The SME board will trial the continuous supervision system

October 18 News Shenzhen recently issued "on the trial of some of the sponsoring institutions to continue the supervision of the system notice", since January 1, 2012, the first pilot in 11 sponsoring agencies to try the IPO company's continuing supervision system. This is another important step for Shenzhen to strengthen the continuous supervision of the SME board and the gem.


Sponsor institutions to the listed companies to standardize, professional, high-quality continuous supervision, to improve market-oriented restraint mechanism, promote the market subject to the responsibility, promote the listed companies, especially the new listed companies as soon as possible familiar with the capital market operation rules, improve information disclosure and corporate governance level, It is of great significance for the healthy and stable development of multi-level capital market.


continuous Supervision system is based on the existing continuous supervision system, the implementation of dedicated full-time to assist the sponsor representative to carry out the continuing supervision of the IPO company, help guide the sponsor to ensure that there is sufficient manpower and time to invest in the continuous supervision of the new listed companies, and continuously improve the level of continuous supervision Improve the efficiency and quality of continuous supervision. The continued supervision of refinancing is not included in the scope of the trial.


"Notice" requirements, the sponsoring agencies participating in the trial shall designate 1 supervisors during the continuous supervision of each IPO company, assist the sponsor representative to carry out the on-site inspection and special verification, organize training and other continuous supervision, and the number of listed companies not exceeding 10 shall be supervised by each continuous supervisor. At the same time, the "notice" stressed that the continued supervision of the Commissioner to assist the sponsor representative to perform the supervisory duties, does not reduce or exempt the sponsor representative of the continued supervision of the responsibility of the work.


continuous Supervision system is an important institutional arrangement to promote the normative development of listed companies. Since the formal implementation of the 2004, the market has done a lot of work to implement the continuous supervision system, the positive role of continuous supervision has begun to appear. As of September 30, 2011, the SME board and the gem in the IPO continued supervision period of the company reached 611, accounting for two plate listed companies 69%. These companies not only a large number of time to enter the capital market, in the information disclosure, corporate governance and other aspects of the lack of experience, the need for effective supervision and guidance of sponsoring agencies. On the other hand, with the supervision of the continuous supervision of the flow of work, internal control, professional and other day-to-day regulatory requirements to improve, sponsor representative of the issuance of sponsorship and continuous supervision of the business more difficult. Therefore, it is necessary to further enrich the continuous supervision of the professional team.


According to the Shenzhen related 618.html "> director, continued to supervise the Commissioner through specialized training will have a more professional knowledge structure, can devote more energy, carry out more in-depth, more effective supervision." Shenzhen the continuous supervision of the system, the selection of continuous supervision of more projects, the quality of the overall better practice of 11 sponsoring agencies as a pilot, and encourage other sponsoring agencies voluntary reference implementation. Prior to the implementation of the continuing supervision system, the Shenzhen Stock Exchange will conduct training on the information disclosure, normative operation and continuous supervision of the listed companies for the continuing supervision of the sponsoring agencies. In addition, listed companies and their supervisors, as the first person responsible for information disclosure, should actively cooperate with the sponsor representative and the continuous supervision of the Commissioner of Supervision work.


Shenzhen related person also said, the next Shenzhen will be timely summary of the pilot work experience and to improve, timely and comprehensive promotion. At the same time, Shenzhen Stock Exchange will further explore new methods and mechanisms to improve the quality of continuous supervision, promote the responsibility of the sponsoring agencies and standardize the development of listed companies, and ensure the healthy and stable development of multi-level capital market.