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Shenzhen Stock Exchange (“SZSE”) recently promulgated and implemented Public Censure Standards for Main Board Listed Companies (hereinafter referred to as “Main Board Public Censure Standards”), which clearly defines the criterion of determining public censure for Main Board listed companies. So far, SZSE’s public censure standards for Main Board, SME and GEM listed companies have been completely published and implemented, which are important measures of SZSE to further perfect multi-level self-discipline mechanism and improve self-discipline regulatory transparency.
Main Board Public Censure Standards is divided into four chapters, such as general provisions, information disclosure violation, standard operation violation and supplementary provisions, with a total of 18 articles. It’s the same with SME and GEM Board in terms of application scope, which is only applicable to implement public censure for SZSE Main Board listed companies but not public criticism for Main Board listed companies or disciplinary sanctions for shareholders, actual controllers, directors, supervisors and senior executives, etc..
Related officials of SZSE said, Main Board Public Censure Standards is featured as follows: firstly, it focuses on key regulatory points, through analyzing violation cases over the past years, listed companies are found to mainly have violations in information disclosure regarding major transactions, connected transaction, funds occupation and illegal guarantee, etc., and it clearly defines public censure standards for the above key violations. Secondly, it quantizes board difference, based on full reference of SME and GEM public censure standards, it fully considers board difference and integrates scales and characteristics of Main Board listed companies, so as to clearly define partial absolute amounts for triggering violations and add specific standards for connected transaction information disclosure violations. Thirdly, it implements delisting system reform, it includes, fraudulent issuance, major information disclosure violation and other circumstances of failure in disclosing major events according to relevant regulations that causes suspension or termination of listing, into the public censure scope. Fourthly, it clearly defines review mechanism, it clearly defines that listed companies may apply for review within 15 work days after receiving the public censure decision from SZSE according to relevant regulations, so as to ensure the fairness and justice of disciplinary sanctions.
It’s understood that the Main Board Public Censure Standards is formulated by following the principles of transparency and open provisions establishment, soliciting opinions from all SZSE Main Board listed companies through online business zone, and adopting many reasonable opinions after careful analysis and research.
Related officials of SZSE said, SZSE has made many efforts to construct a simple, efficient, open and multi-level self-discipline regulation system and improve regulatory transparency through multiple channels, so as to realize open rules, progress and results. In the future, SZSE will continue to be oriented by investors demand, further perfect rules and systems, explore to establish a new mechanism for regulation during and after the trading process, and improve the level of legalized regulation, so as to actually perform its regulation duties according to relevant rules and laws.
