A few days ago, the china stock industry was highly concerned about the "GEM investors Provisions for appropriate management", "GEM investors to implement the appropriate management approach" and "GEM investment risk revealing book" relevant supporting documents. Guoxin Securities, GF Securities and Huatai Securities and other stakeholders in an interview with reporters that the composition of the above three levels of the Growth Enterprise Market of the management of investors appropriate system prototype, "appropriate management" system proposed by not only help investors get a clear understanding of the investment risks of the GEM, but also in the maintenance of the capital market, "Three" principles to better protect the interests of investors, the innovation of China's securities market.


Give up the "double limit" highlight "fair + protection"

Guosen Securities believes that compared to other markets and unrestricted assets of the previous market expectations and investment experience double the size limits are promulgated regulations of the appropriate investment experience only a matter of principle for the request and stressed that the investment risk to reveal and education, better able to take into account the fairness of the market and the risks, both to ensure the wide participation of Xinhuanet investors the right to market, but also stressed the importance of effective risk prevention, the protection of the interests of small and medium investors.

Huatai Securities analysis, relevant documents involved in the main, such as investors, brokerage firms, as well as the responsibility of regulatory bodies are more different from that seen in the past: For investors, the threshold of reasonable access, process simple; of securities, the the management of the customers a higher demand; abnormal trading will be the focus of monitoring.

Brokerage firms to promote changes in the existing business model

"GEM is not the appropriate regulatory requirements of a simple 'threshold' concept. In addition to applications for investors to open transaction GEM procedural arrangements, securities companies also continue to follow-up to do a good job in customer services, risk education and the transaction code of conduct such request. "Guosen Securities pointed out. Therefore, in addition to the requirements of securities companies and improve the internal system of the specific business and operational guidelines, strict enforcement of the GEM to open access and the principle of the transaction, but also the need for investors to know more about, including the identity of investors, property and income, Securities and investment objectives, risk preferences and other information, on the one hand, objective information can effectively determine these risk tolerance of investors, on the other hand, can also be carried out on the basis of a targeted, risk diversification prompt, customer training and education to guide the rational investors to participate in GEM markets.

In addition, the securities companies as a specific implementation of management systems, and should effectively implement customer transaction management responsibilities, to take effective measures to monitor and unusual constraints customer transactions and guide customers to participate in the GEM rational transaction.

"As investors, the appropriateness of the management of securities companies by the implementation of specific operations, the securities brokerage company's management has put forward higher requirements." Huatai Securities, said.

First, the GEM in the specific market for the opening formalities, the securities company managers should personally witnessed the signing of the GEM investors the investment risk revealed book, and at the same time revealed the risk to sign to confirm. This is not a formal process. Securities companies need to work face-to-face with investors on the Growth Enterprise Market of the characteristics and the relevant rules will be prompted to the work of the risk of truly digital.

Second, investors have applied to join the GEM investment, the securities companies through the China Securities Depository and Clearing Corporation of investors trading system verification experience life and learn more about the identity of investors, property and income, risk preferences and other basic information, an objective assessment of risks to help their cognition and affordability. This will help to change the original securities brokerage business management model has been straightened out for the customer information and management at different levels of brokerage customers, the more easy to do the right products will be made available to appropriate consumers. GEM will be attracted to higher risk customers, firms need the right guidance.

Third, securities firms also need to changes in the market to remind investors of risk in time, continuous follow-up services provided to investors, and guide rational investors, norms and participation in open market transactions GEM.

It is not difficult to foresee that the risk of future brokers tasks revealed increased, but also will promote the securities brokerage business by the access system to the service system further restructuring will be dominated by one person.

Investors to further enhance risk awareness

GF Securities said that the regulatory authorities specifically for the GEM to develop an appropriate management system for investors of the main reasons is that compared to the Main Board and GEM markets with its own unique risks. To strengthen risk awareness of investors, the investors to participate in the GEM, GEM should be familiar with the relevant provisions and rules, understanding the risk characteristics of the GEM, with a corresponding risk tolerance, and participation in accordance with the provisions of the GEM procedures. Experience requirements in addition to the transaction, investors should also be an objective assessment of their risk tolerance, a prudent decision of whether to apply for the GEM to open market transactions.

Guoxin Securities also said that investors in the Growth Enterprise Market of the appropriate regulations to ensure that investors not only to share the results of high-growth small and medium-sized, but also allow investors to understand its risks and its own investment risk tolerance, the more effective implementation of and protection of investment interests, is the Growth Enterprise Market of China's development needs. At the same time, the classification management for investors, the establishment of appropriate arrangements for the content of the system of investor protection, investor perceptions of risk so that risk tolerance and investment products and to adapt, not only the needs of the GEM, but also China's multi-level capital market system requirements.