為便于業界及時了解金融資管行業熱點，海問每月發布《海問金融資管月刊》，介紹并簡評監管新規及行業動態。
2024年5月，監管新規方面，中國證券監督管理委員會（“證監會”）發布《關于修訂〈關于加強上市證券公司監管的規定〉的決定》《監管規則適用指引—發行類第10號》《證券市場程序化交易管理規定（試行）》《上市公司股東減持股份管理暫行辦法》《上市公司董事、監事和高級管理人員所持本公司股份及其變動管理規則》，滬深交易所同步發布減持配套指引；海南省人民政府辦公廳出臺《加快提升國際化營商環境的行動方案》；海南省工業和信息化廳組織發布《海南自由貿易港數字經濟促進條例》（草案·公開征求意見稿）。
行業動態方面，證監會發布2023年執法情況綜述；海南自貿港多功能自由貿易賬戶（EF賬戶）正式上線運行；中國證券投資基金業協會（“基金業協會”）發布近期私募基金違法違規警示案例。
1. 證監會發布《關于修訂〈關于加強上市證券公司監管的規定〉的決定》
2024年5月10日，證監會發布《關于修訂〈關于加強上市證券公司監管的規定〉的決定》，主要修訂內容包括：（1）優化發展理念，統籌規范融資行為。一是矯正機構定位，明確要求上市證券公司聚焦主責主業，積極發揮金融服務實體經濟的功能作用，二是規范市場化融資行為，嚴格規范資金用途，審慎開展高資本消耗型業務；（2）健全公司治理，強化內部管控和風險管理要求。股東、股東的實際控制人及其他關聯方等不得要求上市公司及其子公司通過違規關聯交易、對外投資、融資、擔保、銷售金融產品等方式侵占上市公司及其子公司的資金和資產，損害公司及其他股東、客戶的合法權益，規范財務報表編制和披露，完善從業人員管理及長效激勵約束機制；（3）促進行業發展，完善信息披露要求。在披露時說明風險計量方法，在定期報告中披露凈資本等主要風險控制指標的具體情況和達標情況，風險覆蓋率、資本杠桿率、流動性覆蓋率、凈穩定資金率等核心風險控制指標不符合規定標準的及時以臨時公告方式披露，取消證券公司分類結果披露要求，明確上市證券公司經監管部門認可或要求，以合并數據為基礎編制風險控制指標監管報表，或采取內部模型法等風險計量高級方法計算相關風險控制指標的，應當在披露時就相關口徑及差異化安排進行說明；（4）踐行人民立場，提升投資者保護水平。上市證券公司應當建立健全投資者關系管理活動相關制度以及程序，上市證券公司投資者關系工作人員應當具備履行職責所必需的專業知識，對經營利潤用于自身發展和回報股東進行合理平衡。海問簡評
本次修訂從優化發展理念、健全公司治理、完善信息披露和提升投資者保護等方面進行了全面調整，有助于證券公司回歸核心業務，提升市場信任，保護投資者權益，推動行業健康發展。2. 證監會發布實施《監管規則適用指引—發行類第10號》2024年5月15日，證監會發布《監管規則適用指引—發行類第10號》（“《指引10號》”），規范發行人的信息披露行為和中介機構核查工作。《指引10號》主要包括四部分:（1）發行人基本情況相關信息披露要求：規定了發行人應當向投資者闡明有關上市目的、融資必要性、募集資金使用規劃、未來發展規劃等“上市觀”內容；（2）業績下滑情形相關承諾的信息披露要求：規定發行人的控股股東、實際控制人及其一致行動人可以承諾出現發行人上市當年及之后第二年、第三年較上市前一年扣除非經常性損益后歸母凈利潤下滑50%以上等情形的，延長其屆時所持股份鎖定期限；（3）為上市后分紅政策相關信息披露要求：規定了對公司章程中的利潤分配、董事會關于股東回報事項的論證、上市后三年內現金分紅等分配計劃、長期回報規劃等的披露要求；（4）為未盈利企業相關信息披露要求：要求審慎披露預計實現盈利情況等前瞻性信息。海問簡評
《指引10號》對發行人募資、盈利情況、業績、股東回報等信息披露要求進行了規定，旨在保證投資者對公司資金運用及業績情況的知情權。3. 證監會發布《證券市場程序化交易管理規定（試行）》2024年5月15日，證監會發布《證券市場程序化交易管理規定（試行）》（“《管理規定》”），自2024年10月8日起正式實施，對證券市場程序化交易（市場通常稱為量化交易）監管作出全方位、系統性規定。《管理規定》主要內容包括：（1）明確程序化交易的定義和總體要求：程序化交易是指通過計算機程序自動生成或者下達交易指令在證券交易所進行證券交易的行為，相關活動應遵循公平原則，不得影響證券交易所系統安全或者擾亂正常交易秩序；（2）明確報告要求：程序化交易投資者應按規定報告賬戶基本信息、資金信息、交易信息、軟件信息等信息，并落實“先報告、后交易”要求，在履行報告義務后方可進行程序化交易；（3）明確交易監測和風險防控要求：證券交易所對程序化交易實行實時監控，對異常交易行為進行重點監控。同時，進一步壓實證券公司客戶管理職責，要求證券公司接受客戶程序化交易委托的，應當與客戶簽訂委托協議，明確機構投資者合規風控要求，要求證券公司、公募基金管理人、私募基金管理人、合格境外投資者等機構應當就程序化交易制定專門的業務管理和合規風控制度，完善程序化交易指令審核和監控系統，防范和控制業務風險；（4）加強信息系統管理，明確對程序化交易相關的技術系統、交易單元、主機托管、交易信息系統接入等監管要求；（5）加強高頻交易監管。明確高頻交易的定義，即具備“短時間內申報、撤單的筆數、頻率較高；日內申報、撤單的筆數較高”等特征的程序化交易；并明確投資者進行高頻交易前應報告的信息、證券交易所可對高頻交易實施差異化收費、證券交易所對高頻交易行為實施重點監管等差異化監管要求；（6）明確監督管理安排。程序化交易相關機構和個人違反有關規定的，證券交易所、中國證券業協會、基金業協會根據規定采取管理措施，證監會及其派出機構可依法采取監管措施或進行處罰；（7）明確通過內地與香港股票市場交易互聯互通機制在內地證券市場進行程序化交易的投資者，應當按照內外資一致的原則，納入報告管理，執行交易監控有關規定，對其異常交易行為開展跨境監管合作，具體辦法由證券交易所制定。海問簡評
近半年來，證監會及各大證券交易所密集出臺程序化交易管理相關規定，體現了監管機構及證券交易所對程序化交易、高頻交易監管的重視。《管理規定》的出臺，標志著中國證券市場在程序化交易和高頻交易領域的監管進入了一個新的高度，通過明確事前報告制度和差異化監管措施，不僅強化了對技術系統和交易行為的監控，還為跨境監管合作奠定了基礎。4. 證監會發布《上市公司股東減持股份管理暫行辦法》《上市公司董事、監事和高級管理人員所持本公司股份及其變動管理規則》，滬深交易所同步發布配套指引
證監會于2024年5月24日發布了《上市公司股東減持股份管理暫行辦法》（以下簡稱“《減持管理辦法》”）和《上市公司董事、監事和高級管理人員所持本公司股份及其變動管理規則》（以下簡稱“《持股變動規則》”），旨在加強監管，防范風險，推動資本市場高質量發展。《減持管理辦法》共三十一條，其主要內容為（1）規范大股東特別是控股股東和實際控制人的減持行為，明確在特定情況下不得通過集中競價或大宗交易方式減持股份。此外，增加了大股東通過大宗交易減持前的預披露義務，要求一致行動人遵守相同的減持限制；（2）防范了繞道減持行為，如協議轉讓后六個月的鎖定期，以及對司法強制執行和質押融資融券違約處置等情況下的減持要求；（3）細化了違規減持的責任條款，強化了上市公司及董事會秘書的義務。《持股變動規則》的主要修訂內容在于，（1）明確上市公司董監高的各種賬戶持股應合并計算，包括登記名下及利用他人賬戶持有的本公司股份；（2）細化董監高禁止減持的情形，如董監高本人因涉及證券期貨違法被證監會行政處罰，尚未足額繳納罰沒款的不得減持的情形，但其減持資金用于繳納罰沒款的情形除外；（3）防范繞道減持，如董監高因離婚分割股票后各方持續共同遵守原有的減持限制等；此外，還縮短了禁止買賣股票的窗口期，如年度報告、半年度報告不得買賣公司股票的窗口期由公告前30日縮短至15日，并支持董監高依法增持。此外滬深交易所亦于前述規則發布的同日出臺了銜接新舊規則的自律監管指引，從減持具體操作以及監管等部分進行了詳細規定。海問簡評
這兩項規則的發布，體現了監管對市場秩序的維護和對投資者權益保護的重視，通過細化減持規定和強化信息披露，提高市場效率和透明度，減少市場操縱和內幕交易行為。同時，規范窗口期交易和離婚分割股票等規定，進一步明確了董監高的責任和義務，增強了市場規則的約束力。此外，支持董監高依法增持股份的條款，有助于穩定公司股價，提升投資者信心。5. 海南省人民政府辦公廳出臺《加快提升國際化營商環境的行動方案》海南省人民政府辦公廳2024年5月23日發布《加快提升國際化營商環境的行動方案》（以下簡稱“《行動方案》”），旨在通過六個關鍵領域的改革，即市場環境、貿易投資環境、政務服務環境、法治環境、人文生態環境以及生產經營要素保障，以吸引和便利外資，推動海南經濟的高質量發展。(1) 建立與國際高標準經貿規則銜接、公平開放的市場環境：對標國際高標準經貿規則，推動制度型開放，優化市場準入，引導外資投向關鍵領域，保障外商投資企業平等參與市場競爭。(2) 創建更加自由便利的貿易投資環境：完善國際貿易和投資“單一窗口”服務，促進通關便利化，推進跨境投融資便利化，深入實施合格境外有限合伙人（QFLP）試點，拓寬QFLP基金的外商投資渠道，簡化外匯登記，吸引更多QFLP基金落地，舉辦投資促進活動。(3) 優化高效便利的外商投資政務服務環境：暢通政企溝通，完善服務平臺建設，提升政務服務便利化水平，提供多語言服務和優化支付環境。(4) 打造適應開放型經濟體制的法治環境：落實外商投資法律法規，提升國際商事糾紛解決能力，完善知識產權保護。(5) 構建外商宜居宜業的人文生態環境：推動引資與引智引才結合，強化公共服務保障，提供多樣化消費選擇。(6) 加強外資企業生產經營要素保障：強化外資項目落地服務，加大財稅金融支持，推動數據要素安全高效跨境流動。海問簡評
《行動方案》體現了海南省在提升國際化營商環境方面的堅定決心和明確方向，通過一系列具體措施，海南為外資企業提供了公平、透明、高效的市場環境，通過強化法治和人文生態環境建設，增強了外商投資的信心和吸引力。6. 海南省工業和信息化廳組織發布《海南自由貿易港數字經濟促進條例》（草案·公開征求意見稿）
2024年5月14日，海南省工業和信息化廳發布關于公開征求《海南自由貿易港數字經濟促進條例》（草案·公開征求意見稿，以下簡稱“《條例草案》”），主要包含以下幾個核心內容：(1) 數字基礎設施：強調新一代移動通信網絡、光纖網絡的建設，以及陸上和海底數據中心的布局，推動通信設施與其他基礎設施的共建共享。(2) 數字產業化：推動技術創新，培育人工智能、元宇宙等未來產業，支持集成電路產業發展和軟件信息技術服務業。(3) 產業數字化：促進智慧旅游、遠程醫療、數字金融服務體系建設，推動制造業數字化轉型。(4) 數據要素：依法進行數據分類分級管理，推動公共數據資產的有條件使用，支持數據交易場所的設立。(5) 數字經濟安全和治理數字化：建立網絡安全風險評估和應急處置機制，推動智慧口岸建設。(6) 政策保障：提出財政資金支持、人才政策、國際合作等方面的保障措施。此外，《條例草案》還提出了加強國際合作，對接國際高標準經貿規則，探索數據跨境流動管理機制。海問簡評
《條例草案》體現了海南在推動數字經濟發展方面的前瞻性和決心，其中對基礎設施建設、技術創新、產業數字化轉型以及數據要素流通等方面的政策措施，有助于吸引國內外投資，促進產業升級和經濟增長。同時，條例對網絡安全和數據治理的強調，確保了數字經濟的健康發展。2024年5月15日，證監會發布2023年執法情況綜述。2023年，證監會查辦證券期貨違法案件717件，同比增長19%；作出行政處罰539件，同比增長40%，處罰責任主體1073人（家）次，同比增長43%；市場禁入103人，同比增長47%；罰沒63.89億元，同比增長140%；向公安機關移送涉嫌證券期貨違法犯罪案件和線索118件。2023年，證監會執法重點內容包括：（1）緊盯“關鍵少數”，著力鏟除欺詐發行、財務造假等資本市場“毒瘤”，推動提高上市公司質量；（2）緊盯不勤勉、未盡責，壓緊壓實“看門人”責任，督促引導中介機構提升執業質量；（3）緊盯“內外勾結”“監守自盜”“慣犯累犯”，對違規減持、操縱市場、內幕交易保持高壓執法態勢，積極營造公平透明可預期的交易環境；（4）緊盯債券、私募、期貨等各領域，向違法行為堅決亮劍，不留金融監管執法暗角、死角。2. 海南自貿港多功能自由貿易賬戶（EF賬戶）正式上線運行
2024年5月6日，海南自貿港多功能自由貿易賬戶（簡稱“EF賬戶”）正式上線運行。海南有10家銀行獲得首批上線運行資格，順利上線了多功能自由貿易賬戶。截至6日中午12:00，10家首批上線EF賬戶的銀行，共為34家企業開立了EF賬戶。EF賬戶共發生各類交易資金劃轉34筆，合計金額2.84億元，涉及貿易收付款、外商投資、境外放款、外債、結售匯、流動貸款以及信用證融資等業務場景。基金業協會根據近期自律檢查和處分情況，選取并編寫了典型案例，于2024年5月15日發布。案例聚焦利益輸送違規、未充分披露信息、違反專業化運營原則等方面，具體情況概述如下：案例一：A公司（私募證券投資基金管理人）的實際控制人、投資經理，通過主導A公司發行私募基金募集資金，以顯著低于面值報價購買二級市場低流動性存量債券，為證券公司從業人員牟取利益。案例二：B公司（私募證券投資基金管理人）為C公司提供融資服務，又在同一時期利用旗下私募基金買入C公司發行的債券，從事與其管理職責存在明顯沖突的業務，但未按規定進行披露。案例三：D公司（私募證券投資基金管理人）利用關聯方與若干城投平臺公司簽署咨詢或服務合同，利用發行管理的私募基金配合認購持有合作城投平臺公司發行的債券，由D公司關聯方向債券發行人收取咨詢費、服務費。案例四：E公司（私募股權、創投類投資基金管理人）使用區縣級城投平臺公司通過下屬子公司向其轉入的資金通過其自有證券賬戶購買城投平臺公司發行的債券，為結構化發債提供便利，違反專業化運營原則。案例五：H公司（私募證券投資基金管理人）參與債券的結構化發行，提供通道服務，違反專業化運營原則。案例六：J公司（私募股權、創投類投資基金管理人）代股東單位與第三方機構簽訂業務合同，為結構化發債提供便利，違反專業化運營原則。對于上述違規行為，監管部門采取了包括書面警示、限期改正、公開譴責、暫停辦理備案、限制業務活動、撤銷管理人登記等行政或自律措施。信息來源：
● http://www.csrc.gov.cn/csrc/c100028/c7480575/content.shtml● https://mp.weixin.qq.com/s/jvUvuCBinnaGcGJYxzMnYg● https://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 Business 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") was officially launched; and the Asset Management Association of China ("AMAC") released recent warning cases pertaining to violations and irregularities in private fund sector.I Latest Rules and Regulations
1. CSRC Issued the Decision on Revising the Regulations on Strengthening the Supervision 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 issuers 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 regulations for the supervision of programmatic trading (commonly known as quantitative trading) in the securities 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 enhance 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 encompass 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 6th, these ten banks had opened EF Accounts for 34 enterprises. The EF Accounts facilitated 34 transactions, totaling 284 million yuan, encompassing trade payments 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:
● http://www.csrc.gov.cn/csrc/c100028/c7480575/content.shtml● https://mp.weixin.qq.com/s/jvUvuCBinnaGcGJYxzMnYg● https://www.amac.org.cn/xwfb/tzgg/202405/t20240515_25546.html
