May 31, 2010
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Notice by the General Office of the State Council of the Work concerning the Implementation of the Amended Securities Law [Effective]
國務院辦公廳關于貫徹實施修訂后的證券法有關工作的通知 [現行有效]
Notice by the General Office of the State Council of the Work concerning the Implementation of the Amended Securities Law 


(No. 5 [2020] of the General Office of the State Council) (國辦發〔2020〕5號)

The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government; and all ministries and commissions of the State Council and all institutions directly under the State Council: 各省、自治區、直轄市人民政府,國務院各部委、各直屬機構:
The Securities Law of the People's Republic of China (hereinafter referred to as the “Securities Law”), as amended and adopted at the 15th session of the Standing Committee of the 13th National People's Congress on December 28, 2019, shall come into force on March 1, 2020. For the purposes of effectively implementing the amended Securities Law, with the consent of the State Council, you are hereby notified of the relevant issues as follows: 《中華人民共和國證券法》(以下簡稱證券法)已由十三屆全國人大常委會第十五次會議于2019年12月28日修訂通過,自2020年3月1日起施行。為做好修訂后的證券法貫徹實施工作,經國務院同意,現就有關事項通知如下:
I. Fully understanding the great significance of the amendment to the Securities Law   一、充分認識證券法修訂的重要意義
This amendment to the Securities Law has systematically summarized the practical experience in the reform and development of the capital market, law enforcement of supervision, and risk prevention and control on the Chinese capital market, and has made such institutional reforms as comprehensively implementing the registration system for the issuance of securities, significantly raising the costs of violating the Securities Law, improving the investors protection system, strengthening the information disclosure obligations and consolidating the responsibilities of intermediary institutions, having provided effective legal guarantee for the creation of a regulated, transparent, open, dynamic and resilient capital market, and showing great significance for deepening supply-side structural reform of the financial sector, improving the modern financial system with high adaptability, competitiveness and inclusiveness, and safeguarding national economic and financial security. All regions and all relevant departments shall fully understand the great significance of this amendment to the Securities Law, effectively conduct study and publicity, offer categorized and hierarchical training, and constantly improve the capacity of securities administrative law enforcement personnel for lawful administration, supervision, and governance. 本次證券法修訂系統總結我國資本市場改革發展、監管執法、風險防控的實踐經驗,作出全面推行證券發行注冊制、顯著提高證券違法成本、完善投資者保護制度、強化信息披露義務、壓實中介機構責任等制度改革,為打造一個規范、透明、開放、有活力、有韌性的資本市場提供了有力法制保障,對于深化金融供給側結構性改革,健全具有高度適應性、競爭力、普惠性的現代金融體系,維護國家經濟金融安全具有重要意義。各地區、各有關部門要充分認識本次證券法修訂的重要意義,做好學習宣傳,分類分層開展培訓,不斷提高證券行政執法人員依法行政、依法監管、依法治市能力。
II. Steadily promoting the registration system for the public issuance of securities   二、穩步推進證券公開發行注冊制
1. Implementing the reform of the registration system for the public issuance of stocks step by step. The China Securities Regulatory Commission (“CSRC”) shall, in conjunction with the relevant parties and according to the amended Securities Law and the Implementation Opinions on Setting up the STAR Market and Launching the Pilot Program of the Registration System on the Shanghai Stock Exchange, further improve the relevant rules of the STAR Market, improve the transparency of the registration examination, and optimize the work procedures. The general plan for the registration system for the pilot public issuance of securities on the ChiNext of the Shenzhen Stock Exchange shall be studied and developed, experience in the reform of the registration system for the STAR Market and the ChiNext shall be summarized in a timely manner, conditions shall be created actively, and the plan for the implementation of the registration system for the public issuance of stocks on other boards of the stock exchanges and other national stock exchange premises approved by the State Council shall be put forward at appropriate time. Relevant plans shall be implemented with approval of the State Council. (一)分步實施股票公開發行注冊制改革。證監會要會同有關方面依據修訂后的證券法和《關于在上海證券交易所設立科創板并試點注冊制的實施意見》的規定,進一步完善科創板相關制度規則,提高注冊審核透明度,優化工作程序。研究制定在深圳證券交易所創業板試點股票公開發行注冊制的總體方案,并及時總結科創板、創業板注冊制改革經驗,積極創造條件,適時提出在證券交易所其他板塊和國務院批準的其他全國性證券交易場所實行股票公開發行注冊制的方案。相關方案經國務院批準后實施。
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