According to news on October 31, yesterday evening, the China Securities Regulatory Commission officially issued the main system rules for the establishment of the Beijing Stock Exchange and announced that the relevant basic system rules will come into effect on November 15.The announcement shows that, in order to consolidate the foundation of the reform system, the China Securities Regulatory Commission is now issuing three regulations and eleven related normative documents for the issuance and listing, refinancing, and continuous supervision of the Beijing Stock Exchange. To transfer system financing tools, the two regulations on the supervision of non-listed public companies have been revised, and two content and format guidelines for the targeted issuance of convertible bonds by listed companies have been formulated.
On September 3 and September 17, 2021, the China Securities Regulatory Commission publicly solicited opinions on the above-mentioned regulations and normative documents, and listened to the opinions of relevant parties through seminars and written comments. Generally speaking, all sectors of society have a high degree of consensus on the formulation ideas, basic framework and main content of the relevant rules. At the same time, they have put forward some suggestions for amendments in terms of operation and implementation, and the formulation of provisions. Reasonable suggestions on the protection of the legitimate rights and interests of small and medium investors, the improvement of the standardized operation of listed companies, and the improvement of the pertinence and effectiveness of information disclosure have all been adopted.
The China Securities Regulatory Commission stated that the above-mentioned regulations and normative documents, together with the self-discipline rules formulated by the Beijing Stock Exchange, have jointly constructed a set of Beijing Stock Exchange rules and regulations that are compatible with the characteristics and growth stages of innovative small and medium-sized enterprises. Dislocation, tolerance, flexibility, and inclusive market characteristics. From the perspective of the rule system, relevant regulations, normative documents, and self-discipline rules are connected to each other, and the main system arrangements, information disclosure content and self-discipline management requirements are respectively regulated. From the perspective of the content of the rules, it covers all aspects of issuance financing, information disclosure, corporate governance, supervision and management. From the perspective of the characteristics of the rules, adhere to the principle of marketization, highlight the main responsibility of the exchange, and fully authorize the Beijing Stock Exchange to formulate self-discipline rules based on the actual market conditions on the basis of laws, regulations and rules.
The above-mentioned regulations and normative documents will come into effect on November 15, 2021. According to CCTV Financial News, this also means that the Beijing Stock Exchange will open on November 15, when more than 68 companies on the NEEQ selected layer will all be transferred to the Beijing Stock Exchange.