Four categories of regulatory guidelines issued by SSE

category:Finance
 Four categories of regulatory guidelines issued by SSE


As for key companies, the guidelines include four types of companies and focus on their information disclosure. It mainly includes the implementation of risk warning of stocks, the annual information disclosure evaluation of D, the annual report issued unable to express opinions or negative opinions, and the annual internal control issued unable to express opinions or negative opinions. This kind of company has been the focus of the market and supervision for a long time because of the concentration of risk and the small number of companies.

In terms of key issues, according to the impact on the interests of investors, securities prices and market order, eight categories of key regulatory issues are identified. It mainly includes: there are false records, misleading statements or major omissions in the disclosure of financial information or major events; occupying the interests of Listed Companies in the form of occupation of non operating funds, illegal guarantee and related party transactions; using the concept of information disclosure and speculation to affect the transaction price of the companys stocks and its derivatives or investors investment decisions; planning may produce large amount of goodwill impairment Risk or performance commitment to achieve significant uncertainty of asset transactions; arbitrary changes in accounting policies, accounting estimates, or abuse of accounting standards for improper accounting treatment; controlling shareholders or the largest shareholder, the actual controller directly or indirectly held shares are pledged or frozen, there is a greater risk; directors and supervisors are lazy in performing their duties, three committees and one layer can not Normal operation, or the company can not normally fulfill the obligation of information disclosure and other major defects in internal governance.

In addition, the guidelines clarify the regulatory code of conduct in the form of a special chapter, and strive to achieve the two considerations of regulatory initiative and standardization. One of the objectives of classified supervision is to standardize regulatory behavior, establish regulatory mutual trust, and jointly form a strong joint force to improve the quality of listed companies.

On the whole, the guidelines summarize the practice of classified supervision of information disclosure at the exchange level, and upgrade it to an open institutional arrangement, so as to guide the self-discipline supervision work of the front-line and improve the supervision efficiency. Its core connotation is manage less, manage better, distinguish the situation, classify the policy. In terms of specific methods, it is necessary to intensify supervision resources, focus on a few key companies and key issues, and improve the pertinence and effectiveness of supervision.

The Shanghai Stock Exchange has formulated the three-year action plan to promote the improvement of the quality of Companies in Shanghai Stock Exchange on November 3. This issuance of the guidelines is a work arrangement in the above plan. It is mainly to optimize the supervision methods and methods according to the deployment of the CSRC, and better perform the responsibilities of front-line supervision and service. In the next step, the Shanghai Stock Exchange will pay close attention to the implementation, earnestly listen to and absorb opinions from all parties, continuously optimize and improve the methods and mechanisms of classified supervision, and work with all parties in the market, especially listed companies, to improve the quality of Shanghai stock exchange companies with practical actions.