本次《条例》起草工作坚持以习近平新时代中国特色社会主义思想为指导，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。 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，中国证监会立足监管实践，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。 欢迎社会各界提出宝贵意见。下一步，中国证监会将按照科学立法、民主立法、依法立法的基本要求， 认真研究社会各界的意见建议，进一步修改完善相关条文。 《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 ...

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].

证监会12月5日就《上市公司监督管理条例（公开征求意见稿）》向社会公开征求意见。 本次公开征求意见的上市公司监管条例立足国情市情、紧扣监管实际、坚持问题导向，突出对公司治理 的规范、对并购重组活动的支持、对违法行为的打击、对投资者的保护；对新"国九条"和资本市 场"1+N"政策文件重点部署的加强信息披露和公司治理监管、强化上市公司现金分红监管、推动上市公 司提升投资价值、加大退市监管力度等方面，都做了规定。 对公司股票终止上市交易后的转让或者交易作出安排 覆盖上市公司"全生命周期" 上市公司监管条例首次在行政法规层面，设专章将上市公司的治理作为规范重点，细化补充了公司法和 证券法，有效衔接了下位法的要求。 市场人士认为，制定上市公司监管条例，是健全上市公司监管法规体系的重要举措。条例公开征求意 见，意味着上市公司规范发展迈出坚实步伐，有助于夯实资本市场高质量发展的基础。 要点概览： 提升并购重组质效 对违规占用担保、第三方配合造假等恶性违法行为设定罚则 明确董事会积极追偿的义务 上市公司监管条例 针对性强、亮点突出 本次公开征求意见的上市公司监管条例立足国情市情、紧扣监管实际、坚持问题导向。 一是突出对公司治 ...

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）》，这意味着我国将迎来首部专门的上市公司监 管行政法规。 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 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 )》 （文章来源：新华社） 征求意见稿围绕防风险、强监管、促上市公司高质量发展的目标，以夯实监管执法及投资者保护基础和推动提高上市公 司质量为主要内容，依法规范上市公司及相关各方的行为，巩固资本市场高质量发展基础。 ...

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].

12月5日，证监会发布《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。 《条例》从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，加强投资者保护，严厉 打击违法违规行为等方面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。 值得注意的是，《条例》的发布，意味着我国将迎来首部专门的上市公司监管行政法规。 完善公司治理要求 《条例》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。 《条例》进一步加强对投资者的保护，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。 增强上市公司高质量发展的法治供给 上市公司是资本市场的基石，当前，我国上市公司已经超过5000家，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 ...

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]

我国将迎来首部专门的上市公司监管行政法规。 12月5日，证监会发布《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。这意味着我国将迎来首部专门的上市公司监管行政法规。 规范并购重组行为 并购重组已经逐步成为上市公司高质量发展的主要途径之一。《条例》在规范并购重组行为方面，进一 步细化《证券法》关于收购的规定，明确收购的定义、收购人的资格、权益变动披露标准等，减少市场 争议、稳定市场预期。规范重大资产重组行为。明确重大资产重组的定义、要求、程序以及监管机制； 规范上市公司分拆子公司独立上市的行为。规范财务顾问业务。规定财务顾问的聘请、职责和独立性要 求，发挥财务顾问在上市公司并购重组领域的"把关"作用。 《条例》进一步加强对投资者的保护，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。 增强上市公司高质量发展的法治供给 《条例》从完善上市公司治理要求，进一步强化信 ...

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].