The new " Securities Law " that I am looking forward to is here! The new "Securities Law" has a special chapter to stipulate the information disclosure system, which systematically improves the information disclosure system, expanding from mandatory information disclosure to voluntary information disclosure, which will help investors to have a better understanding of listed companies.
Change 1: Improve information disclosure content
Disclosures
securities are issued and traded at the same time at home and abroad, and the information disclosed by the person who is responsible for information disclosure abroad shall be disclosed at the same time at the same time.
The scope of major events has been expanded
The new "Securities Law" has added the scope of "major events" to temporarily announce "major events", which clarifies the specific proportion of announcements required for the purchase and disposal of assets. In the future, the chairman or manager cannot perform his duties for providing major guarantees or engaging in related transactions, and important changes in the company's plan to allocate dividends, capital increase, and equity structure, entering bankruptcy procedures in accordance with the law, being ordered to close, and major arbitration involving the company shall be announced.
In addition, Article 81 of the new Securities Law has added requirements for major information disclosure of listed and traded corporate bonds, further improving the information disclosure of listed and traded bonds.
clearly states that the acquirer of a listed company should disclose the source of funds for increasing shares
Regarding the information disclosure in the acquisition of listed companies, the new Securities Law puts forward new requirements to increase the "source of funds for increasing shares" and "the time and method of changes in shares with voting rights in listed companies".
Change 2: Confirmation of information disclosure documents by directors, supervisors and senior management
The new "Securities Law" requires issuer directors, supervisors and senior management to sign written confirmation opinions on both securities issuance documents and periodic reports. If you have any objections to the information disclosure content, you have the right to clearly put forward written opinions and make them public. The provision of
emphasizes the guarantee responsibility of supervisors, and also achieves the consistency of requirements for directors, supervisors and senior managers in form, reflecting the determination of regulators to restrain the behavior of directors, supervisors and senior managers and senior managers and protect investors.
Change 3: Standardize voluntary disclosure behavior
In addition to information that needs to be disclosed according to law, the information disclosure obligor may voluntarily disclose information related to investors' value judgments and investment decisions, but shall not conflict with the information disclosed according to law and shall not mislead investors.
Change 4: Clear disclosure obligations for public commitments
New disclosure obligations for public commitments and compensation liability for failure to fulfill the commitments, and clarify that the issuer, controlling shareholder, actual controller, issuer's directors, supervisors, senior management personnel, etc. make public commitments, disclosure shall be disclosed. At the same time, it also increases the liability for compensation for those who fail to fulfill their promises to cause losses to investors.
Change 5: Increase the penalties for information disclosure violations
"Falsification of 30 billion yuan and fines of 600,000 yuan", this situation will never happen again! The new Securities Law not only increases the penalties for fraudulent issuance, but also increases the penalties for illegal credit approval, from the original maximum fine of 600,000 yuan to 10 million yuan, which will have a huge deterrent effect on counterfeiters.
The specific penalties are as follows: For illegal acts such as false records, misleading statements or major omissions for reports or information submitted by the information disclosure obligor, the original fine is 600,000 yuan, and the maximum fine for the directly responsible supervisor and other directly responsible persons is increased from 300,000 yuan to 5 million yuan. If the issuer's controlling shareholder or actual controller organizes or instructs to engage in false statements, or conceals related matters, it is clear that a fine of up to RMB 10 million may be imposed.
It can be seen that the core of the information disclosure changes in the Securities Law is to further shift the information disclosure of listed companies to meet investors' needs for "substantive and effective" information, thereby improving the quality of information disclosure of listed companies in .
Tianfeng Securities Investment Education Base and Southern Finance Investment Education Base jointly produced
The information published in this column is only published for the purpose of investor education and does not constitute any investment advice. Investors should not replace their independent judgment with such information or make decisions based solely on such information. The investment education platform strives to ensure the accuracy and reliability of the information published in this column, but does not guarantee the accuracy or completeness of this information, nor does it assume any responsibility for losses caused or possible losses caused by the use of such information.
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