SFC Face Training 71 investment bank: Gem not small Board 8 industry less touch

March 31, 2010, the Securities and Futures Commission convened 71 investment banks to meet, some investment banks and their projects are not named, "the SFC is now under pressure." "A broker in Shenzhen said," the media questioned too much, they can not see the past, so hurriedly opened this meeting.　　"Financial weekly only learned that March 31, the CSRC urgently summoned the national size investment bank, for the gem of the current issues, the issue of regulatory business communication will be held." It is reported that the Commission on some investment banks and their projects were not named criticism; what is the gem?　　The SFC, too, has a new lesson for investment banks.　　It is particularly noteworthy that the meeting made it clear that the 8 major industries "prudent recommendation", on the gem is very difficult. 71 The emergency meeting of the sponsor organization "is not small."　　said the person. According to an industry personage in Beijing, this emergency communication will be convened by the Securities and Futures Commission's board of Directors, the sponsor of the 71 sponsoring agencies, the core and sponsor Business department heads attended the meeting.　　And the main leadership of the Board of Directors of the IPO Supervision Department attended and delivered a "very important" speech. Gem issued the Supervision Department deputy director Zhang Sining, "Talk about the enterprise Board since the overall situation, audit, the most important thing is that the next stage of the sponsorship of the requirements, in fact, is the sponsor of the work of the present to put forward a more severe criticism."　　In addition, the GEM issued the Supervision Department deputy director Li on the Gem market positioning and the requirements of the sponsorship work was explained.　　Zengchanghong, deputy director of the IPO Supervision Department, introduced the 7 major causes of the 2009-year gem-starting application and the problems of the sponsor organization, such as the continuing profitability, normative operation, financial accounting, independence, subject qualification, the use of fund-raising funds and information disclosure.　　The Bixiaoying and the director of Yang Jiao, the board of the IPO Supervision Department, elaborated on the financial and non-financial issues of the gem issue audit. According to industry sources, GEM issue has become the recent CSRC size of the focus of the Conference, recently launched the annual tour of the sponsor's training, "often there will be leaders can not help but angry." "Gem is not a small board" "What is the gem, this time said a lot, should say that some new ideas." "The industry personage discloses, Zhang Sining in the meeting very Stern said, many investment banks to the gem understanding is very not in place," thought small on the line, on the blind newspaper. He said that the gem emphasizes innovation, there is no limit to the scale, gem is not a small board!　　"This means that big businesses can go on the gem as well.　　It is reported that the meeting stressed that the recommendation of the Organization to recommend enterprises, can not recommend just in line with the conditions of the gem, "small and weak", "small and disorderly" and "small and worrying" business.　　Securities and Futures Commission approved investment bank GEM Sponsorship 6 Big Questions now gem sponsor how many problems?　　According to the above, Beijing investment bankers disclosed that the CSRC's wording is rarely harsh: "heavy responsibilities."　　The CSRC has clearly criticized the 6 major problems of investment banks as prominent:First, only concerned about the issuer's documents, the lack of visits, the issuer investigation is limited to company executives interview, do not attach importance to third parties, "heavy document light verification."　　Second, the core is not strict, the submission of enterprises obviously do not meet the release conditions.　　Third, the declaration of the link deliberately.　　Four, submitted materials shoddy.　　Five, the communication link cover, intentionally does not inform the important question, exists squeezes the toothpaste situation.　　The valuation report is not rigorous, the company does not strictly abide by the "wall", too much by the project team, the issuer intervention, the valuation report is lack of rationality. "These 6, some of the public is more difficult to grasp, but a lot of media criticism should be said to be reasonable." Now the problem is indeed quite a lot, to be honest, the securities brokerage of the IPO valuation report, many really unreliable, there are various interests. READ carefully.　　said the person.　　"Eight industries on the gem is very difficult" according to the investment bankers confirmed that after the meeting, the Securities and Futures Commission issued a special "on the gem recommendations for further work" Guidelines on the gem of the Project Standard has a more specific statement.　　The guideline points out that sponsors should focus on recommending enterprises that conform to the development direction of strategic emerging industries in the country, in particular, new energy, materials, information, biology and new medicine, energy conservation and environmental protection, aerospace, marine, advanced manufacturing, High-tech services and other fields of enterprises, as well as other areas with independent innovation, growth of strong enterprises. And this more clearly proposed the "prudent recommendation" of the Industry: (a) textile, clothing; (b) Utilities for the production and supply of electricity, gas and water; (iii) Real estate development and management, civil engineering construction; (iv) transport; (v) Alcohol, food, beverages; (vi) finance; (vii) General services; (eight)　　The State industrial policy clearly suppresses overcapacity and repeated construction of the industry. "The statements of these eight industries have been said in previous meetings, but this time it was made clear."　　"The deputy general manager of another investment bank in Beijing told the Financial weekly reporter. "If you want to report also can, but very strict requirements, that is, must have a technical or business model, have a very prominent independent innovation ability." Otherwise, you can only go to the motherboard.　　"In response to the sponsorship of the influx of materials, the SFC has also issued a new regulation: from April 1 onwards, since the receipt of the Certification and Regulatory Bureau counseling and Acceptance report before accepting the GEM Enterprise declaration materials." "This is to clear the original fuzzy zone." There are some items to be submitted to the meeting, the local certification authority's acceptance report has not been received, not even done. Later, the SFC also annoyed, to face a large pile of reporting materials.　　Said the vice-president. In addition, the above people also pointed out that the SFC has strengthened the inspection and supervision of enterprises and sponsors.　　For violation of the issuance of audit rules and procedures, 36 months no longer accept the declaration. The CSRC has made it clear that the 6 biggest problems of investment banks are prominent: 1. Only concerned about the issuer's documents, lack of visits, the Publisher survey is limited to company executives interviews, not to focus on third parties, "heavy document light verification."　　2. The core aspect checks lax, the submitting enterprise obviously does not meet the release condition.　　3. The reporting link is deliberately through.　　4. Submitted materials are shoddy.　　5. The communication link conceals, intentionally does not inform the important question, exists squeezes the toothpaste situation. 6. The valuation report is not rigorous, the company has not strictly adhered to the "wall", too much by the project team, the issuer intervention, the valuation report is lack of rationality.