Shanghai Stock Exchange: implement the new securities law and improve the examination standard of science and Technology Innovation Board Listing

category:Finance
 Shanghai Stock Exchange: implement the new securities law and improve the examination standard of science and Technology Innovation Board Listing


In terms of highlighting the key points, the Shanghai Stock Exchange focuses on the following five aspects of work in strict implementation of the new securities law, focusing on the main revised contents of the securities law, according to the key tasks of capital market reform and development established by the CSRC and based on the responsibilities of the exchange:

First, earnestly implement the reform and deployment of the securities issuance registration system. According to the basic orientation of carrying out the registration system in an all-round way, the new securities law fully absorbs the main system practice of the pilot registration system of science and technology innovation board, and makes systematic modification and improvement of the securities issuance system. The pilot registration system of science and technology innovation board has been implemented smoothly. The implementation opinions on the establishment of science and technology innovation board and pilot registration system in Shanghai Stock Exchange and the system innovation on the issuance, listing and registration of science and technology innovation board made by relevant supporting business rules generally meet the requirements of the new securities law. The number of employees who implement the employee stock ownership plan in accordance with the law in the new securities law is not included in the specific number of employees The specific regulations on the number of securities issued by the target company will be directly implemented on the science and technology innovation board in accordance with the law. Next, according to the spirit of the new securities law and the requirements of the reform of the registration system, we will further improve the standards for the examination of the issuance and listing of science and technology innovation board, refine the standards for the positioning of science and technology innovation board, and optimize the demonstration procedures for the attributes of science and technology innovation board. According to the provisions of the State Council and the overall plan of the CSRC to steadily and step by step promote the reform of the registration system, we will do a good job in the implementation of the registration system for public issuance of corporate bonds and other aspects In preparation, the CSRC shall accept and examine according to law the applications for public issuance of corporate bonds for which the CSRC is responsible for making registration decisions.

Second, strengthen the front-line supervision of information disclosure. The new Securities Law further strengthens the Information Disclosure Responsibilities of the issuer, its controlling shareholders and actual controllers, and the supervision responsibilities of the exchange on the information disclosure behaviors of the securities information disclosure obligors are strengthened simultaneously. On the one hand, Shanghai Stock Exchange will urge all information disclosure obligors to perform information disclosure obligations in a timely and accurate manner in strict accordance with the provisions of the new securities law. On the other hand, we should promptly formulate and modify the supporting business rules, and refine the information disclosure requirements stipulated in the new securities law, including: the preparation for the overall revision of the listing rules has been launched; the guidance on the disclosure format of the insider reporting and appointment of accounting firms has been issued; in view of the voluntary information disclosure provisions of the new securities law, we should first focus on the Innovation Board of the Institute To study and formulate the business guidelines for voluntary information disclosure, guide the listed enterprises of science and technology innovation board to voluntarily disclose the information that is really valuable for investors investment decision-making, and put forward normative requirements to make it clear that the voluntary information disclosure must comply with the basic requirements of authenticity, accuracy and integrity, and shall not actively use the voluntary information disclosure to cooperate with the stock price speculation.

The third is to improve the supporting system for delisting of listed companies. The new Securities Law no longer prescribes the specific situation of delisting and the implementation procedures of suspension of listing, which is clearly regulated by the stock exchange, leaving sufficient legal space for improving the delisting system. Science and technology innovation board has well reflected this requirement of the new securities law, enriched delisting indicators, simplified delisting procedures, and cancelled the suspension and resumption of listing. According to the arrangement of multi-level capital market and registration system reform, Shanghai Stock Exchange will start with improving the ecological environment of capital market and the quality of listed companies, actively study and promote the reform of delisting system of main board market, and make proper connection arrangement for the transition period of the implementation of the new and old delisting system.

Fourth, refine and improve the securities trading system. The new Securities Law focuses on improving the securities trading system, enriching the prohibited trading behavior, increasing the supervision system of stock reduction and procedural trading, and improving the means and measures of preventing and controlling market risks and maintaining the trading order of the stock exchange. The Shanghai Stock Exchange will formulate and modify trading rules as soon as possible, focus on making detailed provisions on the identification of securities trading abnormalities, major abnormal fluctuations, applicable standards for disposal measures and implementation procedures, and practically enhance the operability of business rules; it will assess and improve the stock reduction system and establish a procedural Trading report system in accordance with the unified deployment of the CSRC.