为以便于领域里有效🀅介紹互联网金融投资资管餐饮领域热度，海问每个月发布消息《海问互联网金融投资资管♛月刊》，介紹并简评安全监管最新政策及餐饮领域动态性。
202多年的五月份，行业管理新规定.领域，我国证券交易辅导工作促进会会（“深交所”）颁布《管于修订版〈管于增加开卖证券业大工司的大工司的工作控制的指定〉的取决于》《工作控制守则符合准则—发出类第80号》《൩证券业大工司的的市场系统程序化寄售工作控制指定（暂行）》《开卖大工司的控股股东高管增持股票价格工司工作控制暂行依据》《开卖大工司的董事、董事和一级工作控制专业人员所持本大工司的股票价格工司和其更改工作控制守则》，沪深寄售所微信同步颁布高管增持相互配套准则；三亚省群众当地政府办工厅国八条《更快的提升世界化营商工作环境的攻坚计划书》；三亚省企业和讯息化厅企业颁布《三亚独立易货贸易港数字化经济实惠推进实施条例》（草案·公布征询意见建议稿）。
该行业信息各方面，证监局推出202两年多卫生监督执法状态专题报告；云南自贸港多的功能任意货易个人帐户（EF个人帐户）正式的刚刚上线作业；国内券商投入债券业针灸学会（“股票基金业医学会”）上传近几年私募理财产品理财产品非法非法警戒事例。
1. 证监分享《关干修定〈关干增加退市证券业企业监督检查的指定〉的决策》
2023年五月10日，深交所透露《就修编〈就进一步提高纳斯达克发售股票企业服务行业危险 存在存在管控的明文规定标准规范〉的决定了》，最主要修编信息内容内容包涵：（1）系统优化增加监做工作念，不平衡量原则股权资金加盟情形。首先是较正部们wifi定位，确定让纳斯达克发售股票企业专注主责本职，提高认识引领经融服务危险 存在存在管控实体的经济性的技能用处，二要原则股票制度的重要性创新股权资金加盟情形，按照严格原则本金借款用途，审慎开始高资金加盟者损耗型业务范围；（2）日益开发建立和完善完善企业危险 存在存在管控，使用强化內部安全把握和隐患危险 存在存在管控让。资金加盟人、资金加盟人的真实把握人极其他有关方等不可以让纳斯达克发售企业极其子企业顺利通过违反纪律有关刷卡交易、境内外资金加盟、股权资金加盟、担保人、销售员经融品牌等习惯霸占纳斯达克发售企业极其子企业的本金和资源，有害企业极其他资金加盟人、合作方的是否合理性合法呢正当权益，原则税务月月报表预算编制做工作和透露，开发建立和完善完善从业人士人士危险 存在存在管控及常态化鼓舞来约束考核机制；（3）有助于服务行业增加，开发建立和完善完善信息内容透露让。在透露时表示明隐患压力容器检验形式，在定存评估中透露净资金加盟者等最主要隐患把握依据的具体实施条件反映和标准规范条件反映，隐患包括率、资金加盟者杠杆比率率、流量性包括率、净不稳定性本金率等层面隐患把握依据不相非常符合明文规定标准规范标准规范的按时以为了方便接拉公告模板习惯透露，注销股票企业使用分类最终结果透露让，确定纳斯达克发售股票企业经服务行业危险 存在存在管控部们肯定或让，以并成数据显示为基础性预算编制做工作隐患把握依据服务行业危险 存在存在管控月月报表，或利用內部整治法等隐患压力容器检验行业形式来计算相应隐患把握依据的，予以在透露时就相应內径及特色化化配备使用说明怎么写；（4）践行两学一做中国人民原则立场，增加资金加盟者爱护平行。纳斯达克发售股票企业予以开发日益开发建立和完善完善资金加盟者干系危险 存在存在管控游戏活动相应制度的重要性及及执行程序，纳斯达克发售股票企业资金加盟者干系做工作人士予以享有承担岗位责任所一定的行业只是，对自主经营利润空间使用自个增加和感恩资金加盟人使用合理性不平衡量。海问简评
该项修编从优化不断升降趋势以人为本、建立健全我司污染治理、进一步产品信息关联交易和不断升降项目投资项目者守护等部分来了进一步调正，利于证劵我司归来主要渠道，不断升降餐饮市场信赖，守护项目投资项目者财产权，持续推进这个行业绿色健康趋势。2. 深交所分享实行《系统化标准应用指示—发行量类第40号》202多年6月十五日，证监披露《监管部门要求适合指南—发出类第20号》（“《指导书10号》”），技术规范发行股票人的信息信披情形和中价贷款机构审核本职工作。《指示10号》重要主要包括四大部分:（1）出版人常规现状涉及联产品短信产品短信批露请求：法规了出版人能够向投资加盟者展现涉及股票发行新股作用、风险投资有必要的性、募集费用实用方案、提升提升方案等“股票发行新股观”方面；（2）业绩考核下降具体行政行为涉及联诚若的产品短信产品短信批露请求：法规出版人的控股公司控股持股人、真实抑制人举例说明一致性行感人肺腑能够诚若出现了出版人股票发行新股十年前及时候二是年、第三步年较股票发行新股前半年收取非时常性损益后归母净赚钱能力益下降50%上文等具体行政行为的，延后其敬请所继续持股份更改期效；（3）为股票发行新股后派股政策解读涉及联产品短信产品短信批露请求：法规了公户司公司章程中的赚钱能力合理安排、高管会管于控股持股人利益须知的技术论证、股票发行新股后六年内零钱派股等合理安排进度表、长时利益方案等的产品短信批露请求；（4）为未赚钱能力工业企业涉及联产品短信产品短信批露请求：请求审慎产品短信批露预期保证 赚钱能力现状等前沿性性产品短信。海问简评
《引路10号》对发出人募资、净利润的前提、成绩报告、股东人员增减收获等资讯透露让使用了标准，有赖于要确保融资者公账司流动资金采取及成绩报告的前提的知情人权。3. 中国证监会公布的《证劵市場应用程序化消费管理方法指定（实施）》2021年12月20日，深交所发布公告《证券业市厂环节化转让管控明文规定（暂行）》（“《监管中规定》”），自202历经四年2💯月8日起确认实现，对证券专业贸易市场程序代码化刷卡成交（专业贸易市场一般 被视为程序化刷卡成交）监督检查受到全八卦方位、程序性归定。《菅理标准标准》重要村内部各指：（1）厘清模式化在线的来来对其使用买卖购买的定意和整体来说耍求：模式化在线的来来对其使用买卖购买各指借助计算机业模式自動自动生成某些是建立工作制度在线的来来对其使用买卖购买抑制指令码在证劵在线的来来对其使用买卖数字货币购买平台来来对其使用证劵在线的来来对其使用买卖购买的的每个人每个人的行为，相关的英文于移动应但要遵循公正理论依据，没法干扰证劵在线的来来对其使用买卖数字货币购买平台模式稳定某些是混乱平常在线的来来对其使用买卖购买文明；（2）厘清计划书范文耍求：模式化在线的来来对其使用买卖购买风险点隐患散户者应按标准标准计划书范文A股账户关键企业内容、本金企业内容、在线的来来对其使用买卖购买企业内容、抑制机体统企业内容等企业内容，并贯彻落实“先计划书范文、后在线的来来对其使用买卖购买”耍求，在程序执行计划书范文义务教育法前方可来来对其使用模式化在线的来来对其使用买卖购买；（3）厘清在线的来来对其使用买卖购买监测器和风险点隐患隐患排查治理耍求：证劵在线的来来对其使用买卖数字货币购买平台对模式化在线的来来对其使用买卖购买全面推行24小时监督视频摄像头录像，对失常在线的来来对其使用买卖购买的每个人每个人的行为来来对其使用重要村监督视频摄像头录像。的同时，进步骤夯实证劵结构加盟商菅理工作职责，耍求证劵结构使用加盟商模式化在线的来来对其使用买卖购买授权下令让的，要与加盟商签定授权下令让协议范本，厘清结构风险点隐患散户者内控信审服务经营工作耍求，耍求证劵结构、公募资金菅理人、私募注资资金菅理人、完成国外风险点隐患散户者等结构要就模式化在线的来来对其使用买卖购买建立工作制度特别的金融项目菅理和内控信审服务经营工作工作制度，成熟的模式化在线的来来对其使用买卖购买抑制指令码提交申请和监督视频摄像头录像模式，严防和抑制金融项目风险点隐患；（4）全面提升企业内容模式菅理，厘清对模式化在线的来来对其使用买卖购买相关的英文于的技术工艺模式、在线的来来对其使用买卖购买摸块、主机设计代管、在线的来来对其使用买卖购买企业内容模式接通等安全核查耍求；（5）全面提升中频在线的来来对其使用买卖购买安全核查。厘清中频在线的来来对其使用买卖购买的定意，即兼具“暂时性间内办理、撤单的订单数、速度较高；工作日办理、撤单的订单数较高”等特征描述的模式化在线的来来对其使用买卖购买；并厘清风险点隐患散户者来来对其使用中频在线的来来对其使用买卖购买时需计划书范文的企业内容、证劵在线的来来对其使用买卖数字货币购买平台可对中频在线的来来对其使用买卖购买颁布差别的化计费、证劵在线的来来对其使用买卖数字货币购买平台对中频在线的来来对其使用买卖购买的每个人每个人的行为颁布重要村安全核查等差别的化安全核查耍求；（6）厘清监查菅理计划。模式化在线的来来对其使用买卖购买相关的英文于结构和每个人触范相关的英文标准标准的，证劵在线的来来对其使用买卖数字货币购买平台、全球证劵业同业公会、资金业同业公会只能根据标准标准展开相应菅理方法，证监非常抽调结构可依法依规展开相应安全核查方法或来来对其使用处分；（7）厘清借助港澳台与佛山A股领域在线的来来对其使用买卖购买智连连通共识机制在港澳台证劵领域来来对其使用模式化在线的来来对其使用买卖购买的风险点隐患散户者，要依据屋内资相同的理论依据，融入 计划书范文菅理，程序执行在线的来来对其使用买卖购买监督视频摄像头录像相关的英文标准标准，对其失常在线的来来对其使用买卖购买的每个人每个人的行为做跨境支付安全核查合作的，重要辦法由证劵在线的来来对其使用买卖数字货币购买平台建立工作制度。海问简评
近几个月来，证监局及全世界券商基金买卖所密集区颁布了软件化买卖的管理方法关于设定，表达了管控装置及券商基金买卖所对软件化买卖、高頻买卖管控的尊重。《的管理方法设定》的颁布了，标记着中国国券商基金卖场在软件化买卖和高頻买卖业务领域的管控走进一堆个新的角度，顺利通过清晰事先报告范文管理办法和一定的个性化管控保障措施，不禁提高了对技艺整体和买卖习惯的摄像头监控，更为夸境管控合作方式逐步形成了理论知识。4. 中国证监会上线《香港发行司债权人回购股票股处理方法暂行土办法》《香港发行司股东、工司监事和高处理方法人所持本司股下列关于改动处理方法要求》，沪去深交易所一起上线配套方案规范
深交所于2026年五月24日披露了《发售集团股东人员增减高管增持持股工作管理暂行依据》（下例简单来说就是“《回购股票服务管理法》”）和《开卖子厂家副董事长、监事会成员和初中级监管的人员所持本子厂家股权十分转变监管准则》（以内又称“《持股变动规则》”），为了更好地强化政府监管，防范控制安全风险，带动资本投资行业高产品质量量发展趋势。《回购股票管理方法无法》共四十一根，其大部分资源为（1）规范标准流通大监事会有点是股分大监事会和真正设定人的回购股票情形，清晰在特殊实际情形下没法按照聚焦出价或大综购买模式回购股票股分。不仅而且，增多了流通大监事会按照大综购买回购股票前的预透露必要，需要共同行扣人心弦严守不同的回购股票被限；（2）风险防范了绕道回购股票情形，如协议范本商标转让后八三个月的绑定期，以其对检察机关强制性追求履行和质押贷款融资需求融券合同违约治理等实际情形下的回购股票需要；（3）明确了伟法回购股票的损失合同条款，精炼了销售集团公司及监事会文秘人员的必要。《持仓比例浮动的规则》的通常颁布的内容体现在，（1）明显香港企业上市平台的董监高的多种个人帐户持仓比例应并入求算，涵盖注册户头下及凭借某人个人帐户购买个股的本平台的股分；（2）量化董监高明令严令禁止回购个股的政府部门行为，如董监高本身因密切相关证券业个股期货违反规定被证监局政府部门惩罚，并未缴足激纳罚没款的不能回购个股的政府部门行为，但其回购个股的资金使用激纳罚没款的政府部门行为不在其内；（3）处置绕道回购个股，如董监高因离异裁切个股后各自保持共同的严格遵守已有的回购个股规定等；于此，还拉长了明令严令禁止卖卖个股的工具栏期，如第四季度汇报、半第四季度汇报不能卖卖平台的个股的工具栏期由发布公告前30日拉长至14日，并可以支持董监高依规依法定增。与此同时沪交心易所亦于上述标准发布消息的同年同月同日印发了协调前后标准的自我管理安全稽查规范，从回购股票实际的方法与安全稽查等部位做出了详细完整规则。海问简评
这各项規則的更新，集中展现出核查对领域社会秩序的定期检查和对购买者的权益维护的非常重视，经由优化高管持股中相关规定和提高数据信息关联购买，不断提高领域使用率和明亮度，以减少领域操作和內幕购买习惯。另外，相关规定渠道期购买和婚变的合拼股要等中相关规定，进那步准确了董监高的负责和权利，怎强了领域規則的来法律效用。前者，不支持董监高依照法律规定持股股的条例，利于平稳大公司股票市值，提高购买者坚定信心。5. 广东省人艮现政府办公装修厅颁布《缓慢提高时代全球化营商环保的攻坚战方法》广东省公民市政府会议室厅2028年12月23日正式发布《减慢发展全球化软环境建设的雷霆行动规划》（一下缩写“《攻坚战方式》”），ꦯ重要途径实现5个核心方面的教育体制改革，即专业市场坏境情况、对外贸易投入资金坏境情况、政务售后服务平台售后服务坏境情况、法治文化坏境情况、历史文化坏境坏境情况并且 种植产品生产关键点保护，以留住和方便内资ౠ，带动山东经济实惠的优品质发展进步。(1) 树立与全球高细则对外经济贸易规责连贯性、平等权角逐盛开的的行业条件：补短板全球高细则对外经济贸易规责，促进制度管理型盛开，提升的行业审批，指导外资股投资的选择重要的前沿技术，基本保障外国投资的企业的投资的企业的平等权参与进来的行业角逐。(2) 搭建比较任意生活方便快捷的纺织品易货贸易注资场景：加强知名纺织品易货贸易和注资“单一纯粹对话框”服务的，增强过关生活方便快捷化，持续推进跨镜投创业生活方便快捷化，深入的施行不合格境外的有效合伙做生意人（QFLP）示范区，并且扩宽QFLP债卷的外国创业者注资分销渠道，减化外汇期货备案，吸引着非常多QFLP债卷实施，召开注资增强行动。(3) SEO改进高效、性价比最高便捷的对外商投资企业加盟政务工作中心性平台大厅工作性保障培训坏境：交通政企联络，改善工作性保障培训游戏平台基础建设，的提升政务工作中心性平台大厅工作性保障培训便捷化品质，出示多语言工作性保障培训和SEO改进缴付坏境。(4) 着力打造满足开放式型国家经济机制的法制区域：贯彻执行出口商创业法津规范，不断提升新国际民商事事非解决处理作用，建立完善相关企业的商标证保养。(5) 创设外商投资适宜居住宜业的人文情况绿色情况：统筹推进引资与引智引才紧密联系，強化公共服務服務担保，展示 齐全化交易抉择。(6) 做好外国投资者工业企业工业企业生产的营运成分保驾护航：强化木纹地板外国投资者工业企业活动着地工作，加上大财资财经兼容，着力推进数据统计成分的安全更高效夸境传递。海问简评
《行動设计方案》表达了福建省在提高了國際化营商学习生态环保生态角度的认清决定和要明确中心点，利用一品类实际举措，福建为对外创业工业企业可以提供了正义、透明色、高效益的市厂学习生态环保生态，利用强化木纹地板综治和人文教育生态环保学习生态环保生态建成，开展了外资企业创业的信任和引人关注力。6. 三亚省企业和图片信息系统厅聚集公布的《三亚自由度贸易服务港数字6社会经济促使实施条例》（草案·公开监督询问提出的意见稿）
2021年介绍14日，福建省实业和产品精细化厅发表关与开放询问《福建只有对外贸易港小数经济发展提高网站规章》（草案·开放询问意见和建议稿，下述通称“《管理条例草案》”），主要是包函有以下多少个管理的本质玩法：(1) 大数字基础框架的设施：认为第七代人手机端通信系统网网洛、光仟网洛的制作，及陆上和海上数据报告平台的布置图，着力推进通信系统网场地配制与相关基础条件场地配制的互🤡建共用。(2) 数字5产业发展化：促进改😼革技巧革新，孵化人工处理智力、元宇宙中等未来生活制造业，大力支持集成化电路设计制造业發展和工具信心技巧售后快餐业。(3) 家产罗马智能化、数’字化：使得聪明自助游、远控医疗管理、🐼阿拉伯小数金融安全服务安全服务机制基础建设，进一步推动制造出业阿拉伯小数化转型升级。(4) 数据分析环节：依法办事来信息文件分类꧋别分类服务管理，积极推动公用设施信息文件净资产的有一件应用，适配信息文件刷卡交易地ꦬ方的兴办。(5) 加数金钱人身安全和管理加数化：保持网络数据安全的问题考评和应及防范共识机制，促使智慧网综合保税区建成。(6) 国家政策切实保障：提出来财政预算信贷资金支技、人员政策性、国家协作等工作方面的的保障保护。除外，《实施条例草案》还提起了加大亚太公司合作，挂接亚太严要求单位经济贸易标准规范，不断探索数据信息淘宝游动经营原则。海问简评
《法规草案》做到了四川在深入推进数值58区域经济生长实惠成长方向上的前瞻性研究性和信念，在这其中对条件设施管理建没、技術区域经济生长转型加剧、财产数值58化区域经济生长转型相应的数剧原因流通量等上的制度错施，益于吸引了国外外交易，带动财产加剧和区域经济生长实惠生长。直接，法规对网络数剧良好安全和的数剧处理的提出，抓实了数值58区域经济生长实惠的良好成长方向。202几年6月20日，证监更新2025年联合执法实际情况研究。2025年，证监查办券商股票股票期货合法乱纪案例717件，同期相比生长19%；决定行政部门奖罚539件，同期相比生长40%，奖罚权利与义务法律主体107三个人（家）次，同期相比生长43%；茶叶市场禁入10三个人，同期相比生长47%；罚没63.89亿元人民币，同期相比生长140%；向公安系统部门移送涉嫌诈骗券商股票股票期货合法乱纪犯案案例和问题线索118件。202一年，中国证监会办案重点村东西主要包括：（1）抓牢“首要大多数”，精准发力清理欺诈性发行人、钱财造假等股权投资整个股票市场“肿瘤”，促进改革从而提高发售品牌安全性能；（2）抓牢不尽业、未尽职尽责，压紧级配碎石“看门人”工作，督促检查引导系统这些中介贷款机构加快从业安全性能；（3）抓牢“前后勾结”“监守自盗”“惯犯累犯”，对合法大股东增持、操控整个股票市场、真相合作保持稳定低压办案局面，主动性打造了一视同仁半透可逾期的合作氛围；（4）抓牢企业债、私募基金、商品期货等各领域，向合法犯罪行为绝不亮剑，除掉金融资本稽查办案暗角、盲点。2. 广西自贸港全智能性自主易货贸易个人账户的（EF个人账户的）宣布线上启用
2025年10月6日，福建自贸港多基本功能随意进出口银行账户（缩略词“EF账号”）正式上线运行。海南有10家银行获得首批上线运行资格，顺利上线了多功能自由贸易账户。截至6日中午12:00，10家首批上线EF账户的银行，共为34家企业开立了EF账户。EF账户共发生各类交易资金划转34笔，合计金额2.84亿元，涉及贸易收付款、外商投资、境外放款、外债、结售汇、流动贷款以及信用证融资等业务场景꧙。3. 资金业研究公布的这段时间私募投资资金违法行为无证警示性例案
私募基金业农学会结合短期自我约束诊断和处罚现象，排序并撰写了类型案列，于2026年10月十五日发布了。案列把握利润卸料违法、未有效关联交易信息、违规靠谱化公司运营规则等个方面，具有现象综述内容如下：事例一：A单位（私募投资投入专项资金股票投入专项资金理财产品管控人）的具体抑制人、投入专项资金总监，按照核心A单位发行额私募投资投入专项资金理财产品募集专项资金，以明显小于币值价格查询购卖两级专业市场低流性供应量债卷，为股票单位从业资格人工牟取切身利益。 装修案例二：B品牌（私募理财产品总部理财产品、期货、现货、微盘机构证券交易加盟理财产品、期货、现货、微盘工作人）为C品牌作为融资需求服务性，又在同样时代实现集团私募理财产品总部理财产品、期货、现货、微盘机构理财产品、期货、现货、微盘购进C品牌发行新股的国债，做两者之间工作工作职责有很大产生矛盾的工作，但未按规程实现信披。例案三：D总部（私募投资母债卷厂家证券母债卷投资人母债卷监管人）回收再生利用锁定关系方与一些城投厂家总部订立资讯或工作签订合同，回收再生利用发布量监管的私募投资母债卷厂家母债卷匹配认购协议拿着进行合作城投厂家总部发布量的厂家国债，由D总部锁定关系目标厂家国债发布量人会收资讯费、工作费。例案四：E有限装修集团单位（私募股权基金装修集团单位股份、创投类投资人股权基金管理系统人）用到县区级城投品台有限装修集团单位借助下属单位子有限装修集团单位向其存入的周转金借助其自身有着证券单位帐户买到城投品台有限装修集团单位出版的债券投资，为成分化发债保证快速，违犯技术专业化、系统化营销推广底线。例案五：H子公司（私募投资费用证券商投资费用投资基金管理系统人）参于企业债的的逻辑股票发行，给出区域服务性，违反规定专业技术化营销的基本原则。例子六：J公司的（私募项目投资股份、创投类项目投资股权基金处理人）代法人股东部门与第三步方培训机构订立销售业务纸质合同，为结构的化发债供给社区便利店，违返专业课程化运营策划要求。这对于上面的违反习惯，核查岗位进行了收录书面材料示警、有效期改正、面向社会抨击、终止办好报备、局限性业务量活动形式、注销工作管理人变更登记等行政诉讼或自我教育对策。内容特征：
● //www.csrc.gov.cn/csrc/c100028/c7480575/content.shtml● //mp.weixin.qq.com/s/jvUvuCBinnaGcGJYxzMnYg● //www.amac.org.cn/xwfb/tzgg/202405/t20240515_25546.htmlHaiwen Finance and Asset Management Monthly (May 2024)
Introduction
To make the finance and asset management industry keep abreast of the latest industry developments, Haiwen prepares the "Haiwen Finance and Asset Management Monthly". This monthly reading aims to introduce and provide brief comments on regulatory development and industry news.
In May 2024, for new rules and regulations, the China Securities Regulatory Commission (“CSRC”) issued the "Decision on Revising the Regulations on Strengthening the Supervision of Listed Securities Companies", "Guidelines for Application of Regulatory Rules—Issuance No. 10", "Interim Provisions on Programmatic Trading in the Securities Market (Trial)", "Interim Measures for the Management of Shareholding Reductions by Shareholders of Listed Companies", and "Rules for the Management of Shares Held by Directors, Supervisors, and Senior Management of Listed Companies and Their Changes". Concurrently, the Shanghai Stock Exchange ("SSE") and Shenzhen Stock Exchange ("SZSE") issued complementary guidelines on shareholding reductions. The General Office of the Hainan Provincial Government released the "Action Plan for Accelerating the Improvement of the International Business Environment", and the Department of Industry and Information Technology of Hainan Province organize💯d the release of the "Hainan Free Trade Port Digital Economy Promotion Regulations" (Draft for Public Comments).For industry news, the CSRC released a summary of 2023 enforcement actions; the Hainan Free Trade Port's multifunctional free trade account ("EF account") was offi💃ci💞ally launched; and the Asset Management Association of China ("AMAC") releasedꦑ recent warning cases pertaining to violations and irregularities in private fund s💛ector.I Latest Rules and Regulations
1. CSRC Issued the Decision on Revising the Regulations on Strengthening the Supervision of Listed Securities Compa🦩n♉ies
On May 10, 2024, the CSRC issued the "Decision on Revising the Regulations on Strengthening the Supervision of Listed Securities Companies". The main revisions include:(1) Optimizing development concepts and regulating financing activities: Clarifying the role of and, requiring listed securities companies to focus on their core responsibilities and business, and actively support the real economy through financial services. Regulating market-based financing activities, strictly controlling the use of funds, and cautiously engaging in high capital-consuming businesses.(2) Enhancing corporate governance and strengthening internal control and risk management requirements: Prohibiting shareholders, their actual controllers, and other related parties from using illegal related transactions, external investments, financing, guarantees, or the sale of financial products to misappropriate funds and assets from listed companies and their subsidiaries, thereby protecting the legitimate rights and interests of the company, other shareholders, and customers. Standardizing the preparation and disclosure of financial statements, improving employee management, and establishing long-term incentive and restraint mechanisms.(3) Promoting industry development and improving information disclosure requirements: Disclosing risk measurement methods and detailing key risk control indicators such as net capital in periodic reports. Promptly disclosing core risk control indicators like risk coverage ratio, capital leverage ratio, liquidity coverage ratio, and net stable funding ratio through interim announcements if they do not meet the required standards. Clarifying that if a listed securities company prepares risk control indicator supervision reports based on consolidated data as recognized or required by regulators, or calculates relevant risk control indicators using advanced methods such as the internal models approach, it must explain the relevant criteria and any differentiated arrangements during disclosure.(4) Upholding the People's interests and enhancing investor protection: Listed securities companies must establish and refine policies and procedures related to investor relations management activities. Personnel involved in investor relations at these companies must possess the requisite professional knowledge necessary to fulfill their duties and should reasonably balance operational profits between self-development and shareholder returns.Haiwen Comments
This revision comprehensively adjusts aspects such as optimizing development concepts, perfecting corporate governance, enhancing information disclosure, and improving investor protection. It aids securities companies in refocusing on core businesses, bolstering market trust, safeguarding investor rights, and promoting healthy industry development.2. CSRC Issued the Guidelines for Application of Regulatory Rules—Issuance No. 10
On May 15, 2024, the CSRC issued the "Guidelines for Application of Regulatory Rules—Issuance No. 10" ("Guideline No. 10") to regulate th🐠e information disclosure practices of issuers and the verification work of intermediary institutions.Guideline No. 10 primarily encompasses four sections: (1) Information disclosure requirements related to the basic information of the issuer: It mandates that issuers elucidate to investors the purposes of listing, the necessity of financing, the plans for the use of raised funds, and future development plans, among other aspects of their "listing perspective"; (2) Information disclosure requirements related to performance decline commitments: It stipulates that the controlling shareholders, actual controllers, and their concerted actors of the issuer can commit to extend the lock-up period of their shares if the net profit attributable to the parent company, after deducting non-recurring gains and losses, declines by more than 50% in the year of listing or the second and third years following listing compared to the year before listing; (3) Information disclosure requirements related to post-listing dividend policies: It specifies the requirements for disclosing profit distribution in the company's articles of association, the board of directors' deliberations on shareholder returns, cash dividend plans within three years post-listing, and long-term return plans; (4) Information disclosure requirements for unprofitable enterprises: It requires prudent disclosure of forward-looking information such as the anticipated timeframe for achieving profitability.Guideline No. 10 sets forth the requirements for information disclosure regarding issuers' fundraising, profitability, performance, and shareholder returns, aiming to ensure investors' right to be informed about the company's use of funds and performance.3. CSRC Issued the Interim Provisions on Programmatic Trading in the Securities Market (Trial)
On May 15, 2024, the CSRC issued the "Interim Provisions on Programmatic Trading in the Securities Market (Trial)" ("Provisions"), which will be officially implemented from October 8, 2024. These Provisions establish com෴prehe𝕴nsive and systematic regulations for the supervision of programmatic trading (commonly known as quantitative trading) in the securities market.The main contents of the Provisions include:(1)Definition and General Requirements for Programmatic Trading: Programmatic trading refers to the activity of generating or executing trading instructions on a securities exchange through computer programs. Such activities must adhere to principles of fairness and must not compromise the security of the exchange system or disrupt normal trading order.(2)Reporting Requirements: Investors engaging in programmatic trading must report basic account information, funding details, trading data, and software information as stipulated. The principle of "report first, trade later" must be followed, meaning programmatic trading can only proceed after fulfilling the reporting obligations.(3)Trading Monitoring and Risk Control: Securities exchanges are required to conduct real-time monitoring of programmatic trading, with a focus on abnormal trading behaviors. Securities companies must take on customer management responsibilities, including entering into delegation agreements with clients for programmatic trading. Institutional investors such as securities companies, public fund managers, private fund managers, and qualified foreign investors must establish specific business management and compliance risk control policies for programmatic trading. This includes improving the audit and monitoring systems for programmatic trading instructions to prevent and control business risks.(4)Information System Management: The Provisions clarify regulatory requirements for technical systems related to programmatic trading, including trading units, host hosting, and trading information system access.(5)High-Frequency Trading Regulation: High-frequency trading is defined by characteristics such as a high number of orders and cancellations in a short time frame, and a high number of orders and cancellations within a single day. Investors must report relevant information before engaging in high-frequency trading. Securities exchanges can implement differentiated fees for high-frequency trading and impose focused regulatory measures on such activities.(6)Regulatory Arrangements: Institutions and individuals involved in programmatic trading who violate relevant regulations will be subject to regulatory measures by stock exchanges, the Securities Association of China, and the AMAC. The CSRC and its dispatched agencies may also take regulatory actions or impose penalties according to the law.(7)Cross-Border Regulatory Cooperation: Investors conducting programmatic trading through the Stock Connect mechanism between mainland and Hong Kong must comply with unified reporting requirements for both domestic and foreign capital. The exchanges will develop specific measures for cross-border regulatory cooperation to monitor abnormal trading behaviors.In the past six months, the CSRC and major stock exchanges have intensively issued regulations related to programmatic trading, reflecting the importance placed on the supervision of programmatic and high-frequency trading by regulators and stock exchanges. The issuance of the Provisions marks a new level of regulation in the field of programmatic and high-frequency trading in China's securities market. By clarifying pre-trade reporting systems and differentiated regulatory measures, the Provisions not only strengthen the monitoring of technical systems and trading behaviors but also lay the foundation for cross-border regulatory cooperation.4. CSRC Issued the "Interim Measures for the Management of Shareholding Reduction by Shareholders of Listed Companies", and "Rules for the Management of Shares Held by Directors, Supervisors, and Senior Management of Listed Companies and Their Changes"; SSE and SZSE Issued Complementary Guidelines
On May 24, 2024, the CSRC issued the "Interim Measures for the Management of Shareholding Reductions by Shareholders of Listed Companies" (hereinafter referred to as the "Shareholding Reduction Measures") and the "Rules for the Management of Shares Held by Directors, Supervisors, and Senior Management of Listed Companies and Their Changes" (hereinafter referred to as the "Shareholding Change Rules"🌟). These measures aim to enhance regulation, mitigate risks, and promote high-quality de𓂃velopment of the capital market.The Shareholding Reduction Measures, comprising thirty-one articles, primarily address the following:(1) Regulating the shareholding reduction behavior of major shareholders, particularly controlling shareholders and actual controllers, by prohibiting Shareholding Reductions through centralized bidding or block trading under specific circumstances. Additionally, it introduces pre-disclosure obligations for major shareholders reducing shares through block trading and requires concerted actors to adhere to the same reduction restrictions.(2) Preventing circumvention of shareholding reduction rules, such as imposing a six-month lock-up period following an agreement transfer and setting requirements for reductions in cases of judicial enforcement and pledge financing defaults.(3) Detailing the responsibilities for violations of shareholding reduction regulations and reinforcing the obligations of listed companies and their board secretaries.The main revisions to the Shareholding Change Rules include:(1) Clarifying that the shareholdings of directors, supervisors, and senior management across all accounts, including those held under others' names, should be consolidated.(2) Specifying prohibited reduction scenarios, such as when directors, supervisors, and senior management are subject to administrative penalties by the CSRC for securities and futures violations and have not fully paid fines, except when reduction funds are used to pay these fines.(3) Preventing circumvention of reduction rules, such as requiring continuous adherence to original reduction restrictions following stock division due to divorce. Additionally, the prohibition window for trading company stocks has been shortened from 30 days to 15 days before the announcement of annual and semi-annual reports, and lawful share increases by directors, supervisors, and senior management are supported.On the same day, the SSE and the SZSE issued complementary guidelines to align new and old rules, detailing specific reduction operations and regulatory aspects.The issuance of these two rules reflects the regulator's commitment to maintaining market order and protecting investor rights. By refining reduction regulations and enhancing information disclosure, market efficiency and transparency are improved, reducing market manipulation and insider trading. Additionally, the rules on trading prohibition windows and stock division due to divorce further clarify the responsibilities and obligations of directors, supervisors, and senior management, strengthening market rule enforcement. The support for lawful share increases by directors, supervisors, and senior management helps stabilize company stock prices and boosts investor confidence.5. General Office of the Hainan Provincial Government Released the Action Plan for Accelerating Improvement of International Business Environment
On May 23, 2024, the General Office of the Hainan Provincial Government released the "Action Plan for Accelerating the Improvement of the International Business Environment" (hereinafter referred to as the "Action Plan"). The Action Plan aims to attract and facilitate foreign investment and promote the high-quality development of Hainan's economy through reforms in six key areas: market environment, trade and investment environment, government service environment, legal environment, cultural and ecological environment, and the assurance of production and operational factors.The main content of the Action Plan is as follows:(1) Establish a fair and open market environment aligned with high international standards: Benchmarking against high international standards for trade and economic rules, promoting institutional openness, optimizing market access, guiding foreign investment into key areas, and ensuring foreign-invested enterprises can compete equally in the market.(2) Create a freer and more convenient trade and investment environment: Improve the "single window" service for international trade and investment, facilitate customs clearance, enhance cross-border investment and financing convenience, deeply implement the Qualified Foreign Limited Partner (QFLP) pilot program, expand QFLP fund investment channels, simplify foreign exchange registration, attract more QFLP funds, and organize investment promotion activities.(3) Optimize an efficient and convenient government service environment for foreign investment: Streamline communication between government and enterprises, improve service platform construction, enhance the convenience of government services, provide multilingual services, and optimize the payment environment.(4) Develop a legal environment suited to an open economic system: Implement laws and regulations on foreign investment, enhance the ability to resolve international commercial disputes, and improve intellectual property protection.(5) Build a cultural and ecological environment conducive to foreign investment and living: Combine investment attraction with talent recruitment, strengthen public service guarantees, and offer diverse consumption choices.(6) Strengthen the assurance of production and operational factors for foreign enterprises: Enhance services for the implementation of foreign investment projects, increase financial and tax support, and promote the safe and efficient cross-border flow of data elements.The Action Plan demonstrates Hainan's firm determination and clear direction in improving the international business environment. Through a series of specific measures, Hainan provides a fair, transparent, and efficient market environment for foreign enterprises. By strengthening the construction of the legal and cultural ecological environment, it enhances the confidence and attractiveness of foreign investment.6. Department of Industry and Information Technology of Hainan Province Organized the Release of the Hainan Free Trade Port Digital Economy Promotion Regulations (Draft for Public Comments)
On May 14, 2024, the Department of Industry and Information Technology of Hainan Province released the Hainan Free Trade Port Digital Economy Promotion Regulations (Draft for Public Comments, hereinafter referred to as the "Draft Regulation"). Theܫ Draft Regulation encompass the following core elements:(1) Digital Infrastructure: Emphasizes the construction of next-generation mobile communication networks and fiber optic networks, the layout of onshore and submarine data centers, and promotes the co-construction and sharing of communication facilities with other infrastructure.(2) Digital Industrialization: Fosters technological innovation, cultivates future industries such as artificial intelligence and the metaverse, and supports the development of the integrated circuit industry and software information technology services.(3) Industrial Digitalization: Promotes the development of smart tourism, telemedicine, and digital financial service systems, and drives the digital transformation of the manufacturing industry.(4) Data Elements: Advocates for the legal classification and graded management of data, promotes the conditional use of public data assets, and supports the establishment of data trading venues.(5) Digital Economy Security and Governance: Establishes mechanisms for network security risk assessment and emergency response, and promotes the construction of smart ports.(6) Policy Assurance: Proposes measures for financial support, talent policies, and international cooperation.Additionally, the Draft Regulation proposes strengthening international cooperation, aligning with high-standard international trade and economic rules, and exploring mechanisms for cross-border data flow management.The Draft Regulation reflects Hainan's foresight and commitment to advancing the digital economy. The policies on infrastructure development, technological innovation, industrial digital transformation, and data element circulation are poised to attract domestic and international investment, fostering industrial upgrades and economic growth. Moreover, the emphasis on network security and data governance ensures the healthy development of the digital economy.
1. CSRC Released a Summary of 2023 Enforcement ActionsOn May 15, 2024, the CSRC released a summary of its enforcement actions for the year 2023. Throughout the year, the CSRC investigated 717 cases of securities and futures violations, marking a 19% increase from the previous year. It issued 539 administrative penalties, up by 40%, and penalized 1,073 entities or individuals, a 43% rise. Additionally, 103 individuals were banned from the market, a 47% increase, and fines and confiscations amounted to 6.389 billion yuan, a 140% surge. The CSRC also referred 118 cases and clues of suspected securities and futures crimes to public security authorities.The enforcement priorities for the CSRC in 2023 included: (1) Targeting the "key minority" to eradicate fraudulent issuance, financial fraud, and other "cancers" of the capital market, thereby enhancing the quality of listed companies; (2) Focusing on diligence and responsibility, reinforcing the duties of "gatekeepers," and urging intermediary institutions to improve their professional standards; (3) Maintaining a stringent enforcement stance against collusion, embezzlement, habitual offenders, illegal shareholding reduction, market manipulation, and insider trading to foster a fair, transparent, and predictable trading environment; (4) Vigilantly addressing violations across bonds, private equity, and futures markets, ensuring no blind spots or gaps in financial regulatory enforcement.2. Hainan Free Trade Port's EF Account was Officially Launched
On May 6, 2024, the Hainan Free Trade Port's multifunctional free trade account (“EF Account”) was officially launched. Ten banks in Hℱainan received initial approval to operate the EF Account, successfully implementing the multifunctional free trade account sy✤stem. By noon on the 6th, these ten banks had opened EF Accounts for 34 enterprises. The EF Accounts facilitated 34 transactions, totaling 284 million yuan, encompassing trade payments and receipts, foreign investment, overseas loans, external debt, foreign exchange settlements, working capital loans, and letter of credit financing.3. AMAC Released Cases Pertaining to Violations and Irregularities in Private Fund Sector
On May 15, 2024, the AMAC published a selection of typical cases based on recent self-regulatory inspections and disciplinary actions. The cases focus on issues such as improper benefit transfers, insufficient information disclosure, and violations of professional operation principles. The specific cases are summarized as follows:Case 1: The actual controller and investment manager of Company A (a private securities investment fund manager) led the issuance of a private fund by Company A to raise funds. These funds were used to purchase low-liquidity, outstanding bonds in the secondary market at prices significantly below par value, thereby securing benefits for securities company employees.Case 2: Company B (a private securities investment fund manager) provided financing services to Company C while concurrently using its private fund to purchase bonds issued by Company C. This activity, which clearly conflicted with its fund management responsibilities, was not disclosed as required.Case 3: Company D (a private securities investment fund manager) signed consulting or service contracts with several urban investment platform companies through related parties. It used the managed private fund to subscribe to bonds issued by these platform companies, with related parties of Company D collecting consulting and service fees from the bond issuers.Case 4: Company E (a private equity and venture capital investment fund manager) used funds transferred from district and county-level urban investment platform companies through its subsidiaries to purchase bonds issued by these platform companies via its own securities accounts, facilitating structured bond issuance and violating professional operation principles.Case 5: Company H (a private securities investment fund manager) participated in the structured issuance of bonds, providing channel services and violating professional operation principles.Case 6: Company J (a private equity and venture capital investment fund manager) signed business contracts with third-party institutions on behalf of its shareholder, facilitating structured bond issuance and violating professional operation principles.In response to these violations, regulators have taken various measures, including written warnings, deadlines for rectification, public censure, suspension of fund record-filing, restrictions on business activities, and revocation of manager registrations.The source of industry news in this article:
● //www.csrc.gov.cn/csrc/c100028/c7480575/content.shtml● //mp.weixin.qq.com/s/jvUvuCBinnaGcGJYxzMnYg● //www.amac.org.cn/xwfb/tzgg/202405/t20240515_25546.html
