★证监会发布上市公司信披暂缓与豁免管理规定

Core Points - The China Securities Regulatory Commission (CSRC) has issued new regulations regarding the temporary suspension and exemption of information disclosure for listed companies, aiming to clarify the types of information that can be exempted and the methods for doing so [1][2] - The regulations categorize exempt information into two main types: state secrets and commercial secrets, with specific conditions outlined for the exemption of commercial secrets to prevent misuse [1] - Three methods for exemption are specified: deferring disclosure, automatic exemption of entire temporary reports, and using aliases or summaries to conceal key information in regular and temporary reports [1][2] Company Responsibilities - Listed companies are required to establish their own disclosure exemption systems, define internal review processes, and ensure no leaks occur under the guise of confidentiality [2] - Companies must maintain a registry of exempt disclosure matters and submit this registry periodically to the CSRC and stock exchanges [2] Regulatory Oversight - The regulations emphasize the need for enhanced constraints and supervision over exemption disclosure practices, mandating regular reporting to local CSRC offices [2] - Any violations, such as failing to establish proper exemption systems or engaging in insider trading and market manipulation, will be subject to strict legal consequences [2]