freesignupbonuscasino| China Securities Regulatory Commission: The "Measures for the Management of Reduction" strictly regulates the reduction of sales by major shareholders and effectively prevents detours of sales

Special topicFreesignupbonuscasino: heavy weight! The Securities Regulatory Commission issued new rules to strictly regulate the reduction of major shareholders.FreesignupbonuscasinoTo prevent bypass and reduce holdings

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The Securities Regulatory Commission issued the interim measures for the Administration of the reduction of shares held by shareholders of listed companies and the rules for the Management of shares held by Directors, Supervisors and Senior managers of listed companies and their changes

In order to implement the "opinions of the State Council on strengthening Supervision, preventing risks and promoting the High-quality Development of the Capital Market" and "opinions on strengthening the Supervision of listed companies (for trial implementation)" The Securities Regulatory Commission today promulgated the interim measures for the Administration of share reduction by shareholders of listed companies (hereinafter referred to as the measures for the Administration of share reduction), and the rules for the Management of shares and their changes held by Directors, Supervisors and Senior managers of listed companies (hereinafter referred to as the rules for changes in shareholding), which shall enter into force as of the date of promulgation.

The reduction system is an important basic system in the capital market. In order to implement the requirements of the recent relevant documents on comprehensively perfecting the rule system of shareholding reduction, strictly standardizing the shareholding reduction of major shareholders, especially the controlling shareholders and actual controllers, and resolutely preventing all kinds of detour reduction, the CSRC drafted the Administrative measures for shareholding reduction on the basis of several provisions on share reduction by shareholders and Supervisors of listed companies (hereinafter referred to as the "shareholding reduction regulations"), and revised the rules on share holding change at the same time. And solicit opinions from the public from April 12 to April 27, 2024. All parties in the market supported the contents of the rules as a whole, and the CSRC studied them one by one, conscientiously absorbed and adopted the rules, and revised the rules accordingly.

There are 31 measures for the management of shareholding reduction, which generally maintain the basic framework and core content of the provisions on shareholding reduction, upgrade the original normative documents to rules and regulations, and improve the relevant contents in view of the outstanding problems reflected by the market: first, strictly standardize the reduction of holdings by major shareholders. Make it clear that the controlling shareholder and the actual controller shall not reduce their holdings through centralized bidding trading or bulk trading under the circumstances of breaking, net breaking, substandard dividends, etc., and increase the pre-disclosure obligations of major shareholders before they are reduced through bulk transactions; the concerted actors of major shareholders are required to abide by the restrictions on shareholding reduction together with major shareholders. The second is to effectively prevent detour reduction. The transferee of the agreement is required to lock up for six months; it is clear that after the shares are divided due to divorce, dissolution, division, etc., all parties continue to abide by the restrictions on share reduction; it is clear that judicial enforcement and default disposal of pledged margin trading shall apply the relevant reduction requirements according to the different ways of reduction; major shareholders are prohibited from selling securities or participating in derivatives trading with the company's shares as the subject matter. Refinancing and lending of restricted shares and short selling of restricted shares by shareholders are prohibited. The third is to refine the provisions of liability for violations. It is clear that for illegal reduction, measures can be taken to order repurchase and hand over the price difference to the listed company, and enumerate the specific circumstances that should be punished. In addition, the obligations of listed companies and secretaries of the board of directors have been strengthened.

The revised "shareholding change rules" absorb and integrate the requirements in the "shareholding reduction provisions" to regulate the reduction of shares held by Dong Jiangao, and further clarify that all parties continue to abide by the original restrictions on share reduction after the divorce and division of stocks; optimize the window period for prohibiting the sale and sale of stocks, and support Dong Jangao in increasing his shares in accordance with the law.

In the next step, the CSRC will continue to strengthen the supervision of shareholder reduction, severely crack down on and severely punish illegal reduction, and maintain the order of market transactions.

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