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上市公司信息披露管理辦法Administrative Measures on Information Disclosure by Listed Companies

 

From:青島希尼爾翻譯公司 http://www.eacrwc.tw

 

中國證券監督管理委員會令

第40號

《上市公司信息披露管理辦法》已經2006年12月13日中國證券監督管理委員會第196次主席辦公會議審議通過,現予公布,自發布之日起施行。

中國證券監督管理委員會主席:尚福林

二○○七年一月三十日

上市公司信息披露管理辦法

第一章 總則

第一條 為了規范發行人、上市公司及其他信息披露義務人的信息披露行為,加強信息披露事務管理,保護投資者合法權益,根據《公司法》、《證券法》等法律、行政法規,制定本辦法。

第二條 信息披露義務人應當真實、準確、完整、及時地披露信息,不得有虛假記載、誤導性陳述或者重大遺漏。

信息披露義務人應當同時向所有投資者公開披露信息。

在境內、外市場發行證券及其衍生品種并上市的公司在境外市場披露的信息,應當同時在境內市場披露。

第三條 發行人、上市公司的董事、監事、高級管理人員應當忠實、勤勉地履行職責,保證披露信息的真實、準確、完整、及時、公平。

第四條 在內幕信息依法披露前,任何知情人不得公開或者泄露該信息,不得利用該信息進行內幕交易。

第五條 信息披露文件主要包括招股說明書、募集說明書、上市公告書、定期報告和臨時報告等。

第六條 上市公司及其他信息披露義務人依法披露信息,應當將公告文稿和相關備查文件報送證券交易所登記,并在中國證券監督管理委員會(以下簡稱中國證監會)指定的媒體發布。

信息披露義務人在公司網站及其他媒體發布信息的時間不得先于指定媒體,不得以新聞發布或者答記者問等任何形式代替應當履行的報告、公告義務,不得以定期報告形式代替應當履行的臨時報告義務。

第七條 信息披露義務人應當將信息披露公告文稿和相關備查文件報送上市公司注冊地證監局,并置備于公司住所供社會公眾查閱。

第八條 信息披露文件應當采用中文文本。同時采用外文文本的,信息披露義務人應當保證兩種文本的內容一致。兩種文本發生歧義時,以中文文本為準。

第九條 中國證監會依法對信息披露文件及公告的情況、信息披露事務管理活動進行監督,對上市公司控股股東、實際控制人和信息披露義務人的行為進行監督。

證券交易所應當對上市公司及其他信息披露義務人披露信息進行監督,督促其依法及時、準確地披露信息,對證券及其衍生品種交易實行實時監控。證券交易所制訂的上市規則和其他信息披露規則應當報中國證監會批準。

第十條 中國證監會可以對金融、房地產等特殊行業上市公司的信息披露作出特別規定。

第二章 招股說明書、募集說明書與上市公告書

第十一條 發行人編制招股說明書應當符合中國證監會的相關規定。凡是對投資者作出投資決策有重大影響的信息,均應當在招股說明書中披露。

公開發行證券的申請經中國證監會核準后,發行人應當在證券發行前公告招股說明書。

第十二條 發行人的董事、監事、高級管理人員,應當對招股說明書簽署書面確認意見,保證所披露的信息真實、準確、完整。

招股說明書應當加蓋發行人公章。

第十三條 發行人申請首次公開發行股票的,中國證監會受理申請文件后,發行審核委員會審核前,發行人應當將招股說明書申報稿在中國證監會網站預先披露。

預先披露的招股說明書申報稿不是發行人發行股票的正式文件,不能含有價格信息,發行人不得據此發行股票。

第十四條 證券發行申請經中國證監會核準后至發行結束前,發生重要事項的,發行人應當向中國證監會書面說明,并經中國證監會同意后,修改招股說明書或者作相應的補充公告。

第十五條 申請證券上市交易,應當按照證券交易所的規定編制上市公告書,并經證券交易所審核同意后公告。

發行人的董事、監事、高級管理人員,應當對上市公告書簽署書面確認意見,保證所披露的信息真實、準確、完整。

上市公告書應當加蓋發行人公章。

第十六條 招股說明書、上市公告書引用保薦人、證券服務機構的專業意見或者報告的,相關內容應當與保薦人、證券服務機構出具的文件內容一致,確保引用保薦人、證券服務機構的意見不會產生誤導。

第十七條 本辦法第十一條至第十六條有關招股說明書的規定,適用于公司債券募集說明書。

第十八條 上市公司在非公開發行新股后,應當依法披露發行情況報告書。

第三章 定期報告

第十九條 上市公司應當披露的定期報告包括年度報告、中期報告和季度報告。凡是對投資者作出投資決策有重大影響的信息,均應當披露。

年度報告中的財務會計報告應當經具有證券、期貨相關業務資格的會計師事務所審計。

第二十條 年度報告應當在每個會計年度結束之日起4個月內,中期報告應當在每個會計年度的上半年結束之日起2個月內,季度報告應當在每個會計年度第3個月、第9個月結束后的1個月內編制完成并披露。

腰三角形力碼;香港交易所進行了座談,了解其第一季度季度報告的披露時間不得早于上一年度年度報告的披露時間。

第二十一條 年度報告應當記載以下內容:

(一) 公司基本情況;

(二) 主要會計數據和財務指標;

(三) 公司股票、債券發行及變動情況,報告期末股票、債券總額、股東總數,公司前10大股東持股情況;

(四) 持股5%以上股東、控股股東及實際控制人情況;

(五) 董事、監事、高級管理人員的任職情況、持股變動情況、年度報酬情況;

(六) 董事會報告;

(七) 管理層討論與分析;

(八) 報告期內重大事件及對公司的影響;

(九) 財務會計報告和審計報告全文;

(十) 中國證監會規定的其他事項。

第二十二條 中期報告應當記載以下內容:

(一) 公司基本情況;

(二) 主要會計數據和財務指標;

(三) 公司股票、債券發行及變動情況、股東總數、公司前10大股東持股情況,控股股東及實際控制人發生變化的情況;

(四) 管理層討論與分析;

(五) 報告期內重大訴訟、仲裁等重大事件及對公司的影響;

(六) 財務會計報告;

(七) 中國證監會規定的其他事項。

第二十三條 季度報告應當記載以下內容:

(一) 公司基本情況;

(二) 主要會計數據和財務指標;

(三) 中國證監會規定的其他事項。

第二十四條 公司董事、高級管理人員應當對定期報告簽署書面確認意見,監事會應當提出書面審核意見,說明董事會的編制和審核程序是否符合法律、行政法規和中國證監會的規定,報告的內容是否能夠真實、準確、完整地反映上市公司的實際情況。

董事、監事、高級管理人員對定期報告內容的真實性、準確性、完整性無法保證或者存在異議的,應當陳述理由和發表意見,并予以披露。

第二十五條 上市公司預計經營業績發生虧損或者發生大幅變動的,應當及時進行業績預告。

第二十六條 定期報告披露前出現業績泄露,或者出現業績傳聞且公司證券及其衍生品種交易出現異常波動的,上市公司應當及時披露本報告期相關財務數據。

第二十七條 定期報告中財務會計報告被出具非標準審計報告的,上市公司董事會應當針對該審計意見涉及事項作出專項說明。

定期報告中財務會計報告被出具非標準審計意見,證券交易所認為涉嫌違法的,應當提請中國證監會立案調查。

第二十八條 上市公司未在規定期限內披露年度報告和中期報告的,中國證監會應當立即立案稽查,證券交易所應當按照股票上市規則予以處理。

第二十九條 年度報告、中期報告和季度報告的格式及編制規則,由中國證監會另行制定。

第四章 臨時報告

第三十條 發生可能對上市公司證券及其衍生品種交易價格產生較大影響的重大事件,投資者尚未得知時,上市公司應當立即披露,說明事件的起因、目前的狀態和可能產生的影響。

前款所稱重大事件包括:

(一) 公司的經營方針和經營范圍的重大變化;

(二) 公司的重大投資行為和重大的購置財產的決定;

(三) 公司訂立重要合同,可能對公司的資產、負債、權益和經營成果產生重要影響;

(四) 公司發生重大債務和未能清償到期重大債務的違約情況,或者發生大額賠償責任;

(五) 公司發生重大虧損或者重大損失;

(六) 公司生產經營的外部條件發生的重大變化;

(七) 公司的董事、1/3以上監事或者經理發生變動;董事長或者經理無法履行職責;

(八) 持有公司5%以上股份的股東或者實際控制人,其持有股份或者控制公司的情況發生較大變化;

(九) 公司減資、合并、分立、解散及申請破產的決定;或者依法進入破產程序、被責令關閉;

(十) 涉及公司的重大訴訟、仲裁,股東大會、董事會決議被依法撤銷或者宣告無效;

(十一) 公司涉嫌違法違規被有權機關調查,或者受到刑事處罰、重大行政處罰;公司董事、監事、高級管理人員涉嫌違法違紀被有權機關調查或者采取強制措施;

(十二) 新公布的法律、法規、規章、行業政策可能對公司產生重大影響;

(十三) 董事會就發行新股或者其他再融資方案、股權激勵方案形成相關決議;

(十四) 法院裁決禁止控股股東轉讓其所持股份;任一股東所持公司5%以上股份被質押、凍結、司法拍賣、托管、設定信托或者被依法限制表決權;

(十五) 主要資產被查封、扣押、凍結或者被抵押、質押;

(十六) 主要或者全部業務陷入停頓;

(十七) 對外提供重大擔保;

(十八) 獲得大額政府補貼等可能對公司資產、負債、權益或者經營成果產生重大影響的額外收益;

(十九) 變更會計政策、會計估計;

(二十) 因前期已披露的信息存在差錯、未按規定披露或者虛假記載,被有關機關責令改正或者經董事會決定進行更正;

(二十一) 中國證監會規定的其他情形。

第三十一條 上市公司應當在最先發生的以下任一時點,及時履行重大事件的信息披露義務:

(一)董事會或者監事會就該重大事件形成決議時;

(二)有關各方就該重大事件簽署意向書或者協議時;

(三)董事、監事或者高級管理人員知悉該重大事件發生并報告時。

在前款規定的時點之前出現下列情形之一的,上市公司應當及時披露相關事項的現狀、可能影響事件進展的風險因素:

(一)該重大事件難以保密;

(二)該重大事件已經泄露或者市場出現傳聞;

(三)公司證券及其衍生品種出現異常交易情況。

第三十二條 上市公司披露重大事件后,已披露的重大事件出現可能對上市公司證券及其衍生品種交易價格產生較大影響的進展或者變化的,應當及時披露進展或者變化情況、可能產生的影響。

第三十三條 上市公司控股子公司發生本辦法第三十條規定的重大事件,可能對上市公司證券及其衍生品種交易價格產生較大影響的,上市公司應當履行信息披露義務。

上市公司參股公司發生可能對上市公司證券及其衍生品種交易價格產生較大影響的事件的,上市公司應當履行信息披露義務。

第三十四條 涉及上市公司的收購、合并、分立、發行股份、回購股份等行為導致上市公司股本總額、股東、實際控制人等發生重大變化的,信息披露義務人應當依法履行報告、公告義務,披露權益變動情況。

第三十五條 上市公司應當關注本公司證券及其衍生品種的異常交易情況及媒體關于本公司的報道。

證券及其衍生品種發生異常交易或者在媒體中出現的消息可能對公司證券及其衍生品種的交易產生重大影響時,上市公司應當及時向相關各方了解真實情況,必要時應當以書面方式問詢。

上市公司控股股東、實際控制人及其一致行動人應當及時、準確地告知上市公司是否存在擬發生的股權轉讓、資產重組或者其他重大事件,并配合上市公司做好信息披露工作。

第三十六條 公司證券及其衍生品種交易被中國證監會或者證券交易所認定為異常交易的,上市公司應當及時了解造成證券及其衍生品種交易異常波動的影響因素,并及時披露。

第五章 信息披露事務管理

第三十七條 上市公司應當制定信息披露事務管理制度。信息披露事務管理制度應當包括:

(一)明確上市公司應當披露的信息,確定披露標準;

(二)未公開信息的傳遞、審核、披露流程;

(三)信息披露事務管理部門及其負責人在信息披露中的職責;

(四)董事和董事會、監事和監事會、高級管理人員等的報告、審議和披露的職責;

(五)董事、監事、高級管理人員履行職責的記錄和保管制度;

(六)未公開信息的保密措施,內幕信息知情人的范圍和保密責任;

(七)財務管理和會計核算的內部控制及監督機制;

(八)對外發布信息的申請、審核、發布流程;與投資者、證券服務機構、媒體等的信息溝通與制度;

(九)信息披露相關文件、資料的檔案管理;

(十)涉及子公司的信息披露事務管理和報告制度;

(十一)未按規定披露信息的責任追究機制,對違反規定人員的處理措施。

上市公司信息披露事務管理制度應當經公司董事會審議通過,報注冊地證監局和證券交易所備案。

第三十八條 上市公司董事、監事、高級管理人員應當勤勉盡責,關注信息披露文件的編制情況,保證定期報告、臨時報告在規定期限內披露,配合上市公司及其他信息披露義務人履行信息披露義務。

第三十九條 上市公司應當制定定期報告的編制、審議、披露程序。經理、財務負責人、董事會秘書等高級管理人員應當及時編制定期報告草案,提請董事會審議;董事會秘書負責送達董事審閱;董事長負責召集和主持董事會會議審議定期報告;監事會負責審核董事會編制的定期報告;董事會秘書負責組織定期報告的披露工作。

第四十條 上市公司應當制定重大事件的報告、傳遞、審核、披露程序。董事、監事、高級管理人員知悉重大事件發生時,應當按照公司規定立即履行報告義務;董事長在接到報告后,應當立即向董事會報告,并敦促董事會秘書組織臨時報告的披露工作。

第四十一條 上市公司通過業績說明會、分析師會議、路演、接受投資者調研等形式就公司的經營情況、財務狀況及其他事件與任何機構和個人進行溝通的,不得提供內幕信息。

第四十二條 董事應當了解并持續關注公司生產經營情況、財務狀況和公司已經發生的或者可能發生的重大事件及其影響,主動調查、獲取決策所需要的資料。

第四十三條 監事應當對公司董事、高級管理人員履行信息披露職責的行為進行監督;關注公司信息披露情況,發現信息披露存在違法違規問題的,應當進行調查并提出處理建議。

監事會對定期報告出具的書面審核意見,應當說明編制和審核的程序是否符合法律、行政法規、中國證監會的規定,報告的內容是否能夠真實、準確、完整地反映上市公司的實際情況。

第四十四條 高級管理人員應當及時向董事會報告有關公司經營或者財務方面出現的重大事件、已披露的事件的進展或者變化情況及其他相關信息。

第四十五條 董事會秘書負責組織和協調公司信息披露事務,匯集上市公司應予披露的信息并報告董事會,持續關注媒體對公司的報道并主動求證報道的真實情況。董事會秘書有權參加股東大會、董事會會議、監事會會議和高級管理人員相關會議,有權了解公司的財務和經營情況,查閱涉及信息披露事宜的所有文件。

董事會秘書負責辦理上市公司信息對外公布等相關事宜。除監事會公告外,上市公司披露的信息應當以董事會公告的形式發布。董事、監事、高級管理人員非經董事會書面授權,不得對外發布上市公司未披露信息。

上市公司應當為董事會秘書履行職責提供便利條件,財務負責人應當配合董事會秘書在財務信息披露方面的相關工作。

第四十六條 上市公司的股東、實際控制人發生以下事件時,應當主動告知上市公司董事會,并配合上市公司履行信息披露義務。

(一)持有公司5%以上股份的股東或者實際控制人,其持有股份或者控制公司的情況發生較大變化;

(二)法院裁決禁止控股股東轉讓其所持股份,任一股東所持公司5%以上股份被質押、凍結、司法拍賣、托管、設定信托或者被依法限制表決權;

(三)擬對上市公司進行重大資產或者業務重組;

(四)中國證監會規定的其他情形。

應當披露的信息依法披露前,相關信息已在媒體上傳播或者公司證券及其衍生品種出現交易異常情況的,股東或者實際控制人應當及時、準確地向上市公司作出書面報告,并配合上市公司及時、準確地公告。

上市公司的股東、實際控制人不得濫用其股東權利、支配地位,不得要求上市公司向其提供內幕信息。

第四十七條 上市公司非公開發行股票時,其控股股東、實際控制人和發行對象應當及時向上市公司提供相關信息,配合上市公司履行信息披露義務。

第四十八條 上市公司董事、監事、高級管理人員、持股5%以上的股東及其一致行動人、實際控制人應當及時向上市公司董事會報送上市公司關聯人名單及關聯關系的說明。上市公司應當履行關聯交易的審議程序,并嚴格執行關聯交易回避表決制度。交易各方不得通過隱瞞關聯關系或者采取其他手段,規避上市公司的關聯交易審議程序和信息披露義務。

第四十九條 通過接受委托或者信托等方式持有上市公司5%以上股份的股東或者實際控制人,應當及時將委托人情況告知上市公司,配合上市公司履行信息披露義務。

第五十條 信息披露義務人應當向其聘用的保薦人、證券服務機構提供與執業相關的所有資料,并確保資料的真實、準確、完整,不得拒絕、隱匿、謊報。

保薦人、證券服務機構在為信息披露出具專項文件時,發現上市公司及其他信息披露義務人提供的材料有虛假記載、誤導性陳述、重大遺漏或者其他重大違法行為的,應當要求其補充、糾正。信息披露義務人不予補充、糾正的,保薦人、證券服務機構應當及時向公司注冊地證監局和證券交易所報告。

第五十一條 上市公司解聘會計師事務所的,應當在董事會決議后及時通知會計師事務所,公司股東大會就解聘會計師事務所進行表決時,應當允許會計師事務所陳述意見。股東大會作出解聘、更換會計師事務所決議的,上市公司應當在披露時說明更換的具體原因和會計師事務所的陳述意見。

第五十二條 為信息披露義務人履行信息披露義務出具專項文件的保薦人、證券服務機構,應當勤勉盡責、誠實守信,按照依法制定的業務規則、行業執業規范和道德準則發表專業意見,保證所出具文件的真實性、準確性和完整性。

第五十三條 注冊會計師應當秉承風險導向審計理念,嚴格執行注冊會計師執業準則及相關規定,完善鑒證程序,科學選用鑒證方法和技術,充分了解被鑒證單位及其環境,審慎關注重大錯報風險,獲取充分、適當的證據,合理發表鑒證結論。

第五十四條 資產評估機構應當恪守職業道德,嚴格遵守評估準則或者其他評估規范,恰當選擇評估方法,評估中提出的假設條件應當符合實際情況,對評估對象所涉及交易、收入、支出、投資等業務的合法性、未來預測的可靠性取得充分證據,充分考慮未來各種可能性發生的概率及其影響,形成合理的評估結論。

第五十五條 任何機構和個人不得非法獲取、提供、傳播上市公司的內幕信息,不得利用所獲取的內幕信息買賣或者建議他人買賣公司證券及其衍生品種,不得在投資價值分析報告、研究報告等文件中使用內幕信息。

第五十六條 媒體應當客觀、真實地報道涉及上市公司的情況,發揮輿論監督作用。

任何機構和個人不得提供、傳播虛假或者誤導投資者的上市公司信息。

違反前兩款規定,給投資者造成損失的,依法承擔賠償責任。

第六章 監督管理與法律責任

第五十七條 中國證監會可以要求上市公司及其他信息披露義務人或者其董事、監事、高級管理人員對有關信息披露問題作出解釋、說明或者提供相關資料,并要求上市公司提供保薦人或者證券服務機構的專業意見。

中國證監會對保薦人和證券服務機構出具的文件的真實性、準確性、完整性有疑義的,可以要求相關機構作出解釋、補充,并調閱其工作底稿。

上市公司及其他信息披露義務人、保薦人和證券服務機構應當及時作出回復,并配合中國證監會的檢查、調查。

第五十八條 上市公司董事、監事、高級管理人員應當對公司信息披露的真實性、準確性、完整性、及時性、公平性負責,但有充分證據表明其已經履行勤勉盡責義務的除外。

上市公司董事長、經理、董事會秘書,應當對公司臨時報告信息披露的真實性、準確性、完整性、及時性、公平性承擔主要責任。

上市公司董事長、經理、財務負責人應對公司財務報告的真實性、準確性、完整性、及時性、公平性承擔主要責任。

第五十九條 信息披露義務人及其董事、監事、高級管理人員,上市公司的股東、實際控制人、收購人及其董事、監事、高級管理人員違反本辦法的,中國證監會可以采取以下監管措施:

(一) 責令改正;

(二) 監管談話;

(三) 出具警示函;

(四) 將其違法違規、不履行公開承諾等情況記入誠信檔案并公布;

(五) 認定為不適當人選;

(六) 依法可以采取的其他監管措施。

第六十條 上市公司未按本辦法規定制定上市公司信息披露事務管理制度的,中國證監會責令改正。拒不改正的,中國證監會給予警告、罰款。

第六十一條 信息披露義務人未在規定期限內履行信息披露義務,或者所披露的信息有虛假記載、誤導性陳述或者重大遺漏的,中國證監會按照《證券法》第一百九十三條處罰。

第六十二條 信息披露義務人未在規定期限內報送有關報告,或者報送的報告有虛假記載、誤導性陳述或者重大遺漏的,中國證監會按照《證券法》第一百九十三條處罰。

第六十三條 上市公司通過隱瞞關聯關系或者采取其他手段,規避信息披露、報告義務的,中國證監會按照《證券法》第一百九十三條處罰。

第六十四條 上市公司股東、實際控制人未依法配合上市公司履行信息披露義務的,或者非法要求上市公司提供內幕信息的,中國證監會責令改正,給予警告、罰款。

第六十五條 為信息披露義務人履行信息披露義務出具專項文件的保薦人、證券服務機構及其人員,違反《證券法》、行政法規和中國證監會的規定,由中國證監會依法采取責令改正、監管談話、出具警示函、記入誠信檔案等監管措施;應當給予行政處罰的,中國證監會依法處罰。

第六十六條 任何機構和個人泄露上市公司內幕信息,或者利用內幕信息買賣證券及其衍生品種,中國證監會按照《證券法》第二百零一條、第二百零二條處罰。

第六十七條 任何機構和個人編制、傳播虛假信息擾亂證券市場;媒體傳播上市公司信息不真實、不客觀的,中國證監會按照《證券法》第二百零六條處罰。

在證券及其衍生品種交易活動中作出虛假陳述或者信息誤導的,中國證監會按照《證券法》第二百零七條處罰。

第六十八條 涉嫌利用新聞報道以及其他傳播方式對上市公司進行敲詐勒索的,中國證監會責令改正,向有關部門發出監管建議函,由有關部門依法追究法律責任。

第六十九條 上市公司及其他信息披露義務人違反本辦法的規定,情節嚴重的,中國證監會可以對有關責任人員采取證券市場禁入的措施。

第七十條 違反本辦法,涉嫌犯罪的,依法移送司法機關,追究刑事責任。

第七章 附則

第七十一條 本辦法下列用語的含義:

(一)為信息披露義務人履行信息披露義務出具專項文件的保薦人、證券服務機構,是指為證券發行、上市、交易等證券業務活動制作、出具保薦書、審計報告、資產評估報告、法律意見書、財務顧問報告、資信評級報告等文件的保薦人、會計師事務所、資產評估機構、律師事務所、財務顧問機構、資信評級機構。

(二)及時,是指自起算日起或者觸及披露時點的兩個交易日內。

(三)上市公司的關聯交易,是指上市公司或者其控股子公司與上市公司關聯人之間發生的轉移資源或者義務的事項。

關聯人包括關聯法人和關聯自然人。

具有以下情形之一的法人,為上市公司的關聯法人:

1.直接或者間接地控制上市公司的法人;

2.由前項所述法人直接或者間接控制的除上市公司及其控股子公司以外的法人;

3.關聯自然人直接或者間接控制的、或者擔任董事、高級管理人員的,除上市公司及其控股子公司以外的法人;

4.持有上市公司5%以上股份的法人或者一致行動人;

5.在過去12個月內或者根據相關協議安排在未來12月內,存在上述情形之一的;

6.中國證監會、證券交易所或者上市公司根據實質重于形式的原則認定的其他與上市公司有特殊關系,可能或者已經造成上市公司對其利益傾斜的法人。

具有以下情形之一的自然人,為上市公司的關聯自然人:

1.直接或者間接持有上市公司5%以上股份的自然人;

2.上市公司董事、監事及高級管理人員;

3.直接或者間接地控制上市公司的法人的董事、監事及高級管理人員;

4.上述第1、2項所述人士的關系密切的家庭成員,包括配偶、父母、年滿18周歲的子女及其配偶、兄弟姐妹及其配偶,配偶的父母、兄弟姐妹,子女配偶的父母;

5.在過去12個月內或者根據相關協議安排在未來12個月內,存在上述情形之一的;

6.中國證監會、證券交易所或者上市公司根據實質重于形式的原則認定的其他與上市公司有特殊關系,可能或者已經造成上市公司對其利益傾斜的自然人。

(四)指定媒體,是指中國證監會指定的報刊和網站。

第七十二條 本辦法自公布之日起施行。《公開發行股票公司信息披露實施細則》(試行)(證監上字[1993]43號)、《關于股票公開發行與上市公司信息披露有關事項的通知》(證監研字[1993]19號)、《關于加強對上市公司臨時報告審查的通知》(證監上字[1996]26號)、《關于上市公司發布澄清公告若干問題的通知》(證監上字[1996]28號)、《上市公司披露信息電子存檔事宜的通知》(證監信字[1998]50號)、《關于進一步加強ST、PT公司信息披露監管工作的通知》(證監公司字[2000]63號)、《關于擬發行新股的上市公司中期報告有關問題的通知》(證監公司字[2001]69號)、《關于上市公司臨時公告及相關附件報送中國證監會派出機構備案的通知》(證監公司字[2003]7號)同時廢止。

 

China Securities Regulatory Commission Order No.40

  30 January 2007

  CHAPTER 1-GENERAL PRINCIPLES

  Article 1 These Measures are formulated pursuant to the provisions of the Company Law, the Securities Law and other relevant laws and administrative regulations for the purposes of standardising information disclosure by issuers, listed companies and other information disclosure obligors, strengthening administration over information disclosure matters and protecting the lawful rights and interests of investors.

  Article 2 Information disclosure made by obligors shall be truthful, accurate, complete and timely, and the information disclosed shall not contain any falsehood, misleading statement or major omission.

  Information disclosure made to all investors by obligors shall be public and simultaneous.

  Where a listed company issues securities and derivatives in the China or overseas stock markets, the information disclosure made in an overseas stock market must simultaneously be made in the China stock market.

  Article 3 The directors, supervisors and senior management personnel of issuers and listed companies shall perform their duties faithfully and diligently, and ensure the veracity, accuracy, completeness, timeliness and impartiality of the information disclosed.

  Article 4 No person with knowledge of inside information shall, prior to a lawful disclosure of inside information, make public or disclose such information or conduct insider trading with such information.

  Article 5 Information disclosure documents mainly include the prospectus, listing memorandum, listing announcement, regular reports and interim reports.

  Article 6 Listed companies and other information disclosure obligors shall submit the draft public announcement and the relevant documents for inspection to the stock exchange for registration when making information disclosure pursuant to law, and make the announcement on media designated by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC").

  The timing of the information announced on the corporate website and other media by an information disclosure obligor shall not precede the announcement of such information in the designated media; the reporting and public announcement duties may not be in the form of a press conference or reply to questions posed by reporters or in any other form; and the duty to make interim reports may not be substituted with a regular report.

  Article 7 Information disclosure obligors shall submit the draft public announcement and the relevant documents for inspection to the securities regulatory bureau at the place of registration of the listed company, and make copies of the same available at the company address for inspection by members of the public.

  Article 8 Information disclosure documents shall be written in  text. Where an information disclosure document is also written in a foreign text, the information disclosure obligor shall ensure the consistency of the contents in both versions. Where any inconsistency arises between the two versions, the  text shall prevail.

  Article 9 The CSRC shall supervise and inspect information disclosure documents, public announcements and the management of information disclosure matters pursuant to law; and supervise and inspect the conduct of controlling shareholders, actual controlling parties and information disclosure obligors of listed companies.

  The stock exchange shall supervise and inspect the information disclosure activities of listed companies and other information disclosure obligors and urge them to make timely and accurate information disclosure pursuant to the law; and implement real-time monitoring of securities and derivatives transactions. The listing rules and other information disclosure rules formulated by the stock exchange must be submitted to the CSRC for approval.

  Article 10 The CSRC may make special provisions for information disclosure by listed companies in the financial, real estate and other special industries.

  CHAPTER 2-PROSPECTUS` LISTING MEMORANDUM AND LISTING ANNOUNCEMENT

  Article 11 Prospectuses prepared by issuers shall comply with the relevant provisions of the CSRC. Any information which may significantly affect the investment decision of an investor must be disclosed in the prospectus.

  The issuer shall, upon approval of the securities public offering application by the CSRC, make a public announcement of the prospectus prior to the securities offering.

  Article 12 The directors, supervisors and senior management personnel of an issuer shall sign and endorse the prospectus and ensure the veracity, accuracy and completeness of information disclosed therein.

  The prospectus shall have the company seal of the issuer affixed.

  Article 13 Where an issuer applies for initial public offering, the issuer shall, upon acceptance of the application documents by the CSRC but prior examination by the offering review committee, disclose a draft declaration of the prospectus on the CSRC website in advance.

  The draft declaration of the prospectus disclosed in advance is not a formal document for issuance of shares by the issuer and shall not include any pricing information; and the issuer shall not issue shares based on the draft declaration of the prospectus.

  Article 14 Where an important matter occurs during the period after the CSRC approves the issuance of securities application but before issuance is complete, the issuer shall submit a written explanation to the CSRC; and a revised prospectus or a corresponding supplementary public announcement must be made upon the consent of the CSRC.

  Article 15 Where an application is for a listing of securities, a listing announcement shall be formulated pursuant to the provisions of the stock exchange and a public announcement must be made upon examination and approval by the stock exchange.

  The directors, supervisors and senior management personnel of the issuer shall sign and endorse the listing announcement and ensure the veracity, accuracy and completeness of the information disclosed therein.

  The listing announcement shall have the company seal of the issuer affixed.

  Article 16 Where a prospectus or listing announcement quotes the expert opinion or report of the sponsor or a securities services organisation, the relevant contents must be consistent with the contents of the document issued by the sponsor or securities services organisation; and the issuer shall ensure that the quoted opinion of the sponsor or securities services organisation is not misleading.

  Article 17 The provisions of Article 11 to Article 16 on prospectuses shall apply to listing memorandums for corporate bonds.

  Article 18 A listed company shall, upon making a private issuance of new shares, disclose a report on the circumstances of issuance pursuant to law.

  CHAPTER 3-REGULAR REPORTS

  Article 19 Regular reports to be published by a listed company shall include annual reports, half-yearly reports and quarterly reports. Any information which may significantly affect the investment decision of an investor must be disclosed therein.

  The financial accounting report in the annual report must be audited by an accounting firm qualified to audit securities and futures business activities.

  Article 20 The annual report must be prepared and published within four months after the end of each accounting year; the half-yearly report must be prepared and published within two months after the end of the first half of each accounting year; and the quarterly report shall be prepared and published within one month after the end of each accounting year's third and ninth months.

  The time of publication of the first quarterly report shall not be earlier than the time of publication of the annual report for the preceding year.

  Article 21 An annual report shall contain the following contents:

  (1) basic information of the company;

  (2) key accounting data and financial indices;

  (3) information on shares and bonds issued by the company and the changes thereto; the total number of shares and bonds and shareholders at the end of the reporting period; and information on the shareholding held by the ten largest shareholders of the company;

  (4) information on shareholders holding 5% or more of the shares, controlling shareholders and actual controlling parties;

  (5) information on the appointment of directors, supervisors and senior management personnel, their changes in shareholding and their annual remuneration;

  (6) the board of directors report;

  (7) the discussions and analyses of the management;

  (8) significant events that occurred during the reporting period and their effect on the company;

  (9) the financial accounting report and audit report in full text; and

  (10) any other matter stipulated by the CSRC.

  Article 22 A half-yearly report shall contain the following contents:

  (1) basic information of the company;

  (2) key accounting data and financial indices;

  (3) information on shares and bonds issued by the company and the changes thereto; the total number of shareholders; the information on the shareholding held by the ten largest shareholders of the company; and the changes to the controlling shareholders and actual controlling parties of the company;

  (4) the discussions and analyses of the management;

  (5) the major matters in litigation or arbitration and other significant events that occurred during the reporting period and their effect on the company;

  (6) the financial accounting report; and

  (7) any other matter stipulated by the CSRC.

  Article 23 A quarterly report shall contain the following contents:

  (1) basic information of the company;

  (2) key accounting data and financial indices; and

  (3) any other matter stipulated by the CSRC.

  Article 24 The directors and senior management personnel of a company shall sign and endorse regular reports; and the board of supervisors shall issue a written review opinion that sets out whether the preparation and review procedures of the board of directors comply with the laws and regulations and the provisions of the CSRC and whether the contents of the report are a true, accurate and complete reflection of the actual status of the listed company.

  Where the directors, supervisors and senior management personnel are unable to ensure the veracity, accuracy and completeness of a regular report or differing views are held, their reasons and opinions shall be stated and disclosed.

  Article 25 Where a listed company foresees a loss or any major change to its operating results, a timely business result forecast must be made.

  Article 26 Where business results are leaked before disclosure in the regular report or where rumours on business results and unusual fluctuations in the company's securities and derivatives transactions exist, the listed company must timely disclose the relevant financial data for the current reporting period.

  Article 27 Where a qualified audit report is issued in respect of the financial accounting report in a regular report, the board of directors of the company shall provide a special explanation on the matters to which the audit opinion relates.

  Where a qualified audit report is issued in respect of the financial accounting report in a regular report and the stock exchange believes an illegality exists, the stock exchange shall request the CSRC to open a case file for investigation.

  Article 28 Where a listed company fails to publish an annual report or a half-yearly report within the stipulated period, the CSRC shall immediately open a case file and conduct investigation, and the stock exchange shall handle the case pursuant to the listing rules for shares.

  Article 29 The templates and preparation rules for annual reports, half-yearly reports and quarterly reports shall be formulated by the CSRC separately.

  CHAPTER 4-INTERIM REPORTS

  Article 30 Where the occurrence of a significant event is likely to have a relatively large effect on the trading prices of a company's securities and derivatives, and the investors have yet to be informed, the listed company shall timely make a disclosure; and state the cause, the current status and the likely effect of the event.

  A significant event referred in the preceding paragraph shall include:

  (1) a significant change in the business direction and scope of business of the company;

  (2) a significant property investment or acquisition decision made by the company;

  (3) a major contract concluded by the company that may significantly affect the assets, liabilities, rights and interests and business results of the company;

  (4) a significant debt incurred by the company for liability in default or liability for compensation and the inability to pay off the significant amount of debt incurred that is due and owing;

  (5) a heavy financial deficit or loss suffered by the company;

  (6) a significant change to the external conditions of production business operations of the company;

  (7) a change in the directors, one-third or more of the supervisors or managers; or the chairman or managers' inability to perform their duties;

  (8) a substantial change to the shareholders holding 5% or more of the company's shares, the company's de facto controllers or the control of the company;

  (9) a capital reduction, merger, division, dissolution or bankruptcy application decision of the company; or the commencement of bankruptcy proceedings by the company or the order for closure of the company pursuant to law;

  (10) a revocation or invalidity declaration pursuant to law of a resolution passed by the board of directors or a general meeting for a major company matter in litigation or arbitration;

  (11) an investigation of the company by the relevant authorities for an alleged violation of law or regulation, or the imposition of a criminal penalty or severe administrative penalty on the company; or an investigation of any of the company's directors, supervisors or senior management personnel by the relevant authorities for an alleged violation of law or regulation, or the imposition of an enforcement measure;

  (12) newly promulgated laws, rules, regulations or industry policies that may significantly affect the company;

  (13) relevant resolutions on the issuance of new shares, any other refinancing scheme or share option scheme passed by the board of directors;

  (14) a ruling by the court on the prohibition of transfer of shares held by a controlling shareholder; or where the shares of any shareholder with 5% or more of the company's shares have been pledged, frozen, put into judicial auction or receivership, placed under a trust, or the voting rights of such shares have been restricted pursuant to law;

  (15) a seal, seizure, freezing, mortgage or pledge of the main assets;

  (16) a suspension of the main or entire business operations;

  (17) a significant guarantee provided to an external party;

  (18) a receipt of large-sum government subsidies that may yield extra gains, and which, significantly affects the assets, liabilities, rights and interests or business result of the company;

  (19) a change in accounting policies or accounting estimates;

  (20) a correction ordered by the relevant authorities or decided by the board of directors, for errors or false information disclosed or a failure to disclose in a previous period; and

  (21) any other circumstance stipulated by the CSRC.

  Article 31 A listed company shall perform, the duty of information disclosure of a significant event, as soon as any of the following circumstances arise:

  (1) when the board of directors or board of supervisors pass a resolution on the significant event;

  (2) when the relevant parties conclude a letter of intent or agreement in respect of the significant event; or

  (3) when the directors, supervisors or senior management personnel become aware and report the significant event.

  The listed company shall timely disclose the status of all relevant matters and risk factors which may affect the development of the significant event where any of the following circumstances occur before the events mentioned in the preceding paragraph:

  (1) keeping the significant event confidential is difficult;

  (2) the significant event has been divulged or a rumour thereto surfaces in the market; or

  (3) trading activity in the securities and derivatives of the company is unusual.

  Article 32 Where the listed company has disclosed a significant event and the disclosure may develop or change the trading prices of a listed company's securities and derivatives substantially, the development or change and the likely effect must be disclosed timely.

  Article 33 Where a significant event as mentioned under Article 30, occurring to a subsidiary controlled by a listed company, may substantially affect the trading prices of the listed company's securities and derivatives, the listed company shall have a duty to disclose the information.

  Where a significant event occurring to a joint stock company of a listed company may substantially affect the trading prices of the listed company's securities and derivatives, the listed company shall have a duty to disclose the information.

  Article 34 Where any acquisition, merger, division, issuance of shares, share buyback or other conduct involving a listed company may result in a significant change to the total share capital, shareholders or de facto controllers of the listed company, the information disclosure obligors shall perform reporting and announcement obligations and disclose the changes in rights and interests pursuant to law.

  Article 35 A listed company shall monitor any unusual trading activity in the securities and derivatives of the company and media reports on the company.

  Where any unusual securities and derivatives trading activity or media news may significantly affect trading of the company's securities and derivatives, the listed company shall timely gather the facts from the relevant parties and make written queries where necessary.

  The controlling shareholders, de facto controllers of the listed company and other persons acting in concert shall timely and accurately notify the listed company of any proposed equity transfer, assets restructuring or other significant event, and cooperate with the listed company in making proper information disclosure.

  Article 36 Where the CSRC or the stock exchange deems the trading of any securities and derivatives of a company as unusual, the listed company shall timely assess the factors which caused such unusual securities and derivatives transactions and make a timely disclosure.

  CHAPTER 5-ADMINISTRATION OF INFORMATION DISCLOSURE MATTERS

  Article 37 Listed companies shall formulate a system of managing information disclosure matters. The system of managing information disclosure matters shall include:

  (1) defining the information to be disclosed by the listed company and determining the disclosure standards;

  (2) the procedures for the transmission, review and disclosure of information that has yet to be made public;

  (3) the duties of the information disclosure department and its person-in-charge of information disclosure;

  (4) the reporting, review and disclosure duties of the directors, board of directors, supervisors, board of supervisors and senior management personnel;

  (5) the system of recording and maintaining records of the duties performed by the directors, supervisors and senior management personnel;

  (6) the measures for maintaining the confidential undisclosed information, and the scope and duties of confidence of insiders with confidential information;

  (7) the internal systems of control and supervision over financial management and accounting functions;

  (8) the procedures for the application, examination and release of information to external parties; and the modes of communication with investors, securities services organisations and the media;

  (9) the system of archiving documents and materials relevant to information disclosure;

  (10) the systems of managing and reporting information disclosure matters involving subsidiaries; and

  (11) the system of accounting for information disclosure failures pursuant to the provisions and the actions to be taken against personnel who violate the provisions.

  The listed company's system of managing information disclosure matters shall be reviewed and adopted by the board of directors, and filed for records with the securities regulatory authorities at the place of registration and the stock exchange.

  Article 38 The directors, supervisors and senior management personnel of a listed company shall, be diligent and responsible, monitor the preparation of information disclosure documents, ensure timely disclosure of regular reports and interim reports within the stipulated periods, cooperate with the listed company and other information disclosure obligors in their performance of information disclosure obligations.

  Article 39 A listed company shall formulate the preparation, review and disclosure procedures for regular reports. The managers, person-in-charge of finance, secretary to the board of directors and other senior management personnel shall timely prepare drafts of the regular reports for review by the board of directors; the secretary to the board of directors shall be responsible for delivering the drafts to the directors for review; the chairman shall be responsible for convening and chairing a board of directors meeting to review a regular report; the board of supervisors shall be responsible for reviewing regular reports prepared by the board of directors; the secretary to the board of directors shall be responsible for organising the disclosure of regular reports.

  Article 40 A listed company shall formulate the reporting, transmission, review and disclosure procedures for significant events. When the directors, supervisors and senior management personnel become aware of a significant event, they shall immediately perform reporting obligations pursuant to the provisions of the company; upon receipt of the report, the chairman shall brief the board of directors immediately and urge the secretary to the board of directors to organise disclosure of the interim report.

  Article 41 A listed company may communicate its business result, financial status or any other matter with any organisation or individual through, a results presentation, analysts' meeting, road show, investor participation in research and investigation or any other method but no insider information must be provided.

  Article 42 Directors must understand and monitor, the company's business operation results and financial status, the significant events that have occurred or may occur and their effects, and actively investigate and obtain information required for decision making.

  Article 43 Supervisors shall supervise the duties of information disclosure performed by directors and senior management personnel of the company; and investigate any information disclosure in violation of law and regulations and propose the actions to be taken, when monitoring the circumstances for information disclosure.

  The written review opinion on a regular report by the board of supervisors must state whether preparation and review procedures comply with the laws, administrative regulations and provisions of the CSRC, and whether the contents of the report truthfully, accurately and completely reflect the actual status of the listed company.

  Article 44 Senior management personnel shall timely report any significant event pertaining to the company's business operations or finances, any development or change in a disclosed matter, and other relevant information to the board of directors.

  Article 45 The secretary to the board of directors shall be responsible for the organisation and coordination of a company's information disclosure matters, the collation of information to be disclosed by the listed company and reporting of the same to the board of directors, and the monitoring of media reports on the company, with those reports actively verified against the facts. The secretary to the board of directors shall have the right of participation in general meetings, meetings of the board of directors, meetings of the board of supervisors and the relevant meetings of the senior management personnel, and the right to ascertain the company's business and financial status as well as inspect all documents relating to information disclosure matters.

  The secretary to the board of directors shall be responsible for all matters relating to the dissemination of information to external parties by the listed company. Other than public announcements by the board of supervisors, information disclosed by a listed company shall be made in the form of a public announcement by the board of directors. Unless the board of directors authorise in writing, the directors, supervisors and senior management personnel shall not disseminate undisclosed information to external parties.

  A listed company shall facilitate the duties performed by the secretary to the board of directors; the person-in-charge of finance shall cooperate with the secretary to the board of directors in information disclosure work related to finance.

  Article 46 The shareholders or de facto controllers of a listed company shall actively notify the board of directors of the listed company and cooperate with the listed company in its performance of information disclosure obligations where any of the following events occur:

  (1) there is a substantial change in the shareholding or controlling stake of a shareholder with 5% or more of the company's shares or a de facto controller;

  (2) the transfer of shares held by a controlling shareholder is prohibited by a court ruling; or the shares of a shareholder with 5% or more of the company's shares are pledged, frozen, put under judicial auction or receivership, placed under a trust, or are restricted in voting rights pursuant to the law;

  (3) significant restructuring of assets or business of the listed company is proposed;

  (4) any other circumstance stipulated by the CSRC.

  Where relevant information has been circulating in the media or there is unusual trading in a company's securities and derivatives prior to the disclosure of information pursuant to the law, the shareholders or de facto controllers shall timely submit an accurate written report to the listed company and timely make an accurate public announcement in cooperation with the listed company.

  The shareholders or de facto controllers of the listed company shall not abuse their shareholder rights or dominate their positions or require the listed company to provide them with insider information.

  Article 47 When a listed company makes a private issuance of shares, the controlling shareholders, de facto controllers and target audience shall timely provide the relevant information to the listed company and cooperate with the listed company in its performance of information disclosure obligations.

  Article 48 The directors, supervisors, senior management personnel, shareholders with 5% or more of shares and persons acting in concert with such shareholders and de facto controllers of a listed company shall timely submit a list of the listed company's interested parties and an explanation of the interested party relationships to the board of directors of the listed company. The listed company shall perform review procedures for interested party transactions and strictly implement a system of vote abstention in interested party transactions. The parties to an interested party transaction must not circumvent the listed company's interested party transaction review procedures and information disclosure obligations by concealing the interested party relationship or by any other means.

  Article 49 Where 5% or more of the shares of a listed company are held by a shareholder or de facto controller through acceptance of an entrustment or by any other means under a trust, the shareholder or de facto controller must timely notify the listed company of the settlor's details and cooperate with the listed company in its performance of information disclosure obligations.

  Article 50 Information disclosure obligors shall provide all information relating to the practice of their sponsor or securities services organisation and ensure the veracity, accuracy and completeness of the information without any refusal, concealment or falsehood.

  Where a sponsor or securities services organisation discovers at the time of issue of a specialised document for information disclosure that the information provided by a listed company or an obligor of information disclosure contains a false record, misleading statement, major omission or any other major violation of law, it shall request for a supplementation or correction of the information. Where the information disclosure obligor refuses to make a supplementation or correction, the sponsor or securities services organisation shall timely report the matter to the securities regulatory authorities and the stock exchange.

  Article 51 Where a listed company terminates the engagement of an accounting firm, the accounting firm must be notified timely after a resolution by the board of directors is passed; the accounting firm shall be allowed to make representations where a resolution for the termination of engagement of the accounting firm is passed at a general meeting of the company. Where a resolution for the termination or change of an accounting firm is passed at a general meeting, the listed company shall specifically state the reasons for change and the representations by the accounting firm.

  Article 52 The sponsors and securities services organisations that issue specialised documents to aid information disclosure obligors in their performance of information disclosure obligations shall be diligent, responsible, honest and trustworthy; and issue expert opinions in compliance with the business rules, industry codes of practice and ethics formulated pursuant to the law; and ensure the veracity, accuracy and completeness of the documents issued.

  Article 53 Certified public accountants shall practise risk-oriented audits; strictly comply with the practising standards and relevant provisions for certified public accountants; improve authentication procedures; scientifically select identification methods and techniques; fully understand the organisation in question and its environment; carefully examine the risks to significant reporting errors; obtain adequate and appropriate evidence; and issue reasonable examination conclusions.

  Article 54 Asset valuation firms shall uphold professional ethics, strictly comply with valuation standards or other valuation norms, and select appropriate valuation methods; ensure that assumptions made during a valuation match actual conditions; provide adequate evidence on the legitimacy of transactions, incomes, expenditures, investments, etc, involving a subject under valuation and obtain evidence on the reliability of their forecasts; and give full consideration to the probabilities of the various future outcomes and their effects when making a reasonable valuation.

  Article 55 No organisation or individual shall illegally obtain, provide or transmit a listed company's insider information; or make use of insider information to trade, or recommend others to trade, in the company's securities and derivatives` or make use of insider information for any investment analysis report, research report or other document.

  Article 56 The media shall report on listed companies objectively and factually, and serve as a public opinion supervisory function.

  No organisation or individual shall provide or transmit false or misleading information on a listed company to investors.

  Where an investor suffers loss as a result of violation of any of the two preceding paragraphs, liability for compensation shall be borne pursuant to law.

  CHAPTER 6-SUPERVISION AND ADMINISTRATION AND LEGAL LIABILITY

  Article 57 The CSRC may request a listed company and other information disclosure obligors or the directors, supervisors or senior management personnel of the listed company, to provide explanation, clarification or the relevant materials, on the relevant information disclosure issues, and request the listed company to provide the expert opinion of the sponsor or the securities services organisation.

  Where the CSRC doubts the veracity, accuracy or completeness of a document issued by the sponsor or the securities services organisation, the CSRC may inspect the working draft of the document and request the relevant organisation to provide explanation or supplementation.

  The listed company and the other information disclosure obligors, sponsors and securities services organisations shall reply timely, and cooperate with the CSRC in any inspection and investigation.

  Article 58 The directors, supervisors and senior management personnel of a listed company are responsible for the veracity, accuracy, completeness, timeliness and impartiality of information disclosed by the company, unless there is sufficient evidence to prove that they have performed their duties diligently and responsibly.

  The chairman, managers and secretary to the board of directors of a listed company are mainly responsible for the veracity, accuracy, integrity, timeliness and impartiality of information disclosed by the company via interim reports.

  The chairman, managers and person-in-charge of finance of a listed company is mainly responsible for the veracity, accuracy, completeness, timeliness and impartiality of a company's financial reports.

  Article 59 The CSRC may adopt the following regulatory measures against, the information disclosure obligors, their directors, supervisors and senior management personnel; and the listed company's shareholders, de facto controllers, offerors and their directors, supervisors and senior management personnel, for any violation of the provisions of these Measures:

  (1) order for corrective action;

  (2) regulatory dialogue;

  (3) issue of warning letters;

  (4) record in the creditworthiness database the details of the offence or the failure to perform the public undertaking and make a public announcement;

  (5) blacklist the offender as an inappropriate candidate;

  (6) adopt any other regulatory measure pursuant to law.

  Article 60 Where a listed company fails to establish a system of managing information disclosure matters pursuant to the provisions of these Measures, the CSRC may order the company to take corrective action; where the company refuses to take corrective action, the CSRC shall issue a warning or impose a fine.

  Article 61 Where an information disclosure obligor fails to perform information disclosure obligations within the stipulated period or makes information disclosure with falsehoods, misleading statements or major omissions, the CSRC shall impose a penalty pursuant to the provisions of Article 193 of the Securities Law.

  Article 62 Where an information disclosure obligor fails to submit the relevant reports within the stipulated period or where the submitted reports contain falsehoods, misleading statements or major omissions, the CSRC shall impose a penalty pursuant to the provisions of Article 193 of the Securities Law.

  Article 63 Where a listed company conceals interested party relationships or circumvents information disclosure or reporting obligations through other means, the CSRC shall impose a penalty pursuant to the provisions of Article 193 of the Securities Law.

  Article 64 Where a shareholder or de facto controller of a listed company fails to cooperate with the listed company in its performance of information disclosure obligations pursuant to law, or makes an illegal request for insider information from the listed company, the CSRC shall order the person to take corrective action, issue a warning or impose a fine.

  Article 65 Where the specialised documents issued by a sponsor or securities services organisation and its personnel for the performance of information disclosure obligations by information disclosure obligors violate the provisions of the Securities Law, administrative regulations and the provisions of the CSRC, the CSRC shall order corrective action to be taken, hold a regulatory dialogue, issue a warning letter, record the matter in the creditworthiness database or take other regulatory measures pursuant to law; and administrative penalties shall be imposed by the CSRC pursuant to law where appropriate.

  Article 66 Where any organisation or individual divulges insider information of a listed company or makes use of insider information to trade in securities and derivatives, the CSRC shall impose penalties pursuant to the provisions of Article 201 and Article 202 of the Securities Law.

  Article 67 Where market order is disrupted by false information prepared or transmitted by an organisation or individual, or false or non-objective information broadcasted by the media, the CSRC shall impose penalties pursuant to the provisions of Article 206 of the Securities Law.

  Where false representations or misleading statements are made in the course of securities and derivatives trading, the CSRC shall impose penalties pursuant to the provisions of Article 207 of the Securities Law.

  Article 68 Where a person allegedly extorts or blackmails a listed company through news reports or any other means of broadcasting, the CSRC shall order the person to take corrective action and issue a regulatory recommendation to the relevant authorities; and the relevant authorities shall impose legal liability pursuant to law.

  Article 69 Where a listed company or information disclosure obligor violates the provisions of these Measures under serious circumstances, the CSRC may bar the relevant accountable personnel from entering the stock market.

  Article 70 Where a violation of these Measures constitutes a criminal offence, the case shall be transferred to the judicial authorities pursuant to law and criminal liability shall be imposed.

  CHAPTER 7-SUPPLEMENTARY PROVISIONS

  Article 71 The respective definitions for the following terms used in these Measures are as follows:

  (1) "Sponsors and securities services organisations that issue specialised documents to aid information disclosure obligors in their performance of information disclosure obligations" shall mean a sponsor, an accounting firm, an asset valuation firm, a law firm, a financial consultancy firm or a credit rating firm which issues sponsor letters, audit reports, asset valuation reports, legal opinions, consultant financial reports, credit rating reports, etc, for securities issuance, listing, trading and other securities business activities.

  (2) "Timely" shall mean a duration of two market days, effective from the date of commencement of a stipulated period or from the date of an event triggering disclosure.

  (3) A "listed company's interested party transaction" shall mean a transfer of resources or obligations between a listed company or subsidiary controlled by the listed company and an interested party. Interested parties shall include interested legal persons and interested natural persons. A legal person that satisfies any of the following conditions shall be deemed as an interested legal person of the listed company:

  (i) a legal person that directly or indirectly controls the listed company;

  (ii) a legal person other than the listed company or a subsidiary controlled by the listed company, which is directly or indirectly controlled by a legal person in the preceding paragraph;

  (iii) a legal person other than the listed company or a subsidiary controlled by the listed company, which is directly or indirectly controlled by an interested natural person or a director or senior management personnel;

  (iv) a legal person that holds 5% or more of the shares of the listed company or a person that acts in concert;

  (v) a legal person that satisfies any of the aforesaid conditions during the past 12 months or will satisfy any of the aforesaid conditions within the next 12 months pursuant to a relevant agreement; or

  (vi) any other legal person deemed by the CSRC, the stock exchange or the listed company as having a special relationship with the listed company according to the substance over form principle, which causes or may cause a disequilibrium of interests of the listed company.

  A natural person that satisfies any of the following conditions shall be deemed as an interested natural person of the listed company:

  (i) a natural person who directly or indirectly holds 5% or more of the shares of the listed company;

  (ii) a director, supervisor or senior management personnel of the listed company;

  (iii) a director, supervisor or senior management personnel of a legal person that controls the listed company directly or indirectly;

  (iv) family members that have a close relationship with a natural person stipulated in items (i) and (ii) above, including spouses, parents, children aged 18 years and above and their spouses, siblings and their spouses, parents-in-law, spouses' siblings and the children's parents-in-law;

  (v) a natural person who satisfies any of the aforesaid conditions during the past 12 months or will satisfy any of the aforesaid conditions in the next 12 months pursuant to a relevant agreement; or(vi) any other natural person deemed by the CSRC, the stock exchange or the listed company as having a special relationship with the listed company according to the substance over form principle, which causes or may cause a disequilibrium of interests of the listed company.

  (4) designated media refers to newspapers and websites designated by the CSRC.

  Article 72 These Measures shall be effective from the date of promulgation. The Implementation Regulations for Information Disclosure by Companies Making Public Offering of Shares (Trial Implementation) (Zhengjianshangzi (1993) 43), the Notice on Issues relating to Information Disclosure by Companies Making Public Offering of Shares and Listed Companies (Zhengjianyanzi (1993) 19), the Notice on Strengthening Examination of Interim Reports of Listed Companies (Zhengjianshangzi (1996) 26), the Notice on Several Issues relating to Issuance of Clarification Public Announcements by Listed Companies (Zhengjianshangzi (1996) 28), the Notice on Archiving of Electronic Files of Disclosure by Listed Companies (Zhengjianxinzi (1998) 50), the Notice on Further Strengthening of Regulation of Information Disclosure by ST and PT Companies (Zhengjiangongsizi (2000) 63), the Notice on Issues relating to Half-yearly Reports by Listed Companies Proposing to Issue New Shares (Zhengjiangongsizi (2001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.001) 69) and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches (Zhengjiangongsizi (2003) 7) shall be repealed simultaneously.



中英對照法規  英文法規    上市公司信息披露管理辦法Administrative Measures on Information Disclosure by Listed Companies  中英雙語

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