Six rules are published in the policy details of the new third board and deep reform to solicit opinions from the market

 Six rules are published in the policy details of the new third board and deep reform to solicit opinions from the market

The six self-discipline rules formulated and revised this time are based on the securities law, the decision of the State Council on issues related to the national small and medium-sized enterprise stock transfer system, the measures for public companies and the measures for information disclosure and other relevant laws, regulations and rules, and are applicable to the public issuance of shares by innovative enterprises on the new third board, the targeted issuance of shares by listed companies and the trading system After the establishment of the selected layer, the hierarchical management, differentiated information disclosure and corporate governance were standardized.

One is to formulate the rules for the public offering of shares. In view of the public offering of shares to non-specific qualified investment and listing at the selective level, systematic provisions are made on the issuer, issuance conditions, deliberation procedures, application acceptance, issuance review, issuance underwriting, access to the selective level and related information disclosure, management of raised funds and responsibilities of all parties, linking and refining the measures for public companies on the investment of shares to non-specific qualified investment The relevant contents of the public offering of investors provide the basis for the formulation of the rules for examination, underwriting, recommendation and listing committee.

Second, revise the hierarchical management measures. According to the three-tier market structure of basic level innovation level selection level, improve the entry and exit conditions and adjustment arrangements of different market levels, and make clear that the listed companies can enter the innovation level at the same time; enrich the differentiated institutional arrangements, realize the matching of system supply and listing demand, the matching of enterprise listing cost and revenue, and the matching of rights and obligations of listed companies of different levels.

The third is to revise the rules of stock directional issuance. On the basis of optimizing the directional issuance system in October 2018, adhere to the concept of small amount, fast, flexible and diversified, further improve the current business rules of directional issuance, including abolishing the restriction of 35 new shareholders in a single issuance, adjusting the arrangement of review mechanism, optimizing the regulatory requirements for raised funds and relevant provisions on authorized issuance, launching simultaneous issuance with listing and self-management issuance, etc., and improve Financing efficiency and reducing financing cost.

Fourth, revise the information disclosure rules. Implement the requirements of the measures for public companies and the measures for information disclosure, and make differentiated disclosure arrangements for the interim and periodic reports of companies listed at the basic level, the innovation level and the selection level: the selection level is positioned to complete the public issuance of high-quality enterprises to non-specific qualified investors, and formulate disclosure and regulatory systems in accordance with the standards of listed companies; the innovation level mainly plays the role of enterprise cultivation To be able to moderately reduce the requirements of information disclosure; to diversify the types of enterprises at the basic level, to highlight the objective description of information disclosure and the disclosure of risk information.

The fifth is to formulate the corporate governance rules for listed companies. To clarify the basic requirements for the operation of the general meeting of shareholders, the board of directors and the board of supervisors of the listed company; to require the selective company to establish an independent director system and implement a cumulative voting system; to clarify the obligations of the controlling shareholders, actual controllers, directors, supervisors and senior managers of the listed company; to clarify the bottom line requirements for the transaction deliberation procedures based on the principle of Hierarchical Authorization; to allow the listed company to Set up the difference arrangement of voting rights, and make relevant regulations on investor relationship management.

Sixth, revise the stock exchange rules. Combined with the equity dispersion and liquidity demand of listed companies at different market levels, it is clear that the company at the select level implements the continuous competitive trading mode, sets the market order type and price stability mechanism, and adds the temporary suspension mechanism in the market; the company at the basic level and the innovation level can choose the collective bidding or market making trading mode by themselves, and improve the matching frequency of the current collective bidding trading. At the same time, we will reduce the minimum number of individual transactions declared by investors and improve the mechanism for the disclosure of trading information.

In addition to the above six self-discipline rules, which are the basic business rules of the new three board level, the national stock transfer company will also revise the investor suitability management rules, formulate and revise the detailed rules and guidelines and other operational documents together with China Clearing and China Securities Association.

The company said it would fully listen to the opinions and suggestions of market participants by collecting feedback in writing, conducting research visits and holding symposiums during the subsequent public consultation.

Source: responsible editor of Securities Daily: Yang qian_nf4425