On July 22, the China Securities Regulatory Commission (CSRC) issued the regulatory guidelines for unlisted public companies No. 5 - Guidelines for the continuous supervision of selected listed companies (hereinafter referred to as the regulatory guidelines) and five standards for the format of periodic reports of listed companies, which will be implemented from the date of promulgation. The regulatory guidelines include seven parts: information disclosure, corporate governance, code of conduct of controlling shareholders and actual controllers, related party transactions, external guarantee and other management systems, share reduction, supervision and management and supplementary provisions.
According to the CSRC, there are three main considerations in the formulation of the regulatory guidelines: first, starting from the actual situation of the new third board market, establishing a continuous supervision system suitable for the characteristics of selected companies; second, strengthening the regulatory requirements of selected companies in the form of administrative normative documents, so as to lay a solid foundation for strengthening the administrative supervision of selected companies and implementing classified supervision in combination with market stratification The third is to learn from the supervision experience of listed companies, and build a working mechanism of three points and one line for selected companies, including CSRC, agency and national stock transfer companies, so as to improve the supervision efficiency.
The five standards for the format of periodic reports of listed companies are formulated, including the format standards of annual report, interim report and quarterly report of selected level, and interim report format standard of innovative layer and basic layer. The CSRC said that in the formulation process, it adheres to the following principles: first, the disclosure requirements among the three levels of the selection level, the innovation level and the basic level are gradually reduced; second, it pays attention to the cohesion of internal rules at different levels, and the disclosure requirements of interim report are lower than that of annual report and higher than that of quarterly report; third, based on the existing new three board regulatory rules, and drawing on the institutional concepts of listed companies, we should fully understand the following principles Reflect the characteristics of listed companies.
Some analysts believe that after the public offering, the regulatory authorities will definitely be more strict with the selection level companies than before when they were at the basic level and the innovation level. Therefore, the regulatory guidelines issued by the CSRC basically refer to the standards of listed companies to require selected companies.
Chen Li, director of Sichuan Finance Securities Research Institute, said in an interview with Securities Daily that the supervision of the selected layer of the new third board is in line with that of listed companies, which is mainly reflected in the aspects of finance, market value and compliance. We should strengthen the supervision and guidance, and let the selected enterprises maintain sustainable profitability on the premise of compliance operation. At the same time, Chen Li believes that in the future supervision process, there are three aspects that can be further improved: first, system maintenance, starting from the actual situation of the market, establishing a regulatory system suitable for the characteristics of the new third board selection layer company; second, clarifying the corresponding regulatory regulations and rights and responsibilities, and implementing the classified supervision system in accordance with the market characteristics; third, doing a good job in integrating with the registration system in the future u3002
In addition, according to the reporter of Securities Daily, Chinas stock transfer companies will follow the requirements of establishing system, non intervention and zero tolerance in the supervision of selected layer transactions, follow the concept of scientific supervision, classified supervision, professional supervision and continuous supervision, and take clear risks, stick to the bottom line, and focus on the key points as the overall thinking, and do a good job in market supervision according to laws and regulations to ensure the selective level The transaction has been strictly and effectively supervised from the beginning, which promotes the formation of a good trading order.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425