首部专门的上市公司监管行政法规征求意见（政策速递）

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation for public consultation, marking the introduction of the first dedicated administrative regulations for listed companies in China, aimed at enhancing investor protection and combating financial fraud in information disclosure [1]. Group 1: Key Content of the Draft Regulation - The draft regulation aims to improve corporate governance requirements, standardizing the governance structure and the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives to strengthen the foundation for high-quality development of listed companies [2]. - It emphasizes the enhancement of information disclosure regulation, particularly targeting financial fraud by improving internal supervision mechanisms, accountability, and prohibiting third-party collusion in fraudulent activities [2]. - The regulation seeks to standardize merger and acquisition behaviors by detailing the rules for company acquisitions and major asset restructurings, clarifying the responsibilities and independence requirements of financial advisors to support industrial integration and corporate transformation [2]. - It aims to strengthen investor protection by setting clear requirements for market value management, cash dividends, and share buybacks, encouraging listed companies to enhance investment value and awareness of returning profits to investors [2]. - The draft includes strict measures against illegal activities, detailing the actions that the State Council's securities regulatory body can take during enforcement, and establishing specific penalties for behaviors such as asset occupation and collusion in fraud [2].