我国将迎来首部专门的上市公司监管行政法规。 12月5日，证监会就《上市公司监督管理条例（公开征求意见稿）》（简称《监管条例》）向社会公开 征求意见，意味着严监严管的法治基础更加扎实有力，上市公司规范发展迈出坚实步伐。值得注意的 是，这也意味着我国将迎来首部专门的上市公司监管行政法规。 《监管条例》覆盖上市公司"全生命周期"，强化全链条监管，突出对公司治理的规范，突出对并购重组 活动的支持，突出对违法行为的打击，突出对投资者的保护。业内人士指出，《监管条例》在总结监管 实践经验的基础上，着力提升监管的精准性和有效性，更好地促进上市公司高质量发展。 设专章强化公司治理和投资者保护 南开大学金融学教授田利辉指出，并购重组市场正在经历从"量"到"质"的深刻变革，成为产业升级"催 化剂"，《监管条例》在强化重点规范，明确开展并购重组基本要求的同时，保持制度的包容性、适应 性，切实发挥好资本市场并购重组主渠道作用。 在打击违法行为，尤其是在打击财务造假方面，《监管条例》强化关联交易监管，强调关联交易的公允 性、必要性和合规性，防范上市公司借此操纵利润或者实施系统性造假；强化公司内部监督制约，要求 上市公司建立健全内部控制 ...

在公司治理规范方面，《监管条例》设专章将上市公司的治理作为规范重点，在关注基本治理架构，对 上市公司章程、组织机构设置及职权划分等作出针对性规定的同时，又抓住"关键少数"，直接规范控股 股东、实际控制人及董事高管的行为。具体包括规范上市公司的章程和基本治理架构；规范控股股东、 实际控制人的行为；压实董事高管的忠实勤勉义务、健全公司的激励与约束机制；明确独立董事、董事 会秘书的职责定位，发挥公司内设机构的监督制约作用；规范股东质押股票、委托表决权、代持股份等 行为。 我国将迎来首部专门的上市公司监管行政法规。 12月5日，证监会就《上市公司监督管理条例（公开征求意见稿）》（简称《监管条例》）向社会公开 征求意见，意味着严监严管的法治基础更加扎实有力，上市公司规范发展迈出坚实步伐。值得注意的 是，这也意味着我国将迎来首部专门的上市公司监管行政法规。 《监管条例》覆盖上市公司"全生命周期"，强化全链条监管，突出对公司治理的规范，突出对并购重组 活动的支持，突出对违法行为的打击，突出对投资者的保护。业内人士指出，《监管条例》在总结监管 实践经验的基础上，着力提升监管的精准性和有效性，更好地促进上市公司高质量发展。 设 ...

Core Viewpoint - The introduction of the "Regulations on the Supervision and Administration of Listed Companies" marks the establishment of the first dedicated administrative regulations for the supervision of listed companies in China, aiming to enhance regulatory precision and effectiveness for high-quality development of listed companies [1][11]. Group 1: Regulatory Framework - The "Regulatory Regulations" cover the entire lifecycle of listed companies, emphasizing governance, mergers and acquisitions, illegal activities, and investor protection [1][3]. - It aims to solidify the legal foundation for stricter supervision and management of listed companies, promoting their standardized development [1][11]. Group 2: Company Governance - A dedicated chapter on corporate governance is included, focusing on the governance structure, responsibilities of major stakeholders, and the roles of independent directors and board secretaries [3][4]. - The regulations aim to enhance the accountability of controlling shareholders and executives, ensuring they fulfill their duties and responsibilities [4][5]. Group 3: Investor Protection - A specific chapter on investor protection is established, mandating listed companies to enhance investment value and prohibiting market manipulation [4][5]. - The regulations also require companies to provide cash options or other legal measures to protect dissenting shareholders during voluntary delisting [4][5]. Group 4: Mergers and Acquisitions - The regulations strengthen support for mergers and acquisitions by clarifying definitions, qualifications, and disclosure standards for acquirers [7]. - They also enhance the regulatory framework for major asset restructuring and the role of financial advisors in these processes [7][8]. Group 5: Combating Financial Fraud - The regulations intensify scrutiny on related party transactions to prevent profit manipulation and systemic fraud [7][8]. - They establish strict penalties for major shareholders who misuse company funds and outline the responsibilities of the board in investigating and maintaining company interests [8][9]. Group 6: Timing and Necessity - The timing for the release of the "Regulatory Regulations" is deemed appropriate, as there is a growing need for comprehensive regulations to improve the quality of listed companies amid increasing numbers [11]. - The regulations are seen as a response to the demand for high-quality development in the capital market, aligning with recent policy initiatives [11].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft of the "Regulations on the Supervision and Administration of Listed Companies," which aims to enhance corporate governance, information disclosure, mergers and acquisitions, investor protection, and the crackdown on illegal activities in the securities market [1]. Group 1: Corporate Governance - The regulations aim to improve corporate governance requirements, standardize governance structures, and regulate the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives to enhance governance effectiveness and support high-quality development of listed companies [2]. Group 2: Information Disclosure - There is a focus on strengthening the regulation of information disclosure, particularly targeting financial fraud by improving internal supervision mechanisms, accountability, and preventing third-party collusion in fraudulent activities [3]. Group 3: Mergers and Acquisitions - The regulations will standardize merger and acquisition activities by refining rules related to company acquisitions and major asset restructurings, clarifying the responsibilities and independence requirements of financial advisors, and supporting industrial integration and corporate transformation [4]. Group 4: Investor Protection - The regulations will enhance investor protection by setting clear requirements for market value management, cash dividends, and share buybacks, encouraging listed companies to improve investment value and awareness of returning profits to investors. It also specifies protections for investors during voluntary delisting and prevents companies from evading delisting or harming investor interests through bankruptcy restructuring [5]. Group 5: Crackdown on Illegal Activities - The regulations will impose strict penalties for illegal activities, detailing the measures that the State Council's securities regulatory authority can take in performing its duties, including specific penalties for behaviors such as misappropriation of guarantees and collusion in fraud [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Administration of Listed Companies," marking the introduction of the first dedicated administrative regulations for listed company supervision in China [1] Group 1: Improvement of Corporate Governance Requirements - The draft regulations focus on enhancing corporate governance structures, detailing the roles and responsibilities of shareholders, boards of directors, audit committees, and independent directors [2] - It specifies the qualifications for directors and senior management, emphasizing their duties of loyalty and diligence, and outlines the responsibilities of the board secretary [2] - The regulations aim to prevent misconduct by controlling shareholders and actual controllers, including prohibiting fund occupation and illegal guarantees that harm the interests of listed companies [2] Group 2: Strengthening Information Disclosure Supervision - The draft aims to combat financial fraud in information disclosure, requiring accurate and complete financial reports and robust internal control systems [3] - It mandates the audit committee to oversee financial reports and establishes penalties for companies that engage in fraudulent practices [3] - The regulations clarify the obligations of controlling shareholders and other parties in fulfilling information disclosure requirements [3] Group 3: Regulation of Mergers and Acquisitions - The draft provides detailed definitions and requirements for mergers and acquisitions, aiming to reduce market disputes and stabilize expectations [4] - It outlines the procedures for significant asset restructuring and the role of financial advisors in ensuring compliance and independence [4] - The regulations also emphasize the obligation of listed companies to consider investor value and establish mechanisms for protecting investors during bankruptcy and restructuring processes [4] Group 4: Legal Framework for High-Quality Development - The introduction of these regulations is seen as essential for enhancing the legal framework supporting the quality of listed companies, which have grown to over 5,000 in number [5] - The CSRC highlights the need for improved governance mechanisms and compliance with information disclosure among listed companies [5] - The regulations are designed to reinforce the regulatory foundation while supporting companies in leveraging capital market systems for growth and quality enhancement [6]

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 introduction of the first dedicated administrative regulations for listed company supervision in China. The regulations aim to enhance corporate governance, strengthen information disclosure oversight, standardize mergers and acquisitions, protect investors, and combat illegal activities, thereby improving the quality of listed companies [2][4]. Group 1: Corporate Governance - The regulations specify the basic structure of corporate governance for listed companies, detailing the roles and responsibilities of the shareholders' meeting, board of directors, audit committee, and independent directors [4]. - It establishes qualifications for directors and senior management, outlining their duties of loyalty and diligence, and the responsibilities of the board secretary [4]. - The regulations prohibit controlling shareholders and actual controllers from engaging in behaviors that harm the interests of listed companies, such as fund occupation and illegal guarantees [4]. Group 2: Information Disclosure - The regulations aim to prevent financial fraud in information disclosure, requiring that financial reports be accurate and complete, and mandating the establishment of internal control systems [5]. - The audit committee is tasked with the pre-review and post-investigation of financial reports, enhancing internal supervision [5]. - There are specific penalties for behaviors such as fund occupation and collusion in fraud, with measures to strengthen the oversight of listed companies and related parties [5]. Group 3: Mergers and Acquisitions - The regulations refine the definitions and requirements for mergers and acquisitions, clarifying the qualifications of acquirers and the standards for disclosing changes in equity [6]. - They also standardize the procedures for significant asset restructuring and the independent listing of subsidiaries [7]. - Financial advisors are required to meet independence standards and fulfill their responsibilities in the mergers and acquisitions process [7]. Group 4: Investor Protection - The regulations emphasize the obligation of listed companies to focus on investment value and set basic requirements for cash dividends and share buybacks to enhance investor returns [7]. - They establish a coordination mechanism between administrative supervision during bankruptcy restructuring and the courts, ensuring that investor protection arrangements are in place for companies that voluntarily delist [7]. - The regulations aim to prevent companies from evading delisting and harming investor interests through bankruptcy restructuring [7]. Group 5: Legal Framework - The introduction of these regulations is seen as a necessary step to enhance the legal framework for listed companies, addressing issues such as governance deficiencies, non-compliance in information disclosure, and misconduct by major shareholders [9]. - The CSRC emphasizes the importance of a robust regulatory framework to support the high-quality development of listed companies and the capital market [9].

登录新浪财经APP 搜索【信披】查看更多考评等级 为深入贯彻党的二十大和二十届二中、三中、四中全会精神，落实中央金融工作会议和《国务院关于加 强监管防范风险推动资本市场高质量发展的若干意见》部署要求，进一步健全上市公司监管法规体系， 推动提高上市公司质量，根据《公司法》《证券法》等法律规定，中国证监会起草了《上市公司监督管 理条例（公开征求意见稿）》，现向社会公开征求意见。公众可通过以下途径和方式提出反馈意见： 1．电子邮件：flbpublic@csrc.gov.cn。 2．通信地址：北京市西城区金融大街19号富凯大厦中国证监会法治司，邮政编码：100033。 意见反馈截止时间为2026年1月5日。 中国证监会 2025年12月5日 中国证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见 附件1：《上市公司监督管理条例（公开征求意见稿）》（全文） 第一章总则 第一条 为了规范上市公司及相关各方在证券市场的行为，加强对上市公司的监督管理，促进上市公司 质量提升，保护投资者合法权益，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国证券法》（以下简称《证券法》）等法律，制定本条例。 ...

Core Viewpoint - The release of the "Regulations on the Supervision and Administration of Listed Companies (Draft for Public Comment)" marks the introduction of China's first dedicated administrative regulations for the supervision of listed companies, aimed at enhancing the regulatory framework and improving the quality of listed companies [3][2]. Group 1: Improvement of Corporate Governance Requirements - The regulations focus on risk prevention, strong supervision, and promoting high-quality development, establishing a basic framework for corporate governance [4]. - Specific provisions are made regarding the roles and responsibilities of the shareholders' meeting, board of directors, audit committee, and independent directors, as well as the qualifications and duties of directors and senior management [4]. - The regulations prohibit controlling shareholders and actual controllers from engaging in behaviors that harm the interests of listed companies, such as fund occupation and illegal guarantees [4]. Group 2: Strengthening Information Disclosure Supervision - The regulations aim to prevent and combat financial fraud in information disclosure, requiring accurate and complete financial reports and establishing internal control systems [5]. - The audit committee is tasked with the pre-review and post-investigation of financial reports, enhancing internal supervision [5]. - Clear responsibilities for information disclosure are outlined for controlling shareholders and other stakeholders, balancing shareholder rights with fair disclosure principles [5]. Group 3: Regulation of Mergers and Acquisitions - The regulations refine the definitions and requirements for mergers and acquisitions, aiming to reduce market disputes and stabilize market expectations [6]. - Specific procedures and regulatory mechanisms for significant asset restructuring are established, along with guidelines for financial advisors [6]. Group 4: Investor Protection Enhancement - The regulations impose obligations on listed companies to focus on investment value and set basic requirements for cash dividends and share buybacks, enhancing investor return awareness [7]. - A mechanism for coordinating bankruptcy reorganization supervision and communication with courts is established to protect investors' interests [7]. Group 5: Legal Framework for High-Quality Development - The introduction of the regulations is seen as a necessary step to enhance the legal framework and improve the quality of listed companies, addressing issues such as governance deficiencies and non-compliance in information disclosure [8]. - The regulations are designed to support listed companies in leveraging capital market systems to enhance their quality and performance [8].

钛媒体App 12月5日消息，中国证监会起草了《上市公司监督管理条例（公开征求意见稿）》，现向社 会公开征求意见。意见稿指出，加强投资者保护。一方面规定上市公司关注投资价值的义务，以及现金 分红、股份回购的基本要求，增强投资者回报意识；另一方面明确破产重整行政监管和人民法院的协调 沟通机制，要求主动退市公司做好投资者保护安排，加强对退市风险公司的监管，防止上市公司规避退 市、利用破产重整损害投资者利益。（证监会） ...

12月5日晚，据证监会网站消息，中国证监会起草了《上市公司监督管理条例（公开征求意见 稿）》，现向社会公开征求意见。 《条例》共八章、七十四条，除总则和附则外，主要内容包括： 一是完善上市公司治理要求 ，规范治理架构以及控股股东、实际控制人、董事、高管等关键 少数的行为，促进提升治理的有效性，夯实上市公司高质量发展的根基。 四是加强投资者保护。 对市值管理、现金分红、股份回购等作出明确要求，推动上市公司提 升投资价值、增强回报投资者意识。明确主动退市中投资者保护安排，防范上市公司规避退 市、利用破产重整损害投资者利益。 五是严厉打击违法违规行为 ，细化国务院证券监督管理机构在依法履职过程中可以采取的措 施，对占用担保、配合造假等行为设置专门罚则。 二是进一步强化信息披露监管。 特别是针对上市公司信息披露"财务造假"，通过健全上市公 司内部监督制约、追责追偿机制，禁止第三方配合造假等方式，多维度予以重点打击和防范。 三是规范并购重组行为。 细化完善上市公司收购、重大资产重组等规定，进一步明确财务顾 问的职责定位和独立性要求，支持产业整合升级和企业转型。 点击图片查看详情 SFC 来源丨中国证监会 编辑丨江佩佩 ...