Stock Issuance Registration Is Coming.docVIP

Stock Issuance Registration Is Coming At the just-concluded annual sessions of the Twelfth National People’s Congress（NPC） and the Twelfth Chinese Political Consultative Conference （CPPCC）， the reform to introduce the registration-based system into the stock issuance regime was undoubtedly the mostdiscussed topic about the country’s capital market. According to the report on the government’s work deliv- ered on March 5， 2015， China’s Premier Li Keqiang first made it clear that the task for the capital market is to implement the stock issuance regime reform， meaning that the stock issuance reform was finally put on an exact sched-ule after the 16-month-long waiting. The concept of stock issuance registration system was put forward for the first time at the Third Plenary Session of the Eighteenth CPC National Congress held on November 25， 2013. Since then， the system has been mentioned for many times by China’s decision makers in major conferences. At this year’s dual sessions， Xiao Gang， chairman of the China Securities Regulatory Commission， pointed out that as the market has been relatively ripe for the implementation of the stock issuance registration system， once the revised version of the Securities Law takes into effect， the registration system will be fully implemented. On March 3， Wu Xiaoling， deputy director of the Financial and Economic Committee under the National People’s Congress， said that the Securities Law would go through its first reading in late April， second reading in August and third in October at the earliest. In a word， the stock issuance registration system will come into effect in October this year at the soonest. “The stock issuance registration system will do an about-face in China’s stock market，” said Lin Caiyi， chief economist with Guotai Junan Securities， at a forum hosted by the Shanghai Institute of Finance and Law （SIFL） on March 13， 2015. According to Lin， introducing the registration-based system into the stock issuance regime wil