Unblock the exit mechanism of the exchange and optimize the listing process of delisting plate
2022-02-28
The CSRC reported on February 25 that in order to meet the requirements of registration system reform and normalized delisting, further improve the supervision of listed companies after delisting, create a good ecosystem of "entering and exiting, entering and exiting", and promote the healthy and stable development of the capital market, the CSRC drafted the guidance on improving the supervision of listed companies after delisting (hereinafter referred to as the guidance), We are now seeking public opinions. The guiding opinions put forward that the exit mechanism of the exchange should be unblocked, the undertaking arrangements of the host securities companies should be improved, the right confirmation registration procedures should be simplified, the listing process of the delisting plate should be optimized, and the delisting companies should be promoted to enter the delisting plate smoothly and smoothly. According to the CSRC, the guiding opinions are based on the implementation of the requirements of the securities law, protect the legitimate rights and interests of investors, better ensure the smooth implementation of normalized delisting, rely on the existing agency share transfer system as the delisting plate, and deal with the blocking points and problems existing in the current practice in accordance with the principle of "smooth connection, appropriate supervision, risk prevention and joint force" Optimize and improve the risk points, and promote the formation of a set of institutional arrangements in line with the functional positioning of the delisting plate and suitable for the characteristics of delisting companies. The guidance includes five parts: basic principles, delisting connection procedures, continuous supervision system, risk prevention mechanism and supervision system. The main contents are as follows: Clarify the basic principles. First, adhere to the system concept, strengthen overall planning and coordination, strengthen the connection of all links of the delisting system, and highlight the market function positioning of the delisting plate. Second, adhere to seeking truth from facts, implement classified supervision, effectively improve the efficiency of supervision, and promote the standardized development of delisted companies. Third, adhere to the risk orientation, strengthen the bottom line thinking, and further improve the risk prevention and disposal mechanism. Fourth, adhere to coordination, form joint efforts of all parties and improve the overall regulatory efficiency. Strengthen the connection of delisting procedures. First, smooth the exit mechanism of the exchange, optimize the undertaking arrangements of the host securities companies, improve the incentive mechanism, compact the responsibilities of the recommendation institutions, and promote the delisting companies to exit the exchange market smoothly and smoothly. Second, simplify the right confirmation registration procedures, simplify the handling materials, strengthen data sharing, promote online handling, and reduce the burden of market subjects. The third is to optimize the listing process of delisting plate. On the basis that the host securities firm assists the delisting company in handling the listing procedures, the delisting company directly enters the delisting plate for listing and transfer in accordance with the provisions of the national stock transfer company, and clarify the connection arrangement of information disclosure during the transition period to ensure the right to know of investors. Optimize the continuous supervision system of delisted companies. First, establish information disclosure and corporate governance arrangements appropriate to the actual situation of delisted companies, respect corporate autonomy and balance the cost of enterprise standardization. Second, implement classified supervision in combination with the operation status and standard level of delisted companies, establish differentiated supervision mechanism, reasonably allocate supervision resources and improve supervision adaptability; Enterprises that standardize the performance of information disclosure obligations may carry out issuance and financing and major asset restructuring in accordance with relevant regulations. If they meet the conditions, they may also apply for re listing or listing in the national share transfer system. Improve the risk prevention mechanism. First, strengthen investor suitability management, set investor access requirements matching the risk status of delisted companies, strengthen investor education and investment risk warning, and guide investors to buy and sell delisted company stocks rationally. Second, steadily promote the clearing of market risks and guide delisting companies with poor quality to exit the delisting sector through market-oriented methods such as bankruptcy liquidation. Improve the supervision system of delisted companies. First, build a regulatory mechanism with clear responsibilities, coordination and efficiency, implement the territorial supervision of dispatched offices, highlight the main responsibilities of trading places, strengthen information communication, coordination and linkage, and form a joint regulatory force for delisting companies. Second, strengthen communication and coordination with local governments, timely report risk matters, strengthen information sharing and regulatory cooperation, and cooperate in dispute resolution and stability maintenance. The guidance applies to companies delisting from various sectors of the Shanghai and Shenzhen Stock Exchange and companies directly transferred to the delisting sector after delisting from the Beijing stock exchange. The daily supervision arrangements of staq and net system companies listed in the delisting sector shall be implemented with reference to the provisions of the guiding opinions. (Xinhua News Agency)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：China Securities Journal
Special statement: if the pictures and texts reproduced or quoted on this site infringe your legitimate rights and interests, please contact this site, and this site will correct and delete them in time. For copyright issues and website cooperation, please contact through outlook new era email：lwxsd@liaowanghn.com
Economy
Recommended Reading Change it 
Home
