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Notice by the Shenzhen Stock Exchange of Issuing the Standards of the Shenzhen Stock Exchange for Imposition of Disciplinary Action on Listed Companies (for Trial Implementation) [Expired]
深圳证券交易所关于发布《深圳证券交易所上市公司纪律处分实施标准(试行)》的通知 [失效]
【法宝引证码】

Notice by the Shenzhen Stock Exchange of Issuing the Standards of the Shenzhen Stock Exchange for Imposition of Disciplinary Action on Listed Companies (for Trial Implementation) 

深圳证券交易所关于发布《深圳证券交易所上市公司纪律处分实施标准(试行)》的通知

(No. 557 [2020] of the Shenzhen Stock Exchange) (深证上〔2020〕557号)

All market participants: 各市场参与人:
For the purposes of improving the transparency of the regulation of listed companies, specifying the standards of the Shenzhen Stock Exchange (hereinafter referred to as the "Exchange") for imposition of disciplinary action in the field of continuous regulation of listed companies, and maintaining the order of the securities market, the Exchange has formulated the Standards of the Shenzhen Stock Exchange for Imposition of Disciplinary Action on Listed Companies (for Trial Implementation), which are hereby issued, and shall come into force on the date of issuance. 为提高上市公司监管透明度,明确深圳证券交易所(以下简称本所)在上市公司持续监管领域的有关纪律处分实施标准,维护证券市场秩序,本所制定了《深圳证券交易所上市公司纪律处分实施标准(试行)》,现予以发布,自发布之日起施行。
The Public Censure Standards of the Shenzhen Stock Exchange for Listed Companies on the Main Board (No. 455 [2015], SZSE), the Public Censure Standards of the Shenzhen Stock Exchange for Listed Companies on the SME Board (No. 14 [2013], SZSE), and the Public Censure Standards of the Shenzhen Stock Exchange for Listed Companies on the ChiNext Market (No. 103 [2011], SZSE), issued by the Exchange, shall be repealed on the same date. 本所发布的《深圳证券交易所主板上市公司公开谴责标准》(深证上〔2015〕455号)、《深圳证券交易所中小企业板上市公司公开谴责标准》(深证上〔2013〕14号)、《深圳证券交易所创业板上市公司公开谴责标准》(深证上〔2011〕103号)同时废止。
 特此通知
Annexes: 附件:
1. Standards of the Shenzhen Stock Exchange for Imposition of Disciplinary Action on Listed Companies (for Trial Implementation) 1.深圳证券交易所上市公司纪律处分实施标准(试行)
2. Notes on Drafting the Standards of the Shenzhen Stock Exchange for Imposition of Disciplinary Action on Listed Companies (for Trial Implementation) (Omitted) 2.《深圳证券交易所上市公司纪律处分实施标准(试行)》起草说明
Shenzhen Stock Exchange 深圳证券交易所
June 24, 2020 2020年6月24日
Annex 1 附件1
Standards of the Shenzhen Stock Exchange for Imposition of Disciplinary Action on Listed Companies (for Trial Implementation) 深圳证券交易所上市公司纪律处分实施标准(试行)
Chapter I General Provisions 

第一章 总 则

Article 1 For the purposes of improving the transparency of the regulation of listed companies, specifying the standards of the Shenzhen Stock Exchange (hereinafter referred to as the "Exchange") for imposition of disciplinary action in the field of continuous regulation of listed companies, and maintaining the order of the securities market, these Standards are formulated in accordance with the Securities Law of the People's Republic of China, the Company Law of the People's Republic of China, the Measures for the Administration of Stock Exchanges, and other laws, administrative regulations, departmental rules, and regulatory documents, as well as the Rules Governing the Listing of Shares on Shenzhen Stock Exchange, the Rules Governing the Listing of Shares on the ChiNext Market of Shenzhen Stock Exchange (hereinafter collectively referred to as the "Share Listing Rules"), the Detailed Rules of the Shenzhen Stock Exchange for the Implementation of Self-Regulatory Measures and Disciplinary Action, and other business rules of the Exchange.   第一条 为提高上市公司监管透明度,明确深圳证券交易所(以下简称本所)在上市公司持续监管领域的纪律处分实施标准,维护证券市场秩序,根据《中华人民共和国证券法》《中华人民共和国公司法》《证券交易所管理办法》等法律、行政法规、部门规章、规范性文件,以及《深圳证券交易所股票上市规则》《深圳证券交易所创业板股票上市规则》(以下统称《股票上市规则》)、《深圳证券交易所自律监管措施和纪律处分实施细则》等本所业务规则,制定本标准。
Article 2 Where the Exchange takes disciplinary action against a listed company, any of its directors, supervisors, senior management, shareholders or holders of depositary receipts, actual controller, and acquirers, the parties related to its material asset restructuring, and other natural persons and institutions and their related persons, or a bankruptcy administrator or any of its members, or a sponsor or any of its sponsor representatives, or a securities service provider or any of its employees (hereinafter collectively referred to as the "relevant parties"), these Standards shall apply, unless otherwise provided by the Exchange.   第二条 本所对上市公司及其董事、监事、高级管理人员、股东或存托凭证持有人、实际控制人、收购人、重大资产重组有关各方等自然人、机构及其相关人员,破产管理人及其成员,以及保荐人及其保荐代表人、证券服务机构及其从业人员(以下统称相关当事人)予以纪律处分的,适用本标准。本所另有规定的,从其规定。
Article 3 Where a listed company and relevant party violates the Share Listing Rules or other business rules of the Exchange, the Exchange may take any or more of the following disciplinary action:   第三条 上市公司及相关当事人违反本所《股票上市规则》以及其他业务规则等规定的,本所可以单处或者并处以下纪律处分:
(1) Circulating a notice of criticism. (一)通报批评;
(2) Public censure. (二)公开谴责;
(3) Publicly determining unsuitability for holding the relevant position. (三)公开认定不适合担任相关职务;
(4) Recommending that the court replace the bankruptcy administrator of the listed company or any member of the bankruptcy administrator. (四)建议法院更换上市公司破产管理人或者管理人成员;
(5) Temporarily rejecting relevant business documents issued by a professional institution or any of its employees. (五)暂不受理专业机构或者其从业人员出具的相关业务文件;
(6) Claiming punitive liquidated damages. (六)收取惩罚性违约金;
(7) Other disciplinary action specified by the Exchange. (七)本所规定的其他纪律处分。
If a violation of the rules by a listed company or relevant party falls short of the standards for imposition of disciplinary action, the Exchange will adopt self-regulatory measures such as verbal warnings and written warnings in accordance with the circumstances. 上市公司及相关当事人违规行为未触及纪律处分实施标准的,本所视情形对其采取口头警告、书面警示等自律监管措施。
Article 4 Where the Exchange discovers before making a disciplinary decision that the listed company or relevant party commits several violations of the rules which meet the disciplinary standards, the Exchange will proceed on a consolidated basis in principle and take the severest of disciplinary action for the violations.   第四条 纪律处分决定作出前,本所发现上市公司及相关当事人存在多个达到纪律处分标准违规行为的,原则上合并处理,并按其数个违规行为应当受到的最重处分予以处理。
Article 5 When taking disciplinary action, the Exchange will take into account the following subjective and objective factors:   第五条 本所作出纪律处分时,综合考量以下主观、客观因素:
(1) Whether the party commits the violation of the rules with subjective intent. (一)当事人的违规行为是否存在主观故意;
(2) After the violation of the rules has occurred, whether the party whitewashes or conceals the violation and whether the party takes appropriate remedial and corrective measures. (二)违规行为发生后,当事人是否掩饰、隐瞒,是否采取适当的补救、纠正措施;
(3) After the violation of the rules has occurred, whether the party reports to the Exchange in a timely manner, whether the party actively cooperates in the investigation, and whether the party interferes with or obstructs the investigation. (三)违规行为发生后,当事人是否及时向本所报告,是否积极配合调查,是否干扰、阻碍调查进行;
(4) If the party is an entity, whether there is collusion in the violation of the rules within the entity, or whether the violation is caused only by individual conduct. (四)当事人为单位的,在单位内部是否存在违规共谋,或是否仅因个人行为导致违规;
(5) The amount of money related to the violation of the rules and its proportion in the relevant financial data. (五)违规行为涉及的金额及占相关财务数据的比重;
(6) The loss caused by the violation of the rules to the listed company and investors, among others, and the advantage obtained by the violating party therefrom. (六)违规行为给上市公司、投资者等造成的损失,违规当事人从中获取的利益;
(7) The number of times, frequency and duration of the violation of the rules. (七)违规行为发生的次数、频率及持续时间;
(8) The impact of the violation of the rules on the issuance and listing of a security, trading halt and resumption, termination of listing, material asset restructuring, acquisitions and changes in equity, share incentive plan, and any other matters, or conditions and the price or trading volume of a security and the security-based derivatives. (八)违规行为对证券发行上市、停复牌、终止上市、重大资产重组、收购及股份权益变动、股权激励计划等事项或条件、证券及其衍生品种的交易价格或交易量的影响;
(9) The investigation and punishment of the violation of the rules by relevant administrative agencies and judicial agencies. (九)违规行为被相关行政机关、司法机关查处的情况;
(10) Other considerations. (十)其他需要考量的因素。
Article 6 The degree of responsibility of a party shall be determined mainly from the following aspects:   第六条 区分当事人的责任大小,主要从以下方面考量:
(1) Whether the party plays a primary or secondary role in the violation. (一)当事人在违规事项中所起的是主要作用还是次要作用;
(2) The position, responsibilities, authority, professional background, and performance of duties of the party. (二)当事人的职务、职责、权限、专业背景及履职情况;
(3) Other circumstances that need considering. (三)其他需要考量的情节。
Article 7 Any of the following cases falls under serious circumstances:   第七条 具有下列情形之一,属于情节严重情形:
(1) A violation of the rules causes abnormal fluctuation in the trading, an abnormal halt in the trading, or changes in the trading status of a security and the security-based derivatives. (一)违规行为导致证券及其衍生品种交易发生异常波动、非正常停牌或交易状态变更等;
(2) A violation of the rules has an execrable effect on the market. (二)违规行为对市场造成恶劣影响;
(3) The conditions for the implementation of refinancing and share incentives by a listed company, or the conditions for the listing of a security of the company and the security-based derivatives, are affected. (三)影响上市公司再融资、股权激励等的实施条件,或影响公司证券及其衍生品种的上市条件;
(4) A violation of the rules is of high value, in far excess of the volume standard for corresponding disciplinary action. (四)违规金额巨大,远超相应纪律处分的数量标准;
(5) A violation of the rules has been in existence for a lengthy period. (五)违规行为长期持续;
(6) Receiving administrative punishment from the China Securities Regulatory Commission, or being subjected to disciplinary action by the Exchange, for another violation of the rules of the same kind in the last 12 months. (六)最近12个月内曾因同类违规行为被中国证监会行政处罚,或被本所实施纪律处分;
(7) Interfering with or obstructing an investigation, or refusing to cooperate in the relevant measures taken by the Exchange. (七)干扰、阻碍调查或者拒不配合本所采取的相关措施;
(8) Other cases under serious circumstances determined by the Exchange. (八)本所认定的其他情节严重情形。
If a violation of the rules falls short of the corresponding disciplinary standards but any of the foregoing cases under serious circumstances exists, the Exchange may impose a severe or aggravated disciplinary action according to the circumstances. 违规行为虽未达到相应纪律处分标准,但存在上述情节严重情形,本所可以视情况从重、加重实施纪律处分。
Article 8 In any of the following cases, a light or mitigated disciplinary action may be imposed, or exemption from disciplinary action may be granted:   第八条 具有下列情形之一,可以从轻、减轻或者免除纪律处分:
(1) Before the discovery of a violation of the rules, the violator actively and voluntarily takes or requires the company to take corrective measures and reports to the Exchange or the securities regulatory authority. (一)在违规行为被发现前,积极主动采取或要求公司采取纠正措施,并向本所或者证券监管机构报告;
(2) A violation of the rules has not actually affected the market, or relevant remedial and corrective measures have been taken to eliminate the effects or risk. (二)违规行为未对市场造成实际影响,或已采取相关补救、纠正措施消除影响或风险;
(3) A violation of the rules results from a natural disaster or any other force majeure or unexpected event. (三)违规行为是由于自然灾害等不可抗力、意外事件造成;
(4) Other cases determined by the Exchange. (四)本所认定的其他情形。
Article 9 Where any of the directors, supervisors, senior management, controlling shareholder, and actual controller, among others, of a listed company seriously violates the business rules of the Exchange and falls under serious circumstances in any of the following cases, the Exchange may publicly determine that he or she is unsuitable for the position as director, supervisor, or member of the senior management in a listed company, domestic information disclosure representative in a red chip company, or the like for three, five, or ten years:   第九条 上市公司董事、监事、高级管理人员、控股股东、实际控制人等严重违反本所业务规则,存在下列情形之一且情节严重的,本所可以公开认定其在3年、5年或10年内不适合担任上市公司董事、监事、高级管理人员或者红筹公司信息披露境内代表等职务:
(1) Primarily responsible for not less than two violations of the rules by the listed company that meets the public censure standard. (一)对上市公司两项以上达到公开谴责标准的违规行为均负有主要责任;
(2) Receiving administrative punishment from, or banned from accessing the securities market, by the China Securities Regulatory Commission. (二)被中国证监会行政处罚或采取证券市场禁入措施;
(3) Publicly censured in the last 24 months or criticized three times through a notice circulated by the Exchange. (三)最近二十四个月内曾被本所予以公开谴责或被三次通报批评;
(4) Other cases prescribed by the Exchange. (四)本所规定的其他情形。
If any of the directors, supervisors, senior management, controlling shareholder, and actual controller, among others, of a listed company seriously disrupts the market order, having serious social effects, or causing extraordinary serious damage to the interests of investors, in any of the cases described in the preceding paragraph, the Exchange may publicly determine that he or she is unsuitable for the position as director, supervisor, or member of the senior management in a listed company, domestic information disclosure representative in a red chip company, or the like for life. 上市公司董事、监事、高级管理人员、控股股东、实际控制人等存在前款所述情形之一,且严重扰乱市场秩序并造成严重社会影响,或者致使投资者利益遭受特别严重损害的,本所可以公开认定其终身不适合担任上市公司董事、监事、高级管理人员或者红筹公司信息披露境内代表等职务。
Article 10 Where a listed company violates the listing agreement with, business rules of, or an undertaking given to the Exchange in any of the following cases, the Exchange may claim punitive liquidated damages of not less than 300,000 yuan nor more than 5 million yuan from it:   第十条 上市公司违反本所上市协议、业务规则或者向本所作出的承诺的,存在下列情形之一,本所可以对其收取三十万元以上五百万元以下的惩罚性违约金:
(1) Being publicly censured twice by the Exchange in the last 12 months. (一)最近十二个月内曾被本所予以两次公开谴责;
(2) Committing any violation of the laws and regulations in the financial fraud, application of funds, national security, public security, ecological security, production safety, public health, or any other field, in a serious case, under execrable circumstances, seriously injurious to the lawful rights and interests of investors, national interest, and public interest. (二)涉及财务造假、资金占用、国家安全、公共安全、生态安全、生产安全和公众健康等领域的违法违规行为,情形严重,情节恶劣,严重损害投资者合法权益、国家利益、社会公共利益;
(3) Other cases under serious circumstances in which the nature of the violation is execrable. (三)其他情节严重、违规性质恶劣的情形。
If any of the directors, supervisors, senior management, controlling shareholder, and actual controller, among others, of a listed company is in any of the cases described in the preceding paragraph, or is primarily responsible for the aforementioned violation of the rules, the Exchange may claim punitive liquidated damages of not less than 100,000 yuan nor more than 3 million yuan from him or her. 上市公司董事、监事、高级管理人员、控股股东、实际控制人出现前款所述情形之一,或对前述违规行为负有主要责任的,本所可以对其收取十万元以上三百万元以下的惩罚性违约金。
Chapter II Violations by Listed Companies, Directors, Supervisors, Senior Management, Shareholders, Actual Controllers, and Relevant Persons 

第二章 上市公司、董监高、股东、实际控制人及相关人员违规

Section 1 Information Disclosure Violations 

第一节 信息披露违规

Article 11 Where a listed company fails to disclose its annual report or semi-annual report within the specified period, the Exchange will publicly censure the listed company and relevant liable persons.   第十一条 上市公司未在规定期限内披露年度报告、半年度报告的,本所对上市公司及相关责任人予以公开谴责。
If a listed company fails to disclose its quarterly report within the specified period, the Exchange will circulate a notice of criticism of the listed company and relevant liable persons. 上市公司未在规定期限内披露季度报告的,本所对上市公司及相关责任人予以通报批评。
Article 12 Where a listed company commits any of the following violations, the Exchange shall publicly censure the listed company and relevant liable persons:   第十二条 上市公司存在下列违规情形之一,本所对上市公司及相关责任人予以公开谴责:
(1) The accounting firm issues an adverse opinion report on its financial accounting report. (一)财务会计报告被会计师事务所出具否定意见的审计报告;
(2) The accounting firm issues a disclaimer of opinion report on its financial accounting report, and the circumstances are serious. (二)财务会计报告被会计师事务所出具无法表示意见的审计报告且情节严重;
(3) The accounting firm issues a qualified opinion report on its financial accounting report, and the circumstances are serious, or corrections fail to be made within the specified period as ordered by the regulatory authority. (三)财务会计报告被会计师事务所出具保留意见的审计报告且情节严重,或者被监管部门责令改正但未在规定期限内改正。
If a disclaimer of opinion or qualified opinion report is issued on a listed company's financial accounting report, and there is no serious circumstance, the Exchange may circulate a notice of criticism of the listed company and relevant liable persons in accordance with the circumstances. 上市公司财务会计报告被出具无法表示意见或者保留意见的审计报告,不存在情节严重情形的,本所可以视情形对上市公司及相关责任人予以通报批评。
Article 13 Where the financial accounting report of a listed company contains a material accounting error or false statement, which fails to be corrected within the specified period as ordered by the regulatory authority, or the correction of any error in the financial accounting report results in material changes in net profit, profit before tax, net assets, operating revenue, or the like and the circumstances are serious, the Exchange will publicly censure the listed company and relevant liable persons.   第十三条 上市公司财务会计报告存在重大会计差错或者虚假记载,被监管部门责令改正但未在规定期限内改正,或者涉及对财务会计报告进行差错更正,导致净利润、利润总额、净资产、营业收入等发生重大变化且情节严重的,本所对上市公司及相关责任人予以公开谴责。
If the violation of the rules in the preceding paragraph results in relatively substantial changes in net profit, profit before tax, net assets, operating revenue, or the like, the Exchange may circulate a notice of criticism of the listed company and relevant liable persons in accordance with the circumstances. 前款违规行为导致净利润、利润总额、净资产、营业收入等发生较大变化的,本所可以视情形对上市公司及相关责任人予以通报批评。
Article 14 Where a listed company fails to disclose its earnings pre-announcement and a restatement thereof within the prescribed period, or the disclosed earnings pre-announcement and a restatement thereof are materially different from the financial data disclosed in the periodic report, the Exchange will publicly censure the listed company and relevant liable persons, if the circumstances are serious; or absent serious circumstances, the Exchange may circulate a notice of criticism of the listed company and relevant liable persons in accordance with the circumstances.   第十四条 上市公司未在规定期限内披露业绩预告及其修正公告,或者披露的业绩预告及其修正公告与定期报告披露的财务数据存在重大差异,情节严重的,本所对上市公司及相关责任人予以公开谴责;不存在情节严重情形的,本所可以视情形对上市公司及相关责任人予以通报批评。
Article 15 Where a listed company fails to perform the deliberation procedure for or promptly disclose its affiliated transactions, the value of which accumulatively exceeds 100 million yuan and accounts for not less than 20% of the audited net assets of the listed company for the most recently completed period, and the circumstances are serious, the Exchange will publicly censure the listed company and relevant liable persons.   第十五条 上市公司关联交易事项未履行审议程序或未及时披露,涉及交易金额累计超过1亿元且占上市公司最近一期经审计净资产的20%以上,情节严重的,本所对上市公司及相关责任人予以公开谴责。
If a listed company fails to deliberate and disclose affiliated transactions as required and falls short of the public censure standard, the Exchange may circulate a notice of criticism of the listed company and relevant liable persons in accordance with the circumstances. 上市公司未按规定审议及披露关联交易事项,未达到公开谴责标准的,本所可以视情形对上市公司及相关责任人予以通报批评。
If a listed company violates the rules in its day-to-day affiliated transactions, disciplinary action may be lightened or mitigated as appropriate. 上市公司日常关联交易违规的,可以酌情从轻或减轻处分。
Article 16 Where a listed company fails to disclose material matters as required, or commits any other information disclosure violation, and meets any of the following conditions, under serious circumstances, the Exchange will publicly censure the listed company and relevant parties:   第十六条 上市公司未按规定披露重大事项,或者存在其他信息披露违规情形,符合下列条件之一且情节严重的,本所对上市公司及相关当事人予以公开谴责:
(1) The total assets related to the violation of the rules by the listed company exceed 100 million yuan and account for not less than 30% of the total audited assets for the last fiscal year. (一)上市公司违规行为涉及的资产总额超过1亿元且占最近一个会计年度经审计总资产的30%以上;
(2) The revenue related to the violation of the rules by the listed company exceeds 100 million yuan and accounts for not less than 50% of the audited revenue for the last fiscal year. (二)上市公司违规行为涉及的营业收入超过1亿元且占最近一个会计年度经审计营业收入的50%以上;
(3) The profit and loss related to the violation of the rules by the listed company exceeds 50 million yuan and accounts for not less than 50% of the audited net profit for the last fiscal year. (三)上市公司违规行为涉及的损益金额超过5000万元且占最近一个会计年度经审计净利润的50%以上;
(4) The amount of money (transactions) related to the violation of the rules by the listed company exceeds 100 million yuan and accounts for not less than 50% of the total audited net assets for the last fiscal year. (四)上市公司违规行为涉及(交易)金额超过1亿元且占最近一个会计年度经审计净资产的50%以上;
(5) Causing the termination of the listing and trading of the stock, corporate bonds, depository receipts, or other securities issued by the company. (五)致使公司发行的股票、公司债券、存托凭证等证券被终止上市交易;
(6) Substituting another method for formal announcements in violation of the information disclosure procedures, or failing to disclose information that has a material effect on investors' decision-making through statutory channels, or reporting and transmitting undisclosed material information to a shareholder, actual controller, or the like. (六)违反信息披露程序,以其他方式代替正式公告,或未按法定渠道披露对投资者决策具有重大影响的信息,或向股东、实际控制人等报送、传递重大未公开信息;
(7) Other information disclosure violations that may materially mislead investors into making decisions, or have a material effect on the trading price or volume of the stock of the company. (七)可能对投资者决策产生重大误导,或者对公司股票交易价格或数量产生重大影响的其他信息披露违规情形。
If a listed company fails to disclose material matters as required, or commits any other information disclosure violation, and falls short of the public censure standard, the Exchange may circulate a notice of criticism of the listed company and relevant parties in accordance with the circumstances. 上市公司未按规定披露重大事项,或者存在其他信息披露违规情形,未达到公开谴责标准的,本所可以视情形对上市公司及相关当事人予以通报批评。
Article 17 When the acquirer of a listed company, or an information disclosure obligator with respect to changes in related share interests, fails to perform the reporting and announcement obligations in a timely manner in accordance with the Securities Law of the People's Republic of China, the Measures for the Administration of the Takeover of Listed Companies, and other relevant provisions, or makes a false statement, misleading statement, or material omission in reports, announcements, or other documents, or violates the prohibition on stock trading and other related obligations, the Exchange will publicly censure the relevant information disclosure obligator, if the circumstances are serious, or the Exchange may circulate a notice of criticism in accordance with the circumstances, if the public censure standard is not met.   第十七条 上市公司收购人及相关股份权益变动的信息披露义务人,未按照《中华人民共和国证券法》《上市公司收购管理办法》等相关规定及时履行报告、公告义务,或者在报告、公告等文件中存在虚假记载、误导性陈述或重大遗漏,或者违反禁止买卖股票规定及其他相关义务的,情节严重的,本所对相关信息披露义务人予以公开谴责,未达到公开谴责标准的,本所可以视情形予以通报批评。
Article 18 Where pledging, freezing, judicially auctioning, placing in custody, or charging with trust, or lawfully restricting voting rights carried by not less than 5% of the shares of a listed company held by any shareholder of the company fails to be disclosed in a timely manner, and the circumstances are serious, the Exchange will circulate a notice of criticism of the shareholder.   第十八条 上市公司股东所持公司5%以上的股份被质押、冻结、司法拍卖、托管、设定信托或者被依法限制表决权等,未及时披露且情节严重的,本所对该股东予以通报批评。
Article 19 Where any of the directors, supervisors, senior management, shareholders, actual controller, acquirers, and parties related to the material asset restructuring of a listed company, and other natural persons and institutions and their relevant persons is primarily responsible for any information disclosure violation by the listed company that meets the public censure standard, or commits any of the following information disclosure violation and falls under serious circumstances, the Exchange will publicly censure the party:
......
   第十九条 上市公司董事、监事、高级管理人员、股东、实际控制人、收购人、重大资产重组有关各方等自然人、机构及其相关人员对上市公司达到公开谴责标准的信息披露违规行为负有主要责任,或者存在下列信息披露违规情形之一且情节严重的,本所对该当事人予以公开谴责:
......

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