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近期证监会正式督促天津市政府处理天津文交所份额化产品的“善后”问题。在此之前,相关部门曾于2011年和2012年,先后颁布了3个文件对文化交易所清理整顿作出规范。而2012年颁布的《国务院办公厅关于清理整顿各类交易场所的实施意见》明确禁止包括艺术品在内的份额化产品的公开发行,并且不得以集中交易的方式进行交易。《实施意见》同时规定了交易对象的权益持有人累计不得超过200人。清理整顿下的份额化交易失去了发展的活力和动力,继而,国内大多数文交所相继退出份额化交易,
Recently, the Securities and Futures Commission formally urged Tianjin Municipal Government to handle the issue of “aftermath” of the share-based products of the Tianjin Stock Exchange. Prior to this, the relevant departments in 2011 and 2012, has promulgated three documents to regulate the clean-up and rectification of cultural exchanges. The Opinions of the General Office of the State Council on Clean-up and Reorganization of Various Types of Trading Places promulgated in 2012 expressly forbid the public offering of quota-based products including works of art and should not be traded in a centralized manner. The Implementation Opinion also stipulates that the total number of equity holders of the counterparty may not exceed 200. In the process of liquidation and rectification, the quotas lost their vitality and momentum for development. As a result, most of the domestic exchanges lifted their share-keeping deals one after another,