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Shenzhen Stock Exchange Releases 2013 Self-Regulatory Report

Date 22/01/2014

The Shenzhen Stock Exchange (SZSE) has recently released its 2013 Annual Self-regulatory Report, which covered the main tasks of regulatory enforcement, rule-making, transformation of regulatory methods and optimization of regulatory services undertaken in 2013.

According to the report, the SZSE has actively carried out the overall arrangement of China Securities Regulatory Commission (CSRC) during the year of 2013. It updated its regulatory ideology, exercised regulation innovations, promoted regulatory transformations, and strived to incorporate into its regulatory work the philosophies of strengthening investor protection and allowing the market to play the principal role.

In respect of regulatory enforcement, the SZSE further improved the disciplinary sanction mechanism of “separating investigation and hearing”. During the year, the disciplinary sanction committee held 14 meetings and made 65 disciplinary sanction decisions that involved 59 listed companies and 261 persons. It also imposed 25 trading restriction measures on 36 securities accounts of 34 investors involved in abnormal trading. In respect of rule-making, the SZSE amended or formulated basic rules such as the Trading Rules and the Guidelines on Regulatory Compliance by Listed Companies in Operations and continued to enhance its rule system. It adopted an open rule-making approach to solicit investors’ comments and suggestions through an online communication platform and ensure the scientific rule-making process. In respect of transforming regulatory methods, the SZSE streamlined the examination and registration items by 48% from 31 to 16. It expanded the scope of companies for Through-put Information Disclosure, which further enhanced the disclosure efficiency and better protected investors’ right to know. It also tightened risk prevention-based supervision to guarantee the well-functioning of the market. In respect of optimizing regulatory services, the SZSE rolled out an investor service platform comprising “easy call”, “easy interaction”, “easy investor education”, “easy analysis”, and “easy voting”. It actively cooperated with the CSRC in studying innovative investor-compensation and dispute-settlement mechanisms. It also increased regulatory transparency by disclosing the real-time processing of major asset restructurings and removal of risk alerts for public supervision.

The report also presented an outlook of the SZSE’s regulatory framework for the year of 2014. Under the leadership of the CSRC, the SZSE will study painstakingly the guidelines of the 18th CPC National Congress and the Third Plenary Session of the 18th CPC Central Committee, and further implement the Opinions of the General Office of the State Council on Further Strengthening the Legitimate Rights and Interests of Small Investors on the Capital Market. The SZSE will intensify self-regulation, deepen basic functions of market organization and market services, enhance the standardization, rationalization and transparency of market operation and front-line supervision, and work with all market participants to build a more open, fair and efficient multi-tiered capital market.