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注册制下的A股生态六不变与八大变
2020-01-08 01:00   来源:  www.kenclickrich.com   评论:0 点击:

注册制下的A股生态六不变与八大变2019年12月28日,全国人大常委会审议通过新修订的《证券法》,修订后的《

2019年12月28日,全国人大常委会审议通过新修订的《证券法》,修订后的《证券法》将于2020年3月1日起施行。此次修订从注册制改革、违法成本、投资者保护、信息披露、交易行为等方面修改完善,并增加信息披露和投资者保护专章。《证券法》还明确将全面推行注册制。

On December 28,2019, the Standing Committee of the National People's Congress deliberated and passed the newly revised Securities Act, which will come into effect on March 1,2020. The revision is improved from the aspects of registration system reform, illegal cost, investor protection, information disclosure, transaction behavior and so on, and the special chapter on information disclosure and investor protection is added. The Securities Act also makes it clear that the registration system will be fully implemented.

《证券法》修订稿在总结科创板试点注册制基础上,对注册制作出系统完备的规定:一是精简优化证券发行条件,公开发行股票持续盈利能力要求改为持续经营能力,有利于打破证券发行监管中的行政审批思维;二是调整证券发行的程序,取消发行审核委员会制度;三是强化信息披露;四是规定证券发行注册制的具体范围、实施步骤,为注册制分步实施留出空间。《证券法》修订,新股发行是重中之重,我国新股发行制度经历从审批制到核准制,再到注册制转变,有望迎来A股资本市场的“大变局”。

On the basis of summarizing the pilot registration system, the revised draft of the Securities Law makes systematic and complete provisions on the registration system: first, streamlining and optimizing the conditions for securities issuance, changing the requirement of continuous profitability of public stock issuance to the ability of continuing operation, which will help to break the thinking of administrative examination and approval in the supervision of securities issuance; second, adjusting the procedures for securities issuance and eliminating the system of issuing and auditing committees; third, strengthening the information disclosure; and fourth, providing the specific scope and implementation steps of the securities issuance registration system, which will allow space for the registration system to be implemented step by step by step. The reform of the Securities Law, the issuance of new shares is the most important, China's new stock issuance system from the examination and approval system to the approval system, and then to the registration system change, is expected to usher in a \"big change\" in the A-share capital market.

中国资本市场制度从保荐制,到发审委制度,经历询价制的演变,中小板、创业板的开板,IPO发行从审核制一步步走到2019年。

China's capital market system from the sponsor system, to the commission system, experienced the evolution of inquiry system, small and medium-sized board, gem opening board, IPO issuance from the audit system step by step to 2019.

监管机构对中国资本市场制度建设的探索从未停止。2019年,科创板设立,A股试水注册制,中国资本市场触摸到一个新世界。随着2019年年底《证券法》的修订,这扇新世界的大门轰轰烈烈打开。

The regulator's exploration of China's capital market system has never stopped. In 2019, Kechuang board was set up, A-share trial water registration system, China's capital market touched a new world. With the Securities Act revised at the end of 2019, the door to a new world has swung open.

注册制实施后,A股新股发行、并购市场将呈现怎样的大势,亦成为全市场最关注的话题。另外,当市场里的所有人都在极力预测注册制会带来什么改变的时候,我们也应该思考:什么仍然是A股不变性的现象,什么是中国资本市场不可动摇的基石。

After the implementation of the registration system, A-share new issue, M


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