Create a fairer market environment for investors
——Chairman Xiao Gang's speech at the launching ceremony of the "Fairness Is Around" Investor Protection Special Activity
Comrades, friends in the media:
good morning! Welcome to the 12386 hotline of the China Securities Regulatory Commission for workplace survey interviews. Since its trial operation in September 2013, the 12386 hotline has handled 77,000 valid investor requests, and has gradually become the main channel for investors to report problems and resolve disputes, and become an important window for the regulatory authorities to contact and serve investors. Through the joint efforts of many parties, especially with the strong support of the telecommunications sector, the 12386 hotline has achieved nationwide direct dialing today, allowing investors from all over the country to enjoy the services provided by the 12386 hotline fairly.
Taking this opportunity, I’m happy to announce that starting with the 12386 hotline’s nationwide direct dialing, the “Fairness by Your Side” investor protection special activity officially launched today! This special event was jointly initiated by the Investor Protection Bureau of the China Securities Regulatory Commission, China Securities Investor Protection Fund Corporation, and China Securities Small and Medium Investor Service Center. The purpose of holding such an event is to thoroughly implement the "Opinions of the General Office of the State Council on Further Strengthening the Protection of the Legal Rights and Interests of Small and Medium Investors in the Capital Market" through concrete and practical work measures, and to fully implement the requirements of investor protection in the capital market. We will strive to create a fairer market environment in all aspects and links of reform, development, and supervision and enforcement, so that every investor, especially the majority of small and medium-sized investors, can truly feel that fairness is by their side.
Fairness is the eternal pursuit of human values, the main theme of the times and a sign of social progress. Fairness is the core value of socialism with Chinese characteristics, and maintaining fairness is a practical need to implement the spirit of the 18th National Congress of the Party, promote social harmony and realize the great rejuvenation of the Chinese nation. Fairness is an inevitable requirement for the healthy development of the capital market. The capital market has multiple participants and diverse interest demands. Without a fair market environment, it is impossible to ensure vigorous and orderly market competition, and it is difficult for the capital market to effectively play its role in resource allocation. Therefore, ensuring equity in the capital market is one of the main goals of securities supervision.
Fairness is around, that is, to allow small and medium investors to fairly enjoy the right to know information. Information is a prerequisite for investment. The majority of small and medium investors are at a disadvantage in the chain of information acquisition. It is the essential work of securities supervision and our most important responsibility to allow small and medium investors to obtain information fairly. It is necessary to firmly establish a working philosophy oriented to the needs of investors, clarify the content and standards of information disclosure, and use plain and easy-to-understand language to allow investors to easily obtain information. At the same time, it is necessary to strengthen the education of small and medium investors, hoping that they will carefully analyze the company's fundamentals, understand the information disclosed by the company in time, and avoid hearsay and blindly follow the trend. The majority of small and medium-sized investors, especially those who are new to the market, must firmly establish risk awareness, make prudent decisions, invest rationally, take risks on their own, and do what they can.
Fairness is around, that is, to allow small and medium investors to participate in decision-making and management fairly. Effective participation in company decision-making is the legal right that the "Company Law" clearly gives investors as shareholders of the company. It is necessary to effectively change the inconvenience of small and medium shareholders participating in decision-making and management, the opinions of small and medium shareholders are not taken seriously, and some companies even deliberately restrict the rights of shareholders, and take effective measures to promote the practice of small and medium shareholders’ individual vote counting, online voting, and cumulative voting. Promote special agencies to carry out pilot work of shareholding exercise rights in accordance with the law.
Fairness is around, that is, to allow small and medium investors to obtain investment income fairly. Income distribution rights are the most important shareholder rights. It is necessary to effectively change the situation of listed companies focusing on financing and neglecting returns, continue to urge listed companies to implement the policy requirements of cash dividends, optimize the investment return mechanism, and urge listed companies to create value for all shareholders.
Fairness is by your side, which means that small and medium investors can fairly obtain relief and compensation when their legal rights are violated. Without relief, there is no right. When the legitimate rights and interests of investors are infringed, the relief channels should be unblocked, the relief methods should be diverse, and the relief procedures should be convenient. While further promoting the improvement of litigation and arbitration systems, it is necessary to comprehensively strengthen dispute mediation, administrative reconciliation, and advance compensation and other diversified interest dispute handling mechanisms to ensure that victim investors can obtain fair legal support and compensation relief in a timely manner.
The "Fairness by Your Side" investor protection special activity is an ongoing work. This year, we will focus on the following tasks: First, expand the 12386 hotline service function so that investors can remember, get through, do it quickly, and get answers. , Trustworthy, improve investor satisfaction. The second is to establish a sound securities and futures dispute mediation organization system, promote the establishment of a national dispute mediation organization, continue to play the role of industry associations and local mediation organizations, and achieve convenient investor dispute mediation applications, simplified procedures, professional authority, and effective implementation. The third is to launch a pilot program for the exercise of shares held by specialized institutions, to strengthen the awareness of rights of small and medium investors through demonstration effects, to guide them to exercise their rights in accordance with the law, to urge listed companies to improve their governance, and to treat all shareholders fairly. The fourth is to do a good job in the construction of investor websites and investor education bases, so that investors can have their own websites, have their own service places and channels, and get fairer educational service opportunities for free.
"Fairness is around" investor protection special activities are all-round, comprehensive, and extensive work. All units and departments of the China Securities Regulatory Commission system shall, in accordance with the overall deployment of special activities, earnestly perform their work responsibilities, and earnestly implement work.
Each market operating entity must increase the awareness of investor protection responsibility, actively carry out work, and implement investor suitability management, facilitate investor exercise, complaint handling, education services, risk disclosure and other work requirements throughout the entire process of business activities.
The majority of investors are the main force in investor protection, and in particular, they must strengthen their self-protection capabilities and protect their legitimate rights and interests in accordance with the law.
Investor protection requires the joint efforts of all sectors of society, and it is inseparable from a good public opinion environment. The presence of many media today also reflects the concern and support of media friends for investor protection. I sincerely hope that everyone will continue to give full play to the advantages and functions of public opinion supervision, publicity and education, so that the activities will have a voice and resonance, promote the formation of consensus in the society, and jointly cultivate a fair and rational market culture and atmosphere.
Finally, I wish the "Fairness by My Side" investor protection special event a complete success! thank you all!