4月25日，北交所发布通知表示，为规范上市公司董事、高级管理人员等主体的股份变动行为，落实证 监会《证券期货法律适用意见第19号——〈上市公司收购管理办法〉第十三条、第十四条的适用意见》 关于权益变动"刻度说"等监管要求，保护投资者合法权益，北交所制定了《北京证券交易所上市公司持 续监管指引第13号——股份变动管理》，自发布之日起施行。 制定发布股份变动管理指引 近日，北交所制定发布了《北京证券交易所上市公司持续监管指引第13号——股份变动管理》。同时， 北交所将此前修订的《北京证券交易所股票上市规则（试行）》更名为《北京证券交易所股票上市规 则》，并予以发布。 发布实施 《北京证券交易所股票上市规则》 4月25日，北交所发布通知表示，为了贯彻落实新修订的《中华人民共和国公司法》《国务院关于实施 〈中华人民共和国公司法〉注册资本登记管理制度的规定》等相关规定，北交所对《北京证券交易所股 票上市规则（试行）》进行了修订，并更名为《北京证券交易所股票上市规则》，现予以发布，除特别 说明外，修订后的规则自发布之日起施行。 新旧规则衔接安排为，根据中国证监会《关于新〈公司法〉配套制度规则实施相关过渡期安排》，上市 公 ...

Core Viewpoint - The recent policies and regulations aim to enhance the legal framework and regulatory environment of China's capital market, focusing on risk prevention, strong supervision, and promoting high-quality development [1][2][3]. Group 1: Legal and Regulatory Framework - The 20th National Congress emphasized the need for a coordinated investment and financing capital market, highlighting the importance of risk prevention and regulatory strength [1]. - The new "National Nine Articles" require a focus on strong regulation and risk prevention to promote high-quality development in the capital market [1][2]. - Recent measures have been introduced to support the long-term development of technology companies, with over 90% of companies listed on the Sci-Tech Innovation Board and the Growth Enterprise Market being tech firms [2]. Group 2: Market Stability and Investor Confidence - The introduction of guidelines to encourage long-term capital investment aims to create a stable market environment, addressing the historical volatility of the capital market [3]. - The implementation of policies such as the "Guidance on Promoting Long-term Capital Investment" and the "Action Plan for High-Quality Development of Index Investment" is designed to enhance market stability [3]. - Regulatory measures are being strengthened to support investor returns through dividends and share buybacks, fostering confidence among retail investors [3]. Group 3: Corporate Governance and Compliance - The new regulations focus on improving the share reduction rules for major shareholders to enhance corporate governance and protect investor interests [4]. - Stricter entry requirements for public offerings and enhanced responsibilities for intermediaries are being enforced to ensure market integrity [4]. - The introduction of a comprehensive system for monitoring and penalizing misconduct, including insider trading and market manipulation, is crucial for maintaining market fairness [5]. Group 4: Legal Enforcement and Investor Protection - The new "National Nine Articles" propose a multi-faceted approach to increase accountability for securities violations, including administrative, civil, and criminal penalties [5]. - Collaborative efforts between judicial and regulatory bodies aim to improve the efficiency of legal processes related to securities violations [5][9]. - Innovative dispute resolution mechanisms, such as judicial mediation and arbitration, are being promoted to enhance investor protection and resolve conflicts effectively [9]. Group 5: Future Directions and Challenges - The upcoming "14th Five-Year Plan" period will focus on addressing persistent issues in the capital market, such as shareholder misconduct and regulatory enforcement [7]. - There is a need for continuous improvement of laws and regulations, particularly in the areas of derivative trading and cross-market supervision [8]. - The promotion of a culture of compliance and investor education is essential to mitigate risks associated with market manipulation and fraud [8].

Core Viewpoint - U.S. exchanges are in discussions with the SEC to reduce regulatory burdens on public companies to encourage more high-valuation startups to go public [1] Group 1: Regulatory Discussions - Discussions involve the SEC, Nasdaq, and the New York Stock Exchange [1] - Proposed reforms include reducing information disclosure, lowering listing costs, and making it harder for minority investors to engage in activist actions [1] - Negotiations have been ongoing for several months [1] Group 2: Current Market Trends - Nasdaq President Nelson Griggs noted that companies are staying private for longer periods [1] - Focus areas include regulatory provisions that complicate the listing and maintenance of public company status [1] Group 3: Proxy Voting Process - One key area of focus is reforming the current proxy voting process, which requires companies to provide information to shareholders for voting on various matters [1] - Proposed changes would make it more difficult for small shareholders to initiate proxy battles and limit the ability of minority investors to resubmit proposals [1] - The reforms aim to reduce the disclosure burden in preliminary proxy statements [1]

4月25日，北交所官网显示，华维设计（833427.BJ）、骑士乳业（832786.BJ）分别因定期报告财务信 息披露不准确、业绩预告信息披露不准确且未及时修正，收到北交所开出的纪律处分决定书。华维设计 的董事长廖宜勤、财务总监兼董事会秘书侯昌星以及骑士乳业的董事长兼总经理党涌涛、财务负责人王 喜临，这4人同期被罚，均被记入证券期货市场诚信档案。 据记者统计，截至4月27日，北交所年内已做出六次纪律处分决定，处罚当事人主体包括4家上市公司及 11名董监高管理层人员（注：有两家上市公司仅为个人处分）。 新京报贝壳财经讯 （记者黄鑫宇）进入2025年以来，北证市场交易活跃，北交所也明显加强了对上市 公司的监管力度。北交所官网显示，截至4月27日，年内已有6家公司的11名董监高管理层人员因短线交 易或信披违规，接受北交所纪律处分监管措施，而上年同期仅涉及1家公司的原股东与原实际控制人。 即已被行政处罚并做出整改行为的上市公司或个人，并不会因此免去或减轻北交所的纪律处分决定。 此外，从上年同期的具体情况来看，即2024年1月1日至4月27日，北交所官网显示，只有生物谷 （833266.BJ）的原控股股东深圳市金沙江投 ...