Commission Vice-Chairman Jiang Yang: for information management and supervision of listed companies will implement transmissive

CPPCC National Committee, China Securities Regulatory Commission Vice Chairman Jiang Yang told Securities Times reporter, said transmissive supervision of the capital market, according to China's capital market regulatory approach unique to China's national conditions created by the international market some of this reference。Jiang Yang said, will be gradually introduced to the transmissive regulatory and information management, supervision of listed companies。  Jiang Yang: information management and trust company like shareholders should focus on whether the regulatory structure of shareholders of listed companies in the information management and trust products should be the key regulatory issues, Commission Vice-Chairman Jiang Yang said: "From the investor responsible for the majority of point of view, it should do so。Different regulators may have different regulatory orientations, but to protect the interests of investors are common principles。"Jiang Yang: Our market regulation can directly see through the account coding Jiang Yang, investors said, our market regulators can directly see through the account coding investors, but the Western market regulators can not see the individual investor accounts only see through intermediaries。  "Our transmissive regulation, because many Chinese retail market conditions, our market regulations, systems which still sound, so the funds, running a single trading account can grasp, easy to create a deterrent, so that they (offenders) hesitant market manipulation。"Jiang Yang told reporters, we have just launched when seen wearing style regulation, there are many international voices said they did not understand that the international practice is not the same。However, the capital market to develop, implement support for economic development, protect investors, it is imperative first of all see through the market, to see through the behavior of each trader。  "If the market is manipulated in turmoil, the market is gone," said Jiang Yang, so we lost the market to support development financing, economic development intention。  Commission to investigate illegal in mid-2017, the number of administrative punishment made to maintain growth year on year。Data show that the Commission make annual administrative penalty decision 224, the amount of fines 74.7.9 billion yuan, an increase of 74.74%, 44 Shichangjinru people, an increase of 18.91%, the number of administrative punishment decision, the amount of fines, a new record high number of market exclusion。  In fact, "see through style regulation" has already become a certain international consensus "China experience"。December 7, 2017, international organizations and the World Bank announced the Chinese "Financial Sector Assessment Program" (FSAP) update the assessment of core results reports, including "China's financial system stability assessment report", "China Financial Sector Assessment Report" and "About China to comply with regulatory objectives and principles of securities detailed assessment report "。  Assessment report affirmed the achievements of China's reform and development in recent years, economic and financial system, recognized by China's securities and futures regulatory system in line with the general requirements of international standards, positive comments from the China Securities Regulatory Commission for the first time since the FSAP prevention and control of risk assessments, strengthen supervision, deepen reform to promote the development of the main results achieved, noting in particular China advanced practices in investor protection and market risk monitoring is worth learn from other markets。  Among them, the report suggested that China Securities Regulatory Commission for the implementation of customer accounts "see through style" management, the establishment of capital market statistical monitoring center, construction of supervisory information sharing centralized supervision of the central information platform, enable the securities and futures market, "one yard pass' system risk identification and monitoring levels were significantly increased。  "We do transmissive regulation for many years, from we do not understand, do not know, everyone to understand, agree," Jiang Yang said that the establishment of transmissive supervision, regulation and create a unique Chinese way, won in the international part of understanding and support, are also part of the draw。This is a capital market builders, entrepreneurs and reformers common wisdom。  Transmissive regulatory supervision is exploring other developed market regulators have tried。SFC 90's of last century the United States has Xilaiweite in his memoirs "retail-oriented", the attention to detail that explains the problems in the US capital markets and the regulation of all kinds of frustration。  "It was Levitt also want to engage in penetration, programs are brought up, but was strongly opposed by Wall Street, not as dry as a。"Jiang Yang said that the main problem in Western markets see through the implementation of the regulatory formula that, after the securities firm representing clients, exchanges can only see the whole account, can not see behind the customer's transactions。When the customer orders, how declarations, how to deal, in the middle a few seconds or a few minutes of time difference, so there is a price quotes and spreads, the difference from the agency, "eaten"。  Jiang Yang said that our capital market is people-centered development philosophy, the transmissive regulation was supported by all levels of the country。He also said, will also see through style regulation adopted in Hong Kong and Shanghai through the field, Shenzhen and Hong Kong through, and asset management way。  Related reports