CSRC releases the most strict supervision, strong supervision of Securities Dealers-www.aaa54.com

The Commission released "the most stringent regulatory thinking strong regulatory App: Sina Finance broker bitter live on-line blogger to tutor the purchase of new shares: the stock market is the most simple way to pick up the Money Brokerage Commission released strong supervision of suffering the most serious regulatory ideas from the chairman of the Commission Liu Shiyu took office after the first public speech that the Commission will" strict supervision, to the Commission through formal training to the participants in the securities put forward strict supervision ideas and rules requirements, spent a total of 150 days. From July 24th to 25, the information released by Li Chao, vice chairman of the CSRC and other sponsors during the special training session of the sponsor organization indicates that the storm of supervision is hitting every aspect of the capital market from IPO to the merger and reorganization, and then to the private placement. Investment banks, brokerages and other intermediaries will realize that the real "bitter day" is coming. One of the participants in the securities representative to the interface news that the impression of this training more profound is the Commission for the first time proposed the future wind control department requires brokers to be independent, rather than investment banking subsidiary departments, investment banking sector will become the kernel of parallel department. In addition, in the previous period, the Commission checked the previous brokerage reporting projects, found a lot of problems, the future penalty institutions will not only be limited to brokers, law firms and accounting firms, there are some asset assessment institutions will become the object of the SFC punishment. In addition, in the past two years, the sponsor training topics are around the merger and reorganization, the issuance department special time to explain the refinancing audit, and put forward new window guidance opinion, enough to see the refinancing supervision more stringent." Beijing a sponsor representative to the interface news reporter said. According to the interface news reporter, in July 25th, the CSRC organized the sponsor special training, the Securities Regulatory Commission issued a detailed explanation on the refinancing of the audit opinions, and issued a number of window guidance. Among them, two items of new content most "touch" investment bankers, including controlling shareholders or holding more than 5% of the shares of shareholders of the company, not through the channel to participate in the fixed increase, and strictly control the non capital expenditure in the project of raising capital investment. Specifically, in order to increase the transparency of ownership, the controlling shareholder of the company or more than 5% of the shares held by the shareholders of the company, the non-public offering of stock acquisition of shares of listed companies, should not directly subscribe, and information management products through limited partnership or other forms of participation in the subscription. Shenzhen, a large brokerage investment bank explained to the interface of journalists, it is important to avoid the related parties through non-public way arbitrage, in general, the non-public offering price discount to the market price of a lot, the design of complex information management plan will usually increase the profit leverage, but also increase the source of capital verification the difficulty. In addition, because there is no legal person attribute, through the information management products become shareholders of listed companies are flawed, the identity of the shareholders of the company is the client or the administrator, it is questionable. In terms of raising funds, the provisions of the Commission, to raise funds for investment projects investment, raise funds shall be used to pay staff wages, purchase of raw materials and other operating expenses; for working capital, preparation of

证监会释放“最严”监管思路 强监管苦券商 新浪财经App:直播上线 博主一对一指导 新股申购:股市最简单捡钱方式   强监管苦券商 证监会释放“最严”监管思路   从刘士余上任证监会主席后的首次公开发言讲到证监会将“从严监管”,到证监会通过培训正式向参会券商提出“从严监管”的思路和细则要求,一共花了150天。   7月24日到25日,证监会副主席李超等在保荐机构专题培训会中释放的信息表明,从IPO到并购重组,再到定向增发,监管风暴正触及资本市场各个层面。   投行券商和其他中介机构或将意识到真正的“苦日子”要来了。   一位参会券商代表向界面新闻表示,这次培训中印象较为深刻的是证监会首次提出建议,要求券商的风控部门未来要独立,不是以往的投行部门的下属子部门,内核部门将成为投行部门平行的部门。   另外,在前一段时间证监会核查以往的券商申报项目中,发现了不少问题,未来处罚的机构将不仅限于券商、律所和会计师事务所,有一些资产评估机构也将成为证监会的处罚对象。   “此外,过去两年的保荐机构培训主题都是围绕并购重组,此次发行部专门辟出时间专门讲解再融资审核,并提出新的窗口指导意见,足以可见再融资监管趋严。”北京一位保荐代表人向界面新闻记者表示。   据界面新闻记者了解,在7月25日证监会组织召开的保荐机构专题培训上,证监会发行部人士详细讲解了关于再融资的审核意见,并发布了多项窗口指导意见。其中有两大项新增内容最为“触动”投行人士,包括控股股东或持有公司股份5%以上股东不得通过通道参与定增,并严控募集资金投资项目中的非资本性支出。   具体而言,为了增加持股透明度,公司的控股股东或持有公司股份5%以上的股东,通过非公开发行股票获取上市公司股份的,应直接认购取得,不得通过资管产品或有限合伙等形式参与认购。   一位深圳大型券商的投行人士向界面新闻记者解释,这是为了避免重要关联方通过非公开的方式套利,一般而言,非公开发行价对市场价都有不少折价   的,而设计复杂的资管计划通常会加大获利杠杆,而且加大了资金来源核查的难度。另外,由于没有法人属性,通过资管产品成为上市公司股东是存在瑕疵的,公司股东的身份究竟是委托人还是管理人,值得存疑。   而在募集资金运用方面,证监会规定,募集资金投资项目的投资构成中,募集资金不得用于支付员工工资、购买原材料等经营性支出;用于铺底流动资金、预备费、其他费用等的视同以募集资金补充流动资金。   证监会指出,上市公司应按照实际用途披露募集资金投向,不得通过补充流动资金或偿还银行贷款,变相将募集资金用于其他用途。在确有必要并测算合理的前提下,配股、优先股和锁三年的定价定向非公开发行可将全部募集资金用于补充流动资金和偿还银行贷款;锁一年的询价非公开发行用于补充流动资金和偿还银行贷款的金额不得超过本次募集资金总额的30%;其他再融资产品均不得使用募集资金补充流动资金和偿还银行贷款。   监管部门相关负责人进一步指出,未来非公开发行募集资金需明确募投项目的投资构成、投资进度;募集资金的使用进度;投资主体;募投项目的经营模式及盈利模式。监管的理念是希望投资实体经济、融资规模合理、有明确的投向。目前募集资金的运用上存在以下问题:   1.部分上市公司轻主业,重短期股价,轻长期业绩,重市值管理,轻可行研究,募投项目的选择随波逐流;   2.募投项目用于并购资金池等,没有确定的用途;   3.募投项目的内容披露的背景信息很多,但缺少结合公司具体情况的信息披露,具体的投资内容和商业模式不详;   4.将自有资金进行的重大收购或投资,与本次非公开发行进行人为割裂;   5.在发行部与上市部之间进行政策套利。   同时,证监会还对具体行业作出了具体规定:金融类上市公司募集资金可全部用于补充资本金并披露补充资本金规模的测算依据;房地产上市公司,募集资金不得补充流动资金和偿还银行贷款。   “这对于一些真正想做事的非公开发行项目是没有影响的,只是募集规模上会稍微打点折扣,但不至于被卡死。而那些为了募钱而募钱的公司,想过会就不那么容易了。”上述投行人士指出,过去有一些上市公司的定增募投项目,在过会之后改变或终止募投的情况并不少见,其中也有很多内幕交易。此次监管趋严   后,上市公司和中介机构在募投这块工作要做得更加完善和实在。   上述投行人士对界面新闻记者表示:“此次保荐人培训透露出两个思路,第一是再融资审核标准趋严,第二是限定募投用途后再融资规模会缩小。”   该投行人士表示,之前再融资监管比较宽松,定增作为上市公司再融资的主要方式,其每年从市场中圈钱的金额,均远远高于当年IPO融资额。从去年底开始,三年期定增不再被允许结构化等一系列政策延续下来,此次再融资趋严在行业内是有预期的。   与IPO时而停摆,发行节奏被严格控制相比,近几年来的定向增发热度却在不断升温,总体融资额不断扩大,已超过IPO成为A股市场第一大融资来源。   Wind数据显示,今年以来,A股IPO首发家数仅为72家,实际募集资金303.18亿元,而增发则有368起,实际募集资金高达7994.62亿元,增发募资金额是同期IPO募资金额的约26倍。   但也有不少投行人士对此次更严格的再融资条件提出了质疑,他们认为再融资是基于市场的交易行为,过多的监管要求与市场化导向背离。 进入【新浪财经股吧】讨论相关的主题文章: