The aim of the first revision of the List of Rules for the Control of Science and Technology is to improve the effectiveness of control and clarify the limits of liability

  Host Sun Hua: On December 4, the Shanghai Stock Exchange published “ShanghaiSecuritiesExchangeCouncil for Science and Technology for Innovationin stockThe rules for issuing and checking the list are intended to improve the effectiveness of the check and to clarify the limits of responsibilities; The Chinese Securities Association has issued “SecuritiescompanySponsorship business rules are of great importance for the creation of a “doorman” system with clear rights and obligations. On December 5, the Shenzhen Stock Exchange held a legal consultationCommitteeThe inaugural meeting will increase capitalmarketOrganize forward-looking research on topics such as the inclusiveness and adaptability of basic systems. Overall, the construction of the basic capital market system was started from several dimensions.

On December 4, the Shanghai Stock Exchange issued the newly revised “ShanghaiStock exchangeCouncil for Science and Technology for InnovationStock issue“Registration Control Rules” (hereinafter “Audit Rules”), “List of Committees for Scientific and Technological Innovation of the Shanghai Stock Exchange”managementMeasures (hereinafter referred to as “administrative measures of the Listing Committee”).

“This revision is mainly intended to strengthen the disclosure of information, improve the effectiveness of control, clarify the limits of the listing committee’s responsibilities and standardize the performance of listed companies and regulatory agencies.behaviourThat helps avoid the transfer of interests of listed companies and protectsinvestmentLegitimate rights and interests “Chief of Zhongshan SecuritieseconomistLi Zhan told a reporter from the Securities Daily.

It is understood that this revision of the audit rules mainly covers three aspects:

One of them is the implementation of the new Securities Act. Assign the content of the reviewopinionThis involves checking that the issuer complies with the terms of the issue, the listing conditions and the disclosure requirements, and issues appropriate revisions or opinions on the revision; the clear deadline for review is from the date of receipt of the application and issue documents, stock exchange inspections andChinese Securities Regulatory CommissionThe total registration period shall not exceed three months; improve the relevant rules on the time limit for checking items to be deducted, postpone deliberations, settle matters after the meeting, require specific checks and require the issuer to complete or modify application documents and other circumstances and add deductions for Matters; it is clear that the issuer will disclose disclosure documents on the website of the Shanghai Stock Exchange and in accordance with the regulations on the website that meet the requirements of the China Securities Regulatory Commission.

The second is the link with the newly revised and newly issued additional rules. in accordance with the “Guideline for the assessment of attributes of science and innovation (trial version)” “Shanghai Science and Technology Exchange” Relevant provisions of the interim provisions on issuing and submitting applications and recommendationsPositioningThe relevant provisions are being revised at the same time; In line with the “Decision to amend the administrative arrangements for the registration of initial public tenders in the Sci-Tech Innovation Council (trial version)”, it is clear that the period of validity of the Sci-Tech Innovation Board’s financial report can be extended by 3 months, ie by a maximum of 9 months. months.

The third is further adjustments. It includes in particular that the format of the document should not only comply with the regulations of the Shanghai Stock Exchange, but also with the relevant regulations of the Chinese Securities Regulatory Commission;serviceInstitutions must establish and maintain an effective quality control system and investor protectionmechanism; It is clear that the relevant content of the extradition and listing application documents and the answers to the questions concerning the review of the Agency for the issuance and control of the SSE list may be exempted from publication; the circumstances, timing and frequency of the deliberations of the Listing Committee are clearly set out.

Chen Li, chief economist at Chuancai Securities and director of the research institute, told a Securities Daily reporter that the important significance of this revision of the “audit rules” lies in important additions and clarification of some operational details, such as the audit time limit. From the date of receipt of the issue documents, the total period for inspection and registration may not exceed 3 months and the period of validity of the Sci-tech Innovation Board can be extended to 9 months, etc. In addition, it clearly states the corresponding service requirements to intermediary agencies, emphasizing that it must establish and maintain an effective quality control system and investor protection mechanism, which is beneficial for the supervision and improvement of the quality of listed companies at source and for maintaining market stability.

It is worth noting that this revision officially included “suspended control” in the basic trading rules of the Shanghai Stock Exchange. “Arrangements for the Administration of the Listing Committee” indicate that the Listing Committee may postpone the review of the issuer’s issue and the listing request for a maximum of 2 months; the same request from the issuer for issue and quotation can be postponed only once.

The data show that as of December 6, 7 companies in the Sci-tech Innovation Board had been suspended for inspectionbusiness. In this regard, some people in the sector have indicated that the number of deferred reflections has increased this year, mainly due to an increase in the number of companies seeking scientific and technological innovation advice. The deferred discussion mechanism assists the listing committee to draw up fair opinions after publication or verification of the relevant matters. It leads to an improvement in the quality of disclosure of information about issuers, which is also the key to improving the quality of listed companies.

Talking about other reform key points of the Sci-tech Innovation Board, Chen Li believes that with the full implementation of the registration system in the future, how to improve more effectivelyDirect financingThe level of how to carry out business transfers and the detailed rules for the elimination of punishment should be the next step in the supervision department.

Zhongnan University of Economics and LawDigital economyExecutive Dean of the Institute,professorMr Helin told the Securities Daily reporter that this revision of the “review rules” and the “measures for the administration of the listing committee” set a deadline for the review to speed up direct funding. As part of the registration system for sci-tech innovation boards, it is more necessary for supervisors to monitor all aspects in a timely manner, create a market-oriented and standardized “exclusion” mechanism, maintain high pressure on listed companies’ fraud and improve the quality of disclosure. High demands

(Source: Daily Securities)

(Editor: DF372)

Solemn: The purpose of this information published by Oriental is to disseminate more information and has nothing to do with this opinion.

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