Shenzhen Stock Exchange revised the guidelines for standardized operation: seamless connection new securities law

 Shenzhen Stock Exchange revised the guidelines for standardized operation: seamless connection new securities law

It is understood that this revision aims to further optimize and improve the regulatory rules system of listed companies, build a solid institutional basis for promoting the quality of listed companies, meet the implementation of the new securities law, and comprehensively do a good job in system convergence and regulatory adaptation. The revision work follows the reform direction of marketization and legalization, adheres to information disclosure as the core, fully considers the provisions of the upper law and the implementation effect of the existing system, summarizes new experience, responds to the new situation, and makes four aspects of optimization and improvement.

Seamless connection and complete the construction of the supporting system of the new securities law. We will improve the provisions on the disclosure of short-term transactions, information disclosure channels, temporary reports, voluntary information disclosure, the scope of insiders of insider information, public collection of shareholders rights, and disclosure of changes in equity, and issue the announcement format to clarify the specific disclosure requirements for each 1% increase or decrease of major shareholders shares, emphasizing that investors should be fully disclosed to make value judgments and investment decision-making places Necessary information to ensure the orderly connection and implementation of relevant requirements of the new securities law.

Reduce the burden and reduce the weight, and help listed companies go to battle in light. On the one hand, simplify and optimize the regulatory requirements, so as to give more independent space to the market in terms of fund use during the period of fund-raising and replenishment and corporate governance of small and medium-sized board; on the other hand, break into pieces, absorb and integrate the provisions of more than 20 business rules and guidance memos, create a friendly standard set that is easy to query and comply with, and improve the level of regulatory services.

Precise supervision, focusing on key areas and key minority. Strengthen the supervision of high-risk areas such as external guarantee, performance commitment performance, goodwill impairment, etc., strengthen the disclosure of the situation that the controlling shareholders and actual controllers lose contact, are investigated or take compulsory measures, are subject to major penalties and the independence requirements of their related parties, and improve the first-line supervision efficiency.

Keep pace with the times and meet the new demands of the target market. On the basis of real estate and energy conservation and environmental protection industrys first trial, we will comprehensively promote the guarantee quota, allow listed companies to predict the quota when providing guarantee to their holding subsidiaries or joint ventures or associated companies; cancel the qualification verification of the board of directors and the board of supervisors on the candidates of directors and supervisors, strengthen the commitment constraint and public supervision, and enhance the adaptability of rules to market development and policy changes u3002

It is also understood that in the early stage, Shenzhen Stock Exchange, in line with the principle of open door and democratic regulations, solicited opinions from all listed companies on the main board and small and medium-sized board on the revision of the guidelines, and received 28 feedback opinions. All parties agree on the basic idea and main contents of the revision as a whole, and put forward some suggestions for optimization and improvement. After careful study, 14 reasonable and feasible suggestions are adopted in this revision.

Relevant principals said that Shenzhen Stock Exchange will continue to focus on the implementation of the new securities law, conscientiously do a good job in the study, training, publicity and interpretation of the new laws and regulations, accelerate the construction of a concise and efficient regulatory system for listed companies, improve the basic system of the capital market, further improve the market transparency and efficiency, and comprehensively deepen the reform task for the implementation of the capital market To promote the high-quality development of listed companies and create a good legal environment.

Source: responsible editor of Securities Daily: Zhong Qiming, nf5619