China Securities Regulatory Commission: Trial implementation of the listed company registration management system for insiders of inside information (VC309)

In order to prevent and curb securities violations such as insider trading, the China Securities Regulatory Commission issued the "Regulations on the Establishment of a Listed Company Insider Information Registration Management System (Consultation Draft)" on June 16 to solicit opinions from the society.

According to the provisions of the consultation draft, listed companies should establish an insider information insider registration management system, further improve the information disclosure affairs management system, establish files, and record all major events that may have an impact on the company's stock price and the price of its securities derivatives. The list of insiders of inside information and the specific time, place, basis, method and specific content of the information.

Since 2008, according to the needs of regulatory practice, the CSRC has taken the lead in starting trial implementation of the registration management system for insiders of inside information of listed companies in jurisdictions such as Shenzhen, Fujian, and Shanghai, and set out to draft a preliminary framework of the "Regulations (Consultation Draft)" All agencies in the jurisdiction will seek advice. Taking this opportunity, Guangdong, Jiangxi, Guangxi, Henan, Xinjiang and other jurisdictions have successively initiated the implementation of the insider information insider registration system of listed companies in their respective jurisdictions.

In July 2010, the China Securities Regulatory Commission required all jurisdictions to comprehensively try out the registration system for insiders of inside information of listed companies. Up to now, the securities regulatory bureaus and stock exchanges in various jurisdictions have established registration systems, and some securities regulatory bureaus have also established a set of system measures to ensure implementation with relevant local government departments.

It is understood that the regulations require listed companies to clarify the confidentiality obligations and responsibilities of insiders of inside information by signing confidentiality agreements, prohibiting insider trading notifications, etc .; to shareholders and actual controllers holding more than 5% of the company ’s shares , Purchasers, counterparties to major asset restructuring transactions, relevant securities service institutions and other insiders who can obtain inside information, regulations require them to actively cooperate with listed companies in the registration of insiders.

The person in charge stated that if the originator of the material event that generates stock price sensitive information is a listed company, the listed company should strengthen the management of inside information and establish an insider information insider file in accordance with the relevant requirements of the regulations; if it initiates the material event of price sensitive information Fang is a party other than listed companies, and the regulations require other parties to have the obligation to cooperate with listed companies in the registration of insiders of inside information.

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