沪深交易所修订发行承销违规行为监管指引

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges have revised the "Regulatory Guidelines for Violations in Issuance and Underwriting" to enhance the regulatory standards and transparency of issuance and underwriting practices [1][2]. Group 1: Regulatory Enhancements - The revisions aim to improve the completeness and adaptability of regulatory standards for violations in issuance and underwriting, responding to the needs of regulatory practices [2]. - The guidelines now include principles for regulatory handling, emphasizing categorized supervision and precise accountability based on the nature and severity of violations [2]. - The exchanges can require parties to rectify issues before imposing self-discipline penalties, depending on the severity of the violations [2]. Group 2: Violation Assessment - The criteria for assessing violations have been expanded to include the proportion of projects involved, the impact and risks caused, and the harm to public interests [2]. - The guidelines specify conditions for aggravated penalties, including repeated violations or those involving bribery [2]. - Mitigating circumstances for penalties have also been clarified, such as taking effective measures to reduce negative impacts and fulfilling due diligence obligations [2][3]. Group 3: Investment Value Research Reports - New regulatory requirements have been added for investment value research reports, mandating securities firms to establish and effectively implement internal systems for these reports [3]. - The guidelines detail internal quality audits and compliance reviews for investment value research reports, specifying particular violation scenarios [3]. - The exchanges emphasize a rigorous yet balanced approach to regulation, aiming for effective oversight in the issuance and underwriting processes [3].