保护投资者合法权益 北交所发布交易与关联交易指引

Core Viewpoint - The newly released "Guidelines for Continuous Supervision of Listed Companies No. 15 - Transactions and Related Transactions" aims to standardize transaction behaviors and enhance information disclosure quality for listed companies, thereby protecting investors' rights [1][2]. Group 1: Regulatory Focus - The guidelines cover various transaction scenarios including financial company related transactions, entrusted wealth management, securities investment, futures, and derivatives trading [1]. - It emphasizes the need for clear review procedures, strengthened internal control management, and improved disclosure content to promote transparent and high-quality development of listed companies [1][2]. Group 2: Related Transactions - The guidelines specifically regulate four types of related transactions: financial company related transactions, joint investments, daily related transactions, and related asset purchases and sales [1]. - Financial company related transactions must involve signing financial service agreements, developing risk contingency plans, and continuously assessing fund safety [1]. Group 3: Major Transaction Supervision - The guidelines strengthen supervision of major transactions, focusing on securities investment, entrusted wealth management, joint investments with professional investment institutions, and futures and derivatives trading [2]. - It requires companies to clarify trading purposes in futures and derivatives trading to prevent speculative trading under the guise of hedging [2]. Group 4: Operational Guidance - The guidelines provide practical operational instructions for listed companies, detailing information disclosure requirements and establishing an authorization management mechanism [2]. - Companies are allowed to reasonably estimate and conduct one-time reviews of transaction limits for securities investment, entrusted wealth management, and futures derivatives trading over the next 12 months, balancing operational efficiency with decision-making standards [2]. Group 5: Implementation and Training - The release of the guidelines is part of the North Exchange's ongoing efforts to improve the regulatory framework for listed companies [2]. - The North Exchange plans to conduct rule interpretations and business training to help listed companies enhance their internal control mechanisms and maintain investor rights [2].