Three highlights of the new corporate sponsorship regulations accompany the reform of the registration system to advance at full speed

Summary

[Tres aspectos destacados de las nuevas regulaciones comerciales de patrocinio acompañan la reforma del sistema de registro a toda velocidad]On December 4, the China Securities Association formulated and issued the “Securities Company Sponsorship Rules” (referred to as the “Rules”). The “Rules” address the key points and weaknesses of the sponsorship business of securities firms to remedy deficiencies and establish systems, and develop comprehensive and detailed regulations on the management of the sponsoring institutions and the representatives of the sponsors, the management of the self-discipline of the sponsoring companies and the consolidation of intermediary responsibilities. (Daily Values)

　　Valuesthe companyThe latest regulatory guide for sponsorship companies is here. Please sponsors andSponsoring representative“Check in.”

December 4thChina Securities Industry AssociationHe developed and released the “securities companySponsor’s Business Rules (referred to as “Rules”). The “Rules” address the key points and weaknesses of the sponsor’s securities company business and establish a system.administration, Business sponsorshipSelf disciplineManagement and compaction intermediariesresponsibilityPrepare complete and detailed regulations.

The author believes that the “Rules” will become an important standard and guide for securities companies to conduct endorsement business under the registry system, and will accompany the comprehensive deepening and smooth progress of registry system reform since the institutional level.In addition, the three highlights of the fair will also help to effectively strengthen the sponsorship project.qualityMonitor and improve the moral standards and professional capabilities of sponsor representatives and other sponsors, and promote high-quality development of the securities industry.

Highlight 1: Strengthen Internal Sponsorship Accountabilitymechanism, Compacting the capital of intermediary institutionsmarketThe responsibility of the “goalkeeper” to improve the quality of sponsors’ practice.

Sponsoring institutions are an important participant in investment and financing activities in the capital market and play an important role in the market.Issuance of securitiesThe important role of the “first guardian” on the list.New crotchThe steady progress of emissions registration reform also requires that sponsoring institutions improve their capacity and accountability systems that are compatible with them.

Therefore, one of the contents of the “Rules” is to improve the sponsor’s liability system, strengthen the sponsor’s internal accountability mechanism, improve the diligence and due diligence model standards, strengthen the sponsoring cooperation of the securities intermediaries and promote the return of all parties to their functions and form a market synergy.

The author believes that the consolidation of the responsibilities of the “gatekeepers” in the market of the sponsoring institutions and the establishment of unified and standardized rules for the issuance of securities and the commercial rules of sponsorship is an important basis for the comprehensive implementation of the system. registration in the multilevel capital market. Only by making good use of the role of “gatekeepers” in the capital market Only sponsoring institutions can have “recommendations” and more “guarantees”, and they can control the market and be optimistic about the door.

Highlight two, the establishment of a ranking mechanism for the list of sponsoring representatives to form aIntegrityRestriction, moral restriction, reputation restriction, market restriction.

Under the current broadcast sponsorship system, the level of practice of sponsor representatives andProfessionEthics becomes a distribution projectQATherefore, the “Rules” further strengthen the self-discipline of the sponsoring representatives, establish a classification mechanism for the list of sponsoring representatives and make known the state of practice of the sponsoring representatives, the evaluation of professional competence , integrity information and punishment measures. Representative implementation dynamicsClassification management。

By establishing a classification mechanism for the list of sponsoring representatives, the establishment and publication of a comprehensive list of comprehensive practical information of sponsoring representatives and a list of sanctioned measures in multiple dimensions, etc., to promote the spontaneous formation of the endogenous motivation of the sponsoring representatives for the performance of their functions, diligence, honesty, integrity and self-discipline. fromSelf controlContinuously improve the ethical level and professional capacity of sponsor representatives and carry out high-quality practices.

Highlight three is to make up for shortcomings, establish a system, establish a mechanism of self-discipline and restraint for sponsoring institutions and sponsor representatives, and build a benign practice ecology for the sponsoring company.

One of the highlights of the “Rules” is to strengthen the mechanism of self-discipline and restraint of sponsors and sponsor representatives.Securities industryIt is an important measure for the association to exercise its self-discipline management responsibilities and build a benign ecological practice in which the survival of the fittest can survive.

The Rules adopted various self-disciplines by improving the evaluation of the quality of practice of the sponsoring institutions, the classification mechanism of the list of sponsor representatives, publicity and promotion, and instant response.Management Mechanism, Actively play the synergy of self-discipline management, build aDifferentiation, Market-oriented restraint mechanism.

By establishing the aforementioned market-based self-discipline mechanism, you will help promote honesty, trustworthiness, diligence and due diligence from sponsors and sponsor representatives. While enhancing the professional skills and quality of practice of sponsor representatives, it will also guide the ecology of market practice into a virtuous circle.

The author considers that the comprehensive and deepening reforms currently being pushed in the capital market provide new opportunities for the development of the sponsorship business, but at the same time also pose new requirements for sponsors and sponsors’ representatives. The sponsors and representatives of the sponsors must sit in accordance with the Regulations. “Conscientiously and diligently consolidate” gatekeeper “responsibility, seize new reform opportunities, and achieve a new leap in the sponsorship business.

(Source: Securities Daily)

(Editor in charge: DF372)