Kuanjin needs strict management to support it
Hao Xuguang
(Source: "Shanghai w88 online casino betting News"2013-12-4）
The registration system puts forward higher requirements for supervision, and the combination of proactive and preventive supervision beforehand and after-the-fact supervision should be emphasized. The former refers to reducing the probability of adverse events and violations, while the latter refers to reducing the consequences of adverse events and violations.
China w88 online casino betting Regulatory Commission11month309187_9260
Kuanjin needs strict management to support it, and the registration system puts forward higher requirements for supervision. I believe that the w88 online casino betting regulatory authorities should actively promote the registration system reform from five aspects: first, improve their own business capabilities and pay attention to their own irrationality; second, change the regulatory concept, give full play to the decisive role of the market, and strengthen market discipline mechanisms in terms of financing methods, issuance rhythm, issuance price, issuance methods, etc.; third, strengthen regulatory enforcement; fourth, strengthen supervision of listing standards; fifth, strictly enforce information disclosure regulatory reforms. This article focuses on the first three questions.
Supervisors should learn from and strengthen their skills and diligence obligations
Some people have suggested that we can learn from the governance of listed companies and that regulators should improve their own quality in accordance with the requirements of skills and diligence obligations. As far as the governance structure of listed companies is concerned, directors and managers of listed companies, as special types of fiduciaries, have obligations of skill and diligence to shareholders and investors of listed companies. Therefore, regulators must meet an objective standard of diligence. When reviewing a company's issuance materials, regulators should force the company to disclose relevant true information and enable themselves to truly understand the true information as if they were preparing to invest in the company. Before making a decision on the material review, obtain information related to the decision through various methods, and make prudent and comprehensive judgments and decisions on matters that require submission of registered company information.
When reviewing materials by w88 online casino betting regulatory authorities,“Do nothing”Should be disqualified from holding office. It should be clear that just one sentence“I did what I could”, cannot be used as an answer to an allegation of failure to perform an obligation. If he believes he is incapable of doing what he knows must be done, then he should leave his position as supervisor. In summary, drawing on the duty of diligence requires regulators to be responsible to the market and market participants in the same way that professional managers are responsible to the board of directors in the process of supervision and review of materials.
Professional managers are responsible for the board of directors and the company. Diligence alone is not enough, skills are also required. In the same way, regulators should be responsible to the market and market participants, and should also have corresponding skills based on diligence.“Skills”Said to be“Special job abilities”, it is not part of the ordinary qualifications of a rational person, but is the result of insights arising from special training and experience. This awareness requires those who engage in special skills to not only exercise a reasonable duty of care, but also to meet appropriate professional standards. Regulators must have certain skills to be able to identify fraud issues in companies to be listed when reviewing materials of companies to be listed. If the legal responsibilities of the main persons in charge of listed companies are extended to the scope of w88 online casino betting supervision, there are more issues that need to be considered. For example, regulators should be able to provide basic services and ensure that the market has a fair mechanism.
Pay equal attention to reducing approvals and strengthening supervision
In the process of transition to the registration system, supervision is not to be weakened, but to be strengthened. Strengthening supervision does not mean that regulators check every detail for investors, but strengthens system construction and formulates listing standards, information disclosure standards, etc. At the same time, a platform must be built. The core idea of the registration system is to follow“The market plays a decisive role in allocating resources”This fundamental principle centers on information disclosure and is based on the protection of all legitimate market participants to ensure the complete competitiveness of the stock issuance market. The market price is determined by both supply and demand parties based on the laws of supply and demand and the relationship between supply and demand. The decision-making power on whether stocks can be issued is determined by all market participants.
From the perspective of the original function of the w88 online casino betting market, whether a company's stock is listed should not be decided by the regulatory authorities. The regulatory authorities are only responsible for being the referee and should not be overstepped“The boss of the market”. Whether or not to go public should not be decided by one or some institutions or individuals, but should be decided by all investors in the market. It can be understood in this way that the listing of a company is actually selling a part of its company's equity to the public. The price at which it can be sold must be determined by the final purchaser, and should not be indirectly held by an intermediary agency. Therefore, the important responsibility of the regulator is to build a platform for all market participants in which information is fully open and transparent, and participants compete with each other and supervise each other in accordance with the characteristics of a perfectly competitive market.
In the supervision process, the power of supervision should be strengthened and the power of approval should be reduced. But the reality is that on the one hand, the power of approval is too great, and all risks that in other countries can only be borne by the reputation of law firms, accounting firms, and investment banks; on the other hand, the power of supervision is too small. The Hong Kong w88 online casino betting Regulatory Commission can issue subpoenas and enter banks to audit accounts, but not in the mainland. Therefore, if the China w88 online casino betting Regulatory Commission wants to correctly perform its regulatory responsibilities, it should reduce its approval power, expand its supervision power, and concentrate on preventing violations and violations, investigating and punishing violations, and doing a good job through system construction, team building, etc.“Market Guardian”'s role.
Establish a traceability and delisting mechanism
In the supervision process, we should emphasize the combination of proactive and preventive supervision beforehand and supervision after the event. The former refers to reducing the probability of adverse events and violations, while the latter refers to reducing the consequences of adverse events and violations. Starting from the laws of w88 online casino betting market development and the effects of supervision, the two should be combined. On the issue of stock issuance, to consider proactive prevention is to strengthen system construction, formulate standards, and build platforms instead of prior approval; to attach importance to strengthening post-event supervision, we must emphasize the traceability mechanism and delisting system.
First, establish a traceability mechanism. Not only the listed companies themselves, but also the accounting firms responsible for auditing the financials of the companies to be listed, the relevant law firms that issue legal documents, as well as the sponsoring w88 online casino betting firms and sponsors will implement a dynamic traceability mechanism. If a company to be listed falsifies its operations or performance during the listing process, its related accounting firms, law firms, as well as sponsoring w88 online casino betting firms and sponsors must first bear legal responsibility.
Second, improve the delisting system. Under the registration system, regulators no longer require prior approval, but this does not mean relaxation of supervision. Logically, post-event supervision should be strengthened. From a management perspective, it is necessary to study the profit-seeking and harm-avoiding characteristics of those being supervised. In the supervision of the w88 online casino betting market, it is necessary to analyze what is the original intention of listed companies to go public? What is the greatest benefit? What are you most afraid of? Without a doubt, the biggest fear is delisting. Therefore, as long as a listed company engages in deceptive behavior such as false statements, financial fraud, etc. when listing, it should be treated retrospectively, and penalties may be considered based on the severity of the case until delisting.
(The author is a professor at the w88 casino)
Attachment: Original report link
http://www.p5w.net/news/xwpl/201312/t20131204_402096.htm
