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The Ministry of Justice, together with the Ministry of Finance and the China Securities Regulatory Commission, has recently drafted the "Regulations of the State Council on Regulating the Services Provided by Intermediary Institutions for Public Issuance of Stocks by Companies (Draft for Comments)" and has recently solicited public opinions.IPORules such as linking results to listing and local governments not being allowed to provide incentives for companies to go public have attracted attention.

When will the new regulations take effect? ​​Do issuers and intermediaries need to return government subsidies they have received? These questions have become the focus of attention.

A reporter from China Securities Taurus learned that the current stage of the regulation is mainly to solicit public opinions, and it will take some time before it is officially released.

Judging from the content of the current draft for comments, it will not affect the government subsidies obtained by issuers and intermediary institutions before the new regulations come into effect.

There is still some time before the new regulations are officially released

The reporter learned from relevant legal experts that the procedure of soliciting public opinions is a necessary procedure for the formulation of administrative regulations. The draft for soliciting opinions does not currently have formal legal effect and is a common way for legislative bodies to listen to public opinions.

According to the Regulations on the Procedures for the Formulation of Administrative Regulations, after soliciting public opinions, draft administrative regulations still need to go through the corresponding procedures and ultimately be promulgated and implemented by the State Council.

At this stage, we are mainly listening to public opinions, and there is still some time before it is officially released.

Issuers and intermediaries before the new regulations come into effect

Government subsidies received will not be affected

Regarding the issue of local government subsidies, experts pointed out that the draft for comments stipulates that local people's governments at all levels shall not give rewards to issuers or intermediary institutions based on the results of public issuance and listing of stocks.

This is a relatively clear prohibition, and Article 16 of the draft for comments stipulates specific legal responsibilities. If these eventually become formal regulations, it means that such local government subsidies will become history.

Regarding the question of whether local government subsidies that have been received before the regulations come into effect should be returned, according to the Legislative Law, administrative regulations do not have retroactive effect unless otherwise provided.

Judging from the content of the current draft for comments, it will not affect the government subsidies obtained by issuers and intermediary institutions before the new regulations come into effect.