為便于業(yè)界及時(shí)了解金融資管行業(yè)熱點(diǎn)，海問每月發(fā)布《海問金融資管月刊》，介紹并簡評監(jiān)管新規(guī)及行業(yè)動態(tài)。
2024年5月，監(jiān)管新規(guī)方面，中國證券監(jiān)督管理委員會（“證監(jiān)會”）發(fā)布《關(guān)于修訂〈關(guān)于加強(qiáng)上市證券公司監(jiān)管的規(guī)定〉的決定》《監(jiān)管規(guī)則適用指引—發(fā)行類第10號》《證券市場程序化交易管理規(guī)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(jiān)事和高級管理人員所持本公司股份及其變動管理規(guī)則》，滬深交易所同步發(fā)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(huán)境的行動方案》；海南省工業(yè)和信息化廳組織發(fā)布《海南自由貿(mào)易港數(shù)字經(jīng)濟(jì)促進(jìn)條例》（草案·公開征求意見稿）。
行業(yè)動態(tài)方面，證監(jiān)會發(fā)布2023年執(zhí)法情況綜述；海南自貿(mào)港多功能自由貿(mào)易賬戶（EF賬戶）正式上線運(yùn)行；中國證券投資基金業(yè)協(xié)會（“基金業(yè)協(xié)會”）發(fā)布近期私募基金違法違規(guī)警示案例。
1. 證監(jiān)會發(fā)布《關(guān)于修訂〈關(guān)于加強(qiáng)上市證券公司監(jiān)管的規(guī)定〉的決定》
2024年5月10日，證監(jiān)會發(fā)布《關(guān)于修訂〈關(guān)于加強(qiáng)上市證券公司監(jiān)管的規(guī)定〉的決定》，主要修訂內(nèi)容包括：（1）優(yōu)化發(fā)展理念，統(tǒng)籌規(guī)范融資行為。一是矯正機(jī)構(gòu)定位，明確要求上市證券公司聚焦主責(zé)主業(yè)，積極發(fā)揮金融服務(wù)實(shí)體經(jīng)濟(jì)的功能作用，二是規(guī)范市場化融資行為，嚴(yán)格規(guī)范資金用途，審慎開展高資本消耗型業(yè)務(wù)；（2）健全公司治理，強(qiáng)化內(nèi)部管控和風(fēng)險(xiǎn)管理要求。股東、股東的實(shí)際控制人及其他關(guān)聯(lián)方等不得要求上市公司及其子公司通過違規(guī)關(guān)聯(lián)交易、對外投資、融資、擔(dān)保、銷售金融產(chǎn)品等方式侵占上市公司及其子公司的資金和資產(chǎn)，損害公司及其他股東、客戶的合法權(quán)益，規(guī)范財(cái)務(wù)報(bào)表編制和披露，完善從業(yè)人員管理及長效激勵(lì)約束機(jī)制；（3）促進(jìn)行業(yè)發(fā)展，完善信息披露要求。在披露時(shí)說明風(fēng)險(xiǎn)計(jì)量方法，在定期報(bào)告中披露凈資本等主要風(fēng)險(xiǎn)控制指標(biāo)的具體情況和達(dá)標(biāo)情況，風(fēng)險(xiǎn)覆蓋率、資本杠桿率、流動性覆蓋率、凈穩(wěn)定資金率等核心風(fēng)險(xiǎn)控制指標(biāo)不符合規(guī)定標(biāo)準(zhǔn)的及時(shí)以臨時(shí)公告方式披露，取消證券公司分類結(jié)果披露要求，明確上市證券公司經(jīng)監(jiān)管部門認(rèn)可或要求，以合并數(shù)據(jù)為基礎(chǔ)編制風(fēng)險(xiǎn)控制指標(biāo)監(jiān)管報(bào)表，或采取內(nèi)部模型法等風(fēng)險(xiǎn)計(jì)量高級方法計(jì)算相關(guān)風(fēng)險(xiǎn)控制指標(biāo)的，應(yīng)當(dāng)在披露時(shí)就相關(guān)口徑及差異化安排進(jìn)行說明；（4）踐行人民立場，提升投資者保護(hù)水平。上市證券公司應(yīng)當(dāng)建立健全投資者關(guān)系管理活動相關(guān)制度以及程序，上市證券公司投資者關(guān)系工作人員應(yīng)當(dāng)具備履行職責(zé)所必需的專業(yè)知識，對經(jīng)營利潤用于自身發(fā)展和回報(bào)股東進(jìn)行合理平衡。海問簡評
本次修訂從優(yōu)化發(fā)展理念、健全公司治理、完善信息披露和提升投資者保護(hù)等方面進(jìn)行了全面調(diào)整，有助于證券公司回歸核心業(yè)務(wù)，提升市場信任，保護(hù)投資者權(quán)益，推動行業(yè)健康發(fā)展。2. 證監(jiān)會發(fā)布實(shí)施《監(jiān)管規(guī)則適用指引—發(fā)行類第10號》2024年5月15日，證監(jiān)會發(fā)布《監(jiān)管規(guī)則適用指引—發(fā)行類第10號》（“《指引10號》”），規(guī)范發(fā)行人的信息披露行為和中介機(jī)構(gòu)核查工作。《指引10號》主要包括四部分:（1）發(fā)行人基本情況相關(guān)信息披露要求：規(guī)定了發(fā)行人應(yīng)當(dāng)向投資者闡明有關(guān)上市目的、融資必要性、募集資金使用規(guī)劃、未來發(fā)展規(guī)劃等“上市觀”內(nèi)容；（2）業(yè)績下滑情形相關(guān)承諾的信息披露要求：規(guī)定發(fā)行人的控股股東、實(shí)際控制人及其一致行動人可以承諾出現(xiàn)發(fā)行人上市當(dāng)年及之后第二年、第三年較上市前一年扣除非經(jīng)常性損益后歸母凈利潤下滑50%以上等情形的，延長其屆時(shí)所持股份鎖定期限；（3）為上市后分紅政策相關(guān)信息披露要求：規(guī)定了對公司章程中的利潤分配、董事會關(guān)于股東回報(bào)事項(xiàng)的論證、上市后三年內(nèi)現(xiàn)金分紅等分配計(jì)劃、長期回報(bào)規(guī)劃等的披露要求；（4）為未盈利企業(yè)相關(guān)信息披露要求：要求審慎披露預(yù)計(jì)實(shí)現(xiàn)盈利情況等前瞻性信息。海問簡評
《指引10號》對發(fā)行人募資、盈利情況、業(yè)績、股東回報(bào)等信息披露要求進(jìn)行了規(guī)定，旨在保證投資者對公司資金運(yùn)用及業(yè)績情況的知情權(quán)。3. 證監(jiān)會發(fā)布《證券市場程序化交易管理規(guī)定（試行）》2024年5月15日，證監(jiān)會發(fā)布《證券市場程序化交易管理規(guī)定（試行）》（“《管理規(guī)定》”），自2024年10月8日起正式實(shí)施，對證券市場程序化交易（市場通常稱為量化交易）監(jiān)管作出全方位、系統(tǒng)性規(guī)定。《管理規(guī)定》主要內(nèi)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(jì)算機(jī)程序自動生成或者下達(dá)交易指令在證券交易所進(jìn)行證券交易的行為，相關(guān)活動應(yīng)遵循公平原則，不得影響證券交易所系統(tǒng)安全或者擾亂正常交易秩序；（2）明確報(bào)告要求：程序化交易投資者應(yīng)按規(guī)定報(bào)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(shí)“先報(bào)告、后交易”要求，在履行報(bào)告義務(wù)后方可進(jìn)行程序化交易；（3）明確交易監(jiān)測和風(fēng)險(xiǎn)防控要求：證券交易所對程序化交易實(shí)行實(shí)時(shí)監(jiān)控，對異常交易行為進(jìn)行重點(diǎn)監(jiān)控。同時(shí)，進(jìn)一步壓實(shí)證券公司客戶管理職責(zé)，要求證券公司接受客戶程序化交易委托的，應(yīng)當(dāng)與客戶簽訂委托協(xié)議，明確機(jī)構(gòu)投資者合規(guī)風(fēng)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(jī)構(gòu)應(yīng)當(dāng)就程序化交易制定專門的業(yè)務(wù)管理和合規(guī)風(fēng)控制度，完善程序化交易指令審核和監(jiān)控系統(tǒng)，防范和控制業(yè)務(wù)風(fēng)險(xiǎn)；（4）加強(qiáng)信息系統(tǒng)管理，明確對程序化交易相關(guān)的技術(shù)系統(tǒng)、交易單元、主機(jī)托管、交易信息系統(tǒng)接入等監(jiān)管要求；（5）加強(qiáng)高頻交易監(jiān)管。明確高頻交易的定義，即具備“短時(shí)間內(nèi)申報(bào)、撤單的筆數(shù)、頻率較高；日內(nèi)申報(bào)、撤單的筆數(shù)較高”等特征的程序化交易；并明確投資者進(jìn)行高頻交易前應(yīng)報(bào)告的信息、證券交易所可對高頻交易實(shí)施差異化收費(fèi)、證券交易所對高頻交易行為實(shí)施重點(diǎn)監(jiān)管等差異化監(jiān)管要求；（6）明確監(jiān)督管理安排。程序化交易相關(guān)機(jī)構(gòu)和個(gè)人違反有關(guān)規(guī)定的，證券交易所、中國證券業(yè)協(xié)會、基金業(yè)協(xié)會根據(jù)規(guī)定采取管理措施，證監(jiān)會及其派出機(jī)構(gòu)可依法采取監(jiān)管措施或進(jìn)行處罰；（7）明確通過內(nèi)地與香港股票市場交易互聯(lián)互通機(jī)制在內(nèi)地證券市場進(jìn)行程序化交易的投資者，應(yīng)當(dāng)按照內(nèi)外資一致的原則，納入報(bào)告管理，執(zhí)行交易監(jiān)控有關(guān)規(guī)定，對其異常交易行為開展跨境監(jiān)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(jiān)會及各大證券交易所密集出臺程序化交易管理相關(guān)規(guī)定，體現(xiàn)了監(jiān)管機(jī)構(gòu)及證券交易所對程序化交易、高頻交易監(jiān)管的重視。《管理規(guī)定》的出臺，標(biāo)志著中國證券市場在程序化交易和高頻交易領(lǐng)域的監(jiān)管進(jìn)入了一個(gè)新的高度，通過明確事前報(bào)告制度和差異化監(jiān)管措施，不僅強(qiáng)化了對技術(shù)系統(tǒng)和交易行為的監(jiān)控，還為跨境監(jiān)管合作奠定了基礎(chǔ)。4. 證監(jiān)會發(fā)布《上市公司股東減持股份管理暫行辦法》《上市公司董事、監(jiān)事和高級管理人員所持本公司股份及其變動管理規(guī)則》，滬深交易所同步發(fā)布配套指引
證監(jiān)會于2024年5月24日發(fā)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(jiān)事和高級管理人員所持本公司股份及其變動管理規(guī)則》（以下簡稱“《持股變動規(guī)則》”），旨在加強(qiáng)監(jiān)管，防范風(fēng)險(xiǎn)，推動資本市場高質(zhì)量發(fā)展。《減持管理辦法》共三十一條，其主要內(nèi)容為（1）規(guī)范大股東特別是控股股東和實(shí)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(jià)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(yù)披露義務(wù)，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(xié)議轉(zhuǎn)讓后六個(gè)月的鎖定期，以及對司法強(qiáng)制執(zhí)行和質(zhì)押融資融券違約處置等情況下的減持要求；（3）細(xì)化了違規(guī)減持的責(zé)任條款，強(qiáng)化了上市公司及董事會秘書的義務(wù)。《持股變動規(guī)則》的主要修訂內(nèi)容在于，（1）明確上市公司董監(jiān)高的各種賬戶持股應(yīng)合并計(jì)算，包括登記名下及利用他人賬戶持有的本公司股份；（2）細(xì)化董監(jiān)高禁止減持的情形，如董監(jiān)高本人因涉及證券期貨違法被證監(jiān)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(jiān)高因離婚分割股票后各方持續(xù)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(bào)告、半年度報(bào)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(jiān)高依法增持。此外滬深交易所亦于前述規(guī)則發(fā)布的同日出臺了銜接新舊規(guī)則的自律監(jiān)管指引，從減持具體操作以及監(jiān)管等部分進(jìn)行了詳細(xì)規(guī)定。海問簡評
這兩項(xiàng)規(guī)則的發(fā)布，體現(xiàn)了監(jiān)管對市場秩序的維護(hù)和對投資者權(quán)益保護(hù)的重視，通過細(xì)化減持規(guī)定和強(qiáng)化信息披露，提高市場效率和透明度，減少市場操縱和內(nèi)幕交易行為。同時(shí)，規(guī)范窗口期交易和離婚分割股票等規(guī)定，進(jìn)一步明確了董監(jiān)高的責(zé)任和義務(wù)，增強(qiáng)了市場規(guī)則的約束力。此外，支持董監(jiān)高依法增持股份的條款，有助于穩(wěn)定公司股價(jià)，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(huán)境的行動方案》海南省人民政府辦公廳2024年5月23日發(fā)布《加快提升國際化營商環(huán)境的行動方案》（以下簡稱“《行動方案》”），旨在通過六個(gè)關(guān)鍵領(lǐng)域的改革，即市場環(huán)境、貿(mào)易投資環(huán)境、政務(wù)服務(wù)環(huán)境、法治環(huán)境、人文生態(tài)環(huán)境以及生產(chǎn)經(jīng)營要素保障，以吸引和便利外資，推動海南經(jīng)濟(jì)的高質(zhì)量發(fā)展。(1) 建立與國際高標(biāo)準(zhǔn)經(jīng)貿(mào)規(guī)則銜接、公平開放的市場環(huán)境：對標(biāo)國際高標(biāo)準(zhǔn)經(jīng)貿(mào)規(guī)則，推動制度型開放，優(yōu)化市場準(zhǔn)入，引導(dǎo)外資投向關(guān)鍵領(lǐng)域，保障外商投資企業(yè)平等參與市場競爭。(2) 創(chuàng)建更加自由便利的貿(mào)易投資環(huán)境：完善國際貿(mào)易和投資“單一窗口”服務(wù)，促進(jìn)通關(guān)便利化，推進(jìn)跨境投融資便利化，深入實(shí)施合格境外有限合伙人（QFLP）試點(diǎn)，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(jìn)活動。(3) 優(yōu)化高效便利的外商投資政務(wù)服務(wù)環(huán)境：暢通政企溝通，完善服務(wù)平臺建設(shè)，提升政務(wù)服務(wù)便利化水平，提供多語言服務(wù)和優(yōu)化支付環(huán)境。(4) 打造適應(yīng)開放型經(jīng)濟(jì)體制的法治環(huán)境：落實(shí)外商投資法律法規(guī)，提升國際商事糾紛解決能力，完善知識產(chǎn)權(quán)保護(hù)。(5) 構(gòu)建外商宜居宜業(yè)的人文生態(tài)環(huán)境：推動引資與引智引才結(jié)合，強(qiáng)化公共服務(wù)保障，提供多樣化消費(fèi)選擇。(6) 加強(qiáng)外資企業(yè)生產(chǎn)經(jīng)營要素保障：強(qiáng)化外資項(xiàng)目落地服務(wù)，加大財(cái)稅金融支持，推動數(shù)據(jù)要素安全高效跨境流動。海問簡評
《行動方案》體現(xiàn)了海南省在提升國際化營商環(huán)境方面的堅(jiān)定決心和明確方向，通過一系列具體措施，海南為外資企業(yè)提供了公平、透明、高效的市場環(huán)境，通過強(qiáng)化法治和人文生態(tài)環(huán)境建設(shè)，增強(qiáng)了外商投資的信心和吸引力。6. 海南省工業(yè)和信息化廳組織發(fā)布《海南自由貿(mào)易港數(shù)字經(jīng)濟(jì)促進(jìn)條例》（草案·公開征求意見稿）
2024年5月14日，海南省工業(yè)和信息化廳發(fā)布關(guān)于公開征求《海南自由貿(mào)易港數(shù)字經(jīng)濟(jì)促進(jìn)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(gè)核心內(nèi)容：(1) 數(shù)字基礎(chǔ)設(shè)施：強(qiáng)調(diào)新一代移動通信網(wǎng)絡(luò)、光纖網(wǎng)絡(luò)的建設(shè)，以及陸上和海底數(shù)據(jù)中心的布局，推動通信設(shè)施與其他基礎(chǔ)設(shè)施的共建共享。(2) 數(shù)字產(chǎn)業(yè)化：推動技術(shù)創(chuàng)新，培育人工智能、元宇宙等未來產(chǎn)業(yè)，支持集成電路產(chǎn)業(yè)發(fā)展和軟件信息技術(shù)服務(wù)業(yè)。(3) 產(chǎn)業(yè)數(shù)字化：促進(jìn)智慧旅游、遠(yuǎn)程醫(yī)療、數(shù)字金融服務(wù)體系建設(shè)，推動制造業(yè)數(shù)字化轉(zhuǎn)型。(4) 數(shù)據(jù)要素：依法進(jìn)行數(shù)據(jù)分類分級管理，推動公共數(shù)據(jù)資產(chǎn)的有條件使用，支持?jǐn)?shù)據(jù)交易場所的設(shè)立。(5) 數(shù)字經(jīng)濟(jì)安全和治理數(shù)字化：建立網(wǎng)絡(luò)安全風(fēng)險(xiǎn)評估和應(yīng)急處置機(jī)制，推動智慧口岸建設(shè)。(6) 政策保障：提出財(cái)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(qiáng)國際合作，對接國際高標(biāo)準(zhǔn)經(jīng)貿(mào)規(guī)則，探索數(shù)據(jù)跨境流動管理機(jī)制。海問簡評
《條例草案》體現(xiàn)了海南在推動數(shù)字經(jīng)濟(jì)發(fā)展方面的前瞻性和決心，其中對基礎(chǔ)設(shè)施建設(shè)、技術(shù)創(chuàng)新、產(chǎn)業(yè)數(shù)字化轉(zhuǎn)型以及數(shù)據(jù)要素流通等方面的政策措施，有助于吸引國內(nèi)外投資，促進(jìn)產(chǎn)業(yè)升級和經(jīng)濟(jì)增長。同時(shí)，條例對網(wǎng)絡(luò)安全和數(shù)據(jù)治理的強(qiáng)調(diào)，確保了數(shù)字經(jīng)濟(jì)的健康發(fā)展。1. 證監(jiān)會發(fā)布2023年執(zhí)法情況綜述
2024年5月15日，證監(jiān)會發(fā)布2023年執(zhí)法情況綜述。2023年，證監(jiān)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(zé)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(jī)關(guān)移送涉嫌證券期貨違法犯罪案件和線索118件。2023年，證監(jiān)會執(zhí)法重點(diǎn)內(nèi)容包括：（1）緊盯“關(guān)鍵少數(shù)”，著力鏟除欺詐發(fā)行、財(cái)務(wù)造假等資本市場“毒瘤”，推動提高上市公司質(zhì)量；（2）緊盯不勤勉、未盡責(zé)，壓緊壓實(shí)“看門人”責(zé)任，督促引導(dǎo)中介機(jī)構(gòu)提升執(zhí)業(yè)質(zhì)量；（3）緊盯“內(nèi)外勾結(jié)”“監(jiān)守自盜”“慣犯累犯”，對違規(guī)減持、操縱市場、內(nèi)幕交易保持高壓執(zhí)法態(tài)勢，積極營造公平透明可預(yù)期的交易環(huán)境；（4）緊盯債券、私募、期貨等各領(lǐng)域，向違法行為堅(jiān)決亮劍，不留金融監(jiān)管執(zhí)法暗角、死角。2. 海南自貿(mào)港多功能自由貿(mào)易賬戶（EF賬戶）正式上線運(yùn)行
2024年5月6日，海南自貿(mào)港多功能自由貿(mào)易賬戶（簡稱“EF賬戶”）正式上線運(yùn)行。海南有10家銀行獲得首批上線運(yùn)行資格，順利上線了多功能自由貿(mào)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(yè)開立了EF賬戶。EF賬戶共發(fā)生各類交易資金劃轉(zhuǎn)34筆，合計(jì)金額2.84億元，涉及貿(mào)易收付款、外商投資、境外放款、外債、結(jié)售匯、流動貸款以及信用證融資等業(yè)務(wù)場景。3. 基金業(yè)協(xié)會發(fā)布近期私募基金違法違規(guī)警示案例
基金業(yè)協(xié)會根據(jù)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(fā)布。案例聚焦利益輸送違規(guī)、未充分披露信息、違反專業(yè)化運(yùn)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(shí)際控制人、投資經(jīng)理，通過主導(dǎo)A公司發(fā)行私募基金募集資金，以顯著低于面值報(bào)價(jià)購買二級市場低流動性存量債券，為證券公司從業(yè)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(wù)，又在同一時(shí)期利用旗下私募基金買入C公司發(fā)行的債券，從事與其管理職責(zé)存在明顯沖突的業(yè)務(wù)，但未按規(guī)定進(jìn)行披露。案例三：D公司（私募證券投資基金管理人）利用關(guān)聯(lián)方與若干城投平臺公司簽署咨詢或服務(wù)合同，利用發(fā)行管理的私募基金配合認(rèn)購持有合作城投平臺公司發(fā)行的債券，由D公司關(guān)聯(lián)方向債券發(fā)行人收取咨詢費(fèi)、服務(wù)費(fèi)。案例四：E公司（私募股權(quán)、創(chuàng)投類投資基金管理人）使用區(qū)縣級城投平臺公司通過下屬子公司向其轉(zhuǎn)入的資金通過其自有證券賬戶購買城投平臺公司發(fā)行的債券，為結(jié)構(gòu)化發(fā)債提供便利，違反專業(yè)化運(yùn)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(jié)構(gòu)化發(fā)行，提供通道服務(wù)，違反專業(yè)化運(yùn)營原則。案例六：J公司（私募股權(quán)、創(chuàng)投類投資基金管理人）代股東單位與第三方機(jī)構(gòu)簽訂業(yè)務(wù)合同，為結(jié)構(gòu)化發(fā)債提供便利，違反專業(yè)化運(yùn)營原則。對于上述違規(guī)行為，監(jiān)管部門采取了包括書面警示、限期改正、公開譴責(zé)、暫停辦理備案、限制業(yè)務(wù)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題21-1_畫板 1 副本.png)
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