Recently, the Office of the Inter-Ministerial Joint Meeting of the National Clearing and Reorganizing Various Trading Sites (hereinafter referred to as the “Joint Meetingâ€) issued a document on the risk of suspected illegal securities futures activities at local trading venues. Since then, the Ministry of Culture has issued a message. The Cultural Market Department of the Ministry of Culture held a working symposium on January 9 and invited 27 national exchanges to participate. Two heavy news issues sparked the industry’s deep thinking on the art exchange of the Exchange. So how do you interpret the recent policy trends?
"Joint law enforcement" forced the exchange to carry out model transformation
Obviously, the continuous implementation of this policy regulation and market regulation means that in the future, exchanges will be subject to increasingly strict supervision.
According to the city business network (public number: city business network) "clean up and rectify the inter-ministerial joint meeting of various trading venues" is in 2011, the State Council to implement the "Decision of the State Council on the clean up and rectification of various trading venues to effectively prevent financial risks" (Guo Fa [2011] No. 38, the famous "No. 38 Document" in the industry), strengthen the organization and leadership of clean-up and rectification of various trading venues, regulate market order, prevent financial risks, and establish and clean up various trading venues. Inter-ministerial joint conference system.
After experiencing the "joint meeting" to clean up and reorganize the local cultural exchanges for a period of time, from the beginning of last year, the Ministry of Culture introduced the "Measures for the Administration of Artworks" (hereinafter referred to as the "Measures"), which will be based on the business activities of art objects or Services are included in management. The work symposium convened by the Cultural Market Department of the Ministry of Culture is also a norm aimed at strengthening the art trading activities of the local stock exchanges. That is to say, today, the art investment transactions conducted by the Hong Kong Stock Exchange are subject to the supervision of the "Joint Meeting" and the Ministry of Culture. The joint meeting manages the exchange, and the Ministry of Culture manages the art trade. In the future, it may be necessary to "jointly enforce the law". If the trading platform or organization wants to achieve "legal management" of qualified compliance, it must comply with the supervision of these two ports. These two levels.
In particular, after the promulgation of the "Measures" of the Ministry of Culture, there have been further clear ways for the regulation and control of problems such as illegitimate, assessment and confirmation of power in many industries. In the art trade under the platform of the Hong Kong Stock Exchange, it is necessary to have clear rights and responsibilities, open information, and fair transactions in order to survive.
As a result, some of the traditional art exchanges in the past will be more risky. Under the original syllabus mode, such as painting and calligraphy art asset packages, postal currency card electronic trading, etc., must pass a legality test. Under the "two-pronged" system, the future of art investment will surely embark on a more legal and standardized track.
Creating a new model that conforms to the norm and has an industrial structure is the way out
The "Joint Meeting" clearly pointed out in the recent paper that "illegal futures trading platforms are engaged in oil and precious metals trading in the early stage. After the national crackdown, the platform illegal trading varieties are expanded to postal currency, art, tea, etc... Trading places with postage items, coins, and magnetic cards as the subject of transactions, or physical goods such as jewellery, jade, tea, and old wines are also suspected of violating organized securities trading activities." These are "not beneficial to the real economy" and The risk is huge. The provincial people's governments should promptly check and find out the risk base, do a good job of fund and personnel control, take sound measures against illegal activities in the trading venues, and crack down on them. If they are suspected of committing crimes, move the public security organs; do a good job of clearing up the trading venues within their jurisdictions. Work, implement rectification and classification and disposal requirements; at the same time, in accordance with the principles of total control, rational distribution, and prudent approval, strict procedures, clear standards, and prudently set up new trading venues.
Some of the information disclosed above is that the examination and approval of the exchange will be more stringent in the future, and even the exchange will not be newly established. For the art transactions in the exchange, it will be beneficial to the "real economy" in the future. Considerations.
In the past, the reason why art trade under the platform of the Stock Exchange was criticized was that at the beginning of the establishment of the exchange model, the premise of combining with the industry and complying with industry norms was neglected.
It can be seen from the recent information that in the future, if the Exchange intends to conduct art transactions, the threshold must be high and must rely on a good model. The first is to have all kinds of industrial support: insurance, assessment, custody, collection production, fidelity, legal justice, superior supervision and other industrial procedures have to have, can not be just listed trading platform.
However, from another perspective, the "joint meeting" and the Ministry of Culture's joint efforts have proved that art investment has begun to occupy a place in the investment field. Especially under the current trend of narrowing investment channels, art investment, especially art trading and investment under the platform model of exchanges, has become an industry mainstream. Under the guidance of standardization, it is bound to usher in a more For a healthy and broad market environment.
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