The China Securities Supervision and Administration Commission announced that starting from Wednesday (February 1), it has officially launched a comprehensive implementation of the reform of the stock issuance registration system.

The China Securities Regulatory Commission released the China Securities Regulatory Commission on Wednesday that the China Securities Regulatory Commission will fully solicit opinions from the society on the implementation of the main system rules of the stock issuance registration system.

Opinions stated that recently, the Central Committee of the Communist Party of China and the State Council approved the overall implementation plan for the implementation of the stock issuance registration system.Span> The general goal of "creating a standard, transparent, open, dynamic, and tough capital market" /Span> > , insist on building a system, non -intervention, zero tolerance, >坚持市场化、法治化的改革方向，坚持 > Respect the basic connotation of the registration system, learn from globe > Best practice, reflects Chinese characteristics and > Development stage features 原则， Outstanding choice choice权交给市场这一注册制改革的本质，同步加强监管，推进 reform, to improve the function of the capital market, increase the proportion of direct financing, > > NotSpan> To better promote high -quality economic development.

> China Securities Regulatory Commission said that the registration system reform > Not> Select the right to give it to the market, strengthen market constraints and rule of law constraints, /Span> Compared with the approval system, it not only involves changes in the audit subject, but also more importantly, fully implementing the concept of information disclosure as the core, and the entire process of launch and listing is more standardized, transparent, and expected. The registration system only retains the necessary qualification conditions, compliance conditions for the necessary public offering of the shares of the enterprise, and compliance conditions, > The substantial threshold under the approval system is as possible Not transforming into information disclosure requirements, regulatory authorities No longer judge the investment value of the enterprise.

> The China Securities Regulatory Commission emphasized that the implementation of the registration system does not mean a relaxation quality requirements. > The review will be mainly passed Inquiry to perform /Span> information.At the same time, Span> Multi -element verification, on -site supervision, on -site inspection, Not> Complaint Report > regulatory law enforcement and other methods, > NotSPAN> Compact /Span> publisher Not> The first responsibility of disclosure of information disclosure, the "watchman" responsibility of the intermediary agency.

> At the same time, the China Securities Regulatory Commission has also issued a notice on the transitional arrangement of relevant administrative license matters before and after the implementation of the stock issuance registration system to steadily advance the comprehensive implementation of the registration system.M & A and reorganization and the transition of administrative licensing matters such as public transfer in the national stock transfer company.

The China Securities Regulatory Commission said that from the date of the notification, the China Securities Regulatory Commission will continue to receive applications for relevant administrative licenses of non -listed public companies.Before fully implementing the registration system, the China Securities Regulatory Commission will promote the administrative license work normally in accordance with the current regulations; companies that have obtained approval or exemption and approval letters can continue to promote listing and issuance.

From the date of the release of the main rules of the registration system, the China Securities Regulatory Commission will terminate the audit of the motherboard's first public offering of stocks, re -financing, and mergers and acquisitions in the audit of the company.The review of the data transfer exchanges will no longer be accepted for reinstatement of the main board listed company that has not yet been accepted.

10 workers from the date of the release of the main rules of the registration systemDuring the day, the exchanges only accepted the China Securities Regulatory Commission's main board for the first public offering of stocks, re -financing, and mergers and acquisitions and reorganization applications.The motherboards shall produce application documents in accordance with the relevant provisions of the registration system and submit to the exchanges to the exchanges to issue a listing registration application. If the feedback will be submitted to the China Securities Regulatory Commission, the feedback will be reported to the exchange as the application document.When the motherboard is submitted to the enterprise, the financial information can be extended for three months.During this period, the exchanges, based on its review order and audit materials in the China Securities Regulatory Commission, arranged follow -up review work in accordance with the relevant regulations of the registration system.

After 10 working days from the date of the release of the main rules of the registration system, the exchanges began to accept the first public offering of stocks, re -financing, and mergers and acquisitions and reorganization applications for other companies.