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The Ministry of Justice and other three ministries and commissions: Sponsorship and audit services may not be charged based on listing results

2024-08-17

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Meijing AI Express, on August 17, in order to standardize the service behaviors related to the public issuance of stocks, improve the quality of listed companies, and protect the legitimate rights and interests of investors, the Ministry of Justice, together with the Ministry of Finance and the China Securities Regulatory Commission, drafted the "State Council Regulations on Regulating the Services Provided by Intermediary Institutions for the Public Issuance of Stocks by Companies (Draft for Comments)". The draft for comments pointed out that securities companies engaged in sponsorship business or accounting firms performing auditing business can charge service fees in stages according to the progress of the work, but whether to charge or how much to charge shall not be based on the results of the audit work or the results of the public issuance and listing of stocks. The draft for comments mainly follows the following ideas: First, adhere to problem orientation. Focus on regulating the relevant charging issues in the services of intermediary institutions, strengthen supervision, and enhance the independence of intermediary institutions. Second, adhere to classified measures. Under the premise of unified standards, specific regulatory requirements are put forward for different intermediary institutions based on the characteristics of the industry. Third, adhere to strict supervision. Make up for the shortcomings of the system and clarify the relevant prohibitions and penalties for intermediary institutions, issuers, and local people's governments.

Daily Economic News