CCTV news:
On April 2, the China Securities Regulatory Commission announced the "Regulations on Strengthening the Confidentiality and Archives Management Work Related to the Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment)" to solicit public opinions.
The CSRC stated that in response to new situations and new problems related to overseas issuance and listing in recent years, this revision intends to make the following adjustments to the original regulations:
The first is to improve the legal basis and increase the "Accounting Law of the People's Republic of China", "The Law of the People's Republic of China on Certified Public Accountants" and other relevant laws and regulations as superordinate laws.
The second is to adjust the scope of application, which is linked with the "Regulations of the State Council on the Administration of the Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment)", which is clearly applicable to the direct and indirect overseas listing of enterprises.
The third is to clarify corporate information security responsibilities, and provide clearer and clearer guidelines for domestic companies, relevant securities companies, and securities service institutions in terms of confidentiality and file management during overseas securities issuance and listing activities by domestic companies.
Fourth, improve cross-border supervision cooperation arrangements to provide institutional guarantees for safe and efficient cross-border supervision cooperation.
In response to the release of the draft for comments, the relevant person in charge of the China Securities Regulatory Commission answered several questions that the market was concerned about.
First of all, as to why the "Regulations on Strengthening the Confidentiality and File Management Work Related to Issuance of Securities Overseas and Listing" are revised at this stage, the relevant person in charge of the China Securities Regulatory Commission said that the above-mentioned regulations were issued in 2009. For more than ten years, relevant regulations and The institutional environment has changed significantly, and the aforementioned regulations are increasingly inappropriate for the new situation.
The relevant person in charge emphasized that the China Securities Regulatory Commission firmly supports enterprises to choose their own listing places according to their own wishes.
The revision of the "Regulations" aims to further strengthen the confidentiality and file management related to the overseas issuance and listing of domestic enterprises, clarify the information security responsibilities of listed companies, maintain national information security, reduce unnecessary confidential sensitive information entering working papers, and improve cross-border regulatory cooperation. It reflects the concept of overall openness and security, and will promote the orderly development of overseas securities issuance and listing activities of Chinese domestic enterprises.
Specifically, what are the revisions and positive effects of the Regulations on cross-border regulatory cooperation, especially audit regulatory cooperation?
According to the provisions of Article 177 of the Securities Law, the "Regulations" clarify that the investigation and evidence collection or inspection carried out by overseas regulatory agencies in China shall be conducted through the cross-border regulatory cooperation mechanism. Cooperation mechanisms provide necessary assistance.
At the same time, combined with the international practice of cross-border audit supervision cooperation, the original "Regulations" statement that "on-site inspections should be mainly conducted by Chinese regulatory agencies, or rely on the inspection results of Chinese regulatory agencies" is deleted.
This reflects the consistent open attitude of Chinese regulatory authorities towards cross-border audit and supervision cooperation, and is also in line with relevant international practices. It will provide institutional guarantees for the safe and efficient development of cross-border supervision cooperation including joint inspections.
Yesterday (April 2), the China Securities Regulatory Commission issued an announcement saying that it will do a solid job in the supervision of private funds and regional equity markets in 2022, as well as other key tasks such as anti-fraud and rectification; further reduce the number of gold exchanges and steadily resolve existing risks; Start the special rectification work on "pseudo gold exchanges"; crack down on illegal securities and futures activities.