The meeting for discussion of the Measures for the Implementation of Appropriate Administration of Investors of the New Market of Shenzhen Stock Exchange(Draft for Soliciting opinions)(“the Measures”) was held in Shenzhen yesterday, representatives from supervisory authorities, securities companies and common investors provided their opinions and suggestions at the meeting.
1. Choosing two years’ experience as restriction is considerate
The participants of the meeting agreed that choosing two years’ experience as restriction is reasonable and practicable. Zhou Ming explained that those investors with two years’ experience went through the big shake in stock market, which meant they had more consciousness for risks.
Li Daxiao, head of the research institute of Yingda Securities, said that many new individual investors had much money but not much risk consciousness, so two years’ experience which means going through the index fluctuation from 6114 to 1664 is very reasonable.
Zhang Yanchun, from CJIS Securities, thought that not choosing capital restriction means is very wise because capital restriction is not fair and controllable.
2. Small and medium Investors made their voices The highlight of meeting was that 4 common individual investors were invited to attend the meeting and their opinions and suggestions were taken consideration seriously.
The individual investors highly appraised the related rules for the new market. Zhou Jun, a common investor, suggested that Shenzhen Stock Exchange shall strictly execute delisting system.
3. The responsibilities of clients serve department of securities companies will be heavy
Representatives from securities companies acknowledged the Measures would bring additional work and pressure, but it is still reasonable and practicable. Securities companies will fulfill the Measures positively.
Securities companies though the Measures will bring trouble in work arrangement to them. However, they would perform as required.
4.The process of business of securities companies shall be standardized
Yang Long, assistant of president of Guangfa Securities, thought good control of process was very important for business operation. He advised to establish standardized process so as to facilitate the uniform practices of securities companies. Li Xiaofeng, a reprehensive of Guoxin securities, advised the authorities to take testing results into account.
5. Securities companies shall have the power to say refuse unqualified investor
Many representatives from brokerage business department call for the power to refuse some investors. Part of securities companies were still doubtful for the regulations about whether and when they can say no to some clients. They also stated that those clients who had bad fame in securities deal were not welcomed by them.
The related authorities agreed to grant appropriate flexible management power to securities companies.