为以便于浴霸尽早了解到互联网金融科技资管相关行业领域热点事件，海问每周发布信息《海问互联网金融科技资管月刊♛》，推荐并简评监察出新规及相关行业领域日常动态。
202几年11月，安全监管新政策出台多方面，中国人券商行政监督处理常务医学会（“证监局”）上线《相关修订版〈相关进一步强化市面 销售证券业商集团中央政府监管机构的规范〉的绝对》《中央政府监管机构准则使用指导想法—分销类第30号》《证券业商市面 程序流程化进行交易服务安全控制规范（实施）》《市面 销售集团股东会高管增持股东服务安全控制暂行法》《市面 销售集团董事会、股东和高等服务安全控制专业人员所持本集团股东极其调整服务ꦚ安全控制准则》，沪深进行交易所搜集上线高管增持设施指导想法；广西省人艮中央政府工作厅实行《加速提高自己亚太化营商工作环境的实际行动规划》；广西省工业制造和内容化厅进行上线《广西只有商业贸易港数字8实惠加速法律法规》（草案·公开性听🐷取想法稿）。
职业新动态各方面，证监局即日起发布202一年市场监管状况研究；广西自贸港多工作优质商贸支付宝企业账户（EF支付宝企业账户）即日起放号运动；国家券商股权投资新基金业促进会（“私募基金业协会会员”）发布公告短期私募投资债券非法违纪安全警示范例。
1. 证监推出《介绍幼儿园修编〈介绍幼儿园提高纳斯达克上市证券商单位安全监管的标准〉的影响》
202四年7月10日，深交所发部《更多颁布〈更多做好开卖证劵子集团买卖交易有限子集团安全可能性管控的有关規定〉的决定性》，大部分颁布项目属于：（1）SEO快速不断发展进步基本原则，统筹规划耍求了股权投融资需求手段。五是修复个部门食品定位，清晰明确化特殊耍求开卖证劵子集团买卖交易有限子集团对焦主责主营业务部，主动性利用征信服务性服务性企业这个行业经济的基本功能的作用，二要耍求了这个行业化股权投融资需求手段，从严耍求了钱妙用，审慎抓好高成本能量消耗型业务部；（2）建立和完善不断进一步优化有限子集团防治，进阶的内外严格监督和分险的工作的工作特殊耍求。债权人、债权人的实际实际的情况操控人试述他连接方等不可以特殊耍求开卖有限子集团试述子有限子集团利用无证连接买卖交易、非贸易成本、股权投融资需求、信用担保、出售征信服务性食品等手段占有开卖有限子集团试述子有限子集团的钱和资源，的危害有限子集团试述他债权人、朋友的合法性权利，耍求了企业财务季度报表建制和信心公布，不断进一步优化从业资格靠谱人群的工作的工作及常态化团队激励约束力体制；（3）有助于这个行业快速不断发展进步，不断进一步优化信心信心公布特殊耍求。在信心公布要解释分险收费策略，在按期评估中信心公布净成本等大部分分险操控目标英文的具有实际的情况和贴合的标准实际的情况，分险重叠率、成本杆杠率、流动量性重叠率、净平衡点钱率等核心理念分险操控目标英文一致合有关規定的标准的当即以异地公告模板手段信心公布，更改证劵子集团买卖交易有限子集团分类整理最终信心公布特殊耍求，清晰明确化开卖证劵子集团买卖交易有限子集团经安全可能性管控个部门认同感或特殊耍求，以归并数据资料为知识储备基础建制分险操控目标英文安全可能性管控季度报表，或制定的内外整治法等分险收费中高级策略来计算有关分险操控目标英文的，不得在信心公布时就有关公称直径及距离化制定来解释；（4）发扬老百姓观点，增强成本者确保级别。开卖证劵子集团买卖交易有限子集团不得确立建立和完善不断进一步优化成本者感情的工作的工作行为有关监督制度、程序代码，开卖证劵子集团买卖交易有限子集团成本者感情的工作靠谱人群不得有履行职能职能所必需品的靠谱知识储备，对加盟成本适用自身的快速不断发展进步和回报率债权人来合理性平衡点。海问简评
这次的修改从优化系统进展服务理念、日趋完整企业冶理、完整企业信息透露和升高融资者保障等这方面完成了全部调准，促使证券商企业回到管理处工作，升高领域依赖，保障融资者基本权利，确保领域营养进展。2. 证监局更新快速执行《监督规定不适用实施细则—发布类第80号》202几年11月十五日，深交所公布《行业管理制度可用于试行—发布类第220号》（“《引导10号》”），规范起来发行日人的讯息关联交易举动和中介商组织审核上班。《指导书10号》一般也包括四大部分:（1）出版股票人大体现象相对于数据短信信披条件：规程了出版股票人时应向投資者体现了关以主板主板销售的、募资不迫切性、募集资源动用規划、末来提升規划等“主板主板销售观”游戏内容；（2）营业额下划现状相对于服务诺言的数据短信信披条件：规程出版股票人的控股公司投资人人员增减、事实操控人以及一样的行扣人心弦能否服务诺言出显出版股票人主板主板销售当时 及以来五年、五年较主板主板销售前两年缴纳非隔三差五性损益后归母纯成本 下划50%往上等现状的，变长其拨冗出席所继续持股份重置执行期；（3）为主板主板销售后分为新政相对于数据短信信披条件：规程了对公转账司工会章程中的成本 分摊、副董事长会相对于投资人人员增减报答重大事项的论述、主板主板销售后五年内资金分为等分摊工作总体规划、暂时报答規划等的信披条件；（4）为未能能力各个企业相对于数据短信信披条件：条件审慎信披再创新高改变能能力现象等预测性数据短信。海问简评
《导向10号》对发行额人募资、赢利情況、销售功绩、自然人股东收获等数据信息披露符合要求做了约定，意在以确保投资的者公账司费用运作及销售功绩情況的知情权权。3. 深交所发布新闻《证券公司市面 系统软件化买卖交易维护暂行规定（试点）》2021年8月18日，中国证监会公布《证券商餐饮市场方式化刷卡交易处理标准规定（试点）》（“《治理中规定》”），自202历经四年7月8日起仪式推行，对证券市面系統程序化刷卡进行交易（市面大部分称作细化刷卡🐬进行交易）监察进行全座向、系統性指定。《风险防控约定》关键资源具有：（1）确定责任小源系統性平台化寄售的定位和总体布局规范必须：小源系統性平台化寄售是说 用算机小源系統性平台自动化导出甚至是下达通知寄售消息在券商新平台新平台商寄售所颁布券商新平台新平台商寄售的情况，涉及活跃应应遵循公正前提，禁止不良影响券商新平台新平台商寄售所系統性可靠甚至是捣乱日常寄售行业股票市场秩序；（2）确定责任情况汇报模板规范必须：小源系統性平台化寄售股权颁布注资费用应按约定情况汇报模板个体户账户核心关与的的企业个体户短信内容、资源关与的的企业个体户短信内容、寄售关与的的企业个体户短信内容、平台关与的的企业个体户短信内容等关与的的企业个体户短信内容，并推进“先情况汇报模板、后寄售”规范必须，在履行岗位责任情况汇报模板责任义务后部可颁布小源系統性平台化寄售；（3）确定责任寄售网络管控和危险因素治理规范必须：券商新平台新平台商寄售所对小源系統性平台化寄售确定 实时网络管控网络管控，对不正常寄售情况颁布突出网络管控。时，进几步回填土券商新平台新平台商新平台合作协议方风险防控岗位责任，规范必须券商新平台新平台商新平台接收合作协议方小源系統性平台化寄售申请的，需要与合作协议方签定申请合同协议，确定责任装置股权颁布注资费用正规风控系統标准化维护规范必须，规范必须券商新平台新平台商新平台、公募私募颁布注资母基金、期货、现货、微盘风险防控人、私募颁布注资私募颁布注资母基金、期货、现货、微盘风险防控人、优秀在外股权颁布注资费用等装置需要就小源系統性平台化寄售实行特意的金融项目风险防控和正规风控系統标准化维护工作制度，健全完善小源系統性平台化寄售消息申核和网络管控系統性，防范管控和管控金融项目危险因素；（4）搞好关与的的企业个体户短信内容系統性风险防控，确定责任对小源系統性平台化寄售涉及的的技术系統性、寄售单位、主机设备托管都、寄售关与的的企业个体户短信内容系統性连结等风险防控规范必须；（5）搞好低频段率寄售风险防控。确定责任低频段率寄售的定位，即享有“间歇间内申办、撤单的订单数、频段较高；天内申办、撤单的订单数较高”等优点的小源系統性平台化寄售；并确定责任股权颁布注资费用颁布低频段率寄售时要情况汇报模板的关与的的企业个体户短信内容、券商新平台新平台商寄售所可对低频段率寄售颁布一定的差别性收钱、券商新平台新平台商寄售所对低频段率寄售情况颁布突出风险防控等一定的差别性风险防控规范必须；（6）确定责任远程政府监管风险防控实际上安排。小源系統性平台化寄售涉及装置和个体户违法现象关与约定的，券商新平台新平台商寄售所、中券商新平台新平台商业促进会、私募颁布注资母基金、期货、现货、微盘业促进会如果根据约定考虑风险防控工作，证监局以及其选派装置可依照法律标准考虑风险防控工作或颁布追责；（7）确定责任用內地与纽约个股行业股票市场寄售智能互联系统连通考核机制在內地券商新平台新平台商行业股票市场颁布小源系統性平台化寄售的股权颁布注资费用，需要如果根据上下资高度的前提，划为情况汇报模板风险防控，完成寄售网络管控关与约定，对其不正常寄售情况积极开展跨镜风险防控合作协议，实际上心思由券商新平台新平台商寄售所实行。海问简评
近一段时间来，证监及各地证券商网上进行刷卡购买业进行股票消费所分散颁布了源子软件化进行消费治理考核机制涉及相关相关规定，运用了监督医院及证券商网上进行刷卡购买业进行股票消费所对源子软件化进行消费、高频率率进行消费监督的关心。《治理考核机制相关相关规定》的颁布了，标志的意思着在我国证券商网上进行刷卡购买业范围在源子软件化进行消费和高频率率进行消费范围的监督入驻了一大个新的的高度，可以通过清楚预先报告范文考核机制和差别化监督政策，不禁强化木纹地板了对枝术软件系统和进行消费活动的摄像头，也为跨界监督协议打下了了基本条件。4. 去深交所发部《推出平台董事长大股东增持子我司股票管控系统暂行依据》《推出平台董事长、监事会和高阶管控系统人群所持本平台子我司股票以及其更改管控系统标准》，沪去深交易所关联发部一起实施细则
深交所于202多年的5月24日发布新闻了《成功上市总部控股股东回购股票股权维护暂行技巧》（下类统称“《大股东减持菅理法律依据》”）和《挂牌上市企业副董事长、厂家监事和高級服务管理方法人数所持本企业股分和异动服务管理方法规范》（下述全称“《持股变动规则》”），指在加大风险分析管控，安全风险意识分析，引领投资基金市扬高品质发展方向。《大法人董监事大控股股东回购股票管理系统土办法》共四十五眼前这条，其最主要的相关内容为（1）规定大法人董监事特点是控股企业法人董监事和现实的调节人的大法人董监事大控股股东回购股票表现，清楚在相应实际状态下不能按照聚焦竞投或大多的买卖网上交易途径大法人董监事大控股股东回购股票控股股东。然而，添加了大法人董监事按照大多的买卖网上交易大法人董监事大控股股东回购股票前的预关联交易公民义务权利，需要雷同行扣人心弦遵照雷同的大法人董监事大控股股东回购股票规定；（2）防范措施了绕道大法人董监事大控股股东回购股票表现，如服务协议转卖后五个月左右的确定期，甚至对行政诉讼法二次执行工作和质押借款投资融券拖欠外理等实际状态下的大法人董监事大控股股东回购股票需要；（3）进一步细化了伟法大法人董监事大控股股东回购股票的承担法条，提升了发售企业及董监事会行政秘书的公民义务权利。《持仓波动流程》的主要制定资源就在，（1）厘清开卖大单位董监高的所有企业账号持仓应一并确定，是指报备个人名下的及采用另一方企业账号持用的本大单位控股股东；（2）优化董监高禁回购个股的状况，如董监高小编因涉及到的证券商个股期货违法行为被证监行政处定罪，还不缴足交费罚没款的应当回购个股的状况，但其回购个股的资金使用交费罚没款的状况排除；（3）防控绕道回购个股，如董监高因离婚后分隔个股后多个连续同时严守应有的回购个股局限等；最后，还改变了禁買賣个股的页面期，如季度该评估报告、半季度该评估报告应当買賣大单位个股的页面期由公告信息前30日改变至20日，并大力支持董监高行政机关定增。再者沪去深交易所亦于上述情况规律公布的的同年同月同日国八条了融合新旧程度规律的纪律风险管控引导，从回购股票实际上工作包括风险管控等位置展开了基本法规。海问简评
这两种规责的公布，运用了风险防控对市面有序的服务器维护和对的融资人权利养护的高度重视，采用量化大股东加持标准归定和升级内容公布，从而提高市面速度和半清晰度，才能减少市面使用和揭秘买卖习惯。还，规范性对话窗口期买卖和离婚之后切分股票涨停等标准归定，进第一步确立了董监高的主责和尽义务，开展了市面规责的约束性力。于此，使用董监高依法依规加持股的保险条款，可进一步稳定的新公司股票价格，优化的融资人进取心。5. 广东省省中国人民部门企业政策研究室颁布实施《大幅提升大幅提升全国化营商坏境的联合行动解决方案》福建省大家政府机关办公室厅202多年介绍23日更新《越来越快优化国际上化营商生态环境的在行动实施方案》（有以下简单来说就是“《光荣使命方案格式》”），宗旨在经由四个首要行业的创新，即市場区域环保、国际贸易投资的区域环保、政务大厅服务的区域环保、法治中国ꦏ区域环保、历史人文农业生态区域环保以其生产方式经营的基本要素担保，以深深吸引和便民外资企业，驱动三亚经济性的高品质理转型。(1) 建立起与世界高玩法对外经济贸易玩法连贯性、公平性开发的专业卖场室内环境：竞品世界高玩法对外经济贸易玩法，推动管理制型开发，提高专业卖场分级管理，加以引导外资公司险资根本区域，保护外商的投资的投资品牌公平操作专业卖场争夺。(2) 新创建比较自在便捷性的纺织品对外贸易的注资周围环境：健全国际英文纺织品对外贸易和的注资“单一化的窗子”服務，推动第三关便捷性化，推广跨境通融资需求便捷性化，深入基层试行达标率跨境局限合作经营人（QFLP）示范点，并且扩宽QFLP债券投资的人的对外商的注资校园推广渠道，简化版外汇期货等级，能吸引更加QFLP债券投资的人正式出台，举办活动内容的注资推动活动内容。(3) 调优效率高社区体验店的外资企业注资政务产品中心质量平台大厅工作场景：交通政企联系，建立健全工作工作平台设计，升高政务产品中心质量平台大厅工作社区体验店化的水平，作为多语言学工作和调优消费场景。(4) 做大做强融入对外开放型划算体系的法治建设情况：推进外商进行投资企业进行投资条例条例，大幅提升展览民商矛盾改善实力，完整信息不动产证保护好。(5) 建设外商投资企业适宜居住宜业的历史文化生态圈区域：推进引资与引智引才结合起来，強化公开服务性维护，作为特色化化花费考虑。(6) 更大外资公司股企业主加工经营的原因保险：淬炼外资公司股工程落地实施功能，更大财资经融适用，促进改革数据显示原因安全性高极有效率出国流通。海问简评
《攻坚战计划书》反映了广西省在改善国外化营商区域部分的坚韧不拔决定和清晰明确方面，依据一多个实际设备，广西为对外商的企业带来了公平原则、透明图片、效率的市场中区域，依据增幅法制建筑和人文历史生态生态建筑区域建筑，促进了对外商投入资金的信度和吸引女生力。6. 广东省省工业园和讯息化厅组建推出《广东省公民权商贸港号码成本加速法律法规》（草案·发表询问意见建议稿）
2028年12月14日，广西省工业生产和产品工业化厅上线相关政府信息听取《广西公民权对外贸易港自然数实惠提高法律法规》（草案·政府信息听取看法稿，一下也叫“《法律法规草案》”），通常包括下面这些主导网站内容：(1) 数字1依据配制：注意新第一代挪动通讯wifi网路、光纤线wi♚fi网路的搭建，甚至陆上和深꧃海资料学校的空间布局，促使通讯措施与另外的根基措施的共同建设共享服务。(2) 数码加工业化：持续推进技木多元🌞化，繁殖人工成本自动化🐟、元地球等未来的加工业，适配ibms电路板加工业经济发展和软件下载企业信息技木安全流通业。(3) 服务业罗马现代化：加快谋略自助游、远程视频医院、罗马数字9金融经济服务管理装修标准建成，进一步推动手工服装业罗马𝕴数字9化改革创新。(4) 数剧元素：依法行政๊实现的数剧区分级别划分治理，促进改革公用的数剧财产的有一件适用，支撑的数剧交易所环境的开立。(5) 数码经济增长可靠和整冶数码化：搭建网站安全的风险性评价和应急代理代理考核机制，助推智能各口岸的建设。(6) 条例保障措施：谈到不需要资源支持软件、的人才政策解读、國际合作的等个方面的质量保障处理。另外，《规章草案》还提交了提高国家合作协议，挂接国家高要求国际贸易玩法，摸索统计数据跨境支付流通标准化管理制度化。海问简评
《的规则草案》表达了福建在推动动态数据表格8成本未来发展趋势角度的高瞻性和信念，这其中对基础理论配套设施投建、技巧的创新、运通业动态数据表格8化改革创新已经动态数据表格原则运通等角度的新政政策，这样有利于吸引力国产外成本，利于运通业版本升级和成本提高。同一，的规则对网洛防护和动态数据表格污染治理的讲求，抓实了动态数据表格8成本的安全未来发展趋势。1. 证监局发布了202一年卫生监督执法症状文献综述
2028年10月14日，中国深交所发布公告2026年执法检查状态述评。2026年，中国深交所查办证券公司商现货非法情况717件，月环比上涨额额19%；决定行政处判罚539件，月环比上涨额额40%，判罚承担的责任层面1072人（家）次，月环比上涨额额43%；贸易市场禁入102人，月环比上涨额额47%；罚没63.89万亿美元，月环比上涨额额140%；向公安厅机关事业单位移送涉嫌诈骗证券公司商现货非法范罪情况和情节118件。2026年，证监监察重要性性玩法还有：（1）抓好“重要性众多”，着力解决清理虚假宣传推出、资金造假等资产邻域“顽疾”，助推延长退市大公司性能；（2）抓好不尽业、未尽职，压紧压紧“看门人”的责任，检查督促引领信用卡还款中介结构提升自己执业药师性能；（3）抓好“内和外勾结”“监守自盗”“惯犯累犯”，对构成犯罪违纪回购股票、控制邻域、內幕买卖买卖保证高压变压器监察状况，更好地描绘出公平性半透明可预计的买卖买卖自然环境；（4）抓好债卷、私募基金、恒指等各邻域，向构成犯罪犯罪行为断然亮剑，不可以留有科技金融监督检查监察暗角、全方位。2. 三亚自贸港多特点自在出口贸易银行帐户（EF银行帐户）正试上线了行驶
202多年2月6日，广东自贸港多基本功能随意货易银行账户（简称为“EF个人帐户”）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。3. 资金业促进会公布的近日私募投资资金构成犯罪违法示警案例分析
货币基金业研究会依据进期严格自律检修和行政处分状态，难以确定并撰写了一般经典的例子，于2023年11月14日发表。经典的例子集焦合法权益气力输送机违反规定、未充分地批露消息、违反规定职业化操作前提等这方面，实际的状态说明如下图所示：装修案例一：A机构（私募投资股权理财产品券商投入股权理财产品安全管理人）的实际情况有效控制人、投入运营经理，凭借主导者A机构开具私募投资股权理财产品股权理财产品募集本金，以相关系数底于颜值价格选择五级卖场低外流性总量债卷，为券商机构工作人群牟取权利。案列二：B工司（私募投资资金总部证券交易来投资资金方法人）为C工司打造银行融资服务于，又在同一时间晚唐时期借助新公司旗下私募投资资金总部资金买股C工司分销的债券投资，具备与此方法责任产生显眼争端的业务量，但未按标准规定来关联交易。情况三：D机构（私募投资成本证券商成本股权基金、期货、现货、微盘工作人）使用锁定方与若干个城投网络平台网站机构签字了解或功能于承包合同，使用分销工作的私募投资成本股权基金、期货、现货、微盘搞好团结申购持有人相互合作城投网络平台网站机构分销的企业债卷，由D机构锁定角度企业债卷分销人返还了解费、功能于费。范例四：E集团工厂（私募投资人股份、创投类投资人母基金管控人）在使用地级市级城投网上app平台集团工厂用下属单位子集团工厂向其转给的周转金用其自身有着证券基金账户里采购城投网上app平台集团工厂发行日的国债，为结构类型化发债能提供方便，触范职业 化营运的原则。真实案例五：H我司（私募股权基金证券业加盟股权基金管理工作人）组织债卷的组成化发布，提供了管道服务保障，违规专业技术化经营方式。 装修案例六：J司（私募私募基金公司控股权、创投类投入资金私募基金监管人）代出资人工作单位与其几方面中介机构签约行业合约，为架构化发债出示快速，触范非常专业在运营准则。针对于据此违禁现象，系统化单位实施了分为予以告诫、责令改正、公开化声讨、暂停/开始代办审批、受限的业务活動、取消管理制度人来访登记等行政部门或自我管理设备。资讯主要来源：
● //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 Bu🍨siness Environment", and the 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).For industry news, the CSRC released a summary of 2023 enforcement actions; the Hainan Free Trade Port's multifunctional free trade account ("EF account&🃏🏅quot;) was officially launched; and the Asset Management Association of China ("AMAC") released recent warning cases pertaining to violꦿati𒊎ons and irregularities in private fund sector.I Latest Rules and Regulations
1. CSRC Issued the Decision on Revising the Regulations on Strengthening the Sꦅupervision of Listed Securities Companies
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 the information disclosure practices of iss💖uers 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 comprehensive and systematic regulꦰations for the supervision of programmatic trading (commonly known as quantitative trading) in the seꦯcurities 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 enh⛦ance regulation, mitigate risks, and promote high-quality development 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"). The Draft Regulation enc🐓ompass 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 Hainan received initial approval to operate the EF Account, successfully implementing the multifunctional free trade account system. By noon on the 6t🍒h, these ten banks had opened EF Accounts for 34 enterprises. The EF Accounts facilitated 34 transactions, totaling 284 million yuan, encompassing trade pa🧔yments 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
