Revised draft defined the different combinations of the same transaction price difference control standards and goals, requirements during a certain period, management of portfolio trading the same securities at the same company that is, to transactions with overall price difference should be zero. SFC about sector heads said, this times amendment for currently fair trade system implementation in the exists of problem, look Yu "protection investors legitimate rights and interests, more effective of implementation fair trade", main in clear with to transactions price difference of control standard and target, and developed same day reverse transactions of specification, and strengthening company internal control, and strengthening information disclosure, and strengthening external supervision of constraints mechanism, aspects for has amendment, while on part other terms for has amendment. Recommended reading
· Fund why also large purchase · long-term holds Shen million enterprising stability earned inventory over Niu Ji and Xiong Ji General Manager batch left public raised lost most debt base losses star Manager stock market lost hoof Fund positions plus reduction of secret a shares months fell 5.77% Fund preparing for June jiancang was forced flat warehouse number only structure of private May robbery Qiming: shocks city in the how mining Daniel unit a is clear different combination with to transactions price difference of control standard and target. Fair trade management not only need to ensure that the process can be controlled, and the need to ensure that the results can be verified. Therefore, the revised requirements, companies should enhance investment decisions and trading process of implementation of internal controls to achieve a fair, while price differences should be through with the transaction analysis and other methods for fair trade the results of verification.
The main is to determine changes in China's securities market transactions, registration system, no spread of fair trade principles. Reverse transactions on the same day between the two are different combinations of specifications. First of all, taking into account the different combinations possible between reverse transactions on the same day, particularly on a number of small and medium-sized market capitalisation stocks reversed transmission of interest and market manipulation on the same day, therefore, should be for different portfolios between strict limitation reverse transactions on the same day.
If the amendment article 21st: "companies should strictly control the different portfolios between reverse transactions on the same day, strictly prohibit interest may lead to unfair trade and transportation of reverse transactions on the same day.
While, to strengthening on large same day reverse transactions, such as sold less of unilateral volume over the securities day turnover of 5% of constraints and supervision, amendment draft requirements: "If report period within all investment combination participation of Exchange open bidding same day reverse transactions sold less of unilateral volume over the securities day turnover of 5%, should description the class transactions of number and the causes", using open information disclosure to constraints fund company behavior. Third, greater emphasis on internal control requirements.
Amendment Hou of guidance views under for company of internal control made some specific requirements: first, provisions "investment decision Committee and investment Director, management institutions and personnel shall not on investment combination Manager in authorized range within of investment activities for intervention", aimed at strengthening for company investment decision Committee and investment Director, "fence who" of management; second, provisions "company should established investment combination investment information of management and the confidential system, different investment combination Manager Zhijian of major non-open investment information should mutual isolation", put an end to different investment combination Manager Zhijian of "conspiracy" behavior; also, consider to currently exists a investment combination Manager while management multiple investment combination of situation, stressed company should focus on same investment combination Manager management of different combination same day with to transactions and reverse transactions of transactions time and transactions price difference for monitoring. Four further clear disclosure requirements on fair trade, strengthening the information disclosure of public constraint mechanism.
Amendment draft on existing investment combination regularly report disclosure requirements do has adjustment, a is requirements in combination regularly report in the, disclosure company overall fair trade system implementation situation, and large same day reverse transactions of number and the causes; second is requirements in combination annual report in the, disclosure company fair trade system and control method, and year of with to transactions price difference special analysis; three is delete original operation sexual does not strong, and analysis significance not of disclosure requirements "this investment combination and other investment style similar of investment combination Zhijian of performance comparison".
In addition, in order to urge the Fund management companies to enhance quality of information disclosure, revised draft an additional paragraph, request the Fund evaluation in carrying out evaluation of the Fund business, degree of perfection of the fair trade system, and one of the disclosure of information as an evaluation of the implementation. "After a publication is revised, the SFC will continue by means of on-site examination and off-site monitoring, check and analysis on the implementation of a fair trading system, and in conjunction with the stock exchange for company's unusual behavior, such as monitoring. Not found for fair trade and transport behavior of interest, will take regulatory measures within the law. "This official said.
