刚刚，证监会就新规公开征求意见！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Management of Listed Companies" for public consultation, aiming to strengthen regulatory frameworks and promote high-quality development in the capital market [1][2]. Group 1: Regulatory Framework - The draft regulations aim to fill the gap in the regulatory framework for listed companies, which has been lacking a comprehensive administrative law that connects existing laws like the Securities Law and Company Law with the rules of the CSRC and stock exchanges [2]. - The regulations are seen as a necessary step to solidify the legal foundation for stringent supervision and management, reflecting the experiences gained from recent regulatory practices [1][3]. Group 2: High-Quality Development - The draft emphasizes three main aspects to promote high-quality development: enhancing the quality and effectiveness of mergers and acquisitions, improving investor returns through stable dividend policies, and strengthening corporate governance [4]. - It mandates listed companies and their executives to implement market value management and establish mechanisms for regular share buybacks [4]. Group 3: Risk Prevention and Strong Regulation - The draft outlines measures to prevent financial fraud, including prohibiting the preparation of false financial reports and requiring companies to establish robust internal control systems [5]. - It also emphasizes the prohibition of illegal fund occupation by controlling shareholders and the need for strict enforcement of delisting and restructuring regulations [5]. Group 4: Highlights of the Draft - The draft introduces specific regulations on corporate governance, making it a focal point for the first time at the administrative law level, thereby enhancing the effectiveness of existing laws [6]. - It provides detailed provisions for mergers and acquisitions, including definitions, qualifications for acquirers, and disclosure standards to stabilize market expectations [7]. - The draft intensifies the crackdown on illegal activities, particularly financial fraud, by reinforcing internal controls and establishing clear responsibilities for boards of directors [8]. - It includes a dedicated chapter on investor protection, aiming to enhance investor returns and prevent companies from evading delisting, while also ensuring that investors have options in case of company restructuring [9].