证监会密集发文完善资本市场制度 集中修改废止88件规章和规范性文件
Chang Jiang Shang Bao·2025-03-31 00:16

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced significant reforms to the capital market regulations, marking the largest adjustment since the implementation of the new Company Law, aimed at enhancing the regulatory framework and adapting to new legal requirements [2][3][4]. Group 1: Regulatory Changes - CSRC issued five announcements and three orders on March 28, including Order No. 227, which modifies 88 regulations and normative documents in a comprehensive update [2][3]. - Order No. 228 was released to amend the Securities Issuance and Underwriting Management Measures, adding bank wealth management products and insurance asset management products as priority allocation objects for IPOs [2][5]. - The adjustments include the deletion of certain provisions related to the supervisory board and independent directors, aligning with the new Company Law and independent director system reforms [3][4]. Group 2: Information Disclosure Reforms - The CSRC revised the information disclosure rules for annual and semi-annual reports, emphasizing the importance of key information while reducing redundancy [2][7]. - The updated disclosure management measures include enhanced risk disclosure requirements and specific industry operational information disclosure [7][8]. - New rules will take effect on July 1, 2025, focusing on improving the scientific and systematic nature of the regulations [2][9]. Group 3: Market Participation Enhancements - The reforms aim to facilitate the entry of long-term funds into the market by improving the issuance and underwriting system, including equal treatment for bank wealth management and insurance asset management products in IPO allocations [5][6]. - The CSRC has also clarified that investors participating in IPO strategic placements cannot lend shares during the lock-up period, addressing market concerns [5][6]. - Future adjustments will continue to support the implementation of the new Company Law and enhance the quality of capital market development [4][6].