csrc announced! "the prohibition period for equity investment is extended to 10 years"
2024-09-06
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this article is transferred from [cctv finance];
in order to further strengthen the management of former employees of the csrc system (hereinafter referred to as former employees) investing in companies to be listed and maintain the openness, fairness and justice of the capital market, the csrc today (september 6) issued the "regulations on the supervision of former employees of the csrc system investing in companies to be listed (trial)" (hereinafter referred to as the "regulations on the supervision of former employees").
the csrc attaches great importance to the issue of former employees investing in companies to be listed, and in may 2021, it specifically issued the "guidelines for the application of regulatory rules - issuance no. 2" (hereinafter referred to as the "guidelines no. 2"), requiring intermediary institutions to conduct a thorough review of the shareholders of former employees of the csrc system. if there are any improper investments such as using the influence of their original positions to seek investment opportunities or investing during the prohibited period, they must be strictly cleaned up.
in order to strictly improve the management system for resigned personnel, the csrc formulated the "regulations on the supervision of resigned personnel" based on the "no. 2 guidelines" and solicited public opinions from april 27 to may 11, 2024. all parties in the market generally support the content of the rules. the csrc studied the proposed amendments and improvements one by one, carefully absorbed and adopted them, and amended the rules accordingly.
the provisions on supervision of resigned personnel incorporate the main contents of the no. 2 guidelines and add three new provisions:
first, extend the ban period for former employees to buy shares. will issue supervisory positions or management cadres who have resignedthe ban on equity investment has been extended to 10 yearsfor those who leave the company other than those in issuance supervision positions or committee management positions, the prohibition period for equity investment will be extended from 3 years to 5 years for those at department level and above, and from 2 years to 4 years for those below department level.
second, expand the scope of strict supervision of resigned personnelthe scope of strict review will be expanded from the resigned personnel themselves to their parents, spouses, children and their spouses.
third, higher verification requirements are put forwardintermediary institutions should fully verify the investment background, source of funds, price fairness, and authenticity of liquidation of resigned personnel, and the csrc will review and verify the relevant work. during the implementation of the system, the stock exchange will provide policy interpretation and guidance to the listed companies, intermediary institutions and other parties.
in the next step, the csrc will strictly implement the relevant requirements of the "several opinions of the state council on strengthening supervision, preventing risks and promoting high-quality development of the capital market" on "strictly and tightly improving the management of resigned personnel", continue to strictly control the entry, and strengthen cooperation with the discipline inspection and supervision departments. once any clues of violations of laws and regulations are found, they will be resolutely transferred to the relevant departments for handling to maintain an open, fair and just issuance supervision order.
source: cctv news client
