The Code Rules for Information Disclosure Documents of Securities Issuers have been released

2024-09-20

Recently, the China Securities Regulatory Commission released the "Code Rules for Information Disclosure Documents of Securities Issuers" financial industry standard, which will come into effect from the date of publication. It is reported that in recent years, the electronicization of information disclosure has achieved significant results, and the electronic description language based on XBRL (Extensible Business Reporting Language) provides more efficient and diverse means for information disclosure in China's securities market. However, the relevant information disclosure standards mainly apply to the content of documents, and currently there is a lack of coding rules for the information disclosure documents themselves after publication in the securities market. According to the relevant provisions of Article 79, Article 80, and Article 81 of the Securities Law of the People's Republic of China on information disclosure obligations, listed companies, companies whose corporate bonds are listed for trading, and companies whose stocks are traded on other national securities trading venues approved by the State Council shall prepare regular reports in accordance with the content and format prescribed by the securities regulatory authority of the State Council and the securities trading venues, and submit interim reports when major events occur as prescribed; Article 86 stipulates that "information disclosed in accordance with the law shall be published on the websites of securities trading venues and media that meet the conditions prescribed by the securities regulatory authority under the State Council". The disclosure documents of securities issuers have always been one of the most concerning information in the securities market, with a large quantity and diverse categories. Once the information disclosure document is published on the website of the stock exchange, it is disseminated through various channels. When investors read announcements, they often lack information to trace the source of the announcement, so it is necessary to identify the information disclosure documents. The "Coding Rules for Information Disclosure Documents of Securities Issuers" financial industry standard specifies the basic principles, coding methods, coding units, and registration services for the coding of information disclosure documents of securities issuers, and provides a basic metadata table for information disclosure documents. It is understood that after the release of the financial industry standard, the information disclosure documents submitted by securities issuers can be coded and managed by each exchange according to the rules, providing a unique identifier for each information disclosure document, which can accurately locate this information disclosure document. Once the identification of the information disclosure document is published, it cannot be changed. Various forms of encoding can be used in the future, such as attaching the encoding in the form of a watermark to the information disclosure document for easy dissemination and utilization. It is reported that in the next step, the China Securities Regulatory Commission will continue to promote the informatization and digitization of the capital market, focus on the formulation of basic standards, promote the development of general basic field standards, and continuously consolidate the foundation of scientific and technological supervision. (New Society)

Edit:Jia jia    Responsible editor:Liling

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