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Notice of the General Office of the State Council on Regulating and Developing Regional Equity Markets [Effective]
国务院办公厅关于规范发展区域性股权市场的通知 [现行有效]

Notice of the General Office of the State Council on Regulating and Developing Regional Equity Markets 


(No. 11 [2017] of the General Office of the State Council) (国办发〔2017〕11号)

The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all ministries and commissions of the State Council; and all institutions directly under the State Council: 各省、自治区、直辖市人民政府,国务院各部委、各直属机构:
Regulating and developing regional equity markets is an important measure to improve the multiple-level capital market systems and is significant for the advancement of supply-side structural reform, promotion of entrepreneurship and innovation among all the people, service for innovation-driven development strategy, decrease in corporate leverage ratios and other aspects. For purposes of implementing the decisions and arrangements of the CPC Central Committee and the State Council, promoting the long-term stable and sound development of multiple-level capital markets, preventing and resolving financial risks, supporting the development of real economy, especially micro, small and medium-sized enterprises, and protecting the lawful rights and interests of investors, with the approval of the State Council, the matters with regard to regulating and developing regional equity markets are hereby announced as follows: 规范发展区域性股权市场是完善多层次资本市场体系的重要举措,在推进供给侧结构性改革、促进大众创业万众创新、服务创新驱动发展战略、降低企业杠杆率等方面具有重要意义。为贯彻落实党中央、国务院决策部署,推动多层次资本市场长期稳定健康发展,防范和化解金融风险,支持实体经济特别是中小微企业发展,保护投资者合法权益,经国务院同意,现就规范发展区域性股权市场有关事项通知如下:
I. Regional equity markets are private equity markets mainly serving micro, small and medium-sized enterprises in the provincial-level administrative regions where such markets are located, an important part of the multiple-level capital market system, and a platform of comprehensive use of the measures and policies of the local people's governments supporting micro, small and medium-sized enterprises. The relation between supervision and development shall be effectively handled. According to the requirement of facilitating both regulation and development, the regulation and development of regional equity markets shall be vigorously, stably and properly advanced, financial risks shall be prevented and resolved, and fund raising by micro, small and medium-sized enterprises shall be expanded in an orderly manner and better facilitated.   一、区域性股权市场是主要服务于所在省级行政区域内中小微企业的私募股权市场,是多层次资本市场体系的重要组成部分,是地方人民政府扶持中小微企业政策措施的综合运用平台。要处理好监管与发展的关系,按照既有利于规范、又有利于发展的要求,积极稳妥推进区域性股权市场规范发展,防范和化解金融风险,有序扩大和更加便利中小微企业融资。
II. Regional equity markets shall be subject to the supervision of the provincial-level people's governments in the place of the markets, and such governments shall be accordingly responsible for risk disposal. The China Securities Regulatory Commission ("CSRC") shall perform functions and duties in accordance with the laws and regulations and strengthen the guidance to, coordination and oversight of the supervision of regional equity markets by the provincial-level people's governments. The provincial-level people's governments shall, in accordance with relevant financial policies and regulations, develop specific detailed implementation rules and operation measures within the scope of their duties, establish and improve the regulatory mechanism, designate specific departments to take charge of routine supervision, constantly improve supervision ability and investigate and deal with illegal and irregular behavior. The CSRC shall be responsible for developing unified rules for the business and supervision of regional equity markets, supervise and inspect regulated market operations, issue warning of possible financial risks and supervise disposition. The CSRC shall prudentially assess the supervision capacity and conditions of the provincial-level people's governments, strengthen supervision training, adopt effective measures, and make the supervision capacity of the local governments match market development. The relevant departments of the State Council, including the CSRC, and the provincial-level people's governments shall enhance cooperation in supervision, prevent supervision vacuum and regulatory arbitrage, strictly crack down upon various illegal and irregular behavior, maintain market order, effectively protect the lawful rights and interests of investors, prevent and resolve financial risks, and promote the sound and stable development of regional equity markets.   二、区域性股权市场由所在地省级人民政府按规定实施监管,并承担相应风险处置责任。证监会要依法依规履职尽责,加强对省级人民政府开展区域性股权市场监管工作的指导、协调和监督。省级人民政府要根据相关金融政策法规,在职责范围内制定具体实施细则和操作办法,建立健全监管机制,指定具体部门承担日常监管职责,不断提升监管能力,依法查处违法违规行为。证监会负责制定统一的区域性股权市场业务及监管规则,对市场规范运作情况进行监督检查,对可能出现的金融风险进行预警提示和处置督导。证监会要对省级人民政府的监管能力和条件进行审慎评估,加强监管培训,采取有效措施,促使地方监管能力与市场发展状况相适应。证监会等国务院有关部门和省级人民政府要加强监管协同,防止监管空白和监管套利,严厉打击各类违法违规行为,维护市场秩序,切实保护投资者合法权益,防范和化解金融风险,促进区域性股权市场健康稳定发展。
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