Page 42 - 期货和衍生品行业监管动态（2023年2月）

期货和衍生品行业监管动态

The supplemental rules for the stock exchanges, The National Equities Exchange
and Quotations (NEEQ), China Securities Depository and Clearing Corporation

Limited (CSDC), China Securities Finance Co., Ltd. (CSF), and Securities

Association of China (SAC) are released and implemented simultaneously. 165 titles

of regulations in all are released; 108 titles are issued by stock exchanges, NEEQ, and

China Clearing, etc and 57 titles are released by the CSRC. The released regulations

cover all aspects of issuance conditions, registration procedures, sponsorship and

underwriting, major asset reorganization, supervision and enforcement, and investor

protection. Main contents of the regulations include the followings:

Firstly, to streamline and to optimize the issuance and listing conditions. The

regulations ensure that information disclosure is of pivotal importance and convert the

issuance conditions under the approval system into information disclosure

requirements as far as possible. Each market segment shall be diversified and
inclusive in regards to listing conditions.

Secondly, to improve the examination and registration procedures. The

regulations shall adhere to the basic structure that the stock exchange examination and

the CSRC registration have their own focuses and interface, and will further clarify

the division of responsibilities between the stock exchange and the CSRC while

improving the efficiency and predictability of the examination and registration.

Should the stock exchange examination process find major sensitive matters, major

unprecedented circumstances, major public opinions or clues to major illegal

activities, the CSRC shall be informed and reported in a timely manner. The CSRC

pays simultaneous attention to whether the issuer is in line with the national industrial

policy and the positioning of the board. At the same time, the public offering review

committee and listed company merger and reorganization examination committee of
CSRC will be abolished.

Thirdly, to optimize the issuance underwriting system. There shall be no

administrative restrictions on the price and scale of new issues, and the mechanism of

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