In order to carry out the "Management Measures on Stock Exchanges" amended and promulgated by the China Securities Regulatory Commission (CSRC) in November 2017, the Shanghai Stock Exchange (SSE) has amended the "SSE Bylaws". Upon discussion and approval by the 4th Board of Governors of the SSE and the 8th SSE General Assembly and approval by the CSRC, the amended version comes into force on July 20.
A stock exchange's bylaws, serving as a mini constitution for it, is a major basis for its self-disciplinary management. In recent years, the SSE, under the leadership of the CSRC, has fulfilled its statutory duties, further played the role of frontline regulation and strived to maintain market order and stability. The "SSE Bylaws" was amended under the guidance of the "Securities Law", the "Management Measures on Stock Exchanges" and the "Guiding Opinions on Further Giving Full Play to Frontline Regulation Role of Stock Exchanges" of the CSRC Party Committee by summarizing the frontline regulation experience and through explanation sessions for sub-regions of the General Assembly to solicit the members' opinions.
The amendment included three aspects: first, the leadership of the Party should be strengthened, and the role of the Party committee should be better played; second, efforts should be made to optimize the governance structure and improve the standardized operation; third, the nature of self-disciplinary management should be cemented, and the frontline regulatory function and means should be enhanced.
Apart from the amendment, in order to implement the relevant requirements in the "Management Measures on Stock Exchanges", the SSE has comprehensively cleared the business rule system since the beginning of this year to steadily boost the amendment and perfection of the fundamental system of self-disciplinary management.
Next, the SSE will, according to the amended "SSE Bylaws", continuously improve the internal governance, cement the frontline regulation, initiatively assume its duties, and make unremitted efforts to better serve the real economy, control financial risk and propel the market reform.