【头条评论】对商业秘密豁免披露 可建立事先审核机制

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Deferred and Exempt Information Disclosure for Listed Companies," aiming to balance the principles of public disclosure and confidentiality [1] Group 1: Regulations Overview - The regulations categorize exemptible matters into two types: state secrets and commercial secrets [1] - Commercial secrets include core technology information and operational information of clients and suppliers, with specific conditions for exemption outlined [1] - The definition of commercial secrets requires that the information is not publicly known, has commercial value, and is protected by confidentiality measures [1] Group 2: Concerns and Mechanisms - There are concerns that companies may misuse internal confidentiality measures to self-determine what constitutes a commercial secret, potentially harming investors' right to information [2] - The regulations include mechanisms for accountability, requiring companies to document reasons for deferral or exemption and submit these to regulatory bodies within ten days after financial reports [2] - The regulations do not eliminate companies' rights to self-determine commercial secrets but imply a need for checks and balances [2] Group 3: Recommendations for Improvement - Relying solely on self-certification and post-event accountability may be insufficient; companies could submit deferral or exemption documentation to regulatory bodies for pre-review [3] - Establishing a committee of legal and industry experts within exchanges to assess the confidentiality and economic value of information could enhance transparency [3] - Investors may pursue civil claims against companies for significant omissions in disclosure, supported by clearer legal standards established by recent judicial interpretations [3] Group 4: Conclusion - The essence of the "confidentiality exception" in information disclosure is to rebalance corporate interests and public interests [4] - Transparency in the criteria and processes for determining commercial secrets is essential to protect corporate competitiveness while ensuring robust market disclosure [4]