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 ...

Core Viewpoint - The introduction of the first dedicated regulatory administrative regulations for listed companies in China aims to enhance the regulatory framework, improve the quality of listed companies, and address governance issues, information disclosure, mergers and acquisitions, investor protection, and illegal activities. Group 1: Company Governance - The new regulations establish a dedicated chapter on "Company Governance," detailing the basic structure of governance, including the roles and responsibilities of shareholders, boards, audit committees, and independent directors [2][3] - The regulations specify the qualifications and duties of directors and senior management, emphasizing their obligations and the responsibilities of the board secretary [2] - The regulations also focus on the behavior of controlling shareholders and actual controllers, prohibiting actions that harm the interests of listed companies, such as fund occupation and illegal guarantees [3] Group 2: Mergers and Acquisitions - The regulations emphasize the need to standardize acquisition behaviors, clarifying definitions, qualifications of acquirers, and disclosure standards to reduce market disputes and stabilize expectations [4] - They also define and regulate major asset restructuring, including the requirements and procedures for such actions, as well as the independent listing of subsidiaries [5] - Financial advisory roles are defined, including the responsibilities and independence requirements of financial advisors in mergers and acquisitions [6] Group 3: Investor Protection - The regulations highlight the obligation of listed companies to focus on investment value, including requirements for cash dividends and share buybacks to enhance investor returns [6] - They establish a coordination mechanism between bankruptcy restructuring administration and courts to protect investors, especially in cases of delisting risks [6] Group 4: Information Disclosure and Compliance - The regulations stress the importance of combating financial fraud, requiring accurate and complete financial reporting and establishing internal control systems [7][8] - They outline the responsibilities of audit committees in reviewing financial reports and the board's duty to recover profits and excessive compensation resulting from fraud [8] - The regulations also clarify the obligations of shareholders and related parties in information disclosure, balancing shareholder rights with fair disclosure principles [8]

新华社北京12月5日电（记者刘羽佳）中国证监会5日发布《上市公司监督管理条例（公开征求意见 稿）》，我国将迎来首部专门的上市公司监管行政法规。 该条例是在公司法、证券法有关规定基础上，对上市公司治理、信息披露等法律制度的进一步细化与明 确。 中国证监会12月5日发布 《上市公司监督管理条例 (公开征求意见稿)》 围绕防风险、强监管、促发展 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 新华社权威快报 近年来，我国上市公司规模快速增长、结构持续优化、质量不断提升，5000多家上市公司构筑起资本市 场的基石。 持续提高上市公司质量，不仅要促发展，也要强监管。 财务造假一直是资本市场深恶痛绝的违法行为。条例将防范打击财务造假作为重点内容，强化关联交易 监管，规定造假分红、薪酬退回机制，禁止关联方、客户、供应商、合作方等第三方配合造假并设置专 门罚则，强化责任追究、提升监管质效。 相信这部新的行政法规将进一步夯实上市公司高质量发展的法治基础，资本市场之基更加坚实。 【纠错】 【责任编辑:王頔】 上市公司是市场之基，投资者是市场之本。条例设专章对投资者保护作出规定。 在回报投资者方面，条例一方面明确上市公司关注 ...

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）》（以下简称《条例》）向社会 公开征求意见。 《条例》紧扣防风险强监管促高质量发展工作主线，覆盖上市公司"全生命周期"，强化全链条监管。作 为一部规范上市公司及相关各方行为的基础性法规，《条例》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。 在业内人士看来，《条例》公开征求意见，意味着严监严管的法治基础更加扎实有力。近年来，中国证 监会按照新"国九条"、资本市场"1+N"政策文件的要求，坚持严监严管，着力提升监管执法的有效性和 震慑力，依法严厉查处财务造假等违法违规案件，市场生态逐步得到净化。《条例》将近些年监管执法 的有益经验上升固化为法规，切实解决监管实践面临的难点痛点，为严监严管提供有力支撑贯彻落实 新"国九条"，出台《条例》十分必要。 健全上市公司监管体系 制定上市公司监督管理条例，是健全上市公司监管法规体系的重要举措。 二是推动提升投资者回报水平。明确上市公 ...

Core Viewpoint - The article discusses the release of the draft "Regulations on the Supervision and Administration of Listed Companies," which aims to strengthen regulatory frameworks and promote the high-quality development of listed companies in China [1][10]. Group 1: Regulatory Framework - The draft regulations cover the entire lifecycle of listed companies, emphasizing governance, mergers and acquisitions, and investor protection [2][3]. - It aims to enhance the precision and effectiveness of regulation based on past regulatory experiences, thereby fostering high-quality development of listed companies [2][10]. 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 strengthen the autonomy of listed companies and ensure accountability among executives and major shareholders [4][10]. Group 3: Investor Protection - The regulations include provisions to enhance investor value and prohibit market manipulation, while also improving cash dividend and share buyback mechanisms [4][5]. - Measures are introduced to protect dissenting shareholders during voluntary delisting and to ensure proper arrangements for stock transfers post-delisting [4][5]. Group 4: Mergers and Acquisitions - The draft regulations support mergers and acquisitions by clarifying definitions, qualifications, and disclosure standards for acquirers [6][7]. - It emphasizes the role of financial advisors in ensuring compliance and integrity during mergers and acquisitions [7]. Group 5: Combating Financial Fraud - The regulations strengthen oversight of related-party transactions and require companies to establish robust internal controls to prevent financial fraud [8][9]. - Specific penalties are outlined for major shareholders who misuse company resources or engage in fraudulent activities [8]. Group 6: Timing and Necessity - The article highlights the increasing number of listed companies in China and the need for comprehensive regulations to address governance failures and enhance overall company quality [10]. - The timing for the release of these regulations is deemed appropriate, aligning with the push for high-quality development in the capital market [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Administration of Listed Companies," marking significant progress in legislative efforts to enhance the quality and regulation of listed companies [1][2]. Group 1: Company Governance - The draft establishes a dedicated chapter on "Company Governance," comprising 24 articles and over 4,400 words, highlighting its importance in the regulatory framework [3]. - It aims to refine governance requirements, including the roles of controlling shareholders, actual controllers, directors, and senior executives, thereby enhancing governance effectiveness [3]. - Key provisions include the regulation of company charters, governance structures, and the responsibilities of independent directors and board secretaries [3]. Group 2: Mergers and Acquisitions - The draft clarifies the definitions and basic requirements for mergers and acquisitions, aiming to stabilize market expectations [4]. - It enhances the regulations surrounding major asset restructurings and the roles of financial advisors, ensuring their independence and responsibilities [4]. - The regulations are designed to optimize corporate equity and asset structures, supporting industrial integration and upgrades [4]. Group 3: Legal Compliance and Fraud Prevention - The draft strengthens regulations against fraudulent activities, emphasizing the fairness and compliance of related party transactions [6]. - It mandates the establishment of robust internal control systems within companies and outlines the responsibilities of audit committees [6]. - The draft also prohibits controlling shareholders from misappropriating company funds and sets legal responsibilities for such actions [6]. Group 4: Investor Protection - The draft emphasizes the need for listed companies to enhance investor returns through mechanisms like cash dividends and share buybacks [7]. - It includes provisions to protect investors from companies attempting to evade delisting, ensuring that companies provide cash options or other legal measures for dissenting shareholders [7][8]. - The regulations aim to prevent interference with delisting decisions, thereby reinforcing the protection of investor interests [8].

12月5日，证监会公布《上市公司监督管理条例（公开征求意见稿）》（以下简称"《条例》"），向社 会公开征求意见。 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。 本次《条例》起草工作坚守监管的政治性、人民性，紧扣防风险、强监管、促高质量发展的工作主线， 以推动提高上市公司质量和夯实监管执法及投资者保护基础为主要内容，依法规范上市公司及相关各方 的行为，努力夯实资本市场高质量发展的基础。 （文章来源：中国经营报） 《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。 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 ...

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。 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。 据悉，近年来，上市公司规模快速增长、结构持续优化、质量不断提升，有力支持了资本市场和实体经 济的健康发展，但和建设现代化产业体系、实现经济高质量发展、加快建设更多世界一流企业的要求相 比，还存在一些差距，部分上市公 司仍存在治理机制不健全、信息披露不合规、董监高不尽职、大股 东行为不规范等问题。出台《条例》是增强基础法治供给、推动提高上市公司质量的必然要求。 期货日报网讯据证监会官网消息，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 ...

中国将迎来首部专门的上市公司监管行政法规 中新社北京12月5日电 (记者 陈康亮)中国证监会5日发布《上市公司监督管理条例(公开征求意见稿)》， 这意味着中国将迎来首部专门的上市公司监管行政法规。 证监会有关部门负责人表示，此举旨在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。 据介绍，《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。 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。 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 ...

【导读】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 我国将迎来首部专门的上市公司监管行政法规！ 12月5日，中国证监会发布《上市公司监督管理条例（公开征求意见稿）》。 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《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）》（以下简称《条例》），现向社会公开征求意见。 中国证监会表示，上市公司是资本市场的基石。近年来，上市公司规模快速增长、结构持续优化、质量不断提升，有力支持了资本市场和实体经济的健康 发展，但和建设现代化产业体系、实现经济高质量发展、加快建设更多世界一流企业的要求相比，还存在一些差距，部分上市公司仍存在治理机制不健 全、信息披露不合规、董监高不尽职、大股东行为不规范等问题。出台《条例》是增强基础法治供给、推动提高上市公司质量的必然要求。 《条例》共八章、七十四条，意见反馈截止时间为2026年1月5日。 以下为主要内容： 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 ...