China Securities Regulatory Commission and the Shenzhen Stock Exchange were issued, "the Growth Enterprise Market of Investors Tentative Provisions (Draft)" (hereinafter referred to as the "Interim Provisions") and "Shenzhen Stock Exchange GEM Implementation Measures for Management of Investors ( Draft) "(hereinafter referred to as" implementation measures "). June 10 afternoon, the Shenzhen Stock Exchange this organization against the relevant rules of the forum to solicit opinions.
Invited to participate in the forum, in addition to those Securities Brokerage Division, the Institute as well as private and other institutions, few ordinary investors were invited to become the object.
    "Implementation Measures" Although on the surface is the set of investors to enter the threshold of the GEM, but most of the content is how to carry out the work to member's specific requirements, in fact is the selection of investors work to a broker to check, therefore, whether the brokerage business will increase pressure on the Department staff as well as specific operational details of a business person from Broker subject of great concern.
In this regard, the Shenzhen Stock Exchange on the responsible person at the meeting said, "implementation of the approach is the principle of 18 clauses, the future exchange of specific operating instructions will be issued."
Controversial investors to enter the threshold
    GEM market has been rumored for investors to set up barriers to entry, a statement is most widespread in size as the amount of money constraints, but in the end put the result was "a more than two years (including two years) experience in dealing Investors can apply for open natural GEM market transactions. "
Why not use the amount of money as the barriers to entry criteria, the relevant head of the Shenzhen Stock Exchange have also explained, "We are fair to investors from the perspective of."
    The official said, "Although the risk of GEM listed companies bigger, but there are high growth, investors have the right to share the high-growth opportunities. We fully respect the rights of investors to invest in the GEM, it set two years transaction experience this threshold. "
But with two years of investment experience to distinguish between investor risk appetite as the demarcation point is reasonable, there is controversy.
    Guoxin Securities Research Institute, Ho Cheng Ying experts believe that the provisions of this time is questionable, "I think investors access to the GEM, investment experience is very important. However, if two years as the yardstick, then there are two issues, first, how Pattern recognition trading account itself is indeed the last two years investors personally operation; second, even with more than two years trading experience, does not mean that investors have sufficient professional ability. "
However, the British Institute of Lida Xiao Tai Securities are considered to have sufficient years of experience as it is appropriate, broader market from 2007 to 6114 points, fell to 1664 points in 2008, 73% decline is not every year, after 73% of the decline can be said that risk education has been very good, two is moderate, not too long line.
    Li Daxiao that "the key is that brokers should investors risk tolerance have a full grasp and research, eligible only to qualified investors into the GEM." Lida Xiao recommendations.
Sales Department pressure to resolve?
For the "Implementation Measures" requirements, the Department will become a mere formality brokerages have become the focus of attention.
"I feel, (the implementation of measures) for review, the site of the brokerage account opening requirements, etc. higher than before." Cheng Ho Ying said at the meeting.
In accordance with the "implementation of the Measure", "member business premises should be in writing and signed on site with clients," GEM Investment Risk Disclosure Statement "."
Huatai Securities retail customer service headquarters operations management director for the implementation of Zi Yun said at the meeting is to have the operational approach, but will put some pressure on frontline staff, "If the work starts after the GEM, we did a calculation, suppose we In the two months required with the first batch one million customers and clients with conditions in writing and signed, "The Growth Enterprise Market Risk Disclosure Statement", in accordance with our sales department 83 calculated the average daily needs of each business department received 200 clients. "
    In addition to taking into account the pressure on the sales department, some operational details of the possible problems can also be of interest to the participants.
Have discussed during the meeting, "some customers used to be a long time in other brokerages, then go here, but the turn time is less than two years, then we need a convenient channel to the client can query previous information to determine whether the qualified investors. "
In this regard, the Shenzhen Stock Exchange say, to the right time, will be open to investors and securities firms have easy access to the query whether it meets the requirements.
In addition, there are participants for the "Implementation Measures" in Article VII of confusion. Brokers who have put forward, "not with two years of investment experience for investors, there are some details of the more obscure, for this group is not to say that as long as he completed as required, you can open transactions, or can be based investment brokerage the practical situation, have the power to refuse him. "
    In this regard, the Shenzhen Stock Exchange made it clear that the responsible person, "do not have the conditions for the customer, can not simply be shut out, in accordance with the provisions of the GEM as long as his own understanding of market risk, market risk willing to take on the GEM and signed Risk Disclosure Statement , can also be opened five days later. securities business department should not be simply rejected, but the guidance, and education. unless the Department of understanding of business, investors appeared, the eighth article of the situation. "
    "Implementation measures" under Article VIII, "customers do not meet the appropriate members of management or provide false information, members can refuse to open its Growth Enterprise Market."