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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]
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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。
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