Wen Jicong
Listed companies are the "basic market" of the real economy and the "power source" of the capital market. Strict supervision over them is conducive to ensuring a good ecology of the capital market.
The on-site inspection of listed companies can only protect the legitimate rights and interests of investors, maintain the order of the capital market, and continuously optimize the market ecology.
A few days ago, the Liaoning Securities Regulatory Bureau conducted an on-site inspection of a local listed company and found that there were certain problems in its information disclosure and corporate governance.
As a specific law enforcement operation implemented to meet the needs of listed companies' regulatory practice, on-site inspections should highlight "zero tolerance" for listed companies' information disclosure and corporate governance violations.
The so-called on-site inspection by the CSRC refers to the supervision and law enforcement actions by the CSRC and its dispatched offices to conduct on-the-spot verification of the information disclosure behaviors of listed companies and other information disclosure obligors, as well as the corporate governance compliance of listed companies.
In January this year, the China Securities Regulatory Commission revised the "Regulations on On-site Inspection of Listed Companies", which clarified that each dispatched agency should perform its duties in accordance with the law to conduct on-site inspections of listed companies.
Listed companies are the "basic market" of the real economy and the "power source" of the capital market. Strict supervision over them is conducive to ensuring a good ecology of the capital market.
It can be said that the on-site inspection of listed companies by the local securities regulatory bureaus is an important part of promoting the improvement of the basic system of the capital market and forming a clear-cut, reasonable, effective, coordinated and standardized regulatory system for listed companies.
In addition to routine, independent and objective comprehensive inspections on information disclosure and corporate governance of listed companies, special inspections should also be conducted on major issues that are difficult and risk-prone to listed companies.
On the one hand, on-site inspections should focus on the authenticity, accuracy, completeness, timeliness, and fairness of listed companies' information disclosures, and earnestly assume supervisory responsibilities.
Information disclosure is the cornerstone of the securities market. Listed companies and all directors, supervisors, and senior management personnel must perform their information disclosure obligations in strict accordance with laws and regulations.
This is because, once the listed company fails to disclose information on time, or the performance is flooded, the related party transactions are unclear, or even the letter is false, it will bring misdirection to investors' decision-making, breed more violations of laws and regulations, and then destroy capital. The market has a long-term healthy and stable development.
Curbing the occurrence of violations of laws and regulations in the information disclosure of listed companies should be a priority in the work of local securities regulatory bureaus.
On the other hand, we should also focus on the compliance of listed companies' governance.
If there is no good governance of listed companies, there will be no good capital market. The phenomenon of dominance, mixed personnel, transfer of interests, and related transactions not only reflects the unreasonable shareholding structure in the governance structure of listed companies, but also reflects the protection of shareholders, especially shareholders. The laws and regulations on the rights and interests of minority shareholders are not perfect.
Therefore, the local securities regulatory bureaus should strictly supervise and enforce the compliance of listed companies' governance, further improve the transparency and credibility of listed companies' governance, improve the ability of controlling shareholders and actual controllers to perform their responsibilities in good faith, and strengthen the bottom line requirements of corporate governance. We will crack down on violations of laws and regulations that seriously violate the bottom line requirements of governance, continuously promote the modernization of corporate governance structure, and make improving the quality of listed companies an eternal theme in the capital market.
Risk prevention must not be relaxed for a moment.
The on-site inspection of listed companies can only protect the legitimate rights and interests of investors, maintain the order of the capital market, and continuously optimize the market ecology.