Public Consultation on the Regulations on the Supervision and Management of Listed Companies by the China Securities Regulatory Commission.

The China Securities Regulatory Commission is soliciting public opinions on the "Regulations on the Supervision and Administration of Listed Companies." The Regulations consist of eight chapters and seventy-four articles, including general provisions and supplementary provisions. The main contents include: first, improving the governance requirements of listed companies, regulating governance structures and the behaviors of controlling shareholders, actual controllers, directors, senior management, and other key minorities to promote the effectiveness of governance and strengthen the foundation for the high-quality development of listed companies. Second, further strengthening the supervision of information disclosure, especially targeting "financial fraud" in information disclosure by listed companies by strengthening internal supervision and accountability mechanisms, prohibiting third party collusion in fraud, and focusing on prevention and crackdown from multiple dimensions. Third, regulating merger and acquisition behaviors by refining and improving regulations on acquisitions and major asset restructurings of listed companies, further clarifying the responsibilities and independence requirements of financial advisors, and supporting industry integration, upgrade, and enterprise transformation. Fourth, enhancing investor protection by making specific requirements on market value management, cash dividends, share repurchases, to promote listed companies to enhance investment value and strengthen investor return awareness. Clarifying arrangements for investor protection in active delisting to prevent listed companies from evading delisting and using bankruptcy reorganization to harm the interests of investors. Fifth, cracking down on illegal activities by detailing the measures that the State Council's securities regulatory agency can take in the process of performing its duties according to law, and setting up specific penalties for actions such as using collateral and cooperating in fraud.