Core Viewpoint - The introduction of the "Regulations on the Supervision and Administration of Listed Companies" marks a significant step towards strengthening the legal framework for the regulation of listed companies in China, enhancing governance, investor protection, and the overall quality of listed companies [1][9]. Group 1: Regulatory Framework - The "Regulations" cover the entire lifecycle of listed companies, emphasizing comprehensive supervision, governance standards, support for mergers and acquisitions, and strict penalties for violations [1][2]. - The regulations aim to improve the precision and effectiveness of supervision, promoting high-quality development of listed companies [1][2]. Group 2: Corporate Governance - A dedicated chapter on corporate governance highlights the importance of governance structures, including specific provisions for the articles of association, organizational setup, and the roles of major stakeholders such as controlling shareholders and executives [2][3]. - The regulations enforce obligations on directors and executives, ensuring accountability and enhancing internal control mechanisms within companies [3][4]. Group 3: Investor Protection - A specific chapter on investor protection mandates listed companies to enhance investment value and prohibits market manipulation, while also improving cash dividend and share buyback mechanisms [3][4]. - The regulations require companies undergoing voluntary delisting to provide cash options or other legal measures to protect dissenting shareholders [3][4]. Group 4: Mergers and Acquisitions - The regulations clarify definitions and requirements related to mergers and acquisitions, enhancing the regulatory framework for significant asset restructurings and the role of financial advisors [5][6]. - The focus is on ensuring that mergers and acquisitions serve as catalysts for industrial upgrades while maintaining a balance between regulation and market adaptability [6]. Group 5: Combating Financial Fraud - The regulations strengthen oversight of related party transactions, emphasizing fairness and compliance to prevent profit manipulation and systemic fraud [6][7]. - Measures are introduced to prevent third-party collusion in fraud, establishing legal responsibilities for involved parties and enhancing supervisory effectiveness [7][8]. Group 6: Timeliness and Necessity - The timing for the introduction of the regulations is deemed appropriate, given the increasing number of listed companies and the need for improved governance and compliance mechanisms [9]. - The regulations are positioned as a foundational legal framework that connects existing laws and regulatory rules, aiming to elevate the quality of listed companies [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation on the "Regulations on the Supervision and Administration of Listed Companies," aiming to enhance corporate governance, support mergers and acquisitions, combat illegal activities, and protect investors, thereby laying a solid foundation for the high-quality development of the capital market [1][2]. Group 1: Corporate Governance - The regulations emphasize the standardization of corporate governance structures and the responsibilities of controlling shareholders and executives, ensuring accountability and effective internal controls [2][5]. - A dedicated chapter on corporate governance has been established, detailing requirements that align with the Company Law and Securities Law, thus enhancing the regulatory framework [1][5]. Group 2: Mergers and Acquisitions - The draft regulations refine the definitions and requirements related to mergers and acquisitions, including the qualifications of acquirers and disclosure standards, aiming to stabilize market expectations [2][6]. - It also enhances the regulatory framework for major asset restructurings and the role of financial advisors, ensuring they fulfill their responsibilities effectively [2][3]. Group 3: Combating Illegal Activities - The regulations introduce stricter measures against financial fraud, mandating companies to establish robust internal controls and outlining responsibilities for audit committees [3][6]. - It prohibits collusion with third parties in fraudulent activities and sets legal responsibilities for such actions, aiming to dismantle the "ecosystem" of fraud [3][6]. Group 4: Investor Protection - A dedicated chapter on investor protection has been included, focusing on enhancing the investment value of listed companies and preventing market manipulation [4][6]. - The regulations require companies to provide cash options or other legal measures to protect dissenting shareholders during voluntary delistings [4][6]. Group 5: Information Disclosure - The draft emphasizes the importance of truthful information disclosure, particularly in combating financial fraud, and addresses issues related to fair and timely disclosures [6]. - It aims to ensure that companies internalize the responsibility of enhancing investment value into their operational practices [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation for public consultation, marking the introduction of the first dedicated administrative regulation for listed company supervision in China [1]. Group 1: Objectives and Goals - The draft regulation aims to mitigate risks, strengthen supervision, and promote high-quality development of listed companies, focusing on solidifying regulatory enforcement and investor protection [1]. Group 2: Key Provisions - The draft includes improvements to corporate governance requirements, standardizing governance structures and the behavior of key stakeholders such as controlling shareholders and executives to enhance governance effectiveness [2]. - It emphasizes the strengthening of information disclosure regulations, particularly targeting financial fraud by improving internal supervision mechanisms and prohibiting third-party collusion in fraud [2]. - The regulation seeks to standardize merger and acquisition activities by detailing the responsibilities and independence requirements of financial advisors, supporting industrial integration and corporate transformation [2]. - It enhances investor protection by setting clear requirements for market value management, cash dividends, and share buybacks, aiming to increase investment value and awareness of investor returns [2]. - The draft proposes strict penalties for illegal activities, detailing measures that the State Council's securities regulatory body can take against behaviors such as asset occupation and collusion in fraud [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation on the "Regulations on the Supervision and Administration of Listed Companies," aiming to enhance corporate governance, support mergers and acquisitions, combat illegal activities, and protect investors [1][4]. Group 1: Corporate Governance - The draft emphasizes the regulation of corporate governance, detailing the governance structure and behavior of controlling shareholders and actual controllers, and reinforcing the duties of directors and executives [1][3]. - It establishes a mechanism for the return of fraudulent dividends and compensation, aiming to strengthen internal controls and enhance the responsibilities of the audit committee [3][5]. Group 2: Mergers and Acquisitions - The draft refines the regulations regarding the acquisition of listed companies, clarifying definitions, qualifications of acquirers, and disclosure standards to stabilize market expectations [2][5]. - It also improves the requirements and procedures for major asset restructurings and enhances the regulatory framework for financial advisors involved in these processes [2][5]. Group 3: Combating Illegal Activities - The draft intensifies the crackdown on financial fraud by mandating listed companies to establish robust internal control systems and specifying the legal responsibilities for parties involved in fraudulent activities [3][4]. - It prohibits controlling shareholders from misappropriating company funds and sets legal liabilities for such actions, aiming to protect the interests of minority shareholders [3][4]. Group 4: Investor Protection - The draft includes a dedicated chapter on investor protection, promoting the enhancement of investment value and prohibiting market manipulation [4][6]. - It requires companies to provide cash options or other legal measures to protect dissenting shareholders during voluntary delisting, ensuring investor interests are safeguarded [4][6]. Group 5: Information Disclosure - The draft focuses on the necessity of truthful information disclosure, addressing issues related to financial fraud and proposing solutions for fair and timely disclosures [5][6]. - It emphasizes the importance of enhancing the awareness of companies regarding the return of investment to shareholders through dividends and share buybacks [5][6].

Core Points - The China Securities Regulatory Commission (CSRC) released the draft of the "Regulations on the Supervision and Administration of Listed Companies," marking the first dedicated administrative regulation for listed company supervision in China [1][10] - The regulation aims to enhance corporate governance, strengthen information disclosure, standardize mergers and acquisitions, and protect investor rights, establishing a comprehensive regulatory framework [1][2] Corporate Governance and Investor Protection - The regulation includes specific chapters on corporate governance and investor protection, imposing stricter constraints on key minority stakeholders such as controlling shareholders and executives [1][3] - It mandates the establishment of an audit committee within the board of directors, with a majority of independent directors, to oversee financial disclosures and internal controls [3][4] Anti-Fraud Measures - A comprehensive mechanism for preventing and addressing financial fraud is established, focusing on source prevention, process monitoring, and post-event accountability [5][6] - The regulation prohibits third parties from assisting in the preparation of false financial reports, with penalties ranging from 1 million to 10 million yuan for violations [6] Support for Mergers and Acquisitions - The regulation enhances support for mergers and acquisitions by clarifying definitions, qualifications for acquirers, and disclosure standards for equity changes [7] - It also improves the regulatory framework for financial advisors, ensuring their independence and responsibilities in corporate restructuring [7] Investor Protection Enhancements - The regulation emphasizes the obligation of listed companies to enhance investor returns and prohibits market manipulation [8][9] - It requires companies to provide cash options or other legal measures to protect dissenting shareholders during voluntary delisting [8] Systematic Integration of Regulations - The regulation fills the gap in existing laws by systematically integrating requirements scattered across the Company Law and Securities Law, establishing clear rules for listed companies [1][10] - It aims to promote high-quality development of listed companies while ensuring effective regulatory enforcement [11]

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）》（下称《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。 《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。 有业内人士指出，《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 《监管条例》是一部全面规范上市公司及相关各方行为的基础性法规，既覆盖全面又突出重点。一方 面，涉及公司从上市后到退市前公司治理、信息披露、并购重组、分红回购、市值管理、破产重整、股 票退市等各项与资本市场有关的活动；另一方面，各部分规范坚持以问题为导向，努力夯实资本市场高 质量发展的基础。 《监管条例》还设了"保护投资者"专章，推动上市公司提升投资价值，明确上市公司及相关各方促进提 升投资价值的要求，严禁操纵市场等违法违规行为，同时进一步健全现金分红、股份回购制度机制，引 导上市公司增强投资者回报 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Management of Listed Companies" for public consultation, emphasizing risk prevention, strong regulation, and promoting high-quality development in the capital market [1][2]. Group 1: Regulatory Framework - The draft regulations aim to establish a comprehensive regulatory framework for listed companies, covering their entire lifecycle from listing to delisting, including governance, information disclosure, mergers and acquisitions, dividend distribution, market value management, bankruptcy restructuring, and delisting [1][2]. - The regulations are seen as a necessary step to solidify the legal foundation for stringent supervision and management, reflecting the CSRC's commitment to enhancing the effectiveness and deterrence of regulatory enforcement [1][2]. Group 2: High-Quality Development - The regulations focus on three main areas to promote high-quality development: enhancing the quality and effectiveness of mergers and acquisitions, improving investor returns, and elevating corporate governance standards [3]. - Specific measures include clarifying the obligations of listed companies and executives in market value management, supporting stable dividend policies, and establishing mechanisms for share buybacks [3]. Group 3: Risk Prevention and Strong Regulation - The regulations emphasize risk prevention by targeting financial fraud, punishing violations related to guarantees, enforcing strict delisting procedures, and implementing comprehensive administrative supervision [3][4]. - There is a focus on preventing major shareholders from misappropriating company funds and ensuring that the board of directors actively pursues recovery of misused assets [6]. Group 4: Key Highlights - The regulations introduce a dedicated chapter on corporate governance, detailing the responsibilities of controlling shareholders, independent directors, and the board secretary, while enhancing internal control mechanisms [4][5]. - They also support mergers and acquisitions by clarifying definitions, qualifications, and disclosure standards, thereby stabilizing market expectations [4]. - A significant emphasis is placed on protecting investors, including measures to enhance investment value and prevent companies from evading delisting, ensuring that investors have options in case of company restructuring [6].

2025.12. 06 本文字数：2440，阅读时长大约5分钟 作者 | 第一财经 杜卿卿 12月5日，证监会就《上市公司监督管理条例》草案（下称条例）向社会公开征求意见。全文超过 1.2万字，共八章七十四条内容，覆盖上市公司"全生命周期"，针对公司治理、信息披露、并购重 组、投资者保护、打击违法违规等重点内容都作了详细规定。 在业内人士看来，条例意见稿坚持了问题导向，即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。 "新'国九条'明确提出，要出台上市公司监督管理条例。条例向社会公开征求意见，意味着这一立法 工作取得实质进展，对推动提高上市公司质量、强化上市公司监管意义重大。"有业内人士告诉第一 财经，《证券法》《公司法》分别对上市公司信息披露、公司治理等提出明确要求，但法律规定相对 原则，亟待一部行政法规补足上市公司监管法律体系的关键一环。而条例的制定，正是健全上市公司 监管法规体系的重要举措，有望为上市公司监管以及促进上市公司高质量发展，提供更充分的法律依 据。 北京大学法学院教授郭雳对第一财经表示，条例作为关键一环，将衔接串联起作为基础性法律的《证 券法》《 ...

21世纪经济报道记者雷椰 北京报道 在完善规则的同时，本次征求意见稿也突出对违法行为的打击力度。对于财务造假行为，本次征求意见 稿进一步加大基础制度供给：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。 为强化公司内部监督制约，文件规定了造假分红、薪酬退回机制。征求意见稿明确：上市公司基于虚假 的财务会计报告，向股东分配利润或者向董事、高级管理人员支付薪酬、授予股权期权的，董事会应当 收回负有责任的股东及其一致行动人获得的超出部分利润，以及董事、高级管理人员多领取的薪酬和多 获授的股权、期权等。 值得关注的是，针对投资者的保护，征求意见稿设立了"投资者保护"专章。其中明确，上市公司应当关 注公司的投资价值，采取措施提升公司的盈利能力和投资者回报水平，促进公司的投资价值真实反映公 司质量，不得操纵证券市场，编造、传播虚假信息或者误导性信息。并且，要求主动退市公司提供现金 选择权或者其他合法形式的异议股东保护措施，对公司股票终止上市交易后的转让或者交易作出安排。 12月5日，中国证监会发布了《上市公司监督管理条例（公开征求意见稿）》（以下简称征求意见 稿）。本 ...

我国将迎来首部专门的上市公司监管行政法规。12月5日晚间，证监会官网显示，为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，研究起草了《上市公司监督管理条例（公开征求意见稿）》（以下简称《条例》），现向社会公开征求意见。从《条例》来 看，共八章、七十四条，除总则和附则外，主要聚焦完善上市公司治理要求、进一步强化信息披露监管、规范并购重组行为、加强投资者保护、打击违法违 规行为等五大方面。值得一提的是，该《条例》首次在行政法规层面设"公司治理"专章，将上市公司的治理问题作为规范重点。 《条例》的公开征求意见也释放了监管对于并购重组的支持。 首设"公司治理"专章 《条例》首次在行政法规层面设"公司治理"专章，第六条—第二十九条均系"公司治理"专章内容。 完善公司治理要求方面，《条例》指出，一是明确上市公司治理的基本架构。对上市公司章程载明事项进行细化规定；规定公司股东会、董事会、审计委员 会、独立董事的职权和行使方式。 其次是规范董事和高级管理人员行为。明确董事、高级管理人员的任职资格，细化规定董事、高级管理人员的忠实勤勉义务及董事会秘书的职责，加强对董 事、高级管理人 ...