People's Republic of China Financial Sector Assessment Program : IOSCO Objectives and Principals of Securities Regulation

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作者：

International Monetary Fund

来源地址：

http://hdl.handle.net/10986/28992

关键词：

SECURITIES;  REGULATION;  FINANCIAL ASSESSMENT;  MARKET STRUCTURE;  BOND MARKET;  Report;  Rapport;  Informe; 

年份：

2017

出版地：

Washington,USA

语种：

English

摘要：

The authorities' vision of ensuring that the capital markets support China's transformation towards a more market-oriented economy has driven capital markets development and, as the authorities recognize, the regulation and supervision of the markets. Looking forward, many of the challenges ahead will continue to require a careful balancing of the developmental and stability mandates, which in turn would have an impact on regulation and supervision. In the case of China, many of the challenges ahead stem from the authorities' vision to further develop the markets and the potential approaches to do so in a manner that delivers more market-based solutions, while ensuring investors' protection and financial stability. For example, to further strengthen the role of disclosure in the public markets and the private exercise of rights work would be required on several fronts, including initiatives to (i) strengthen corporate governance of issuers as a key step to improve the quality of their financial disclosure, (ii) ensure that different gatekeepers comply with their responsibilities, (iii) enhance investors' ability to exercise their rights and (iv) foster greater participation of institutional investors in the markets, some of which are not covered by the IOSCO Principles. Further, from a broader perspective a key challenge for the CSRC and the Chinese authorities is to ensure that the multi-tiered market is implemented in a way that it does not adversely affect investors' confidence in the capital markets as a whole. To this end, the CSRC should keep the National Equities Exchange and Quotation Corporation (NEEQ) and the securities companies that operate in it under close monitoring. In addition, as planned by the authorities, standards should be implemented to facilitate the regional trading platforms to develop safely and operate as an effective way to bring local financing to local businesses. In the long run, the authorities should consider the development of a common framework that encompasses all non-exchange trading platforms, while allowing for differences in the role that the CSRC would play in their oversight. Similarly, further development of the futures markets would require consideration of the potential need for a more sophisticated business model for futures intermediaries and how best to foster the confident participation in the market by endusers. This will require the CSRC to assess whether changes are needed in the regulatory framework as well as education programs and continued close monitoring of market activity and risk management practices. Finally, because of the importance of the audit process for the reliability of financial information across the financial sector, it is critical that the authorities unite their efforts to ensure high quality audits and a well-regulated profession. The creation of a single, independent oversight body might be an option to achieve this objective.