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Provisions of the Shanghai Financial Court on the Disposal of Stocks of Listed Companies in Enforcement Procedures (for Trial Implementation) [Effective]
上海金融法院关于执行程序中处置上市公司股票的规定(试行) [现行有效]
【法宝引证码】

Provisions of the Shanghai Financial Court on the Disposal of Stocks of Listed Companies in Enforcement Procedures (for Trial Implementation) 

上海金融法院关于执行程序中处置上市公司股票的规定(试行)

(November 21, 2019) (2019年11月21日)

Chapter I General Provisions 

第一章 总 则

Article 1 For the purposes of further standardizing the disposal of stocks of listed companies by this Court in enforcement procedures, preventing financial risks and optimizing business environment, these Provisions are developed in accordance with the Civil Procedure Law of the People's Republic of China, the Securities Law of the People's Republic of China and other laws and regulations and the relevant judicial interpretations.   第一条 为了进一步规范本院在执行程序中对上市公司股票的处置,防范金融风险,优化营商环境,根据《中华人民共和国民事诉讼法》、《中华人民共和国证券法》等法律法规和相关司法解释,制定本规定。
Article 2 For the purposes of these Provisions, “stocks of listed companies” means unrestricted tradable shares and restricted tradable shares offered to the public and traded by listed companies on stock exchanges. These Provisions shall apply, mutatis mutandis, to the disposal of stocks listed on the National Equities Exchange and Quotations (hereinafter referred to as the “stocks listed on the NEEQ”) and depositary receipts.   第二条 本规定所称上市公司股票,是指上市公司在证券交易市场公开发行、交易的无限售流通股、限售流通股。在全国中小企业股份转让系统挂牌股票(简称“新三板”股票)、存托凭证的处置可以参照本规定。
Article 3 For the purposes of these Provisions, “disposal” means forced sale measures taken after the right to dispose of a listed company's stock is obtained, such as trading by the parties through negotiation, settlement of debts with shares, forced sale by centralized bidding by a court on the secondary stock market, enforcement of judicial assistance for block orders, and online judicial auction.   第三条 本规定所称的处置是指取得上市公司股票处置权后,当事人协商自行交易、和解以股抵债以及法院在股票二级市场以集中竞价方式强制卖出、大宗股票司法协助执行、网络司法拍卖等强制变价措施。
“Enforcement of judicial assistance for block orders” means the forced sale measures for block orders taken for completing the matters relating to inquiry and bidding such as making bidding orders, matching of bidding, and publicity of results, by relying on the judicial assistance enforcement platform for block orders provided by the stock exchange through making announcements on judicial disposal for block orders via the information channels agreed upon with the stock exchange, as required for the execution of cases. 大宗股票司法协助执行是指根据执行案件的需要,通过与证券交易所约定的信息渠道发布大宗股票司法处置公告,依托证券交易所提供的大宗股票司法协助执行平台,完成竞买申报、竞买匹配、结果公示等询价竞买相关事项的大宗股票强制变价措施。
Chapter II Disposal Principles 

第二章 处置原则

Article 4 The disposal of stocks of a listed company shall be based on laws, regulations and relevant judicial interpretations. The departmental rules, regulatory legal documents and business rules relating to stock trading, registration and transfer, among others, developed by securities regulatory departments and stock exchanges under statutory procedures may apply, mutatis mutandis, in implementation.   第四条 上市公司股票的处置应以法律法规和相关司法解释为依据。证券监管部门和证券交易所经法定程序制定的与股票交易、登记、过户等有关的部门规章、规范性法律文件和业务规则,在执行中可以参照适用。
Article 5 The disposal of stocks of listed companies shall reduce the impact on the securities market as much as possible, effectively maintain the stability of the securities market and prevent market risks.   第五条 上市公司股票的处置应尽可能降低对证券市场的影响,有效维护证券市场稳定,防范市场风险。
Article 6 The disposal of stocks of listed companies shall comply with the trading features of securities products, follow the trading methods of the securities market, maximize the value of the subject matter, reduce the disposal cost and enhance the disposal efficiency.   第六条 上市公司股票的处置应符合证券产品交易特点,遵循证券市场交易方式,追求标的物价值最大化,降低处置成本,提高处置效率。
Article 7 In the disposal of a listed company's stock, the lawful rights and interests of the parties shall be actively protected and the lawful rights and interests of investors and the listed company shall be properly protected.   第七条 上市公司股票的处置过程中,应积极保护当事人的合法权益,妥善维护投资者、上市公司的合法利益。
Article 8 In the disposal of a listed company's stock, the parties shall be urged to fulfill their information disclosure obligations, maintain information exchange with the security regulatory department, the stock exchange, the securities depository and clearing institution and other relevant departments in a timely manner, so as to facilitate regulation by the relevant departments.   第八条 上市公司股票处置时,应督促当事人履行信息披露义务。及时与证券监管部门、证券交易所、证券登记结算机构等相关部门保持信息互通,便于相关部门实施监管。
Article 9 In the disposal of a listed company's stock, any undisclosed information that involves the listed company's business or financial affairs or may have a significant impact on the market price of its securities shall not be divulged to any other irrelevant person. The staff members of this Court, their relatives and other parties of interest shall not bid on the stock to be disposed of or entrust others to bid on behalf thereof.   第九条 上市公司股票处置时,不得向其他无关人员泄露对涉及上市公司经营、财务或者对该公司证券的市场价格有重大影响的尚未公开的信息。本院工作人员及其亲属等利益相关方不得竞买或委托他人代为竞买拟处置的股票。
Chapter III Pre-disposal Work 

第三章 处置前期工作

Article 10 Prior to the disposal of a listed company's stock, other properties for enforcement of the party subject to enforcement shall be ascertained, the opinions of all parties on the disposal of the stock shall be solicited, and the necessity of disposal and market risks shall be comprehensively assessed.   第十条 上市公司股票处置前,应查明被执行人可供执行的其他财产,听取各方当事人对股票处置的意见,综合评估处置的必要性及市场风险。
Article 11 Where the party subject to enforcement provides other properties for enforcement, and such properties can be used to offset the main debts in an application for enforcement, priority shall be given to the disposal of other properties, including but not limited to bank deposits, deposit receipts, wealth management products, other negotiable securities and other properties which can be easily disposed of and sold.   第十一条聊五分钱的天吗 被执行人提供其他方便执行的财产,且可抵偿申请执行的主要债权的,应当优先处置其他财产,包括但不限于银行存款、存单、理财产品、其他有价证券等易于处置和变价的财产。
Article 12 Prior to the disposal of a listed company's stock, the ownership, quantity, nature, source, information on restriction, encumbrance and other content of the stock to be disposed of shall be ascertained at the stock exchange and the securities depository and clearing institution.   第十二条 上市公司股票处置前,应向证券交易所、证券登记结算机构查明拟处置股票的权属、数量、性质、来源、限制信息、权利负担等内容。
Article 13 Where the value of the stock to be disposed of evidently exceeds the amount of debts of the person subject to enforcement, the scope of shares to be disposed of shall be determined based on the ascertained or assessed value. If the value of the stock does not exceed the amount of debts of the person subject to enforcement and the spin-off is more favorable for sale, the shares may be subject to spin-off for disposal.   第十三条 拟处置股票的价值明显超过被执行人债务金额的,应当按照已查明或评估的价值确定股票处置范围。股票价值虽未超过被执行人债务金额,分拆处置更有利于变价的,可分拆处置。
Chapter IV Determination of Disposal Methods 

第四章 处置方式的确定

Article 14 When the disposal of a listed company's stock is selected, the opinions of the parties shall be first sought. If the parties reach a consensus to dispose of the stock in the form of sale by the party subject to enforcement and the enforcement guarantor or offsetting debts with shares in accordance with the relevant provisions of laws and regulations, judicial interpretations, department rules and the rules of the stock exchange without damaging the lawful rights and interests of other creditors and investors and public interest, the parties shall be allowed to trade in the stock on their own, but the parties shall be informed that they shall undergo relevant transfer formalities on their own.
......
   第十四条 选择上市公司股票的处置方式时,应首先听取当事人的意见。当事人达成一致意见以被执行人、执行担保人自行卖出或以股抵债方式处置股票,且符合法律法规、司法解释、部门规章、证券交易所规则相关规定,不损害其他债权人、投资者合法权益和社会公共利益的,应当准许其自行交易,但应告知当事人自行办理过户相关手续。
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