Integrity belongs to the category of morality and has existed since ancient times. "Words must be honest and deeds must be loyal and upright", "Words must be true and deeds must be resolute" are all famous sayings about integrity that have been passed down for thousands of years. The word integrity has rich connotations and connotations. At the level of modern legal norms, good faith is the abbreviation of the principle of good faith, which generally means that legal subjects should pursue their own interests without harming the interests of others and social welfare when exercising their rights and performing their obligations. The principle of good faith is the most basic principle of civil and commercial law and plays an important role. Article 7 of the "General Principles of the Civil Law" stipulates: "Civil subjects engaged in civil activities shall abide by the principle of good faith, uphold honesty, and abide by their commitments." This provision is the institutional basis for the principle of good faith in the current basic civil laws.

Specifically in the capital market, the principle of good faith is also one of the basic principles of the Securities Law. Article 4 of the new "Securities Law" stipulates: "Parties involved in securities issuance and trading activities have equal legal status and shall abide by the principles of voluntariness, compensation, and good faith." The development of modern society and market economy requires integrity, and the development of capital markets It is even more inseparable from integrity.

The significance of building integrity in the capital market

Strengthening the building of integrity in the capital market has the following important significance:

First, strengthening the building of integrity in the capital market is beneficial to the country and society Improvement of the credit system. Strengthening the integrity construction of the capital market is an important part of building a national social credit system. Article 30 of the "Regulations on Optimizing the Business Environment" stipulates: "The state strengthens the construction of the social credit system, continues to promote the construction of government integrity, business integrity, social integrity and judicial credibility, improves the integrity awareness and credit level of the whole society, maintains credit information security, and strictly Protect business secrets and personal privacy. "In the development of modern social economy, the capital market plays a key role and plays an important role in optimizing resource allocation. The integrity construction of the capital market is related to the country's rule of law, credit system and business environment. Therefore, strengthening the integrity construction of the capital market will play a major role in building a sound national social credit system, creating a good business environment, and helping the economy achieve high-quality development.

Second, integrity construction plays a cornerstone role in the healthy and sustainable development of the capital market itself. my country's capital market has the characteristics of a large number of small and medium-sized investors and information asymmetry, which highlights the importance of strengthening integrity construction. The fulfillment of fiduciary obligations by controlling shareholders and actual controllers, the true, accurate and complete disclosure of information by information disclosure obligors, and the diligence and due diligence of securities service institutions are all part of the integrity construction of the capital market. Strengthening the integrity construction of the capital market will help create trading opportunities, reduce transaction costs, and maintain the order of capital market transactions.

Standards for the construction of integrity in my country’s capital market

In view of the importance of construction of integrity in the capital market, my country has gradually formed a three-dimensional system of institutional rules to regulate the construction of integrity in the capital market. Generally speaking, This is mainly reflected in the following aspects:

First, the legal aspect, mainly reflected in the relevant content in the Securities Law. The "Securities Law" is the basic law of the capital market and the basic law on the integrity construction of the capital market. Article 215 of the new "Securities Law" stipulates: "The securities regulatory authority of the State Council shall include the relevant market entities' compliance with this law in the securities market integrity files in accordance with the law." This provision establishes the legal status of the capital market integrity files. In addition, the new "Securities Law" has added requirements for integrity records in listing conditions, and the major shareholders and actual controllers of established securities companies must have good integrity records. The relevant provisions of the new Securities Law provide a basic institutional basis for regulating the integrity construction of the capital market at the legal level.

Second, the level of departmental regulations. For example, the latest revised "Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets" issued by the China Securities Regulatory Commission in March 2020 are departmental regulations specially formulated to strengthen the integrity construction of the securities and futures markets and protect the legitimate rights and interests of investors. The "Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets" provide detailed provisions on strengthening the integrity construction of the capital market in terms of the collection and management of integrity information, the disclosure and inquiry of integrity information, integrity constraints, incentives and guidance, etc. The system of institutional rules is of great significance.

In addition, at the practical level, the China Securities Regulatory Commission has established a national unified securities and futures market integrity file database, which records the integrity information of relevant market entities in the capital market, strengthens the integrity constraints on market entities, and implements capital regulations. It plays an important role in building market integrity.

In short, promoting the construction of integrity in the capital market is a systematic project, and the construction of integrity should be integrated throughout the development of the capital market. With the improvement of institutional rules and the emphasis on supervision, the integrity construction of my country's capital market is also progressing, which will certainly help achieve the healthy development of the capital market, build a good ecology of the capital market, and give full play to the role of the capital market in economic development. hub function.