政在发声丨事关上市公司信披！这两大类信息可以豁免披露

Core Points - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Deferred and Exempt Information Disclosure for Listed Companies," which will take effect on July 1, 2025, following public consultation [1][2] - This is the first systematic regulation regarding deferred and exempt information disclosure for listed companies in China, consolidating previous scattered regulations into one document [2][4] - The regulations clarify the scope of exemptions, including state secrets and commercial secrets, and outline three methods of exemption [2][4] Summary by Sections Changes in Regulations - The formal version of the regulations includes three main adjustments compared to the draft: enhanced protection of companies' operational information, clarification of responsibilities for other information disclosure obligors, and the option for companies to incorporate exemption provisions into existing disclosure management systems rather than mandating a separate system [1][5][6] Exemption Scope and Conditions - The regulations specify that companies can defer or exempt disclosure of operational information if it could harm their interests, with three specific conditions outlined for commercial secrets [5][9] - Companies must register and manage exemption matters and cannot use confidentiality claims for promotional purposes [2][8] Compliance and Reporting Requirements - Companies are required to disclose deferred or exempt information promptly once the reasons for deferral are resolved, including justifications for classifying information as a commercial secret [10] - The regulations mandate that companies maintain records of exemption matters for at least ten years and establish internal review procedures for deferral and exemption [10]