Second, NPC deputies and CPPCC members to fully absorb the opinions and suggestions for further promoting the reform of the capital market regulatory focus

Commission official said, in 2009 on behalf of members suggested that the proposal concerns a more concentrated focus on the proposed reform of the Commission proposal content and a high degree of supervision fit. Commission based on the overall development of the service economy, deepen the market reform and innovation, the proposal will go through with the reforms proposed combination of regulatory practices, pay attention to condense the consensus, the formation and development efforts, a strong impetus to capital market reform and development.

(A) on construction of multi-level capital market issues

Accelerate the construction of multi-level capital market system is an effective response to international financial crisis, to support the construction of an innovative country an important way. This high degree of concern on behalf of members, the proposal suggested 41% of the total. In accordance with the unified arrangements of the State Council, the Commission actively develop the capital market and optimize resource allocation methods and channels, and steadily introduced GEM, multi-level capital market system has achieved an important breakthrough. One is to actively support the national economy stable and rapid growth. Implementation of the national industrial policy, support eligible large state-owned enterprises, private enterprises and SMEs issuing and listing, to vigorously promote mergers and acquisitions market, listed companies in the industry to promote integration and industrial upgrading. The year 2009 issue listed 99 companies, 193 listed companies to refinance 56.2 billion domestic financing amounted to 4. Second, the steady introduction of the Growth Enterprise Market. October 23, 2009 official launch of the GEM, the GEM was launched in China last year rose to the challenge, to tackle the financial crisis, a major highlight. As of the end of 2009, a total of 36 companies traded on GEM, financing 20.4 billion yuan, the total market value of 161 billion yuan, the GEM made a good start. Third, actively improve the agency share transfer system. Zhongguancun sound transfer of non-listed companies offer shares of the pilot system, as of the end of 2009, a total of 59 listed companies. In conclusion, based on pilot experience, the SFC will further improve the agency share transfer system management institutional framework for the agency share transfer system specific programs to expand the pilot to study the development of the OTC market, the overall construction program. Fourth, vigorously promote the construction of the bond market. Amendment issued “Bond Listing Rules” classification system for the implementation of corporate bonds, commercial banks back into the operational phase exchange bond market, bond market made positive progress in the unified interconnect. As of the end of 2009, a total of 36 companies listed corporate bonds issued 63.8 billion yuan, up 121.67 percent.

(B) the issue on the steady development of futures markets

Innovation futures on behalf of members of the species, introduction of stock index futures, etc. are more concerned about the views and recommendations have a strong reference. SFC combination of a proposal, efforts to improve the futures market institutional system, sound product innovation, and maintain smooth operation of the futures market. First, are all listed rebar, wire, and PVC four futures early indica rice variety, has been listed futures up to 23 varieties, the people’s livelihood system of commodity futures in shape. Second is to strengthen the futures markets, the implementation of unified account system in the futures market, futures companies classified supervision to carry out in depth to promote regulatory net capital and margin regulation, strengthening the market risk monitoring and early warning. Third, do the positive stable before the launch of stock index futures preparations. In the State Department agreed in principle to launch stock index futures, Investors in the system, stock index futures contracts and business rules have been promulgated and implemented major system, the payment by the successful switch on-line systems, relevant business training, investors launched a comprehensive public education , recently started to accept customer accounts. China’s futures market continued to strengthen infrastructure construction, the gradual deepening of the market functions, services enhance the ability of national economic development, as of the end of 2009, the futures market of 2.16 billion traded hands, turnover of about 130.5 trillion yuan, up respectively 58.2% and 81.5% growth China’s commodity futures trading volume ranks first in the world.

(C) reform on the issue of new shares issued

Institutional reform of relations between IPO capital markets based on resource allocation and investment and financing functions effectively, delegates affirmed the Commission insisted in recent years, the direction of market reform, put forward constructive and inspiring comments and suggestions. In the basis of extensive investigation, the Commission should adhere to the international financial crisis, the Central overall work, and actively plan to withstand the impact of the international financial crisis, policy measures, in-depth reforms to promote IPO. In accordance with the step by step, the principle of gradual improvement, issued an “IPO for further reform and improve the guidance system”, improve the inquiry and purchase mechanisms to optimize online issue of institutional arrangements, Zhong Shi small and medium investors to participate will enhance the risk of revealing to promote the issuers, investors, and underwriters responsible market players homing. From the actual effects of financing, pricing, market shares increased level of Ming Xian, online issue冻结significantly reduce the amount of money, individual investors significantly increase the number of households signed, the market performance of their duties responsibly Yi Shi Actors significantly improve the new shares issued Tizhi the market Gaigefangxiang recognize and support. The Commission will further concluded on the basis of last year’s reform experience, actively launch IPO reform follow-up measures to strengthen the inquiry, the pricing process of supervision, improve the level of market pricing mechanism, optimize the conditions and procedures issued to improve the market allocation of resources efficiency.

(D) improve the financial regulatory mechanism on

The international financial crisis, strengthen financial supervision and aroused wide attention. On behalf of members of the combination of regulatory experience and lessons learned inside and outside, made a lot of good comments and suggestions. Over the years, the Commission has always adhered to protect the legitimate interests of investors, maintain the market, “Three Opens principle” as the goal to enhance the regulatory effectiveness of the core, focus on strengthening the market rule of law, focus on innovative ways and means to monitor, investigate and deal with violations of laws and harsh, guide and regulate the market’s healthy development. At the same time with the Securities and Futures Commission to further strengthen the supervision of financial regulatory authorities, in collaboration to enhance the effectiveness of monitoring, maintaining financial market stability, prevent and reduce risk, promote financial innovation has played an important role. In the future, the Commission will actively cooperate with other financial regulators continue to thoroughly explore the separate supervision of a supervisory collaborating to further improve regulatory cooperation mechanism, strengthen the supervision of resource sharing, strengthen financial supervision and institutional mechanisms, and enhance the economic function of financial services.

(E) to strengthen the regulation of listed companies

Listed companies are the cornerstone of healthy development of capital markets on behalf of members of the compaction standard basis for the development of listed companies and put forward many good ideas and suggestions. The SFC has always attached great importance to improve the quality of listed companies has been to focus its regulatory work, continuing to take comprehensive measures, efforts to improve corporate governance and disclosure quality. First, carry on the “special activities to strengthen governance of listed companies”, urging a comprehensive reform of corporate governance issues, as of the end of 2009, more than 10,000 total rectification problem, 97.8% completion percentage, the overall standard operation of listed companies and significant improvement. Second, to further improve the comprehensive regulatory system, improve the daily supervision and monitoring of the linkage mechanism of merger and reorganization, focusing on strengthening the stock transaction information disclosure regulation. Third annual report of listed companies combined control, increasing inspection efforts on the 271 listed companies in the implementation of the on-site inspections; implementing agency regulatory responsibility, extended inspection auditors 164 times. The Commission will further promote the depth control rectification activities of listed companies as an opportunity to encourage the adoption of M & A, private placement and other means to promote the listing of some of the overall restructuring of listed companies to crack down on use of related party transactions the shareholders of listed companies occupied the interests of behaviors and earnestly raise public standardized operating company level.

China Securities Regulatory Commission official said that in the NPC Standing Committee General Office, the Office of the CPPCC proposal and under the guidance of the State Council, in 2009, the Commission on time, the successful and efficient completion of the NPC and CPPCC proposals for the handling of proposals, more successfully solved a number of community is concerned, the interests of the people cut off the capital market hot spots, NPC deputies and CPPCC members received positive comments. Commission members suggested that representatives of the reform proposals and the practice of closely monitoring and organic, is conducive to the whole community consensus and push forward reform and innovation is conducive to the formation of a joint force. 2010 “two sessions” held around the corner, the Commission welcomed the delegates and the community to continue the development of capital market reforms offer advice and suggestions, brainstorming, seek reform and development ideas, to promote and facilitate the healthy development of capital market stability.