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Overseas investment
Comments Requested upon Relevant Business Rules on the New Third Board
发布日期:2019-11-16 20:17:16
 
On November 8, 2019, the China Securities Regulatory Commission (CSRC) intended to amend the Measures for the Supervision and Administration of Unlisted Public Companies, and drafted the Measures for the Administration of Information Disclosure by Unlisted Public Companies (Exposure Draft).
The revised contents of the Measures mainly include:
1.Introducing the rules on public offering to unspecific qualified investors, meaning that a quoted company is allowed to publicly issue stocks to unspecific qualified investors on the NEEQ, along with the sponsorship and underwriting systems implemented.
2.Optimizing the private placement system, under which the restriction of no more than 35 investors on private placement by a quoted company are to be lifted, and the quoted company can handle the issuance on its own.
3. Optimizing the review mechanism for public transfer and issuance. Where the public transfer and issuance of stock requires the performance of the administrative licensing procedures, the National Equities Exchange and Quotations Co., Ltd. should issue self-discipline regulatory opinions firstly, and the CSRC will conduct the confirmation on this basis.
4. innovating on the regulatory methods by following the differential information disclosure principle, clarifying the legal liabilities for violations occurred in corporate governance, enhancing the responsibilities of intermediaries, and urging the company to carry out well-regulated operation.
The Exposure Draft mainly includes: First, based on the actual situation of the NEEQ market and the quoted companies, clarifying the basic requirements for information disclosure of quoted companies to ensure the quality. Second, establishing the differentiated information disclosure system in a hierarchical manner, with differentiated arrangements made in terms of disclosure form, disclosure content and management commensurate with the actual situation of SMEs in various development stages and information needs of investors. Third, connecting the administrative supervision by the CSRC to the self-discipline regulation by the NEEQ Co., Ltd., and strengthening the division of labor and cooperation for an efficient regulatory mechanism.
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