CSRC: major adjustments to mergers and acquisitions should supplement the list of inside information insiders

1comment 2019-02-11 18:30:00 source:Financial sector website 100 goodwill mines

The CSRC stated that if the listed company first discloses the reorganization and reorganizes the report and reorganizes the reorganization plan during the major adjustment and termination of the reorganization plan, it shall supplement the list of inside information insiders when the major changes in the reorganization plan are disclosed or important elements are disclosed.

The CSRC issued "On StrengtheningListed companyM&A and Reorganization of Insider Trading Prevention and Control Related Issues and Answers, the CSRC stated that the CSRC stated that the listed company’s initial disclosure of restructuring matters to the disclosure of the restructuring report during the major restructuring of the restructuring plan, termination of restructuring, should be disclosed in the major changes or disclosure of restructuring plans The factor is added to the list of insiders who are inside information.

The following is the full text:

  Q: In the recent mergers and acquisitions field, a series of new measures for decentralization and decentralization have been launched. At the same time, the system of stock suspension and resumption of listed companies has been reformed. How can we strengthen the prevention and control of insider trading in mergers and acquisitions in this context?

  A: Listed companies and their shareholders, actual controllers, directors, supervisors, senior management and other parties to the transaction, as well as providing servicessecurities companyRelevant entities such as securities service institutions shall earnestly fulfill their confidentiality obligations and do a good job in reorganization of information management and insider information registration.

  The listed company should disclose the reorganization matters for the first timetoSecurities tradingA list of insiders who have submitted inside information.The aforesaid first disclosure of reorganization matters refers to the early disclosure of the plan for reorganization, disclosure of the reorganization plan or disclosure of the reorganization report.When the listed company first discloses the reorganization and reorganizes the report, it will make major adjustments to the reorganization plan and terminate the reorganization.Or the first disclosure of the restructuring was not disclosedUnderlying assetMain financial indicators,Estimated value, proposed pricing, etc.Important elements,shouldDisclosure of major changes or disclosures in the restructuring planImportant factorSupplement to submit a list of inside information insiders. After the listed company disclosed the reorganizationStock tradingIn case of abnormal fluctuations, the stock exchange may request the listed company to update the list of inside information insiders.

  The listed company shall disclose the self-inspection report of insider information stock trading after the disclosure of the reorganization report;Stock trading self-inspection period is the first disclosure of restructuring matters orApply for stocks in this restructuringSuspension (soon early)6 months toDisclosureRestructuring report.If a listed company significantly adjusts or terminates the reorganization plan after the disclosure of the reorganization report, it shall supplement the disclosure of the self-investigation report of the stock transaction;Stock trading self-inspection period for disclosure restructuringreportTo disclosureMajor adjustments to the restructuring planorTermination of reorganization.

  Listed company disclosureStock tradingSelf-examination report,Independent financial adviserwithlawyershouldCheck and express a clear opinion.

  Listed company disclosed stock transaction self-inspection reportTemporarily unable to be timelyProviding a securities registration and settlement institutionRelatedDocuments issued by the unit and natural person secondary market transactionsCan be supplemented when the relevant documents are subsequently obtained.

  Listed company to the stock exchangecrossWhen the inside information is informed, the list should be reported to the dispatched institution. Each dispatched institution may register insider insiders in the process of reorganization of listed companies in the jurisdiction as neededmanagementSpecial on-site inspections were carried out on prevention and control work such as system implementation.

  The works from the financial sector's financial channel are copyright works, and no media is prohibited without written authorization.Reprinted, otherwise considered as infringement!

Keyword reading:Mergers and acquisitions

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