On january 3rd, in response to the failure of some securities firms to open the new three-board trading authority on the line, the national stock exchange company has issued the notice on optimizing the national stock exchange system account identification related business. Prior to the Shenzhen brokerage, including the new three-board account was suspended, once aroused industry-wide concern, and China settlement of the notice issued, no doubt gave a clear answer.
Notice is clear, in addition to the temporary counter way, securities companies can take witness, online way for natural persons to handle \"national stock transfer system account identification\" new business, may take witness for ordinary institutional investors to handle \"national stock transfer system account identification\" new business.
For natural persons or institutional investors who no longer participate in the business of the national stock transfer system, they should apply to the securities company for cancellation of the \"national stock transfer system account identification\" and the information for the use of the stock transfer system, or apply directly for the cancellation of the relevant accounts.
In addition, the recent positive new three boards, on December 27 last year, the National Stock Exchange announced the implementation of the first batch of seven comprehensive deepening of the new three board reform related business rules, today the Securities Regulatory Commission on the public fund investment in the new three boards. Industry insiders have commented that the pace of reform has exceeded expectations and that the new three-board valuation and liquidity are expected to improve across the board.
In the notice issued by the company on january 3rd, it is clear that individual investors can open the new three-board account identification business online from now on, and institutional investors can use the form of witness to open, and after january 13th, they can cancel the logo or apply for cancellation of related accounts. The specific notices are as follows:
First, in addition to the temporary counter, securities companies may take the form of witness, online means for natural persons to handle the \"national stock transfer system account identification\" new business, can take the form of witness for ordinary institutional investors to handle the \"national stock transfer system account identification\" new business.
For natural persons or institutional investors who no longer participate in the business of the national stock exchange system, they shall apply to the securities firm for cancellation of the \"national stock exchange system account identification\" and information on the use of the stock exchange system, or apply directly for cancellation of the relevant accounts.
A securities firm may handle the \"National Stock Exchange System Account Identification\" cancellation business for natural persons by means of temporary counter, witness and online, and may handle the \"National Stock Exchange System Account Identification\" cancellation business for institutional investors by means of temporary counter and witness.
（)" Application Form for Securities Account Opening "or" Application Form for Securities Account Business (applicable to securities account inquiry, change, dormancy activation, cancellation, network service business)";
（2) Original and photocopy of valid identification documents for investors [the specific types of valid identification documents for the use of various types of investors in handling account business refer to the Securities Account Business Guide and the Securities Account Business Guide for Special Institutions and Products (hereinafter referred to as the "Guide ").
Four, the securities company shall mark the way of handling the account business of the national stock transfer system in the counter system, distinguish between the temporary counter, witness, online and so on.
From the date of issuance of this Circular, a securities company may handle the new business of \"National Stock Exchange System Account Marking\" for investors off-site, and the securities company may cancel the business of \"National Stock Exchange System Account Marking\" for investors from January 13,2020.
On December 27, the National Stock Exchange issued the first batch of seven comprehensively deepening the new three-board reform related business rules, marking the official implementation of the new three-board all-round deepening reform, the reform \"blueprint\" into the \"construction\" stage. Through this reform, the industry calls for a long time to \"lower the threshold of new three-board investment\" finally to achieve a lower, the new three-board market \"liquidity\" is returning, which also brought a \"big cake\" to brokers.
On December 29,2019, Guoxin Securities official WeChat Public number one article about \"new three board customer investment authority to open\" in the industry \"pre-emptive \". Also issued \"on the stock on-line update mobile phone trading client notice \". Also in the app login page appeared a new three-board business-related pop-up window reminder.
Guoxin Securities article shows that investors through the mobile phone app, according to the \"business processing-authority to open-listed company QFII qualification application\" path to open an account, and then participate in the relevant knowledge evaluation, after the completion of the evaluation submitted to the audit, but also through Guoxin Securities online business hall to handle.
However, recently the reporter landed in the state of xinjin sun app found that the feature has been removed. Some brokers believe that the reason for the removal of the service module \"may be that the system is not yet fully functional or does not meet the appropriateness requirements of investors.\"
On December 27,2019, the new three-board reform plan issued by the stock transfer system mainly made three adjustments to the investor's appropriateness management system, one of which was to perfect the standard of asset recognition and to change the standard of individual investor's assets from financial assets to securities assets.
On January 3,2020, China Clearing said in the Notice that from the date of issuance of this Circular, securities companies can handle new business of \"National Stock Exchange System Account Marking\" for investors off-site, and from January 13,2020, securities companies can handle \"National Stock Exchange System Account Marking\" for investors. At the same time in the attachment there are stock account identification maintenance related data interface specification file.
The National Stock Exchange Corporation issued and implemented the Measures on the Appropriateness Management of Investors in the National Small and Medium-sized Enterprises Share Transfer System (hereinafter referred to as the Appropriateness Measures), comprehensively lowered the threshold for investors in the new three boards, and set different admission conditions for different market levels. The asset threshold of selected layer, innovation layer and foundation layer was reduced to 1 million yuan,1.5 million yuan and 2 million yuan respectively.
Peng hai, a senior researcher at the new third board, said that after the reform policy landed, from the current market performance, market attention has already risen, securities companies have begun to do the business of the new third board, for securities companies after the new third board market business space is quite large.
Peng hai has calculated that the select layer of 1 million theory nearly 2.41 million households meet the requirements,2 million also more than 1.5 million households meet the requirements. So overall, the number of market participants will improve substantially compared to the 430000 new third-board households (mostly mr dong accounts) at the end of 2018. At the same time, there will be a small increase in the absolute number of institutional accounts, such as the introduction of public funds, but institutional accounts are an important source of long-term stable funds, which will help to improve the level of market liquidity and enhance the function of investment and financing. Overall, market liquidity will improve significantly.
But the head of wealth management also said that before the new three-board market has been quiet for a long time, the company's new three-board team has mostly been disbanded, now to do the new three-board this group of people are not the original people, familiar with the need for a process. But the head also believes that after the new three-board reform, the market space is obviously very large, brokers will certainly vigorously follow up, this business talent will also start to train. \"Before the new three-board customers accumulated securities companies can act a little faster, not now also start to do, gradually promote, train new customers.\"
SFC proposed today to regulate the investment scope of public funds, only allowed equity funds, bond funds and other investment selection layer of stocks. Fu Lichun, director of research, believes that this is from the perspective of the Securities Regulatory Commission echo the latest \"National Stock Exchange Company investors appropriate management measures \", clear stocks, bond public funds can be directly invested in the new three-board selection layer of stocks.
“This may be different from the new three-board products of institutions such as the former public offering fund, which is directly involved in the investment of the new three-board selection layer, and the threshold for ordinary investors to buy the new three-board public offering fund will be greatly reduced. Fu lichun points out that the degree of individual investors participating in the new third board experience layer through the public offering fund will be greatly improved, plus the threshold of individual investors in the new third board selection layer has fallen to 1 million, and the investment liquidity of the new third board selection layer has been reasonably guaranteed. The future, including investment by institutions such as QFII, is worth looking forward to.
As the new board deepens the reform policy to advance rapidly, the market especially has the select layer anticipated stock performance quantity price rises. The new board is entering a new phase of upgrading, and premium companies and professional investors will share the dividends of the second spring.
Peng hai, head of the new third board of the lianxun institute of securities research, believes that today's sfc's proposal is good for the selected layer of the company, the stock of the selected layer is mainly concentrated bidding, and there will be no significant change in the investment mode. Public funds for the rate of return requirements, due to the volume of funds, later product size estimates will gradually keep up.
Zhou Yunnan, senior commentator of the new third board and founder of Beijing Nanshan Investment, believes that the public offering fund enters the new third board as a large professional investment and research institution, which can provide more accurate valuation and pricing for the new third board stock and improve the pricing function of the new third board; secondly, it provides the template and experience for the social security fund, enterprise annuity, charity fund, QFII and RQFII to invest in the new third board in the future; finally, it is a strong endorsement of the confidence and value of the new third board market.
Relevant departments promote public funds into the new third board has a long history. In 2015, the Securities Regulatory Commission and the National Stock Exchange system repeatedly mentioned the need to introduce public funds to invest in the new three boards. On June 25,2018, the People's Bank of China, the Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Development and Reform Commission, and the Ministry of Finance jointly issued the opinions on further deepening the financial services of small and micro enterprises.
Article 11 of the 《 Opinion states that multi-level capital market support should be strengthened. Continue to deepen the new three-board stratification, trading system reform, improve the differentiated issuance, information disclosure and other systems to enhance the new three-board market function. Promote public funds and other institutional investors to enter the new third board. regulate the development of regional equity markets. We will steadily promote asset securitization and expand financing channels for small and micro enterprises in an orderly manner.
“Public funds have been included in the plan since 2014, after nearly six years of consultation draft, mainly because the new three-board reform and development needs a gradual process of promotion and growth. Zhou Yunnan further said that the public funds for assessment and ranking considerations, in the face of the new three-board selection layer this new thing, in the early release may be careful to participate, wait and see before groping, and then summarize the research model and investment strategy, and then gradually increase investment efforts.