Decision of the China Securities Regulatory Commission to Revise the Provisions on Strengthening the Regulation of Listed Securities Companies (2024)

Decision of the China Securities Regulatory Commission to Revise the Provisions on Strengthening the Regulation of Listed Securities Companies (2024) [Effective]

中国证监会关于修订《关于加强上市证券公司监管的规定》的决定(2024) [现行有效]

【法宝引证码】

Issuing authority： Instrumentalities of the State Council,All Commissions,China Securities Regulatory Commission
Document Number： Announcement No. 7 [2024] of the China Securities Regulatory Commission
Date issued： 05-10-2024
Effective date: 05-10-2024
Level of Authority: Departmental Regulatory Documents
Area of Law:Securities


Announcement of the China Securities Regulatory Commission		中国证券监督管理委员会公告
(No. 7 [2024])		（〔2024〕7号）
The Decision to Revise the Provisions on Strengthening the Regulation of Listed Securities Companies is hereby issued and shall come into force on the date of issuance.		现公布《关于修订〈关于加强上市证券公司监管的规定〉的决定》，自公布之日起施行。
Annexes:		附件：
1. Decision to Revise the Provisions on Strengthening the Regulation of Listed Securities Companies		1.关于修订《关于加强上市证券公司监管的规定》的决定
2. Explanatory Notes on Revising the Provisions on Strengthening the Regulation of Listed Securities Companies		2.关于修订《关于加强上市证券公司监管的规定》的说明
China Securities Regulatory Commission		中国证监会
May 10, 2024		2024年5月10日
Decision to Revise the Provisions on Strengthening the Regulation of Listed Securities Companies		关于修订《关于加强上市证券公司监管的规定》的决定
I. The first paragraph of the text is amended to read: “A listed securities company has the dual attributes of both a securities company and a listed company. As a securities company, it shall be governed by the regulations on the regulation of securities companies; and as a listed company, it shall be governed by the regulations on the regulation of listing and offering. For the purposes of effectively coordinating and connecting relevant laws and regulations, strengthening the regulation of listed securities companies, and urging listed securities companies to rectify their business philosophies, focus on their major responsibilities and main business, give priority to functions, actively maximize the role of finance in serving the real economy, highlight value creation, returns to shareholders, and investor protection, carry out the requirements for comprehensive risk management and compliance management of all employees, enhance the effectiveness of information disclosure, and play an exemplary role in regulating corporate governance and other aspects, relevant issues are hereby prescribed as follows:”		一、正文第一段修改为“上市证券公司具有证券公司与上市公司的双重属性，作为证券公司，要适用证券公司监管相关法规；作为上市公司，要适用上市、发行监管相关法规。为做好相关法律法规的协调和衔接，加强对上市证券公司的监管，督促上市证券公司端正经营理念，聚焦主责主业，把功能性放在首要位置，积极发挥金融服务实体经济的功能作用，突出价值创造、股东回报和投资者保护，落实全面风险管理与全员合规管理要求，提升信息披露有效性，在规范公司治理等方面发挥标杆示范作用，现规定如下：”
II. Article 1 is amended to read: “The initial public offerings (“IPO”) and listing of securities for trading as well as the offerings of new shares and convertible corporate bonds and other refinancing activities after listing by a securities company shall satisfy the requirements of administrative licensing for securities offerings as prescribed in the Securities Law of the People's Republic of China, the Regulation on the Supervision and Administration of Securities Companies, the Measures for the Administration of the Registration of Initial Public Offerings of Stocks, the Measures for the Administration of Registration of Securities Offerings by Listed Companies, and other applicable laws and regulations, and the securities company shall apply to the regulatory department for the issuance of a regulatory opinion, and provide the relevant application materials for registration, including the regulatory opinion. If the IPO and listing of securities for trading and refinancing activities involve the change of the principal shareholder or actual controller of the securities company, the relevant qualification review materials shall also be submitted in accordance with relevant provisions of the Provisions on the Administration of Equities of Securities Companies.” One paragraph is added: “For the IPO and listing of securities for trading and refinancing activities, a securities company shall, in light of its returns to shareholders and ability to create value, its operating status, and market development strategies, among others, rationally determine the financing scale and timing, strictly regulate the use of funds, focus on its major responsibilities and main business, prudently engage in the high capital-consuming business, and enhance the fund use efficiency.”		二、第一条修改为：“证券公司首次公开发行证券并上市交易和上市后发行新股、可转换公司债券等再融资行为，应当同时符合《中华人民共和国证券法》《证券公司监督管理条例》《首次公开发行股票注册管理办法》《上市公司证券发行注册管理办法》等法律法规关于证券发行等行政许可规定的条件，向监管部门申请出具监管意见书，提供包括监管意见书在内的相关注册申请材料。首次公开发行证券并上市交易和再融资行为涉及证券公司变更主要股东或者公司的实际控制人的，还应当按照《证券公司股权管理规定》相关规定，报送相关资质审核材料。”并增加一款：“证券公司首次公开发行证券并上市交易和再融资行为，应当结合股东回报和价值创造能力、自身经营状况、市场发展战略等，合理确定融资规模和时机，严格规范资金用途，聚焦主责主业，审慎开展高资本消耗型业务，提升资金使用效率。”
III. Article 3 is amended to read: “A listed securities company shall, in accordance with relevant provisions of the Regulation on the Supervision and Administration of Securities Companies and the Provisions on the Administration of Equities of Securities Companies, indicate in its bylaws that any entity or individual that becomes the principal shareholder of a securities company or the actual controller of a company without the approval of the securities regulatory authority of the State Council shall take corrective action within a prescribed time limit; and before corrective action, the shareholder or actual controller shall not exercise rights such as the right to request the convening of the shareholders' meeting, the right to vote, nominate, or propose, and the right of disposition.” One paragraph is added: “A shareholder, actual controller of a shareholder, or any other affiliate of a listed securities company shall not require the securities company or its subsidiary to embezzle the funds or assets of the listed securities company or its subsidiary through illegal affiliated transactions, external investment, financing, provision of guarantee, sale of financial products, or other methods, damaging the lawful rights and interests of the company and other shareholders and clients.”		三、第三条修改为：“上市证券公司应当根据《证券公司监督管理条例》《证券公司股权管理规定》有关规定在章程中载明，任何单位或者个人未经国务院证券监督管理机构核准，成为证券公司主要股东或者公司的实际控制人的，应当限期改正。改正前，不得行使股东会召开请求权、表决权、提名权、提案权、处分权等权利。”并增加一款“上市证券公司股东、股东的实际控制人及其他关联方不得要求证券公司及其子公司通过违规关联交易、对外投资、融资、担保、销售金融产品等方式，侵占上市证券公司及其子公司的资金、资产，损害公司及其他股东、客户的合法权益。”
IV. Article 4 is amended to read: “A listed securities company shall prepare an annual report of a listed company in accordance with the Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 2—Contents and Formats of Annual Reports and other applicable provisions, and at the same time, prepare an annual regulatory report of the securities company according to the Standards for the Contents and Formats of Annual Reports of Securities Companies and other applicable provisions. It shall first disclose its annual report of a listed company according to the requirements for listed companies within the prescribed time limit, and then submit its annual regulatory report of a securities company to the regulatory authority, and according to the relevant requirements, publicize the audit report, audited accounting statements and notes on the website of the Securities Association of China and that of the company. If there is any significant data discrepancy between the annual report disclosed to the public and the annual report submitted to the regulatory department, the listed securities company shall promptly disclose it through an ad hoc report and fully explain the reason for such a discrepancy. The financial statements of a listed securities company shall be prepared and disclosed in accordance with the accounting standards for business enterprises and the relevant information disclosure rules, and fairly reflect the company's financial status, operating results, and cash flow.”		四、第四条修改为：“上市证券公司应当根据《公开发行证券的公司信息披露内容与格式准则第2号——年度报告的内容与格式》等规定编制上市公司年度报告，同时上市证券公司还应根据《证券公司年度报告内容与格式准则》等规定编制证券公司监管年度报告，在规定期限之内先按上市公司要求披露上市公司年度报告，然后再向监管机构报送证券公司监管年度报告，并按要求将其中的审计报告、经审计的会计报表及附注在中国证券业协会网站和公司网站进行信息公示。如果向社会公开披露的年度报告和向监管部门报送的年度报告存在重大数据差异，上市证券公司应当及时以临时报告方式披露并充分说明产生差异的原因。上市证券公司财务报表的编制和披露应当符合企业会计准则和相关信息披露规则的规定，公允反映公司的财务状况、经营成果和现金流量。”
V. Article 5 is amended to read: “A listed securities company shall, in accordance with the provisions of the Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 2—Contents and Formats of Annual Reports, disclose the companies where it holds controlling or non-controlling shares and structured entities under its control. If it is indeed inappropriate for the listed securities company to disclose certain information since it involves any state secret or trade secret or due to any other special reason, the company is not required to disclose such information, but it shall explain reasons in detail in relevant chapters and sections.”		五、第五条修改为：“上市证券公司应当根据《公开发行证券的公司信息披露内容与格式准则第2号——年度报告的内容与格式》规定，披露主要控股参股公司及控制的结构化主体情况。上市证券公司由于国家秘密、商业秘密等特殊原因导致确实不便披露的，可以不予披露，但应当在相关章节详细说明原因。”
VI. One article is added as Article 6: “A listed securities company shall continuously improve its corporate governance, establish a corporate governance structure with a clear equity structure, streamlined organizational structure, clear division of duties, sound information disclosure, reasonable incentives and restraints, effective internal control and checks and balances, and good professional ethics. It shall improve the operational mechanism of the organizational structure to ensure the independence and prudence of the company's operations, implement comprehensive risk management requirements, and strengthen the management of various domestic and overseas subsidiaries.		六、增加一条为第六条：“上市证券公司应当持续健全公司治理，建立股权结构清晰、组织架构精简、职责边界明确、信息披露健全、激励约束合理、内控制衡有效、职业道德良好的公司治理架构，健全组织架构运行机制，保证公司运作独立性、稳健性，落实全面风险管理要求，加强对各类境内外子公司的管理。
A listed securities company shall improve the management of its employees and long-term incentive and restraint mechanism, strictly regulate short-term incentives, avoid excessive incentives, continuously improve its assessment and accountability mechanism and reputation risk management system, and disclose remuneration-related information in accordance with laws, administrative regulations, and the rules of the China Securities Regulatory Commission and stock exchange.”		上市证券公司应当完善从业人员管理及长效激励约束机制，严格规范短期激励，不得过度激励，持续健全考核问责机制和声誉风险管理体系，依照法律、行政法规、中国证监会及证券交易所的规定披露薪酬有关信息。”
VII. The former Article 6 is renumbered as Article 7 and amended to read: “For material external investments including proprietary trading of securities in excess of a certain limit that may require prompt disclosure and submission to the shareholders' meeting for resolution according to the provisions on transactions that are required to be disclosed as provided in the listing rules of the stock exchange, a listed securities company may submit the matter to the shareholdings' meeting for resolution and disclose the total amount of proprietary investments every year; and any change in the course of a proprietary investment may be voted by the board of directors as authorized by the shareholdings' meeting provided that the company's bylaws are complied with, and the voting result shall be announced.”		七、将原第六条调整为第七条，并修改为“上市证券公司根据证券交易所上市规则中关于应当披露交易的规定，对于重大对外投资包括证券自营超过一定额度可能需要及时披露和提交股东会决议的情况，可以每年由股东会审议并披露自营投资的总金额；实施自营投资过程中如果发生情况变化，可以在符合章程规定的情况下由股东会授权董事会表决并予公告。”
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