China Securities Regulatory Commission publicly solicits opinions on relevant systems and rules for overseas listing
China News Service, Beijing, December 24 (Reporter Xia Bin) The China Securities Regulatory Commission announced on the 24th that in accordance with the "Securities Law of the People's Republic of China", the “Special Provisions for Domestic Enterprises” proposed amendments, studied and drafted the “Administrative Provisions of the State Council Regarding Domestic Enterprises’ Overseas Issuance and Listing of Securities (Draft for Solicitation of Comments)” (hereinafter referred to as the “Regulations”), and drafted the “Domestic Enterprises’ Overseas Securities Issuance The Administrative Measures for Listing Records (Draft for Solicitation of Comments) (hereinafter referred to as the “Measures”), as a set of supporting rules, are now jointly soliciting opinions from the public.
The purpose of this move is to promote enterprises to use overseas capital markets to regulate and healthy development, and to support enterprises to go public overseas in compliance with laws and regulations.
It is reported that the regulations have five chapters and 28 articles, and the main content includes four aspects.
The first is to improve the regulatory system.
Unified filing management of domestic enterprises' direct and indirect overseas listing activities.
The second is to strengthen supervisory coordination.
Establish a regulatory coordination mechanism for overseas listing of domestic enterprises to strengthen regulatory coordination; make a good connection between overseas listing record management and security review mechanisms; improve cross-border securities regulatory cooperation arrangements, and establish record information notification mechanisms.
The third is to clarify legal responsibilities.
Clarify the legal responsibilities for violations of laws and regulations such as failure to perform the filing procedures and falsification of filing materials, and increase the cost of violations of laws and regulations.
The fourth is to enhance the inclusiveness of the system.
Combining the practice of expanding the opening up of the capital market and supporting enterprise development needs, it is clear that under equity incentives and other circumstances, direct overseas issuance and listing can be issued to specific domestic entities; further facilitate "full circulation"; relax currency restrictions on overseas fundraising and dividend distribution, Meet the needs of enterprises to raise RMB overseas.
There are 24 measures in total, and the main content also includes four aspects: one is to clarify the scope of application of record management and related certification standards; the other is to clarify the subject and procedure of record; the third is to clarify the reporting requirements of major events and strengthen supervision during and after the event. ; The fourth is to clarify the filing requirements of overseas securities companies.
The China Securities Regulatory Commission stated that the direction of the country's expansion of capital market opening to the outside world will not change, and the attitude of supporting companies to list overseas in compliance with laws and regulations and making good use of the two resources will not change. The purpose of regulation is to promote development.
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