In order to further implement the requirements of strict supervision, precise supervision and classified supervision, and improve the transparency, standardization, efficiency and convenience of self-discipline supervision, Shanghai stock exchange plans to revise the measures for the implementation of disciplinary and regulatory measures of Shanghai Stock Exchange, the measures for the implementation of review of Shanghai Stock Exchange and the detailed rules for the implementation of self-discipline management hearing of Shanghai Stock Exchange, and form a revised draft, From now on to June 3, solicit opinions from the market.
The disciplinary measures was issued and implemented in 2013 and revised twice in 2018 and 2019. This revision focuses on the goal of "strict, accurate, fast and practical", focuses on the disciplinary rules, makes targeted supplements and improvements on the basis of maintaining the basic style of the rules, and makes corresponding amendments to several provisions of the review and hearing rules. The review measures was revised and implemented in 2019, which played a good role in protecting the rights and interests of regulatory objects and standardizing the implementation of self-regulation. This revision unified the time limit for applying for review as 15 trading days from the date of receiving the decision of Shanghai Stock Exchange, shortened the time limit for submitting review materials to members for review from 5 trading days before the meeting to 2 trading days, and reduced the time limit for making review decisions from 60 trading days after acceptance to 30 trading days. With regard to the revision of the detailed rules for hearing, this time is mainly to add the situation of not repeating the organization of hearing, and keep the scope of hearing items connected with the new regulations on delisting.
It is reported that the Shanghai Stock Exchange's revision of the three business rules of disciplinary action, review and hearing is to improve the self regulatory system in combination with the needs of regulatory practice under the background of deeply promoting the reform of the registration system, improving the quality of listed companies and strictly cracking down on securities illegal activities. On the one hand, in recent years, under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange has actively performed its front-line regulatory responsibilities. The scope of objects, types of violations and types of measures involved in self-regulation have been continuously expanded, and the regulatory concepts, mechanisms and standards have been continuously optimized, accumulating experience for improving the system. On the other hand, self-regulation has been strengthened, which puts forward higher requirements for the transparency, standardization and efficiency of disciplinary actions, which need to be responded at the institutional level. In addition, the Shanghai Stock Exchange will give full play to the role of relief mechanisms such as hearing and review, and timely launch convenience measures such as remote video hearing and electronic delivery for the impact of the epidemic. It is also necessary to institutionalize them.
On the whole, this revision is to clarify the position of strict supervision. Clarify the principles of serious accountability for vicious and typical violations such as fraudulent issuance, financial fraud, capital occupation, illegal guarantee, avoidance of delisting and evasion of bonds under the registration system, and severely deal with violations that seriously damage the legitimate rights and interests of issuers and investors.
Second, promote transparent and accurate supervision. The standards for responsibility identification and punishment of different responsible subjects are supplemented, including clarifying the application of public condemnation from the two dimensions of responsible subjects and violations, refining the considerations for the responsibility identification of directors, supervisors, senior managers, independent directors, external supervisors and intermediaries, clarifying the requirements for their diligent and responsible performance, and adding lighter and more effective functions in risk disposal and correcting violations Reduce the consideration situation, give full play to the guiding effect of the rules, and promote all kinds of subjects to return to their duties.
Third, ensure standardization and efficiency. Clarify the disciplinary action, implement the whole process record and result disclosure, and supplement the provisions on personal information protection in self-discipline supervision. Optimize the summary procedure of disciplinary action review, unify the time limit of review application, shorten the implementation time limit of review procedure, clarify the situation of no repeated hearing, and introduce the method of electronic delivery.
Fourth, improve the convenience of market participants. Increase the remote video mode to reduce the cost of the parties participating in the review and hearing procedures.
