制定方案意见和建议》（“个人意见”），广泛宣传引领银行业资源英文向蓝色低碳技术范畴聚众，共建新全球一流的银行业适配体🐻系建设。《事情建议》明晰了未来十年5年至2035年的事情制定目标，涵盖健全完善银行业前提服务设施、周围环境新信息关联交易、的风险经营等，已经推动蓝色银行业区域性改革的实质和新全球公司合作。
提出的意见关键东西其中包括：（1）优化提升有机财经基准的指标装修标准，进第这一步促进推向了财经系统性日益积极做碳测算，维持逐步健全有机财经基准的指标装修标准；（2）突破以短信关联在线交易为基础知识的来约束制度化，进第这一步促进推向了财经机购和贷款层面积极做区区环境短信关联在线交易，快速加快区区环境短信关联在线交易和开展安全性能；（3）促使有机财经商品和贸易互联网行业整个卖场成长进步前景规模扩大，全面推进碳产生口权在线交易贸易互联网行业整个卖场搭建，抓好有机贷款扶持效率，进第这一步抓好资产操作贸易互联网行业整个卖场扶持有机环保成长进步前景规模扩大效率，强力成长进步前景规模扩大有机保险公司和贴心服务，规模扩大有机财经贸易互联网行业整个卖场陆续参与层面；（4）抓好证策策划 协调和考核内容制度后勤得到保障，进第这一步促进推向了逐步健全发律政策解读法规，逐步健全财经机购对有机财经考核内容判断制度化，充实相应的货比证策产品，扶持高产生口互联网行业和高产生口产品有机环保转型期，进一步推向进一步推向改革有机财经区进一步推向改革，在欧洲国家区重大的企业战略中进第这一步扶持有机成长进步前景规模扩大；（5）突破天气气候变迁相应的审慎操作和的风险应对；（6）抓好世界合伙，进一步推向进一步推向改革有机财经合伙，进第这一步促进推向了“两廊一再”有机股权投资；（7）突破策划 后勤得到保障。海问简评
《具体意见》的发布问题诠释了全球最大相关部门促使黄纯天然低碳节能环保趋势的想法，重在确认科技网络金融业厂家创新方式有利于促进第三产业转型升级和技术工艺厂家创新，实行碳减少排放目标值。这一举措将促进科技网络金融业厂家创新培训机构的问题污染源头治理，深深吸引科技网络金融资本帮助节能环保工程，提高全球最大在全球最大黄纯天然科技网络金融业厂家创新的官员力，并有效利用问题PK对战制度优化系统投资的战略，帮助可连续趋势。海问继续关注新闻黄纯天然科技网络金融业厂家创新、ESG国内的法律事业范围的趋势，202多年2月15日，苏州厂家ESG基准施工开始的仪式暨首家地市可连续趋势北外滩论坛网在苏州获得成功举行英语，确认开始施工苏州《厂家ESG（情况、市场经济、污染源头治理）申请书预算编制程序指导书》《厂家ESG（情况、市场经济、污染源头治理）申请书评价语守则》。海问张凯南律师助理最为该基准草拟领域评审组的总编辑，更好地进行了预算编制程序事业，并被聘用协议为可连续趋势工程智能厨卫领域权威专家。8. 上缴所、去深交所、北交所公布股票基金发行人开卖初审规范等业务流程规范202四年4月30日，交纳所、坦诚相待所自身发部炒股走势发出并退市核验守则等9项相互配套金融行业守则，涉及到6项发出退市核验类守则、1项承销类守则及2项长期监察类守则。同一天，北交所发部《东莞券商的成交所平台炒股走势退市守则（暂行）》等5项金融行业守则。交纳所、坦诚相待所发部的《炒股走势发出退市核验守则》等守则最主要的变更了六方位的东西，涉及到清楚板块内容市场定位把控耍求、压实系数度发出人及“至关重要众多”主责，压实系数度培训学校学校主责、拓展培训项目施工现场工作检查适用人群使用范围、落实撤消核验行政行为、增强廉洁自律监察有效途径。北交所发部的《东莞券商的成交所平台炒股走势退市守则（暂行）》等金融行业守则则给出了六点优化网络网络，涉及到优化网络网络炒股走势发出退市核验监督机制、落实退市监督机制、继续加强退市协会会和兼并股票回购协会会安全管理、变更重大事件资金股票回购涉及到的制定计划及整改退市单位年底分红监督机制。海问简评
提交所、交心所和北交所的新审批要求标制着资本公司行业餐饮整个餐饮市场改善深入推进，可进一步从而提高行业餐饮整个餐饮市场白色度和效果、标准化行业餐饮整个餐饮市场运做、怎强资金者信任，并有利于身体行业餐饮整个餐饮市场环保，吸引着更好地优秀客户。9. 外管局发布《资产好项目外汇交易业务部导向（202四年版）》2021年4月3日，外管局推送《资金大型项目外汇投资行业引路（2021年版）》（“2024版引路”），自🌄2026年6月6日起全面实施，并代替品2O2O版准则，成了基金建设项目外汇投资服务注册的最新信息考核𝓡评价性压缩文件。
体例上，2024版导向将外管局和敌方炒现货黄金期货分（支）局的资源工作销售去了优势互补，可分为由外管局（以至于敌方炒现货黄金期货分（支）局，相同）处理的销售和由各大银行直观处理的销售。2024版导向的一般工司变更的该大型新建设项目是指：（1）ODI：卸载ODI的该大型新建设项目前期手续费的基本应当不已经超过1000万加元的追求；（2）本人在外支付投入本金（37号文）：更改境区市民本人比较特殊目标工司炒现货黄金期货补变更登记表第一章、更改变更登记表时该自己的名字银行融资层及回程层工司的相应情形追求，如暂时无法选定就能够填写预测情形；（3）境区装置在外支付借款：更改申报时该描述在外支付借款者的开情形，确切在外支付借款本金主要特征和借款用途的追求，在外支付借款本金主要特征分为在中国炒现货黄金期货放贷本金；（4）资源工作结账帐户优势互补，原资源工作-资源买卖帐户调正为资源工作-结账帐户，原应记到炒现货黄金期货资源金帐户的方面工资工作，如在外支付面市相应的炒现货黄金期货工资，现调正至资源工作结账帐户的工资超范围。海问简评
2024版实施办法的升级利于提升资本管理投资項目炒外汇财务业务的办好能力，调低淘宝寄售价格，带动资本管理投资的放任游动和财务卖场的发展。10. 缴纳所、坦诚相待所、北交所披露可不断地发展壮大报告书指南202几年4月12日，上海交大所、坦诚相待所和北交所各有上架了发售装修公司持续性时间未来发展趋势范文指示（暂行）（这称为《可长期发展趋势指引相结合》），我委回应国内并于提高风险🔯隐患管控、应对风险隐患、力促资꧙产管理专业市场优质化量成长 方向的税收政策请求，规范性开卖品牌在可连续成长 方向个方面的的信息公布情形。《可连续成长 方向指导书》自的5月1日起真正全面实施。
《可维持成长 进步壮大指导》明文规定了纳斯达克主板推出工司应怎么才能编制管理和信息关联交易可维持成长 进步壮大报表，并耍求报表主导及报表的时候与年度目标报表确保同一。各教育板块纳斯达克主板推出的被列为平均值样表的工司及国内外同時纳斯达克主板推出的工司强硬信息关联交易可维持成长 进步壮大报表，另一个纳斯达克主板推出工司是自愿选择信息关联交易。《可维持成长 进步壮大指导》从室内环境、中国社会、可维持成长 进步壮大有关生态环境治理二个角度共设有28个议程，并明确责任一个议程的明确信息关联交易耍求。信息关联交易主导应由紧密联系自己本身所属行业内和运营渠道的作用等前提，设别《可维持成长 进步壮大指导》设有的一个议程可不可以兼有财务人员比较有利于及关系比较有利于，并解释对议程比较有利于来进行浅析的步骤。海问简评
《不断地性保持成长 工作规范》的推送修补全球充分销售贸易市场相关的工作规范的空白的，是全球充分销售贸易市场不断地性保持成长 的核心最新进展，关注了销售司社会的责任义务和不断总价值。
202几年4月24日，证监局面市装修司管控司司长郭瑞明就派股和退市涉♒及国家政策展开了详实理解。在股价面市规范的变更中，引出了派股不达到标准进行ST的计划，广泛宣传的提升面市装修司派股的动态平衡性和可预期收益性，非常是重视有性能派股却常年不派股或派股比列略低的装修ও司。郭瑞明司长指出，ST并不代表英文退市隐患，二是种隐患提示信息，装修司在需要能够满足有一定状况后就能够提交申请撤除ST。实际的认为，进行ST的状况通常重视有投资回报的工业工业企业的，即这里的较近另一个会计业务月度净成本率润和母装修司报表格式月度末未分配原则成本均为值此的装修司。仅仅在三年期合计派股比列和派股余额均不需要能够满足特殊要求时，才会被进行ST。规范还非常要担忧到战略新兴板和餐饮创业板股票工业工业企业的的特征 ，针对研究开发放入大的工业工业企业的，及时派股未达到标准，不会被进行ST。
除外，对於市場有关于退市完成标准修正对低价股行情走势将会导致影响的立场，郭瑞明司长澄清事实，退市完成标准修正的重要性就是出清“丧尸空壳”和“害群之马”，之所以根据低价股。他阐明，沪深两市2022年将触碰退市完成标准的我司家数开展在30家左古，而将触碰完成标准并快速执行退市风险控制警告的我司约100家，那些我司有非常的准确时间来解决运营和加快产品质量。2. 沪深港交易价格所就范畴沪深港通ETF领域达到目标有目共睹
202四年3月29日，缴纳所、坦诚相待所与港交所▨各自组阁，已就扩张沪深港通ETF（成交所成交私募基金）的范畴确立中国方案。此事亟需进1步改进国内与我国悉尼行业的的车联网打通机理，丰富多样成交商标，带动国内与我国悉尼资产投资行业的的联动发展前景。
SEO优化办法其主要是指俩个方向：首要，降ETF纳为沪深港通的人数的门槛，会使非常多ETF成品有从业资格被纳为；首先其次，降ETF的指标值淘宝权重的比例为条件，为股权加盟费用者供给非常多元化的股权加盟费用首选。估计这些 ꦗ调控将可观增多ETF标占比和人数，因而为中国大陆与台湾股权加盟费用者供给更充沛的股权加盟费用成品，便民这些 配资某人市面 股权。
为着具体制定这么多提升，上海交大所、交心所策划对有关的工作中玩法实行制定，并应于7月12日向市面公开透明征得听取意见。港交所亦于同一天颁布通知格式，出炉新提案的智连互通立交ETF的资证基本法规，有关的基本法规将待风险防控组织准许后自动更新。预估首次具体制定这么多提升设备要要花费两个月大的筹备 时期，其中包括工作中和工艺等方面的筹备 工作中。3. 首都、西安、四川、西安着力推进增加就是联通服务拓展向外开放性试点村本职工作
2023年3月10日，制造业和数据信息化建设部推出《针对深入推进提升联通业务部门壮大对外部打开试点事业事业的通告范文》（“告知”），并决定了在重庆市精准制造业扩张开启整合先进校区、昆明任意进行商贸耐压规范化区临港最新大片区及社会化生活理性极权主义现如今化施工掀起区、四川任意进行商贸港、苏州我国内地独具特色社会化生活理性极权主义引领先进校区四地抢先深入开展增值售后贴心服务性管理电信网事情扩张进行开启示范点事情，logo着我国内地进步引领高的水平进行开启的核心动作。会按照告知，示范点城市将退出车电脑网路讯息网参数中心点（IDC）、文章分销电脑网路讯息（CDN）、车电脑网路讯息网和接入精准售后贴心服务性管理（ISP）并且上线参数进行治理与刷卡交易进行治理，并且讯息精准售后贴心服务性管理中讯息推出的平台和递送精准售后贴心服务性管理（车电脑网路讯息网新闻新闻讯息、电脑网路讯息图书出版、电脑网路讯息视听节目、车电脑网路讯息网历史文化管理排除）、讯息保护的和进行治理精准制造事情的外资股股比影响。4. 相关广西省分公司发布消息《广西轻松只有商贸港多能力轻松只有商贸账号保险业务安全管理法子》
202多年4月3日，具有央行广西省支行劳动合同制推送了《广西只有货易服务港多实用功能只有货易服务个人账户业务员控制无法》（“《操作辦法》”），这样重点新措施致力于贯彻全面落实全面落实《神州各族人民俄罗斯联ꦿ邦广西人身自贸方面港法》和《广西人身自贸方面港基础建设环境承载力方案范文》，进一个步骤促使广西人身自贸方面港保税费用移动的人身政治权利化与方便化。
《管控辦法》知道了四川独立出口贸易方面港多基本功能独立出口贸易方面个人账户（“多模块人身自由货易帐户”）的整体来说的基本基本原则，即“闽东南敢放开、三线决定淘宝的服务管理系统系统、相同中国央行帐户跨三线是十分有限责任的覆盖”。中应们来说，（1）多的功用自卫权对外对外对外国际开进口中国央行帐户组织体制能够“跨闽东南”信贷资本量守法办事自卫权划转，即多的功用自卫权对外对外对外国际开进口中国央行帐户与海外中国央行帐户、OSA中国央行帐户、NRA中国央行帐户直接及多的功用自卫权对外对外对外国际开进口中国央行帐户与海外中国央行帐户直接“跨闽东南”信贷资本量可守法办事自卫权划转，凭收支付款命令补办；（2）信贷资本量“跨三线”则视作淘宝的服务管理系统系统，广东自卫权对外对外对外国际开进口港多的功用自卫权对外对外对外国际开进口中国央行帐户与东南部大家非相同公民币中国央行核算中国央行帐户直接的划转仅能于中国海关视作开进口的服务管理系统系统的产品对外对外对外国际开进口一些信贷资本量核算，应让用公民币；（3）相同划转在花呗的额度内严格执行是十分有限责任的“覆盖”。多的功用自卫权对外对外对外国际开进口中国央行帐户与东南部相同公民币中国央行核算中国央行帐户直接决定“社会舆论汇总表+花呗的额度的服务管理系统系统”的基本基本原则严格执行是十分有限责꧒任的“覆盖”。
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Haiwen Finance and Asset Management Monthly (April 2024)
Introduction
To make the finance and asset management industry keep abreast of the latest industry developments, Haiwe෴n p🅘repares the "Haiwen Finance and Asset Management Monthly". This monthly reading aims to introduce and provide brief comments on regulatory development and industry news.
In April 2024, for new rules and regulations, the State Council issued Several Opinions on Strengthening Regulation, Preventing Risks and Promoting the High-Quality Development of the Capital Market; the China Securities Regulatory Commission ("CSRC") issued Opinions on Strictly Implementing the Delisting System, five capital market cooperation measures with Hong Kong and Administrative Provisions on the Securities Trading Expenses of Publicly Offered Securities Investment Funds; the Asset Management Association of China ("AMAC") issued Guidelines for the Operation of Private Securities Investment Funds and released a Flow Chart for Private Fund Manager Registration; seven departments including the People's Bank of China ("PBC"), the National Development and Reform Commission ("NDRC") jointly issued the Guidance on Further Strengthening Financial Support for Green and Low-Carbon Development; the Shanghai Stocꦛk Exchange, Shenzhe🃏n Stock Exchange and Beijing Stock Exchange ("SSE", “SZSE”, and “BSE”) released business rules for stock issuance and listing review, and guidelines for sustainable development reports; the State Administration of Foreign Exchange (“SAFE”) issued Guidelines for Capital Account Foreign Exchange Business (2024 Edition).
For industry news, CSRC responded to reporters' questions regarding dividends and delisting issues; SSE, SZSE and Hong Kong Exchanges and Clearing Limited (“HKEX”) have reached consensus on expanding the scope of ETF for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect; Beijing, Shanghai, Hainan, and Shenzhen launched pilot projects to expand opening-up of value-added telecom services; the Hainan branch of the PBC released Regulations on the Management of Multi-functional Free Trade Accounts in Hainan Free Trade Port.
I Latest Rules and Regulations
1. The State Council Issued Several Opinions on Strengthening Regulation, Preventing Risks and Promoting High-quality Development of the Capital Market
On April 4, 2024, the State Council issued Several Opinions on Strengthening Regulation, Preventing Risks and Promoting High-quality Development of the Capital Market (the "Nine State Guidelines"). The Nine State Guidelines are divided into nine parts, including general requirements, stringent control of listing admissions, strict ongoing supervision of listed companies, intensifying regulation of delisting, strengthen🃏ing regulation of securities and funds institutions, strengthening regulation of trading, vigorously promoting the entry of medium- and long-term capital into the market, further comprehensively deepening reform and opening up, and promoting the formation of a joint force to promote high-quality development of the capital market.The Nine State Guidelines emphasize the importance of regulation, calling for the establishment of an all-round and three-dimensional regulatory system for the capital market, the comprehensive implementation of regulatory responsibilities, and the severe crackdown on violations of laws and regulations. At the same time, attention shall be paid to risk prevention, the inherent stability of the market, and the risk monitoring and disposal mechanism shall be improved.With respect to the ongoing regulation of listed companies, the Nine State Guidelines require the establishment of a comprehensive punishment and prevention system to prevent and crack down on counterfeiting in the capital market, and the severe crackdown on financial fraud, occupation of funds, and other violations of laws and regulations. At the same time, the Nine State Guidelines require the strengthening of the supervision of cash dividends of listed companies, and take measures such as restricting reduction of shareholding by major shareholders and issuing risk warnings for companies that have not paid dividends for years or have a low proportion of dividends. In addition, the Nine State Guidelines require the promotion of the increase of investment value of listed companies, the formulation of guidelines on the management of the market value of listed companies, the guidance on the lawful cancellation of listed companies after share repurchase, and the encouragement of listed companies to focus on their principal business and improve the quality of development.With respect to financial asset management, the Nine State Guidelines provide that more efforts shall be made to develop publicly offered equity funds, increase their proportion, and establish a fast approval channel for ETF to promote the development of index-based investment; the building of the investment research capacity of fund companies shall be strengthened in all respects, the variety of investable assets and investment portfolios shall be enriched, the transformation from scale orientation to investors' returns orientation, the general fee rate for publicly offered funds shall be lowered steadily, and the study and standardization of the remuneration system for fund managers shall be carried out; the classified evaluation system for fund managers shall be revised to build up the philosophy of rational investment, value investment and long-term investment. The stable development of private securities investment funds and private asset management businesses shall be supported to enhance the stability of investment behavior. The policy environment for equity investment with insurance funds shall be optimized, regulatory systems shall be improved, and long-term equity investments shall be encouraged. The investment policies for the National Social Security Fund and Basic Pension Insurance Fund shall be improved, and the flexibility of investment for enterprise annuities and personal pension funds shall be enhanced. Additionally, bank wealth management and trust funds shall be encouraged to actively participate in the capital market to increase the scale of equity investment.The promulgation of "Nine State Guidelines" reflects the continuous improvement and deepening of China's capital market regulatory system. Enhancing regulation and risk management to provide a safer, fairer and more transparent market environment for participants in the capital market is of great significance for protecting the interests of investors and enhancing the vitality of the market.2. CSRC Issued Opinion🍸s on Strictly Implementing the Delisting System
On April 12, 2024, CSRC promulgated the Opinions on Strictly Implementing the Delisting System (the "Delisting Opinions"), aiming to deepen the delisting system reform, enhance the quality of💜 listed companies and protect the legitimate rights and interests of investors. The Delisting Opinions specify the basic principles, conditions, procedures and regulatory requirements for delistinꦰg, and strengthen the exit mechanism of companies failing to meet the listing conditions.
The Delisting Opinions propose to strengthen the implementation of the delisting system by taking the following measures:(1) Strictly enforce mandatory delisting standards: Scientifically define the scope of significant violations that trigger mandatory delisting, lower the threshold for delisting due to financial fraud from two years to one year, include situations of severe and continuous fraud over multiple years, and increase efforts to delist poorly performing companies.(2) Expand diversified exit channels: Promote mergers and acquisitions among listed companies, support market-driven mergers within the same industry or supply chain, and improve policies to remove obstacles for cross-segment mergers and acquisitions.(3) Reduce the value of "shell" resources: Strengthen the regulation of restructurings to ensure relevance to core business, strictly oversee restructuring listings, enhance acquisition regulations, hold intermediaries accountable, combat market manipulation and insider trading,𝔉 and clear out companies with no restructuring value.(4) Strengthen regulatory enforcement: Enhance the regulation of information disclosure and transaction monitoring, optimize mechanisms to detect and address financial fraud, hold accounting firms accountable, and hold accountable the delisted companies and relevant responsible persons for their illegal and non-compliant behaviors.(5) Implement investor compensation and relief: For investors harmed by illegal actions, encourage them to actively seek remedies, and promote using various methods to protect their legal rights. Ensure that responsible parties for significant violations resulting in delisting compensate investors for their losses according to the law.The various measures of the Delisting Opinions establish a framework for comprehensively strengthening the implementation of the delisting system, which is conducive to enhancing the quality of listed companies, protecting the rights and interests of investors, and promoting the healthy development of the capital market. Strict implementation of the delisting system may promote listed companies to improve their own operation quality and governance levels, and enhance market competitiveness and vitality.3. CSRC Issued Five Capital Market 🐻Cooperation Measures with Hong𒀰 Kong
On April 19, 2024, CSRC issued five capital market cooperation measures with Hong Kong ("Five Measures"), aiming to strengthen cooperation with the capital market of Hong Kong, support Hong Kong in strengthening its status as an international financial center, and promote the coordinated development of the capital markets of Mainland and Hong Kong. The Five Measures were proposed in the context of the Nine State Guidelines issued by the State Council, reflecting the central government's firm support for Hong Kong's long-standing unique status and advantages.The Five Measures include:(1) expanding the range of eligible stock ETFs under the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect, lowering the Hong Kong stock weight requirement for southbound ETF products, and adjusting the corresponding northbound ETF products in Shanghai and Shenzhen. This supports the development of Hong Kong as an international asset management center;(2) incorporating REITs into the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect to enrich trading products;(3) supporting the inclusion of RMB stock exchange counters into the southbound trading links to promote the internationalization of RMB;(4) optimizing the mutual recognition of funds, relaxing restrictions on the sales proportion, and allowing the investment management functions of recognized Hong Kong funds to be delegated to an overseas asset management institution within the same group as the fund manager, so as to meet the diversified investment needs of investors.(5) supporting industry leading mainland companies to list in Hong Kong, and making use of international and domestic markets and resources to develop in a regulated manner.The Five Measures demonstrate the CSRC's support and open attitude towards Hong Kong's capital market, which promote the in-depth integration of the markets of Mainland and Hong Kong by relaxing market access requirements, enriching trading products, and optimizing interconnection mechanisms. Meanwhile, the Five Measures will further enhance Hong Kong's competitiveness as an international financial center, and provide more international financing channels for Mainland companies. This will also play an important role in promoting the internationalization of the RMB and the high-quality development of the capital markets of Mainland and Hong Kong.4. CSRC Formuℱlated and Iss𒆙ued the Administrative Provisions on the Securities Trading Expenses of Publicly Offered Securities Investment Funds
On April 19, 2024, CSRC promulgated the Administrative Provisions on the Securities Trading Expenses of Publicly Offered Securities Investment Funds(the "Securities Transaction Fee Measures"🎐;), which will come into effect on July 1, 2024, in respඣonse to the requirements of the State Council on strengthening the administration of securities transaction fees of public securities investment funds.
The Securities Transaction Fee Measures mainly include: (1) restricting and regulating various fee rates and charges of the funds: specifying the various fees such as commission that may arise in securities transactions of the funds; restricting the upper limit of the fees that can be charged by the managers and custodians (for example, the total annual trading commission paid by a fund manager to a securities company for securities transactions shall not exceed 15% of the total securities transaction commission for all fund securities trading in that year); encouraging the managers and custodians to reduce and appropriately reduce or exempt fees; stipulating that the managers and custodians shall not charge unreasonable fees or damage the interests of the investors by means of fee sharing or other means; (2) strengthening information disclosure: stipulating that the managers shall clearly disclose the securities transaction fees of the funds in their prospectuses, regular reports and other documents; (3) regulatory duties and responsibilities: specifying the regulatory duties and responsibilities of the regulatory authorities and specifying the securities transaction fees of the funds, including investigation and punishment of violations of the regulations in fees; and (4) accountability for violating regulations: establishing corresponding legal liabilities and punishment measures for non-compliance with fee management regulations. The purpose of the Securities Transaction Fee Measures is to guide the securities and funds institutions to further correct their business philosophy, focus on improving the long-term returns of investors, provide better quality services, optimize the securities transaction commission system of the funds, reduce the transaction costs and commission rates, reduce the burden on investors, and increase the market's vitality.5. ꦿAMAC Published the 🌱Guidelines for the Operation of Private Securities Investment Funds
On April 30, 2024, AMAC promulgated the Guidelines for the Operation of Private Securities Investment Funds (the "Operation Guidelines"). The Operationඣ Guidelines consist of 42 articles, comprehensively covering the entire process of private securities fund raising, investment, and operation, highlighting issues and risk-orientation, and scientifically setting up differentiated regulatory requirements. The Operation Guidelines will come into force as of August 1, 2024, with differentiated transitional arrangements clearly set out for dif🌸ferent requirements.
The key points of the Operation Guidelines include: (i) clarifying the 10 million yuan fundraising threshold and the 5 million yuan minimum fund scale of CNY 5 million; (ii) prohibiting cross-level purchases and stressing that the risk tolerance level of fund investors shall not be lower than the risk rating of the funds; (iii) enhancing fund information disclosure and performance display requirements; (iv) clarifying the requirements on the frequencies of subscription and redemption of private securities funds and the lock-up period; (v) setting a dual 25% investment concentration limit to guide private fund managers to enhance their professional investment capabilities and diversify investment risks; (vi) clarifying the requirements on total leverage: the leverage ratio of funds with low liquidity shall be 120%; (vii) specifying that the total shares of a single listed company held by the private securities fund managers controlled by the same actual controller, with proprietary funds or through private securities funds under their management, or asset management products advised by the managers shall not exceed 30% of the tradable shares of the listed company; (viii) with respect to restrictions on investment transactions, strengthening the regulations on OTC derivatives transactions, bond investment transactions, program trading, and reverse transactions in the same day; (ix) further specifying the requirements on stress tests and risk reserves for private securities fund managers above a certain asset management scale, while related details need to be further clarified. For a detailed analysis of the Operation Guidelines, please refer to The Operation Guidelines reflect the prudent regulatory attitude of the regulatory authorities on the private fund industry, and at the same time strengthen the self-discipline management of private securities funds, improve operational transparency, enhance compliance and risk management, and enhance the protection of investors.6. The AMAC Released Process Flow Chart for Private Fund Ma👍nager Registration
On April 15, 2024, the AMAC released a Flow Chart for Private Fund Manager Registration("Flow Chart"). This Flow Chart provides private fund managers with clear reg🐎istration steps and requirements, ensuring the standardization and systematization of the registration process.The Flow Chart covers all stages from company incorporation to final registration with the AMAC. The main processes are as follows: (1) Establish a business entity; (2) Prepare materials according to the "List of Application Materials for Private Fund Manager Registration (2023 Revision)" and engage accounting firms and law firms; (3) Register an AMBERS system account; the practitioner's system account will be automatically activated after registration; (4) Fill in information in the AMBERS system and practitioner's system, and submit it for verification by the AMAC; (5) The AMAC processes the application and either approves or terminates the registration. The Flow Chart also specifies the estimated time for each stage, main information reporting requirements, and methods for inquiries and consultations.The release of the Flow Chart by the AMAC clarifies the requirements, specific procedures, and estimated time for each stage of the manager registration process. This makes it easier for market participants to understand the overall requirements and reduces communication costs.7. Seven Departments, Including the PBC and the NDRC, 𝕴Jointly Issued the Guidance on Further Strengthening Financial Support for Green and Low-Carbon De🀅velopment
On March 27, 2024, seven departments, including the PBC and the NDRC, jointly issued the Guidance on Further Strengthening Financial Support for Green and Low-Carbon Development (the "Guidance"). The aim is to direct financial resources towards green and low-carbon sectors and to build a world-leading financial support system. The Guidance outlines work objectives from the next five years up to 2035, including the improvement of financial infrastruct🅰ure, environmental information disclosure, risk management, and the promotion of regional green finance reform and international cooperation.The main content of the Guidance includes: (1) optimizing the green finance standards system: promoting the gradual implementation of carbon accounting within the financial system and continuously impro꧂ving the green finance standards system; (2) strengthening the constraint mechanism based on information disclosure: encouraging financial institutions and financing entities to disclose environmental information and continuously improving the quality of environmental information disclosure and evaluation; (3) promoting the development of green finance products and markets: advancing the construction of the carbon emission rights trading market, increasing support for green credit, further enhancing capital market support for green and low-carbon development, vigorously developing green insurance and services, and expanding the participants in the green finance market; (4) enhancing policy coordination and support: promoting the improvement of laws and regul꧙ations, refining the assessment and evaluation mechanism for financial institutions regarding green finance, enriching related monetary policy tools, supporting the green and low-carbon transition of high-emission industries and projects, deepening regional green finance reforms, and further supporting green development in major national strategies; (5) strengthening prudential management and risk prevention related to climate change; (6) enhancing international cooperation: deepening green finance cooperation and promoting green investment under the "belt and road initiative"; (7) strengthening organizational support.The issuance of the Guidance demonstrates the Chinese government's determination to promote green and low-carbon development. It aims to facilitate economic transformation and technological innovation through financial means to achieve carbon reduction targets. This initiative will enhance the risk management of financial institutions, attract capital to support environmental projects and elevate China's leadership in global green finance. By leveraging information-sharing mechanisms, it will optimize investment decisions and support sustainable development.Haiwen has been long focuse൩d on the development of green finance and ESG (Environmental, Social, and Governance) legal services. On May 20, 2024, the Shanghai Corporate ESG ♎Standards Implementation Launch Ceremony and the First Urban Sustainable Development North Bund Forum were successfully held in Shanghai. The event marked the official implementation of the "Shanghai Corporate ESG (Environmental, Social, Governance) Reporting Guidelines" and the "Shanghai Corporate ESG (Environmental, Social, Governance) Reporting Evaluation Standards." Ms. Julia Zhang from Haiwen, serving as the chief editor of the expert drafting group for these standards, actively participated in their compilation and has been appointed as an expert in the think tank for sustainable development projects. For details, please refer to: 8. SSE, SZSE, and BSE Released Business Rules for Stock Is🍌suance and Listing Review
On April 30, 2024, the SSE and the SZSE each released nine supporting business rules related to stock issuance and listing review. The business rules comprise six issuance and listing review rules, one underwriting rule, and two continuous supervision rules. On the same day, the BSE issued five business rules, including the Beijing Stock Exchange Stock Listing Rules (Trial). The rules released by SSE and SZSE mainly revised the current rules in six aspects, including clarifying board positioning requirements, reinforcing the responsibilities of issuers and key personnel, strengthening the responsibilities of intermediaries, expanding the scope of on-site supervision, improving the circumstances for terminating reviews and enhancing self-regulatory measures. The BSE's newly released rules made five optimizations, including improving the stock issuance and listing review system, perfecting the delisting system, strengthening the management of the Listing Committee and the Merger and Acquisition Committee, modifying arrangements related to significant asset restructuring, and adjusting the dividend policy for listed companies.The new rules from SSE, SZSE, and BSE signify a deepening of capital market reforms, which will help increase market transparency and efficiency, standardize market operations, boost investor confidence, and foster a healthy market environment to attract more high-quality enterprises.9. The SAFE Issued Guideliᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚnes for Capital Account Fo🍰reign Exchange Business (2024 Edition)
On April 3, 2024, the SAFE released the Guidelines for Capital Account Foreign Exchange Business (2024 Edition) ("2024 Guidelines"), which will take effect on May🍌 6, 2024. The 2024 Guidelines will replace the 2020 edition,🦩 becoming the latest guidance for handling capital account foreign exchange business.Structurally, the 2024 Guidelines integrate the capital account business of SAFE and its local branches, dividing them into two categories: those handled by SAFE (and its local branches) and those handled directly by banks. The main changes in the 2024 Guidelines include (1) ODI (Outbound Direct Investment): Removal of the requirement that preliminary ODI expenses should not exceed USD 3 million in principle; (2) Personal Overseas Investment (Circular No. 37): Introduction of a new chapter on supplementary registration of foreign exchange for special purpose vehicles (SPVs) by domestic residents, and the requirement to note the financing and return company levels during registration, with estimated information allowed if not yet determined; (3) Domestic Institutions' Overseas Loans: New requirement include explaining the business situation of the overseas borrower at the time of application and specifying the source and purpose of overseas loan funds. The source of these funds can be domestic foreign exchange loans; (4) Integration of Capital Account Settlement Accounts: The original capital account-asset realization account has been adjusted to the capital account-settlement account. Some income items previously included in the foreign exchange capital account, such as foreign exchange income from overseas listings, are now adjusted to the income scope of the capital account-settlement account.The update of the 2024 Guidelines will help improve the efficiency of handling capital account foreign exchange business, reduce the cost of cross-border transactions, promote the free flow of capital, and facilitate the opening up of financial markets.10. SSE, SZSE, and BSE Issued Guidelines for Sustainable Developmenꦇt Reports
On April 12, 2024, the SSE, SZSE, and BSE each released their respective guidelines for sustainable development reports (collectively referred to as "Sustainable Development Guidelines"). These guidelines aim🅷♕ to align with national policies on strengthening regulation, preventing risks, and promoting high-quality development in the capital markets by standardizing information disclosure practices related to sustainable development for listed companies. The Sustainable Development Guidelines will be officially implemented starting May 1, 2024.The Sustainable Development Guidelines stipulate how listed companies should prepare and disclose their sustainable development reports, requiring consistency with the annual report in terms of reporting entity and reporting period. Companies listed on various boards that are included in index samples and companies listed both domestically and abroad are required to disclose sustainable development reports, while other listed companies are encouraged to do so voluntarily. The Sustainable Development Guidelines cover 21 topics across three dimensions: environment, society, and governance related to sustainable development, and specify the disclosure requirements for each topic. Reporting entities should consider their industry and business characteristics to determine the financial and impact significance of each topic set forth in the guidelines and explain the process of analyzing the importance of each topic.The release of the Sustainable Development Guidelines fills a gap in China's capital market regulations. It marks a significant step towards sustainable development in the market, emphasizing the social responsibility and long-term value of listed companies.
1.&🔯nbsp;CSRC Responded to Questions regarding Dividends and Delisting Issues
On April 16, 2024, Guo Ruiming, Director of the Department of Listed Company Supervision of the CSRC, provided detailed explanations regarding dividend and delisting policies. In the amendment to the listing rules, ST is introduced for those whose dividend distribution does not meet the standards, aiming to enhance the stability and predictability of the dividend distribution of listed companies, especially for those companies that have the ability to distribute dividends but fail to do so in a long time or whose dividend ratio is relatively low. Guo Ruiming emphasized that ST does not represent delisting risks but rather a risk warning and that companies may apply for the removal of ST after meeting certain conditions. Specifically, the conditions for applying ST mainly target profitable companies, namely those whose net profits and undistributed profits at the end of the most recent fiscal year are both positive. ST will be applied only when both the cumulative dividend ratio and dividend amount for three consecutive years fail to meet the requirements. The rules also take into special consideration the characteristics of enterprises listed on the Science and Technology Innovation Board and the ChiNext Board, according to which enterprises that make significant investment in R&D will not be subject to ST even if the dividend distribution does not meet the standards.In addition, regarding concerns that the adjustment of the delisting indicators will have an impact on the trend of small-capitalization stocks, Guo Ruiming clarified that the purpose of the adjustment of the delisting indicators is to eliminate "zombie companies" and "black sheep", and not to target small capitalization💛 stocks. He no😼ted that approximately 30 companies in the Shanghai and Shenzhen markets might reach the delisting criteria next year, with about 100 companies possibly facing delisting risk warnings. These companies have enough time to improve their operation and quality.2. SSE, SZSE and HKEX Have Reached Con🌠sensus on Expanding the Scope of ETF for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect
On April 19, 2024, SSE, SZSE and HKEX jointly announced that they have reached a consensus on expanding the scope of ETF for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. This initiative aims to further enhance the interconnectivity between Mainland and Hong Kong markets, enrich the variety of tradable assets and promote the coordinated development of the capital markets of Mainland and Hong Kong.The optimization measures mainly include two aspects: First, the threshold for including ETFs in the Stock Connect programs will be lowered, allowing more ETF products to qualify. Second, the requirements for the index weight of these ETFs will be reduced, providing investors with a more diverse range of investment options. These adjustments are expected to significantly increase the number and scope of ETFs available, thereby offering Mainland and Hong Kong investors a wider array of investment products and facilitating cross-market asset allocation.To implement these optimizations, SSE and SZSE plan to revise their relevant business rules and released consultation papers to the market on April 19 for public comments. HKEX also released a circular on the same day, detailing the proposed eligibility criteria for the new Stock Connect ETFs, which will be updated pending regulatory approval. It is anticipated that the formal implementation of these optimizations will take approximately three months, including the necessary business and technical preparations.3. Beijing, Shanghai, Hainan, and Shenzhen Launched Pilot Projects to Expa🐈nd Opening-up of Value-added Telecom Services
On April 8, 2024, the Ministry of Industry and Information Technology (MIIT) issued the Notice on Launching Pilot Projects to Expand the Opening-up of Value-added Telecom Services (the "Notice"), deciding to launch pilot projects in four regions: the Integrated National Demonstration Zone for Opening up the Services Sector, the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, the Hainan Free Trade Port, and the Shenzhen Pilot Demonstration Area of Socialism with Chinese Characteristics. This marks a significant step in China's efforts to promote high-level opening-up. According to the Notice, the pilot regions will lift restrictions on foreign ownership for Internet Data Centers (IDC), Content Delivery Networks (CDN), Internet Service Providers (ISP), and online data processing and transaction processing services, as well as information release platforms and delivery services within the information service sector (excluding internet news information, online publishing, online audio-visual, and internet culture business), as well as information protection and processing services.4.ౠ The Hainan Branch of the PBC Released Regulations on the Management of Multi-functional Free Trade Accounts in the Haina🅺n Free Trade Port
On April 3, 2024, the Hainan Branch of the PBC officially released the Regulations on the Management of Multi-functional Free Trade Accounts in the Hainan Free Trade Port (the "Regulations"). This significant initiative aims to implement the "Law of the People's Republic of China on the Hainan Free Trade Port" and the "Overall Plan for the Construction of the Hainan Free Trade Port," further promoting the liberalization and facilitation of cross-border capital flow in the Hainan Free Trade Port.The Regulations specify the general principles of multi-functional free trade accounts in the Hainan Free Trade Port, namely, "opening up at the first level, managing cross-border activities at the second level, and limited penetration for same-name accounts crossing the second level". Specifically, (1) The multi-functional free trade account system allows funds to be freely transferred within the "crossing the first level" scope. This means that funds can be freely transferred between multi-functional free trade accounts and overseas accounts, OSA accounts, NRA accounts, and between multi-functional free trade accounts and overseas accounts, based on payment instructions. (2) Funds crossing the "second level" are subject to cross-border management. Transfers between multi-functional free trade accounts in the Hainan Free Trade Port and domestic residents' non-same-name RMB bank settlement accounts are limited to funds related to goods trade managed by customs as imports and exports and must be conducted in RMB. (3) Same-name transfers are subject to limited "penetration" within the quota. Transfers between multi-functional free trade accounts and domestic same-name RMB bank settlement accounts are subject to the principle of "negative list + quota management", implementing limited "penetration".The source of industry news in this article:● //www.csrc.gov.cn/csrc/c100028/c7474236/content.shtml● //www.sse.com.cn/aboutus/mediacenter/hotandd/c/c_20240419_5738324.shtml● //www.gov.cn/zhengce/zhengceku/202404/content_6944441.htm● //www.safe.gov.cn/hainan/2024/0407/1982.html● Consolidated PDFs (hkex.com.hk)
