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On April 2, CSRC, together with the Ministry of Finance, State Secrecy Bureau, and National Archives Administration, publicly solicited opinions on the revision of the "Provisions on Strengthening the Confidentiality and Archive Management of Securities Issuance and Listing Overseas" (referred to as the "Provisions").
Officials from relevant departments of the CSRC stated that the CSRC firmly supports companies in choosing their listing locations voluntarily. The revision of the "Provisions" aims to further strengthen the confidentiality and archive management of domestic enterprises issuing securities overseas, clarify the information security responsibilities of listed companies, uphold national information security, minimize unnecessary involvement of sensitive information in working documents, enhance cross-border regulatory cooperation efficiency, embodying the concept of balancing openness and security, and promote the orderly conduct of domestic enterprises in China issuing securities overseas and listing activities.
Let's look at the top ten points:
1. Provide clearer guidance on the confidential and archive management work related to overseas listings, facilitating relevant market entities to efficiently conduct overseas issuance and listing activities in accordance with the law and regulations.
2. Guide companies to properly manage confidential and sensitive information, fulfilling the primary responsibility of safeguarding the national information security.
3. Relevant regulatory authorities and overseas regulatory institutions should safely and efficiently carry out cross-border regulatory cooperation activities, including joint inspections, to collectively safeguard the rights of global investors.
4. The original 'Provisions' were deleted regarding the statement 'On-site inspections should be primarily conducted by Chinese regulatory agencies, or rely on inspection results from Chinese regulatory agencies.'
5. Clarify the overseas securities regulatory agencies and relevant competent authorities to put forward opinions on domestic enterprises ...
Officials from relevant departments of the CSRC stated that the CSRC firmly supports companies in choosing their listing locations voluntarily. The revision of the "Provisions" aims to further strengthen the confidentiality and archive management of domestic enterprises issuing securities overseas, clarify the information security responsibilities of listed companies, uphold national information security, minimize unnecessary involvement of sensitive information in working documents, enhance cross-border regulatory cooperation efficiency, embodying the concept of balancing openness and security, and promote the orderly conduct of domestic enterprises in China issuing securities overseas and listing activities.
Let's look at the top ten points:
1. Provide clearer guidance on the confidential and archive management work related to overseas listings, facilitating relevant market entities to efficiently conduct overseas issuance and listing activities in accordance with the law and regulations.
2. Guide companies to properly manage confidential and sensitive information, fulfilling the primary responsibility of safeguarding the national information security.
3. Relevant regulatory authorities and overseas regulatory institutions should safely and efficiently carry out cross-border regulatory cooperation activities, including joint inspections, to collectively safeguard the rights of global investors.
4. The original 'Provisions' were deleted regarding the statement 'On-site inspections should be primarily conducted by Chinese regulatory agencies, or rely on inspection results from Chinese regulatory agencies.'
5. Clarify the overseas securities regulatory agencies and relevant competent authorities to put forward opinions on domestic enterprises ...
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