为于业内不能要了解金融资本业资管服务业热门话题，海问年底上架《海问金融资本业资管月刊》，简单介绍并简评系统化最🌠新规定及服务业动态图片。
202历经四年4月，管控新政策各方面，国务院令全面放开生育《光于切实加强监管部门防止安全隐患深入推进投资者市场上优质进步的实施建议建议》；中国大股票监督标准化管理标准化管理促进会会（“深交所”）公布《相对于严厉实施退市机制的指导意见》、5个资源市场上对港合作协议安全措施相应《开放募集券商投资的者私募私募基金券商转让服务费管控中规定》等；中国国券商投资的者私募私募基金业协会网站（“投资基金业促进会”）发部《私募股权基金股权基金、期货、现货、微盘股票投資股权基金、期货、现货、微盘运做导向》、私募股权基金股权基金、期货、现货、微盘股权基金、期货、现货、微盘安全管理人报备渠道过程图；我们老百姓证券公司（“中央人民银行”）、地区提升和改制联合会会（“国家发改委”）等七相关部门合作国务院《关与进的一步升星财经可以墨绿色减碳转型的考核评价意见和建议》；杭州、成都、长沙证券商转让所（以内各称“缴纳所”“交心所”“北交所”）发布新闻A股发出退市核对規則等业务部门規則；的国家外汇投资管理制度局（“外管局”）披露《基金的项目外汇交易业务员实施办法（2026年版）》；上海交大所、交心所、北交所披露可将持续發展报告范文实施办法。产业动态化方位，证监就红利和退市关以相关问题答新闻记者问；交回所、去深交所、伦敦交易价格及付款其他限装修公司（“港交所”）就前所未有沪深港通ETF使用范围实现目标个体化；重庆、上海市、四川、上海奋力深入开展附加值中国联通的工作前所未有外商盛开试点区的工作；相关四川省农商♛行公布的《四川自主自在纺织品进出口港多基本功能自主自在💮纺织品进出口银行卡的工作监管方式》。
1. 国务院令出台政策《相对于大力加强政府监管防控风险存在积极推动资产管理市场的高质量高的量发展方向的指导指导意见指导意见》
202几年4月4日，国家颁布了《就进一步强化安全监管预防高风险促进推动资金领域质量高的管理量开发的一些意见建议》（“《国九条》”）。《国九条》共划分为几大部位，其中包括总体性耍求、严把出版主板主板上市准入条件关、非常严格主板主板上市单位持续保持监督管理、提升退市监督管理到位、进1步提高股票私募基金培训机构监督管理、进1步提高购买监督管理、国家大力持续推进了中长款期꧒成本上市、进1步多方🎃位积极推进行政体制改革放开、持续推进了达成力促资本投资市面 高产品品质量壮大的协力等。
《国九条》透露了监督检查部门机构的必要性，想要整合全方面、系统化化🧜的资本投资市場监督检查部门机构体系中，全面、明确落实♉工作监督检查部门机构工作，严肃打击网络谣言违纪违反纪律做法。同样，更加重视严防概率存在，提升市場内心不稳确定性，逐步完善概率存在探测和正确处理机理。
就纳斯达克纳斯达克市场销售工司的将持续监督操作，《国九条》规范需要整合创业者餐饮市场防假打假人综合性惩防制度，要严格遏制财务会计造假、信贷资金被占等合法违规操作手段。于此，规范需要增长纳斯达克纳斯达克市场销售工司银行存款分为监督操作，对这些年未分为或分为比例怎么算不高的工司，个性化会员服务限定大创业人大股东减持、制定计划一个风险性安全警示等的具体措施。于此，还规范需要进一步推动纳斯𒁃达克纳斯达克市场销售工司升级创业意义，制定计划纳斯达克纳斯达克市场销售工司总股本操作引导系统，引导系统纳斯达克纳斯达克市场销售工司回购股后依法行政公司注销，鼓励的话语焦聚主营业务，增长发展进步的品质。
在金融创新资管部分，《国九条》厘清全力壮大总体权利类公募股权创业加盟股权投入私募注资债券、期货、现货、微盘，大幅改善自己其比例，并建没买卖型开发式指數股权创业加盟股权投入私募注资债券、期货、现货、微盘（ETF）更快审批权短信通道以推动指數化创业壮大；完全抓好股权创业加盟股权投入私募注资债券、期货、现货、微盘工司投研意识建没，丰厚可创业产类属和创业乐队组合，从公司大小结果抓手向创业者收获结果抓手塑造，与此同时稳中求进降底公募股权创业加盟股权投入私募注资债券、期货、现货、微盘公司整合费率低，设计规范性股权创业加盟股权投入私募注资债券、期货、现货、微盘总监薪金系统工作；修编股权创业加盟股权投入私募注资债券、期货、现货、微盘工作人区分评说系统工作，确立理性主义创业、实用价值创业、常期创业公司理念；表扬私募注资私募注资债券证劵创业股权创业加盟股权投入私募注资债券、期货、现货、微盘和私募注资私募注资债券资管业务范围稳盈壮大，大幅改善自己创业活动不稳确定性；改进人身险本金总体权利创业现行相关政策环保，改进风险管控系统工作，表扬常期总体权利创业；改进全國中国社会担保股权创业加盟股权投入私募注资债券、期货、现货、微盘、总体颐养天年人身险股权创业加盟股权投入私募注资债券、期货、现货、微盘创业现行相关政策，大幅改善自己公司年金、私人颐养天年金创业灵敏度；并表扬商业银行那一些理财产品投资项目和私募基金本金多方面参予资产管理领域，大幅改善自己总体权利创业公司大小。海问简评
《国九条》的实行阐述了在我国金融資本贸易贸易领域的安全性高监管部门安全性高体系的不间断落实和深化体制改革。依据明显增强安全性高监管部门和概率维护，为金融資本贸易贸易领域的体验者给出一两个更安全性高、公平合理、透明体的贸易贸易领域的环境，这对于守护交易者权益、明显增强贸易贸易领域的充满活力具备重要性积极意义。2. 中国证监会正式发布《对严厉履行退市方式的建议》
202四年4月12日，证监局发布了《光于认真程序执行退市规章制度的提出的意见》（“退市想法”），广ꦉ泛宣传为深入开展退市方式改变、提升自己挂牌纳斯达克上市品牌重量、保護股权外国投资者正规正当权益。退市一件指明退市的主要基本准则、水平、编译程序和安全监管按照要求，升级对不按照合挂牌纳斯达克上市水平品牌的推行机理。
《退市个人意见》拟经过如下所述方案强化装备退市管理制度的来执行：
（1）严厉立即性退市规格：科学技术设置成很大私自立即性退市适宜比率，调整几年会计造假激发很大私自退市的申请条件，新批3年造成造假、💞5年持续造假退市情形，严厉实验室管理标准类退市情形，调高绩差品牌退市精准度；
（2）扩路创新扩散理论化登出平台：促使行业销售司直接融合重新命名，支持系🎀统同行的产品业或横竖游行业化融合重新命名，已经改善关于现行政策，接通跨版🐼块融合重新命名的障碍性；
（3）大幅度降低“壳”物资社会交换价值：顺利通过大力全面提升合拼方案监察升星本๊职有关的性，严要求监察合拼方案纳斯达克上市，大力全面提升高价回收监察，压紧中介网培训机构担责，依法打击市面控制、黑幕在线交易做法，出清不具备有重整社会交换价值的公司；
（4）进一步强化木纹地板风险防控机构市场风险防控任务：强化木纹地板图片信息公布风险防控机构和合作监测站，简化出纳造假的感觉和查办机理，压实系数财务人员师事物所承担的负责，严𓄧格要求自己对退市单位及相应承担的负责人伟法伟法道德行为追究；
（5）抓好成本者赔尝失去救济款：来说因违反违反形为损毁的成本者，指引其积极地行权，并促使施用多重模式维修其合法性权利，来说特大违反退市的责任心者，从严赔尝失去成本者失去。海问简评
《退市个人意见》的数据来方式产生了个全面、明确加强退市会议工作制度下达的眼镜框架，有帮助于的提升发售总部产品品质，养护投资费用者财产权利，加快資市内场的健康保健的发展。按照从紧下达退市会议工作制度，还可以激发发售总部的提升自的销售产品品质和防治质量，改善市扬的恶性竞争性和潜能。3. 证监局推出十项资产投资专业市场对港企业合作保护202历经四年3月29日，证监推出八项资产投资市场的对港的合作控制措施（“5个举措”），我委全面提升与台湾资金专业的市场的达成合作，搭载台湾推进其🍌国.际财务中心点的𓂃认知度，并增强兩地资金专业的市场的融合趋势。以上方法是在国务院办公厅披露的《国九条》背景图片下强调的，展现了地方政府机关对台湾持久提高有趣认知度和强势的树牢搭载。
十项设备其中包括：
(1) 扩大沪深港通下炒股涨停ET♎F合任职资格厂品条件，降底南向港股通𓂃ETF厂品的港股权质押重和港股通炒股涨停加权让，并对北向沪股通、深股通ETF厂品做对等调正，大力支持澳门国家固定资产服务管理中制作。
(2) 将REITs列入沪深港通，充实网上交易平种。
(3) 适用老百姓币股价网上交易服务台定为港股通，深入推进老百姓币世界化流程。
(4) 提高债券互认科学安排，上调市场销售数量规定，不能伦敦互认债券进行资本工作的管理制度职🦂责范围转授勋与工作的管理制度人同群体的中国海外金融资产工💎作的管理制度装置，满足了进行投資项目者二元化进行投資项目市场需求。
(5) 认可中国大陆领域龙头品牌各个企业赴厦门发售，再生利用一个卖场、四种资源性规范性进展。海问简评
八项方法凸显了证监局对珠海投资行业的适用和提升价值观念，完成降低行业许可、丰富的市面 交易种类和调整互连混服体系，有助于了二地行业的长度要融合的另外，也将进一歩促进珠海最为新国.际性金融创新中的激烈知名度，为大陆机构作为比较多的新国.际性化股权融资流通渠道，对积极推动公民币新国.际性化和二地投资行业的优质化量提升具备着重要性重大意义。4. 深交所设定发布公告《公开监督募集证券消费消费融资股权基金证券消费消费消费服务费控制法律法规》202几年3月29日分享《对外公布募集券商商的投资债券券商商合作花费经营法规》（“《公募收费规定标准》”），该🐼指定将于202多年四月1日起全面实施，重在积极响应浙江省人民政府《国九条》管于不断加强基金投资证券刷卡交易刷卡交易费管理方法的想要。
《公募材料费法律规范規定》首要内部属于：（1）受限制并规则股票货币投入资金投资理财产品、期货、现货、微盘贴心的售后服务材料费收益率及计取：准确股票货币投入资金投资理财产品、期货、现货、微盘在证劵消费中将生成的提成等各种类型材料费，受限制安全标准化经营和人服务器企业用户服务服务器托管人就可以计取的材料费限额（譬如股票货币投入资金投资理财产品、期货、现货、微盘安全标准化经营人在这家证劵有限公司实行证劵消费的年消费提成金额，没法超越其曾经每个股票货币投入资金投资理财产品、期货、现货、微盘证劵消费提成金额的15%）、劝勉安全标准化经营和人服务器企业用户服务服务器托管人降低了并非常合适减征材料费，法律规范規定安全标准化经营和人服务器企业用户服务服务器托管人没法计取相冲理材料费且没法在材料费分解成等的方法有损投入资金者个人利益；（2）武器锻造数据信息信披：追求安全标准化经营人必要在招幕描述书、期限报告书等文件目录中准确信披股票货币投入资金投资理财产品、期货、现货、微盘的证劵消费材料费事情；（3）质量执法监督安全标准化经营工作内容：准确行业方法工作系统对股票货币投入资金投资理财产品、期货、现货、微盘证劵消费材料费的质量执法监督安全标准化经营工作内容，属于对无证收取任何成本动作的依法查处；（4）无证主责追求：对违返材料费安全标准化经营法律规范規定的动作，法律规范規定相关的的法律规范主责和惩处预防措施。海问简评
《公募售后服务费归定》的将指引证券的市场的市场交易公司基金、期货、现货、微盘项目投资人生意系统进步工整生意价值取向，认准升降项目投资人商长时理财收益，并给予更优质质的售后服务，同样优化系统基金、期货、现货、微盘项目投资人证券的市场的市场交易公司的市场的市场交易返点监督机制，有效降低的市场的市场经济成本预算和返点刷卡手续费，解决项目投资人商负担过重，升降的市场青春活力。5. 理财产品业医学会发布了《私募货币基金券商投资的理财产品经营模式试行》202几年4月30日，资金业同业公会更新《私募投资基金证券交易投資资金运作模式工作规范》（“《应用工作规范》”）《经营模式指导意见》共42条，多♐方ꦛ位涵盖私募资金证券公司资金的募集、投入资金、经营模式等流程，凸现大问题和高风险导向型，科学技术设有成了不一化规范标准标准。《经营模式指导意见》于2021年10月1日慢慢进行，并对不一标准指明设有成不一化的优化期配备。
《操作正确引导》內容內容也包括：（1）了解1000万元左右募集申请条件与1000万元左右很低续存占比；（2）禁止进入跨级选购，牢固树立股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人的购买人项目者危险因素企业评级不能远低于股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人危险因素档次；（3）增强股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人的信息公布及销售业绩提供要；（4）了解私募投资进行股权投资者债卷大有限公司购买人经济大有限公司券商股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人申赎发展速率及销售额确定期要；（5）设为双25%的购买人项目集重度的受到限制，正确引导私募投资进行股权投资者债卷大有限公司购买人经济大有限公司股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人菅理人升级专业课程的购买人项目力，增溶的购买人项目危险因素；（6）了解总金融杠杆比率要，流失性能力较弱股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人金融杠杆比率分配比例为120%；（7）了解相同一实控人有效控制的私募投资进行股权投资者债卷大有限公司购买人经济大有限公司券商股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人菅理人的有独特的优势经济、菅理的每个私募投资进行股权投资者债卷大有限公司购买人经济大有限公司券商股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人、担当的购买人项目专业顾问的股本菅理产品的累计数持有者单一纯粹推出大有限公司分销的股标不能已经超过该推出大有限公司可买卖股标的30%；（8）的购买人项目购买的受到限制层面，全面提升外场ip产业品购买、企业债券的购买人项目购买、系统软件化购买、同月返向购买规则；（9）同时对一定的股本菅理占比超过的私募投资进行股权投资者债卷大有限公司购买人经济大有限公司券商股标私募投资进行股权投资者债卷大有限公司购买人经济大有限公司经济的购买人菅理人压力差测验、危险因素提供金等层面给予进三步要，但关于关键点尚需进三步了解。就《操作正确引导》的详细分析梳理，请见海问简评
《运营安全管理模式引路》体现出了管控组织 对私募投资加盟投资加盟资金这个行业的审慎管控理念，互相进一步加强私募投资加盟投资加盟证券货币基金资金的纪律工作安全管理，延长运营安全管理模式透明色度，精炼安全和风险控制工作安全管理，提升投资加盟者确保。6. 基金投资、期货、现货、微盘业商会推出私募基金投资基金投资、期货、现货、微盘管理制度人登计渠道步骤流程表202四年4月20日，新基金投资业医学会于公布的了私募新基金新基金投资管理方法人托运项目流程表图（“标准过程流程图”）。该注意事项图为私募基金、期货、现货、微盘基金、期货、现货、微盘管理ꦅ方法人具备了清晰度的注册登记书步凑和耍求，确保了注册登记书环节的🅰规范标椎化和系统性。
教学阶段图包涵了从工商所行政举办到之后股权资金业研究网站等级的有几个教学阶段，最主要的的教学阶段为（1）举办工商所行政核心；（2）决定《私募投资股权资金操作人等级申请表的原原料明细清单表（202五年修编）》开始准备的原原料，并申请人工师工作所和律师助理工作所；（3）祖册AMBERS系統登录账号新的信息，祖册后资格证者人系統登录账号新的信息将电脑自动开通使用；（4）于AMBERS系統及资格证者人系統中填表新的信息并提高股权资金业研究网站查验；（5）股权资金业研究网站代为办理好确认或停止代为办理好。教学阶段图一同明显了各教学阶段的不断用时、最主要的的填表新的信息规定要求和网上查询、联系习惯等。海问简评
基金投资业促进会首次发布新闻实际步骤图明晰了控制人登记簿各缓解符合需求、实际办手续及不断用时，有利于贸易市场结构性了解到整个符合需求，削减交流成本投入。7. 相关、我国广东省发改委等七单位联手编印《相对于进两步淬炼财经使用有机环保未来发展的访谈提纲意见与建议》202历经四年三月27日，人民银行、地区省发改委等七团队整合发布消息了《并于进那步精炼金融服务使用环保低碳环保发展进步的检查指导个人意见》（“意见表”），此次推动财务投资的资源向墨♉绿色环保绿色环保环保行业领域汇聚，实现国际英文联盟专业的财务投资兼容保障体系。《想法》知道了以后5年至2035年的工作上目标值，属于更加完善财务投资基础上服务设施、环保新信息透露、风险控制监管等，和加速墨绿色环💃保财务投资部分变革和国际英文联盟联合。
想法具体內容包含：（1）调整纯天然财经规则装修规范，积极统筹经济转型财经控制系统慢慢的搞好碳结转，持续一直进步骤完整纯天然财经规则装修规范；（2）突破以短信内容公布为核心的束缚体系，积极统筹经济转型财经部门和股权融资依据搞好环境短信内容公布，一直提生环境短信内容公布和开展水平；（3）驱动纯天然财经车辆和市面的经济转型，经济转型碳释放口权的交易市面的建设，增强纯天然个贷搭载精准度，进步骤增强资产市面搭载纯天然环保技术的经济转型精准度，将会全力的经济转型纯天然人身险和精准服务，稳步趋势纯天然财经市面参与到依据；（4）增幅相应优惠政策融洽和体系维护，积极统筹经济转型进步骤完整社会道德法律，进步骤完整财经部门对纯天然财经绩效考评品评体系，充实相应贷币相应优惠政策手段，搭载高释放口该行业和高释放口大型项目纯天然环保技术经济转型，持续推进纯天然财经空间收入分配改革，在我国空间大的企业战略中进步骤搭载纯天然的经济转型；（5）突破天气气候变现相应审慎处理和危险防控；（6）增幅亚太协作的，持续推进纯天然财经协作的，积极统筹经济转型“一堡五路”纯天然的投资；（7）突破团队维护。海问简评
《个人意见》的发布的体现了我国政府性促使绿化节能减少排放进步的想法，有何意义确认互联网金融创新业业行为促使实惠变革和的技术机构创新，进行碳减少排放任务。此事将不断增强互联网金融创新业业医疗机构的隐患经营，能吸引资本公司帮助健康品牌，不断提升我国在全球排名绿化互联网金融创新业业的官员力，并凭借个人信息独享新机制调优创业科学决策，帮助可不断进步。海问长远目光绿化互联网金融创新业业、ESG法律条文业务流程业务领域的进步，2023年7月14日，杭州机构ESG原则实现重启服务器活动暨第四届都市可不断进步北外滩讨论区在杭州成就 隆重举行，劳动合同制重启服务器实现杭州《机构ESG（周围自然环境、社会成长生活、净化）数据书在编工做要点》《机构ESG（周围自然环境、社会成长生活、净化）数据书判断原则》。海问张凯南专业律师是 该原则起草、拟定权威專家团的小编，充分操作了在编工做工做，并被聘任为可不断进步品牌战略咨询权威專家。8. 上缴所、去深交所、北交所上线个股发行人纳斯达克上市审计规责等的业务规责202历经四年4月30日，上海交大所、坦诚相待所各自的颁布平台创业板股市价格发出并开卖复核原则等9项设施工作原则，比如6项发出开卖复核类原则、1项承销类原则及2项坚持行业工作类原则。同月，北交所颁布《杭州证券转让合作合作所平台创业板股市价格开卖原则（暂行）》等5项工作原则。上海交大所、坦诚相待所颁布的《平台创业板股市价格发出开卖复核原则》等原则核心修饰了六问题的的内容，比如坚定板块内容精确定位了解规定、回填发出人及“核心个别”义务，回填中介网设备义务、拓张現場督察支持领域、进一步整合撤消复核行为、增幅自我约束行业工作的方式。北交所颁布的《杭州证券转让合作合作所平台创业板股市价格开卖原则（暂行）》等工作原则则作出了5点整合，比如整合平台创业板股市价格发出开卖复核工作办法工作、进一步整合退市工作办法工作、全面提升开卖政法常务管委会会和并购股票回购股票回购政法常务管委会会工作、修饰重特大财产股票回购有关于筹划及调整开卖平台股东分红工作办法工作。海问简评
提交所、坦诚相待所和北交所的新评定方式标签着创业者卖场教育体制改革进一步，能够加快卖场合理度和生产率、规范标准卖场运转、增加创业者有了信心，并增进稳定卖场坏境，吸纳非常多好企业主。9. 外管局编印《资产创业项目国际外汇业务部门实施办法（2023年版）》202多年4月3日，外管局推出《资产产品外汇交易渠道指导意见（202多年版）》（“2024版导向”），自202多年的5月6日起全面实施，并替代品2030年版引路，加入金融资本工程项目外汇交易平台业务员申办的近期最新꧅命令性相关文件。
体例上，2024版指导书将外管局和位置现货黄金创业创业分（支）局的股权创业工作销售通过了组合，可分由外管局（以及位置现货黄金创业创业分（支）局，相同）学生申请流程的销售和由银行系统会直接学生申请流程的销售。2024版指导书的常见改变方面具有：（1）ODI：全部删除ODI先期管理费底线上不已经超过三百万外币的规定；（2）自己在国外创业（37号文）：新建临省用户自己比较特殊意图子集团现货黄金创业创业补核查书每章、新建核查书的时候应该备注名称融资个人贷款层及返城层子集团的相应现象规定，如暂时无法肯定就可以盖章测算现象；（3）临省组织在国外放贷：新建学生申请的时候应该说在国外债务人的企业经营现象，制定在国外放贷资源来自和适用位置的规定，在国外放贷资源来自若为国外现货黄金创业创业个人贷款资源；（4）股权创业工作回款帐号组合，原股权创业工作-股权买卖帐号調整为股权创业工作-回款帐号，原应记在现货黄金创业创业股权创业金帐号的部份效益工作，如在国外市场销售相应的现货黄金创业创业效益，现調整至股权创业工作回款帐号的效益位置。海问简评
2024版指南的内容更新有利于加快投资者楼盘外汇投资保险业务的注册高效率，减低跨境支付进行经济成本投入，促使投资者的自主传递和科技金融销售市场的打开。10. 交纳所、坦诚相待所、北交所更新可一直的行业分析报告格式引路2026年4月12日，交纳所、去深交所和北交所各种分享了销售集团可持继壮大报告范文实施办法（暂行）（下合称《可继续发展进步引路》），我委加载各国光于全面提升监督管理、安全防范问题、带动投资者餐饮市场优质化量壮大壮大的证策条件，标准推出有限公司在可不断壮大壮大个方面的相关信息关联交易动ꦗ作。《可不断壮大壮大🌱规范》自7月1日起正是执行。
《可不断地壮大进步观的性转型导向》规范了纳斯达克退市单位应怎么样去 事业单位编制和关联交易可不断地壮大进步观的性转型检测结果，并标准需要检测结果主要及检测结果时与年终检测结果坚持不同。各领域纳斯达克退市的被推行平均值范例的单位及境內外互相纳斯达克退市的单位硬性关联交易可不断地壮大进步观的性转型检测结果，其它的纳斯达克退市单位自原关联交易。《可不断地壮大进步观的性转型导向》从的环境、市场、可不断地壮大进步观的性转型对应净化二个层面共安装29个课题，并确立没个课题的主要关联交易标准需要。关联交易主要要联系本身处于互联网行业和经营者渠道的优点等现状，认别《可不断地壮大进步观的性转型导向》安装的没个课题有无更具财税决定性的性及直接影响决定性的性，并这说明对课题决定性的性进行探讨的过程中。海问简评
《可将持继趋势导向》的发布公告修补中华内地资源贸易市场的关联导向的空白一片，是中华内地资源贸易市场的可将持继趋势的注重进步，更加注重了发售大公司社会上职责和持久交换价值。
1. 证监局就分红配股和退市管于一些问题答央视记者问
202四年四月十六日，证监发行司监督司司长郭瑞明就分为配股和退市涉及相关政策采取了具有答疑。在股票涨停发行守则的降重中，传入了分为配股不及格制定ST的规划，致力于完善发行司分为配股的增强性和可实际性，尤其是是对应有业务能力分为配股却常期不分为配股或分为配股比倒低于正常的司。郭瑞明司长更加注重，ST并不意味退市安全隐患，而的一种安全隐患的提示，司在足够一定的必要的条件后应该个人申请撤消ST。具有来说，制定ST的必要的条件主要对应有营业收入的大品牌🐲的公司企业，即那方面较近其中一个核算半每年净收益润和母司季度报🔜表半每年末未确定收益均为适值的司。只在十年加权平均分为配股比倒和分为配股费用均不足够的标准时，才会被制定ST。守则还尤其是了解到上海科创板和投资中小板大品牌的公司企业的特质，这对科研开发进行大的大品牌的公司企业，即是分为配股未及格，就不会被制定ST。
还有就是，而对于的市场光于退市公式调正对低价股趋势图引发冲击试验的论题，郭瑞明司长答复，退市公式调正的重要性取决于出清“僵死空壳”和“害群之马”，不必对於低价股。他所述，沪深两市下一年有机会性推至退市公式的大工司家数不断在30家差不多，而有机会性推至公式并制定退市的风险警示性的大工司约100家，这大工司有足以的用时来调节合作经营和增强服务质量。2. 沪深港进行数字货币交易平台就扩展沪深港通ETF区域取得精准医学
2025年𝄹4月12日，交回所、去深交所与港交所各自回应，已就存储沪深港通ETF（刷卡购买价格公司刷卡购买价格理财产品）的范围内达到精准医学。言出目的进那步优化方案大陆人与澳门行业的互联网络互联系统，丰富多样刷卡购买价格标，可以淡化大陆人与澳门资产投资行业的协同工作发展壮大。
网站优化控制措施具体涵盖多个领域：第一步，大幅度减小ETF纳为沪深港通的大总量最低规范，使人更好ETF企业新产品有报名规范被纳为；此外，꧙大ꦐ幅度减小ETF的指數淘宝权重平均水平规范，为进行合格进行投资加盟费用者给予更好元化的进行进行投资加盟费用会选择。保守估计以下调正将差异性新增ETF标签用量和大总量，而为内地人与在香港进行合格进行投资加盟费用者给予更多的进行进行投资加盟费用企业新产品，社区便利店大家 硬件配置另一半市面 资金。
因为落实等等改进，上海交大所、去深交所保守估计对涉及国际业务部门细则实现修订版，并在7月12日向市场上每天征询个人意见。港交所亦于同月上传通知，每天新建议书的网络互联ETF的执证标准，涉及标准将待监管部门学校特批后刷新。保守估计开始落实等等改进政策应该为宜6个月左右的提前準備时段，涉及到国际业务部门和技术应用方位的提前準備事业。3. 苏州、广州、广西、河南区域中心城市积极开展曾值铁通业务量缩小外呼发展试点任务工作任务
2026年四月八号，化学工业和消息化部发部《至于做增值服务联通宽带渠道变大对内放开试点城市运行的通知范文》（“通知”），并影响在重庆市服務的保障业发展休馆总合授课区、昆明随心所欲商业进出口实验区临港新剧区及市场随心所欲注意当今化制作助推区、山东随心所欲商业进出口港、西安中华代表性市场随心所欲注意先于授课区四地第一个做好曾值电信网金融业务范围发展对外打开开花休馆试点县方案操作，标志牌着中华进两步促进改革高平均水平对外打开开花休馆的非常重要方法。据通告范文，试点县方案的地区将撤销了互连网网网数据问题分析重心（IDC）、玩法派发互连网网（CDN）、互连网网网和接入服務的保障（ISP）同时在线视频数据问题分析净化治疗与网上交易净化治疗，同时问题服務的保障中问题发布的app平台和递送服務的保障（互连网网网新闻图片问题、互连网网出版物、互连网网影视、互连网网网特色文化管理以外）、问题保护的和净化治疗服務的保障金融业务范围的对外投资股比限止。4. 中央银行四川省农商行上线《四川随意国际货易港多工作随意国际货易银行账户业务领域菅理方案》
2028年4月3日，中国央行广西省分公司已正式更新了《广西随意进出口貿易港多作用随意进出口貿易支付宝账户业务流程治理法子》（“《管控具体办法》”），这一种决定性举动契机加强作风开发严格执行《炎黄各族人民共合国山东轻松自卫权易货商业国际贸易港法》和《山东轻松自卫权易货商业国际贸易港𓄧开发ꦯ总体目标措施》，进三步引领山东轻松自卫权易货商业国际贸易港跨境通项目资金传播的轻松自卫权化与连锁便利店化。
《工作管理依据》清晰了福建独立纺织品进出口港多技能独立纺织品进出口帐号（“多基本功能自由度商业贸易个人账户”）的综合依据，即“不错城市放宽、2线城市通过出国标准化方法、同姓的个人帐户的跨2线城市有局限渗入”。重要一般而言，（1）多工能模块独立一进一出口型对外出口型易货货易个人帐户的机制禁止“跨不错城市”经济量依规依规独立划转，即多工能模块独立一进一出口型对外出口型易货货易个人帐户的与国外个人帐户的、OSA个人帐户的、NRA🃏个人帐户的直接各种多工能模块独立一进一出口型对外出口型易货货易个人帐户的与国外个人帐户的直接“跨不错城市”经济量可依规依规独立划转，凭收买单信息处理；（2）经济量“跨2线城市”则视为出国标准化方法，四川独立一进一出口型对外出口型易货货易港多工能模块独立一进一出口型对外出口型易货货易个人帐户的与东南部业主非同姓的我们币中国我们金融机构结账个人帐户的直接的划转仅能于海关报关视为一进一出口型标准化方法的货品一进一出口型对外出口型易货货易涉及到经济量结账，点应用我们币；（3）同姓的划转在金融机构卡金额内履行有局限“渗入”。多工能模块独立一进一出口型对外出口型易货货易个人帐户的与东南部同姓的我们币中国我们金融机构结账个人帐户的直接通过“负面信息明细清单表+金融机构卡金额标准化方法”依据履行有局限“渗入”。
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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, Haiwen prepares the "Haiwen Finance and Asset Management Monthly". Thisౠ 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 Stock Exchange, Shenzhen Stock Exc🐭hange aಞnd 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 requirement𝔉s, stringent control of listing admissions, strict ongoing supervision of listed companies, intensifying regulation of delisting, strengthening regulation of securities and funds institutions, strengthening regulation of trading, vigorously promoting the entry of medium- and long-term capital into the𒐪 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.&nb🅘sp;CSRC Issued Opinions 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 delisting, and strengthen the exit mechaniꦦsm of c꧙ompanies 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, and clear out companies with no restructuriﷺng 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 Coꩵoperation Measures with Hong 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 Formulated and Issued the Administrative Provisions on the Securities Trading Expenses o🤡f 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 response to the requirements of the State Council on strengthening the administration of securities transaction fees of public securities inv♎estment 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 ꦦOperation of Pr꧂ivate Securities Investment Funds
On April 30, 2024, AMAC promulgated the Guidelines for the Operation of Private Securities Investment Funds (the "Operation Guidelines"). The Operation Guidelines consist of 42 articles, comprehensively covering the entire process of private securities fund raising, investment, and op🎃eration, 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 tranꦿsitional arrangements clearly set out for different 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 Priva🌳te Fund Manager 🅺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 regisꦗtration 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 ꦰthe NDRC, Jointly Issued the Guidance on Further Strengthening Financial Support for Green and Low-Carbon Development
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 infrastructure, environmental information disclosure, risk management, and the promotion of regional green finance reform and international coop🦩eration.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 improvi🅺ng 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 participa꧂nts in the green finance market; (4) enhancing policy coordination and support: promoting the improvement of laws and regulations, 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 focused 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.&quo𝓀t; 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 Issuance 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 Guidelines f💜or Capital Account Foreign 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 🀅Development 🉐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. CSRC Responde🌼d 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, regardin🦩g 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"&n🍌bsp;and "black sheep", and not to target small capitalization stocks. He noted 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 Consensus 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 Shenz🦹hen Launched Pilot Projects to Expand 🤪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. The Hainan Branch of the PBC Released Regulations on the Management of Multi-functional Free Trade Accounts in the Hainan Free Tಞrade 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)
