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Shenzhen Stock Exchange recently published to listed companies the Announcement Category Manual of Information Disclosure Express Practice (the “Manual”), which gives a comprehensive and systematic introduction to announcement categories of SZSE’s information disclosure practice.
Based on years of regulatory practice of information disclosure, considering risk involved in information disclosure, use frequency of announcement categories, user operating habits and other factors, SZSE has built up a set of announcement category system, which is simple, scientific and systematic. It is conducive to guide listed companies to choose the correct announcement category: firstly, the correct choice helps listed companies to check whether the submitted materials are complete and the announcement contents meet with the requirements, so as to ensure the quality of information disclosure; secondly, the correct choice helps the exchange and the clearing company to carry out corresponding background data operation, especially for announcements involving trading suspension and resumption, share listing, restricted share unlocking, etc., so as to reduce systemic risk and operational risk; last but not least, the correct choice ensures the smooth running of the Information Disclosure Express Practice in that misapplication wouldn’t occur to announcements involving complicated business and high risks, and applicable announcements wouldn’t miss the Express Practice.
SZSE started the pilot running for the Information Disclosure Express Practice in September 2011, making a great change in the way of information disclosure. In January this year, the Express Practice was launched in full sail. SZSE accelerates supervision transition by switching regulatory focus of information disclosure from ex ante supervision to the process and ex post supervision. Listed companies’ sense of duty is found to be greatly increased, and the quality and efficiency of information disclosure as well. However, officers of SZSE still found that in some cases announcement categories were left out or wrongly chosen by listed companies, which resulted in inaccurate or incomplete disclosure.
In order to guide listed companies to make correct choices of announcement categories, improve quality and prevention risk of information disclosure, SZSE formulated and published the Announcement Category Manual of Information Disclosure Express Practice, where the entire system of announcement categories and their applicable cases are introduced, frequently asked questions in the Express Practice are answered, typical errors occurred are collated with solutions, and specific applicable situations for each kind of announcements are explained in business practices.
It is learn that the announcement categories will be constantly optimized by SZSE in line with the business development of listed companies and the requirements of regulatory practice, so as to ensure the safe operation and smooth running of the Express Practice.
