129836519582812500_243SFC: reorganization of units involved insider trading suspended reorganization of listed companies
NetEase finance, June 8-the Commission today issued on strengthening the supervision of stock unusual transactions associated with a significant asset restructuring of interim provisions (draft for soliciting opinions). Draft said, according to the regulations, suspension of listed company after entering the major asset restructuring program, start the stock exchange immediately exception transaction verification procedure, and will stock unusual transactions in a timely manner the information reported to the SFC。 After verification of the SFC to stock unusual information, considers that for insider trading, decided to Office-check, a listed company shall suspend the restructuring process, and timely information disclosure and risk. According to the body of the alleged insider trading in the major reorganization of assets in the status and role of the different and the difference between legal and natural persons, if they are in the regulations can be replaced or retiredA restructuring deal reached "eliminate", after the Exchange and the SFC confirmed
official site, listed companies can revive the restructuring process, if a listed company and its majority shareholder, actual control people, in the reorganization of the percentage of the total transaction amount is more than 20% transactions related to each other because of the significant asset restructuring of insider securities administrative punishment or by judicial bodies in accordance with theCriminal liability, the SFC will terminate the audit. Following is the full text of the draft: to strengthen the related stock unusual and major reorganization of assets of listed company supervision of the interim provisions (draft for soliciting opinions) first to strengthen the related stock unusual and major reorganization of assets of listed company supervision, control and fight against insider trading, maintain the securities market order, protect the lawful rights of investors,According to the securities law, prevention and control of the crack down according to law and capital markets insider opinions and the information disclosure regulations for listed companies, the major reorganization of assets of listed company management procedures, this provision is enacted. Second and transactions of listed companies, and its controlling shareholder, actual control one significant asset restructuring-related subjects should be strictly in accordance with the laws, regulations and rulesProvisions of major assets reorganization of information management and inside information insiders registration process, enhance their awareness of confidentiality. Article listed company and its majority shareholder, the actual controller related research, planning, decision-making, such as matters involving significant assets reorganization of companies, in principle, should be in stocks after the business or non-trading hours and should simplify the decision-making process, to increaseDecision-making efficiency, shortening the decision-making time frame, narrow the scope of insider information sources as much as possible. Such as the need to consult the relevant departments for policy, plan, and should be in stock after the suspension. Controlling shareholders of a listed company, the actual control of significant asset restructuring and planning matters, shall, without delay, take the initiative to inform the listed company related information, and listed company sharesSuspension of work and information disclosure. Fourth section should move in the major reorganization of assets of listed company or know the first time applied to the stock exchange were suspended and strictly follow the stock exchanges of suspension and resumption of trading rules, true, accurate, complete, timely and fair information disclosure in stages, fully revealing the risks. The fifth major asset reorganization of listed companiesAfter the suspension, immediately starts secondary market trading of shares on the stock exchange verification program, and in the subsequent stages of ongoing supervision of stock transactions on the secondary market. Sixth section listed companies make significant asset restructuring administrative permit application to the China Securities Regulatory Commission, such as the assets reorganization of a major investigation into alleged insider trading by the China Securities Regulatory Commission Office, or by the judicial authorities following investigation, has not beenAdmissible, the China Securities Regulatory Commission is inadmissible; have been processed, the China Securities Regulatory Commission suspended the audit. Inadmissible under article or suspended before the seventh review of administrative licensing application, subject to the following conditions, China Securities Regulatory Commission, the recovery is not admissible to receive program, suspended the audit recovery audits: (a) the China Securities Regulatory Commission or investigation by the judicial authorities to verify found no listed companies, theRestructuring of the proportion of the total transaction amount is more than 20% transactions (other violations involving multiple transactions, transaction amounts should be merged), and its controlling shareholder, actual control of the principal people and control the presence of insider trading. (B) the China Securities Regulatory Commission or investigation by the judicial authorities to verify found no public company directors, supervisors, and senior managers, public listingDivision holding shareholders, and actual control people of Director, and prison thing, and senior management personnel, trading each other of Director, and prison thing, and senior management personnel, accounted for this times restructuring total trading amount of ratio in 20% following of trading each other and holding shareholders, and actual control people and control of institutions, for this times major assets restructuring provides service of securities company, and securities service institutions and handling personnel, parameterThis significant asset restructuring, and other insider; or the subject is suspected of insider trading, but has been replaced or exit this significant asset restructuring transactions. (C) investigation or investigation matters not covered by the previously mentioned in subparagraph (a), (b) the listed subject. Eighth section held by China Securities Regulatory Commission according to perform their duties, confirmation was notAccepting or moratorium on audits of major assets of listed company reorganization of administrative licensing applications meet the conditions stipulated in the preceding article, restored accepted or audit in a timely manner. There is evidence that its major assets of listed company reorganization of administrative licensing applications meet the conditions stipulated in the preceding article, independent financial advisers and solicitors engaged by this major asset of the firm concerned subject to due diligence, and issue a confirmationSee, you can restore accepted or audit report to the China Securities Regulatory Commission. Held by China Securities Regulatory Commission according to discharge its responsibilities, decided to resume accepting or audit. Nineth place for this major asset restructuring of the major market questioned or arrested for violations of securities laws, rules, regulations and there is a clear clue report, China Securities Regulatory Commission on the relevant administrative permit applicationInadmissible, had accepted to suspend an audit. Major questions have been clarified in the market, or related matters has completed the rectification and reform and confirmed by the China Securities Regulatory Commission local offices, or verification by the China Securities Regulatory Commission for its body not found this significant asset restructuring-related violations, China Securities Regulatory Commission, the recovery is not admissible to receive program, suspended the audit recovery auditing. The tenth sectionState Securities Regulatory Commission administrative licensing application, this article seventh (a) listed in the main due to the significant asset restructuring-related insider trading by the China Securities Regulatory Commission on administrative punishment or criminal liability shall be investigated according to the law of the judiciary, China's securities regulatory Commission to end audit and administrative licensing application materials returned to the applicant or the hiring of an independent financial adviser. 11th a significant assetGroup administrative permit application is inadmissible by the China Securities Regulatory Commission, acceptance procedure, to suspend the audit recovery time, recovery audit or audit of termination, a listed company shall timely notice and make a risk. 12th listed company active termination of significant asset restructuring process, listed companies should be at the same time commitment for at least 6 months from the date of the announcement is no longer planning to major in asset restructuring, and putDew. Suspension into a significant asset restructuring of listed companies after the procedure has been applied to the stock exchanges delayed resumption of expiration are still not disclosed restructuring plan or the draft, should terminate a significant asset restructuring of listed companies, and at the same time commitment of at least 12 months from the date of the announcement is no longer planning to major in asset restructuring, and disclosure. Major reorganization of assets administration permit application for the seventh (a)Listed in addition to the listed company subject of insider trading, terminated by China Securities Regulatory Commission in accordance with the provisions of article tenth of the audit, listed companies should be at the same time commitment of at least 12 months from the date of the announcement is no longer planning to major in asset restructuring, and disclosure. 13th article of the article seventh subparagraph (I) listed on suspicion of insider trading related to the restructuring of the major assets was placed speedCheck or investigation, from the date of filing to the responsibility shall not participate in any major assets reorganization of companies before. The China Securities Regulatory Commission administrative penalties or criminal liability shall be investigated according to the law of the judiciary, the principal from the China Securities Regulatory Commission made the decision on administrative penalty or judicial authorities made the referee for at least 36 months from the date of capital shall not participate in any major listed companies inReorganization of production. 14th listed company and its majority shareholder, the actual controller, trade related parties and securities companies and securities services, and other information disclosure obligations, and should cooperate with the securities regulatory authorities of law enforcement. Refusing to tie, the China Securities Regulatory Commission will take regulatory measures according to the law, and announced the implementation of regulatory measures. 15th on the listed companyMerger and separation of administrative licensing matters, reference to these provisions. 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