The government work report submitted to the Fifth Session of the 13th National People's Congress on the 5th proposed to improve the bond financing support mechanism for private enterprises, fully implement the stock issuance registration system, and promote the stable and healthy development of the capital market.

In recent years, the reform of the registration system has been one of the hot topics at the Two Sessions, and many deputies have put forward opinions and suggestions on this. The website of the China Securities Regulatory Commission has recently published a number of replies to the proposals proposed by the representatives of the National People's Congress and the National People's Congress in 2021. Among them, it is mentioned that the pilot evaluation and experience summary of the registration system will be done well, and the reform of the whole market registration system and trading mechanism will be carried out in an overall manner.

"Comprehensive registration system" is undoubtedly the most eye-catching keyword in the current A-share market, and all parties pay close attention to the reform and development of the capital market. In the past three months, since the Central Economic Work Conference held at the end of last year proposed that "we must do a good job in the pilot program of comprehensive reform of market-based allocation of factors and fully implement the registration system for stock issuance", the regulatory authorities have been making intensive efforts to promote -

At the end of December 2021, the chairman of the China Securities Regulatory Commission, Yi Huiman, said that he is speeding up the formulation of a market-wide registration system reform plan, and solidly advancing relevant preparations to ensure the smooth implementation of this major reform.

On January 17, 2022, the China Securities Regulatory Commission held the 2022 System Work Conference. The meeting emphasized that, with the full implementation of the stock issuance registration system as the main line, the reform of the capital market should be further promoted. Adhere to the "three principles" of the registration system reform, and make full efforts in "embroidery" to make preparations for careful thinking, business, and clean government. Further improve the registration-based arrangement with information disclosure as the core, highlight the top priority of the main board reform, accelerate the transformation of issuance supervision, further consolidate the "gatekeeper" responsibilities of intermediaries, strengthen the joint efforts of all parties, and promote a formation that is conducive to the full implementation of registration. To ensure a stable implementation of reforms. At the same time, it will coordinate and improve the multi-level market system, simultaneously promote the reform of the basic system and the construction of the CSRC system itself, and continue to deepen the reform of the capital market.

On January 28, the China Securities Regulatory Commission announced the formulation of the 2022 legislative work plan, proposed to implement the decision and deployment of the Central Economic Work Conference on the full implementation of the stock issuance registration system, and formulated the "Administrative Measures for the Registration of Initial Public Offerings" and the "Registration Management of Securities Issuance of Listed Companies". Regulations, etc.

On the same day, the website of the China Securities Regulatory Commission disclosed that in order to further improve the quality of information disclosure in prospectuses, the China Securities Regulatory Commission issued the "Guiding Opinions on Improving the Quality of Information Disclosure in Prospectus under the Registration System", which will come into force on the date of publication. The China Securities Regulatory Commission stated that improving the quality of information disclosure in prospectuses is a long-term and systematic task that requires the joint efforts and joint efforts of relevant parties. In the next step, the CSRC will conscientiously implement the concepts and principles established in the "Guiding Opinions" in the specific supervision work, revise and improve the rules and regulations, and promote the continuous improvement of the quality of information disclosure in the prospectus, so as to lay a good foundation for the full implementation of the stock issuance registration system.

On March 4, the China Securities Regulatory Commission solicited opinions on the revised "Administrative Measures for Initial Public Offering and Listing".

The gradual A-share full registration system has not only become the focus of the two sessions, but also aroused great attention and heated discussions outside the venue.

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