2023年2月(yue)17日,中(zhong)國證(zheng)(zheng)監會(hui)發(fa)布(bu)全(quan)面實行股票(piao)發(fa)行注冊制(zhi)(zhi)相關(guan)制(zhi)(zhi)度規則,自公布(bu)之日起(qi)施(shi)行。證(zheng)(zheng)券交易所、全(quan)國股轉(zhuan)公司、中(zhong)國結算、中(zhong)證(zheng)(zheng)金融、證(zheng)(zheng)券業協會(hui)配套(tao)制(zhi)(zhi)度規則同步發(fa)布(bu)實施(shi)。
全(quan)(quan)面(mian)實行(xing)(xing)注(zhu)冊(ce)制(zhi)(zhi)(zhi)(zhi)(zhi)是(shi)涉及資本市(shi)(shi)場全(quan)(quan)局(ju)的重大改(gai)革。在(zai)各方(fang)共(gong)同努力(li)下,科創板、創業板和(he)北(bei)交所(suo)試點注(zhu)冊(ce)制(zhi)(zhi)(zhi)(zhi)(zhi)總體上是(shi)成功的,主要(yao)制(zhi)(zhi)(zhi)(zhi)(zhi)度(du)規則(ze)經受住了市(shi)(shi)場檢驗,改(gai)革成效得(de)到了市(shi)(shi)場認可。這次全(quan)(quan)面(mian)實行(xing)(xing)注(zhu)冊(ce)制(zhi)(zhi)(zhi)(zhi)(zhi)制(zhi)(zhi)(zhi)(zhi)(zhi)度(du)規則(ze)的發布實施,標志著注(zhu)冊(ce)制(zhi)(zhi)(zhi)(zhi)(zhi)的制(zhi)(zhi)(zhi)(zhi)(zhi)度(du)安(an)排基本定(ding)型,標志著注(zhu)冊(ce)制(zhi)(zhi)(zhi)(zhi)(zhi)推廣到全(quan)(quan)市(shi)(shi)場和(he)各類公開發行(xing)(xing)股票行(xing)(xing)為,在(zai)中國資本市(shi)(shi)場改(gai)革發展(zhan)進程(cheng)中具有里程(cheng)碑意義。
此次發(fa)布的(de)(de)制(zhi)(zhi)度(du)規(gui)則(ze)共165部(bu)(bu),其中(zhong)(zhong)證(zheng)(zheng)監(jian)(jian)會(hui)發(fa)布的(de)(de)制(zhi)(zhi)度(du)規(gui)則(ze)57部(bu)(bu),證(zheng)(zheng)券交(jiao)易所(suo)(suo)、全(quan)國(guo)股轉(zhuan)公(gong)司(si)、中(zhong)(zhong)國(guo)結算等(deng)(deng)發(fa)布的(de)(de)配(pei)套(tao)制(zhi)(zhi)度(du)規(gui)則(ze)108部(bu)(bu)。內(nei)容涵蓋(gai)發(fa)行(xing)(xing)(xing)(xing)條(tiao)(tiao)件(jian)、注(zhu)(zhu)(zhu)冊(ce)(ce)程序、保(bao)(bao)薦承(cheng)銷、重(zhong)(zhong)(zhong)(zhong)大(da)資產(chan)(chan)重(zhong)(zhong)(zhong)(zhong)組(zu)、監(jian)(jian)管執(zhi)法(fa)、投資者(zhe)保(bao)(bao)護等(deng)(deng)各(ge)(ge)個方面。主(zhu)要內(nei)容包括(kuo):一(yi)(yi)是(shi)(shi)精簡優化發(fa)行(xing)(xing)(xing)(xing)上(shang)市(shi)條(tiao)(tiao)件(jian)。堅持以(yi)信息披(pi)露為(wei)核(he)心,將(jiang)核(he)準制(zhi)(zhi)下(xia)的(de)(de)發(fa)行(xing)(xing)(xing)(xing)條(tiao)(tiao)件(jian)盡(jin)可能轉(zhuan)化為(wei)信息披(pi)露要求。各(ge)(ge)市(shi)場板塊(kuai)設置(zhi)多元(yuan)包容的(de)(de)上(shang)市(shi)條(tiao)(tiao)件(jian)。二(er)是(shi)(shi)完善審(shen)核(he)注(zhu)(zhu)(zhu)冊(ce)(ce)程序。堅持證(zheng)(zheng)券交(jiao)易所(suo)(suo)審(shen)核(he)和(he)(he)證(zheng)(zheng)監(jian)(jian)會(hui)注(zhu)(zhu)(zhu)冊(ce)(ce)各(ge)(ge)有側(ce)重(zhong)(zhong)(zhong)(zhong)、相互(hu)銜接(jie)的(de)(de)基(ji)(ji)本架構,進(jin)一(yi)(yi)步(bu)明晰證(zheng)(zheng)券交(jiao)易所(suo)(suo)和(he)(he)證(zheng)(zheng)監(jian)(jian)會(hui)的(de)(de)職責分工(gong),提高(gao)審(shen)核(he)注(zhu)(zhu)(zhu)冊(ce)(ce)效(xiao)率和(he)(he)可預(yu)期(qi)性。證(zheng)(zheng)券交(jiao)易所(suo)(suo)審(shen)核(he)過程中(zhong)(zhong)發(fa)現重(zhong)(zhong)(zhong)(zhong)大(da)敏感事項(xiang)、重(zhong)(zhong)(zhong)(zhong)大(da)無先例情(qing)況、重(zhong)(zhong)(zhong)(zhong)大(da)輿情(qing)、重(zhong)(zhong)(zhong)(zhong)大(da)違(wei)法(fa)線索的(de)(de),及(ji)時(shi)向證(zheng)(zheng)監(jian)(jian)會(hui)請(qing)示報告(gao)。證(zheng)(zheng)監(jian)(jian)會(hui)同步(bu)關注(zhu)(zhu)(zhu)發(fa)行(xing)(xing)(xing)(xing)人是(shi)(shi)否符(fu)合國(guo)家產(chan)(chan)業政策和(he)(he)板塊(kuai)定(ding)位(wei)。同時(shi),取消(xiao)證(zheng)(zheng)監(jian)(jian)會(hui)發(fa)行(xing)(xing)(xing)(xing)審(shen)核(he)委(wei)員會(hui)和(he)(he)上(shang)市(shi)公(gong)司(si)并購重(zhong)(zhong)(zhong)(zhong)組(zu)審(shen)核(he)委(wei)員會(hui)。三是(shi)(shi)優化發(fa)行(xing)(xing)(xing)(xing)承(cheng)銷制(zhi)(zhi)度(du)。對新股發(fa)行(xing)(xing)(xing)(xing)價格(ge)、規(gui)模等(deng)(deng)不設任(ren)何行(xing)(xing)(xing)(xing)政性限制(zhi)(zhi),完善以(yi)機構投資者(zhe)為(wei)參與(yu)主(zhu)體(ti)(ti)的(de)(de)詢(xun)價、定(ding)價、配(pei)售等(deng)(deng)機制(zhi)(zhi)。四(si)是(shi)(shi)完善上(shang)市(shi)公(gong)司(si)重(zhong)(zhong)(zhong)(zhong)大(da)資產(chan)(chan)重(zhong)(zhong)(zhong)(zhong)組(zu)制(zhi)(zhi)度(du)。各(ge)(ge)市(shi)場板塊(kuai)上(shang)市(shi)公(gong)司(si)發(fa)行(xing)(xing)(xing)(xing)股份購買資產(chan)(chan)統一(yi)(yi)實行(xing)(xing)(xing)(xing)注(zhu)(zhu)(zhu)冊(ce)(ce)制(zhi)(zhi),完善重(zhong)(zhong)(zhong)(zhong)組(zu)認定(ding)標準和(he)(he)定(ding)價機制(zhi)(zhi),強化對重(zhong)(zhong)(zhong)(zhong)組(zu)活動的(de)(de)事中(zhong)(zhong)事后監(jian)(jian)管。五是(shi)(shi)強化監(jian)(jian)管執(zhi)法(fa)和(he)(he)投資者(zhe)保(bao)(bao)護。依(yi)法(fa)從嚴(yan)打擊證(zheng)(zheng)券發(fa)行(xing)(xing)(xing)(xing)、保(bao)(bao)薦承(cheng)銷等(deng)(deng)過程中(zhong)(zhong)的(de)(de)違(wei)法(fa)行(xing)(xing)(xing)(xing)為(wei)。細(xi)化責令(ling)回購制(zhi)(zhi)度(du)安(an)排(pai)。此外,全(quan)國(guo)股轉(zhuan)公(gong)司(si)注(zhu)(zhu)(zhu)冊(ce)(ce)制(zhi)(zhi)有關安(an)排(pai)與(yu)證(zheng)(zheng)券交(jiao)易所(suo)(suo)總體(ti)(ti)一(yi)(yi)致,并基(ji)(ji)于中(zhong)(zhong)小企業特點作出(chu)差(cha)異化安(an)排(pai)。
證(zheng)(zheng)監(jian)(jian)會(hui)黨委和(he)中央紀(ji)委國家監(jian)(jian)委駐證(zheng)(zheng)監(jian)(jian)會(hui)紀(ji)檢監(jian)(jian)察(cha)組將(jiang)以強(qiang)有(you)力(li)監(jian)(jian)督(du)打造廉潔(jie)的注冊(ce)制(zhi)。在制(zhi)度(du)規則層面,健全覆蓋發(fa)行、上(shang)市、再融資、并購重(zhong)組、退市、監(jian)(jian)管(guan)執法等各環(huan)節全流程的監(jian)(jian)督(du)制(zhi)約機(ji)制(zhi),強(qiang)化關鍵崗(gang)位人員廉政風險防范,加強(qiang)行業廉潔(jie)從業監(jian)(jian)管(guan)。完善對(dui)證(zheng)(zheng)券交(jiao)易所、全國股轉公(gong)司的抵近式監(jian)(jian)督(du)和(he)對(dui)發(fa)行審核注冊(ce)的嵌入式監(jian)(jian)督(du),對(dui)資本市場領(ling)域腐敗“零(ling)容忍”,持之以恒正(zheng)風肅紀(ji)。
全面(mian)實(shi)行注冊制(zhi)制(zhi)度規(gui)則公(gong)開(kai)征求意(yi)見(jian)期(qi)間(jian),證監會通過郵件、信函、網絡留言等(deng)多種渠道廣泛聽(ting)取市場機構、專(zhuan)家(jia)學者、社(she)會公(gong)眾等(deng)方面(mian)的(de)(de)意(yi)見(jian)建(jian)議。證監會對社(she)會各界(jie)提出的(de)(de)意(yi)見(jian)建(jian)議高(gao)度重視,逐日匯(hui)總整理(li),逐條認真研(yan)(yan)究。截至2月16日,共收(shou)到(dao)意(yi)見(jian)447條,采納(na)89條,主要涉(she)及加大(da)違(wei)法(fa)(fa)(fa)違(wei)規(gui)行為懲戒力度、明確(que)獨立財務(wu)顧(gu)問(wen)的(de)(de)履職(zhi)范(fan)圍(wei)、完善(shan)非上市公(gong)眾公(gong)司控股(gu)股(gu)東和實(shi)際控制(zhi)人在(zai)重大(da)資產重組中的(de)(de)法(fa)(fa)(fa)律責任規(gui)定(ding)等(deng)方面(mian)。未(wei)采納(na)的(de)(de)意(yi)見(jian)中,有(you)的(de)(de)屬于(yu)操作層(ceng)面(mian)的(de)(de)問(wen)題,將在(zai)具體工作中予(yu)以落實(shi);有(you)的(de)(de)屬于(yu)規(gui)則理(li)解問(wen)題,將通過宣傳解讀(du)、行業培訓等(deng)方式予(yu)以明確(que);有(you)的(de)(de)存(cun)在(zai)較大(da)爭(zheng)議,需要進一步研(yan)(yan)究論證;還有(you)的(de)(de)缺乏(fa)上位(wei)法(fa)(fa)(fa)依據(ju),已(yi)在(zai)相關立法(fa)(fa)(fa)說明中做了解釋。
(來源:證(zheng)監會)