The CSRC issued a blockbuster.
In order to implement the investor-oriented regulatory concept and strengthen the supervision of the lending of restricted shares, the China Securities Regulatory Commission (CSRC) has further optimized the securities lending mechanism after full demonstration and evaluation. These include:
The first is to completely suspend the lending of restricted shares;
The second is to adjust the market-based declaration of refinancing securities from real-time availability to next-day availability, restricting the efficiency of securities lending and lending.
Due to factors such as system adjustmentsThe first measure has been in place since January 29 and the second since March 18.
In October 2023, the China Securities Regulatory Commission (CSRC) cancelled the lending of special asset management plans established by senior executives and core employees of listed companies through participation in strategic placements, and restricted the lending methods and proportions of other strategic investors in the early stage of listing.
On the basis of summarizing the experience of optimizing the arrangement of the securities lending mechanism in the early stage, and in accordance with the idea of "steady progress and step-by-step implementation", the optimization of the securities lending mechanism by the CSRC mainly reflects the following regulatory intentions:
The first is to highlight fairness and reasonableness, reduce the efficiency of securities lending and lending, restrict the advantages of institutions in the use of information and tools, give all kinds of investors more time to digest market information, and create a fairer market order.
The second is to highlight strict supervision, restrict the lending of all restricted shares in stages, further strengthen the supervision of restricted stock lending, and at the same time, resolutely crack down on illegal behaviors of detouring and cashing out in the name of securities lending.
In the next step, the China Securities Regulatory Commission will continue to strengthen supervision, put the fairness of the system in a more prominent position, summarize and evaluate the operation effect in a timely manner, maintain market order in accordance with the law, and effectively protect the legitimate rights and interests of investors.
Netizens expressed their support
*: Released by the China Securities Regulatory Commission, China News Service, and netizen comments.
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