Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation for public consultation, marking the introduction of the first dedicated administrative regulation for listed company supervision in China [1]. Group 1: Objectives and Goals - The draft regulation aims to mitigate risks, strengthen supervision, and promote high-quality development of listed companies, focusing on solidifying regulatory enforcement and investor protection [1]. Group 2: Key Provisions - The draft includes improvements to corporate governance requirements, standardizing governance structures and the behavior of key stakeholders such as controlling shareholders and executives to enhance governance effectiveness [2]. - It emphasizes the strengthening of information disclosure regulations, particularly targeting financial fraud by improving internal supervision mechanisms and prohibiting third-party collusion in fraud [2]. - The regulation seeks to standardize merger and acquisition activities by detailing the responsibilities and independence requirements of financial advisors, supporting industrial integration and corporate transformation [2]. - It enhances investor protection by setting clear requirements for market value management, cash dividends, and share buybacks, aiming to increase investment value and awareness of investor returns [2]. - The draft proposes strict penalties for illegal activities, detailing measures that the State Council's securities regulatory body can take against behaviors such as asset occupation and collusion in fraud [2].
首部专门的上市公司监管行政法规征求意见 打击和防范信息披露“财务造假” 加强投资者保护（政策速递）
Ren Min Ri Bao·2025-12-05 22:01