>>>welcome 河南大学, You have logged in.
Logout History Contact us  
Font Size:  A A A Search “Fabao” Window English 中文 = 简体  繁体
  Favorite   DownLoad   Print
 
Q & A of the China Securities Regulatory Commission Regarding Strengthening the Prevention and Control of Insider Trading in Mergers, Acquisitions and Restructurings of Listed Companies [Effective]
中国证监会关于强化上市公司并购重组内幕交易防控相关问题与解答 [现行有效]
【法宝引证码】

Q & A of the China Securities Regulatory Commission Regarding Strengthening the Prevention and Control of Insider Trading in Mergers, Acquisitions and Restructurings of Listed Companies 

中国证监会关于强化上市公司并购重组内幕交易防控相关问题与解答

(February 11, 2019) (2019年2月11日)

Q: Recently, a series of new measures for simplifying administrative procedures and decentralizing powers have been introduced in the field of mergers and acquisitions, and the rules for the suspension and resumption of trading of stocks of listed companies have been reformed. Against this backdrop, how should the prevention and control of insider trading in mergers, acquisitions, and restructurings be strengthened? 问:近期并购重组领域推出了一系列简政放权新举措,同时改革了上市公司股票停复牌制度,请问在此背景下应如何强化并购重组内幕交易防控工作?
A: Listed companies and their shareholders, actual controllers, directors, supervisors, and senior executives and other trading parties, as well as securities companies, securities service providers, and other relevant parties providing services, should effectively fulfill their obligations of confidentiality, and effectively manage restructuring information and register insiders. 答:上市公司及其股东、实际控制人,董事、监事、高级管理人员和其他交易各方,以及提供服务的证券公司、证券服务机构等相关主体,应当切实履行保密义务,做好重组信息管理和内幕信息知情人登记工作。
When first disclosing restructuring matters, a listed company should submit the list of insiders to the stock exchange. The first disclosure of restructuring matters mentioned above means the first disclosure of the planned restructuring, the restructuring proposal, or the restructuring report, whichever is earlier. If the restructuring plan is changed significantly or the restructuring is terminated during the period from the listed company's first disclosure of restructuring matters to the disclosure of the restructuring report, or if the main financial indicators, estimated value, proposed pricing, and other important factors of the underlying assets fail to be disclosed at the time of the first disclosure of restructuring matters, the list of insiders should be also submitted when significant changes or important elements of the restructuring plan are disclosed. In case of any abnormal fluctuation in stock trading after a listed company first discloses restructuring matters, the stock exchange may, according to the circumstances, require the listed company to update the list of insiders. 上市公司应当于首次披露重组事项时向证券交易所提交内幕信息知情人名单。前述首次披露重组事项是指首次披露筹划重组、披露重组预案或披露重组报告书孰早时点。上市公司首次披露重组事项至披露重组报告书期间重组方案重大调整、终止重组的,或者首次披露重组事项未披露标的资产主要财务指标、预估值、拟定价等重要要素的,应当于披露重组方案重大变化或披露重要要素时补充提交内幕信息知情人名单。上市公司首次披露重组事项后股票交易异常波动的,证券交易所可以视情况要求上市公司更新内幕信息知情人名单。
A listed company should disclose a self-inspection report on insiders' stock trading when disclosing the restructuring report. The period of self-inspection of stock trading should span six months prior to the first disclosure of restructuring matters or the application for suspension of trading of stocks, whichever is earlier, to the disclosure of the restructuring report. If the restructuring plan is significantly adjusted or the restructuring is terminated after the listed company discloses the restructuring report, an additional self-inspection report on stock trading should be disclosed; and the period of self-inspection of stock trading is from the disclosure of the restructuring report to the disclosure of significant adjustment of the restructuring plan or restructuring termination. 上市公司应在披露重组报告书时披露内幕信息知情人股票交易自查报告;股票交易自查期间为首次披露重组事项或就本次重组申请股票停牌(孰早)前6个月至披露重组报告书。上市公司披露重组报告书后重组方案重大调整、终止重组的,应当补充披露股票交易自查报告;股票交易自查期间为披露重组报告书至披露重组方案重大调整或终止重组。
When a listed company discloses its self-inspection report on stock trading, the independent financial adviser and the lawyer should verify it and provide clear opinions. 上市公司披露股票交易自查报告时,独立财务顾问和律师应核查并发表明确意见。
When a listed company discloses its self-inspection report on stock trading but temporarily cannot provide in a timely manner the documents issued by the securities registration and clearing institution on the secondary market transactions of relevant entities and natural persons, it may submit such documents later after obtaining them. 上市公司披露股票交易自查报告,暂无法及时提供证券登记结算机构就相关单位及自然人二级市场交易情况出具的文件的,可在后续取得相关文件时补充提交。
When a listed company submits a list of insiders to the stock exchange, it should concurrently report the list to the local office of the CBRC. The local offices of the CBRC may, as needed, carry out special on-site inspection of the implementation of the insider registration management system and other prevention and control work involved in the process of the restructurings of listed companies within their respective jurisdictions. 上市公司向证券交易所提交内幕信息知情人名单时,应一并向所在派出机构报告名单。各派出机构可根据需要对辖区上市公司重组过程中的内幕知情人登记管理制度执行情况等防控工作实施专项现场检查。
     
     
【法宝引证码】        北大法宝en.pkulaw.cn
Message: Please kindly comment on the present translation.
 
Confirmation Code:
Click image to reset code
 
  Translations are by lawinfochina.com, and we retain exclusive copyright over content found on our website except for content we publish as authorized by respective copyright owners or content that is publicly available from government sources.

Due to differences in language, legal systems, and culture, English translations of Chinese law are for reference purposes only. Please use the official Chinese-language versions as the final authority. Lawinfochina.com and its staff will not be directly or indirectly liable for use of materials found on this website.

We welcome your comments and suggestions, which assist us in continuing to improve the quality of our materials as we dynamically expand content.
 
Home | About us | Disclaimer | Chinese