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News Q&A on "Measures for the Evaluation of the Quality of the Licensed Securities Dealers of the National Small and Medium Enterprises Share Transfer System"

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News Q&A on "Measures for the Evaluation of the Quality of the Licensed Securities Dealers of the National Small and Medium Enterprises Share Transfer System"

Published: 2017-12-14 Author: Click:

1. What is the background of the “Measures for the Evaluation of the Quality of the Licensed Securities Dealers of the National Small and Medium Enterprise Share Transfer System” (hereinafter referred to as the “Evaluation Measures”)?


A: The National Stock Transfer Company has been conducting the evaluation of the quality of the practice of the brokerage business since 2016. Generally speaking, the evaluation system has played a positive role in guiding the sponsoring securities companies to actively improve their practice quality and enhance their awareness of practice standards. It has also become an important starting point for the daily supervision of the national share transfer companies, and has provided support for the realization of differentiated and refined supervision. However, with the changes in market development, industry conditions and regulatory requirements, the original "National Small and Medium Enterprises Share Transfer System Sponsorship Securities Practice Quality Evaluation Measures (Trial)" (hereinafter referred to as "the original method") also showed some areas to be improved. . Sliding guide


On the basis of summarizing the implementation effect of the evaluation system in the early stage, in order to adapt to the new situation of market development, meet the regulatory needs, and give full play to the positive guiding role of the evaluation system, the "Evaluation Method" was formulated and the use of evaluation results was clarified.


2. What are the main differences between the “Evaluation Measures” and the original measures?


A: The "Evaluation Method" mainly improves and perfects the valuation method. On the basis of maintaining the consistency of the evaluation system, it highlights the positive orientation: First, the introduction of the difficulty factor to lower the business value of the listed brokers with lower business volume rankings. Guide the sponsoring brokers to increase the scale of business under the premise of guaranteeing the quality of practice; second, set the adjustment coefficient for the list of negative behaviors of practicing quality, and more accurately reflect the practice level of the sponsoring brokers; third, adjust the recommended benchmarks for listing and listing after the listing. The weights make the evaluation better adapt to the market development and regulatory needs; the fourth is to adjust some of the points to highlight the positive guiding role of the evaluation system; the fifth is to modify the individual clauses to better link with the upper regulations.


3. What changes have been made to the integrated point value method?


A: In order to better play the guiding role of the evaluation mechanism, the difficulty coefficient is introduced in the comprehensive point value evaluation method, and the difference in the difficulty of the practice of the brokers of different business volumes is fully considered. For the business volume ranking 10%, the last 10%~20 % of the sponsored brokerage business points are given a discount of 0.8 and 0.9 respectively.


4. What changes have been made to the valuation method for the list of negative behaviors of the brokerage practitioners?


A: In order to strengthen the fine management of negative behaviors, better match the degree of negative behavioral adverse effects with the disciplinary efforts, set the adjustment coefficient for the list of negative behaviors of the sponsoring brokers' practice quality: for each negative behavior, it is divided into three files, the plot From light to heavy, it corresponds to the adjustment factor of 0.5, 1, and 1.5 in turn.


5. What adjustments have been made to the weight of the business benchmark point value?


A: In order to better adapt the business weight to the needs of market development, highlight the regulatory focus under the current situation, and ensure that the evaluation results are fair. The benchmark weights of the two types of services after recommendation and listing are adjusted by 30% and 30% respectively. For 20% and 40%, the transaction management and integrated management business weights remain unchanged.


6. What additional points have been added to the Evaluation Method?


A: First, in order to increase the incentives for the research business of the New Third Board seller, the new research business is added: “The number of research reports of the sponsored brokers is located in the top 5% (inclusive), the first 5%~10% (inclusive), before the industry. 10%~20% (inclusive), add 2 points, 1 point, 0.5 points respectively." Among them, the seller's research report refers to the new three-board research report published by the sponsoring brokers for the audience outside the company during the evaluation period, which is subject to the monthly business data submitted by the sponsoring brokers.


The second is to increase incentives for undertaking continuous supervision of securities companies, and to continue to supervise and add points: “The number of entrepreneurs in the net supervision of the sponsoring brokers is 5% (inclusive) and 5% to 10% (inclusive) in the industry. For the first 10% to 20% (inclusive), add 2 points, 1 point, and 0.5 points respectively. Among them, the net acceptance of continuous supervision of the number of entrepreneurs refers to the number of entrepreneurs who continue to supervise the continuous supervision of the sponsoring brokers during the evaluation period minus the number of entrepreneurs who have released the continuous supervision, and the day when the national share transfer company issues a no-objection letter as the statistical node.


Third, in order to further reflect the incentives for the sponsors of the outstanding compliance management, the new continuous compliance points are added: “The sponsoring brokers have not appeared in the fourth section of the fourth quarter of the “Evaluation Measures” in the past 12 months. In the case of deduction, add 1 point in the annual evaluation." In order to ensure fairness, the sponsors who filed for the first time during the evaluation period are not eligible for this.


7. What are the evaluation results of the national share transfer company?


A: The National Stock Transfer Company has defined the following different institutional arrangements:


First, the results of the annual review are an important reference. We choose to participate in the new business or new product priority pilot and market construction activities of the participating securities companies.


The second is to link the results of the quarterly evaluation with the compulsory training of the sponsoring securities companies.


The third is to link the monthly evaluation results with the self-discipline management requirements such as the daily report of the sponsoring brokers.


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