上市公司治理再迎升级 我国将迎来首部专门的上市公司监管行政法规

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the draft of the "Regulations on the Supervision and Administration of Listed Companies," marking the first specialized administrative regulation for listed company supervision in China's capital market, aimed at enhancing information disclosure regulation and protecting investor rights [1][2]. Group 1 - The draft regulation consists of eight chapters and seventy-four articles, focusing on improving corporate governance requirements and regulating the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives [1]. - The regulation aims to combat illegal activities and specifies penalties for behaviors such as asset occupation and collusion in financial fraud [1]. - The regulation emphasizes three key themes: risk prevention, strengthened regulation, and promotion of development, indicating a new phase of systematic and legal oversight for listed companies [1]. Group 2 - The draft explicitly prohibits listed companies from fabricating financial reports through fictitious transactions or abuse of accounting policies, introducing an innovative system for recovering profits from fraud [2]. - It states that related parties, customers, suppliers, and service institutions of listed companies are prohibited from assisting in the preparation of false financial reports, with fines ranging from 1 million to 10 million yuan for violations [2]. - For securities service institutions that fail to perform due diligence, fines can reach up to five times their business income, with a minimum fine of 500,000 to 2.5 million yuan for those with insufficient income, and severe cases may lead to suspension or prohibition from engaging in securities services [2].