The Commission revised restructuring policy accountability efforts to increase the fried shell. 遵义师范学院贴吧

The Commission revised restructuring policy efforts to increase accountability "fried shell game: App Sina live on-line blogger to tutor you say stocks contest 60 million reporters Promotion Commission released Friday, heavy news, the market has long been concerned about the" on the revision of "management measures" major asset restructuring of listed companies the decision "officially released. The document defines the latest definition of the major asset reorganization of listed companies, and refines the relevant regulatory details. The Commission said that this amendment, in order to tie the system and standard of the "fence", to cool the fried shell, promote rational repair market valuation system, continue to support the upgrading of the quality of listed companies through mergers and acquisitions to guide more funds to invest in the real economy. Analysts believe that the market has been on the relevant policy fully expected, the document issued, contribute to the market expectations stable, in line with the policy of asset restructuring will continue to promote the normal. Commission: policy changes aimed at giving fried shell cooling to implement the "supervision according to law, strict supervision and comprehensive supervision" concept, to further standardize the reorganization behavior, "on the revision of the" management approach "major asset restructuring of listed companies" (hereinafter referred to as the "reorganization measures") officially released in September 9th, implemented since the release the date of. This amendment, to tie the system and standard of the "fence", to cool the fried shell, promote rational repair market valuation system, continue to support the upgrading of the quality of listed companies through mergers and acquisitions to guide more funds to invest in the real economy. The main modifications include: first, improve the standard of reorganization of listed companies. According to the experience of mature market, refine on listed companies "control standards, the right to change the" perfect indicator on the purchase of assets, a clear principle for the first time the cumulative period of 60 months. Particularly, the 60 month period does not apply to the GEM listed company reorganization, also does not apply to the purchase of the assets belong to finance, venture capital and other specific industries, these two kinds of situations should be accumulated according to the original specifications. Two is to improve the supporting regulatory measures to curb speculation "fried shell"". Cancel the reorganization of listed supporting financing, improve the strength of the restructuring party requirements, and extend the relevant shareholders of the stock lock period, curb short-term speculation and concept speculation. Three, in accordance with the principle of comprehensive supervision, strengthen the responsibility of listed companies and intermediaries, and increase accountability. Shall not transfer the security shell, a shell inhibition phenomenon "reorganization measures" since June 17th to solicit public opinions of new shareholders within 36 months, the market wide attention from all sectors of society expressed support for the law, strict supervision, comprehensive restructuring of listed on the whole. During the comments, the Commission received a total of 117 comments and suggestions, which effectively in 80, mainly concentrated in the "net profit" identified indicators, identified fallbackprovision, restructuring and listing related parties to lock in three aspects. On the "net profit" identified indicators, some opinions put forward, for the loss, profit of listed companies is too strict, it is recommended to cancel. But considering the cancellation of "net profit" index, it will not effectively curb the loss and profit of listed companies "shell", "shell" phenomenon, will exacerbate the zombie theory

证监会修改重组政策 问责力度加大“炒壳”没戏 新浪财经App:直播上线 博主一对一指导 你说了算 上炒股大赛分掉6000万   记者 高升   周五,证监会发布重磅消息,市场关注已久的《关于修改《上市公司重大资产重组管理办法》的决定》正式发布。文件明确了对上市公司重大资产重组的最新界定,并就相关的监管细节进行了细化。证监会表示,本次修改,旨在扎紧制度与标准的“篱笆”,给“炒壳”降温,促进市场估值体系的理性修复,继续支持通过并购重组提升上市公司质量,引导更多资金投向实体经济。分析人士认为,市场对相关政策已有充分预期,此次文件出台,有助于市场预期的稳定,符合政策的资产重组将得以继续正常推进。   证监会:政策修改旨在给“炒壳”降温   为贯彻落实“依法监管、从严监管、全面监管”理念,进一步规范重组上市行为,《关于修改〈上市公司重大资产重组管理办法〉的决定》(以下简称《重组办法》)于9月9日正式发布,自发布之日起施行。本次修改,旨在扎紧制度与标准的“篱笆”,给“炒壳”降温,促进市场估值体系的理性修复,继续支持通过并购重组提升上市公司质量,引导更多资金投向实体经济。   主要修改内容包括:一是完善重组上市认定标准。参照成熟市场经验,细化关于上市公司“控制权变更”的认定标准,完善关于购买资产规模的判断指标,明确累计首次原则的期限为60个月。需特别说明的是,60个月期限不适用于创业板上市公司重组,也不适用于购买的资产属于金融、创业投资等特定行业的情况,这两类情况仍须按原口径累计。   二是完善配套监管措施,抑制投机“炒壳”。取消重组上市的配套融资,提高对重组方的实力要求,延长相关股东的股份锁定期,遏制短期投机和概念炒作。三是按照全面监管的原则,强化上市公司和中介机构责任,加大问责力度。   新进大股东36个月内不得转让 抑制“保壳、养壳”现象   《重组办法》自6月17日起公开征求意见,市场广泛关注,社会各界对“依法、从严、全面”监管重组上市总体上表示支持。征求意见期间,证监会共收到意见和建议117份,其中有效意见80份,主要集中在“净利润”认定指标、重组上市认定的兜底条款、相关方锁定期等三个方面。   关于“净利润”认定指标,有意见提出,对于亏损、微利的上市公司过于严格,建议取消。但考虑到取消“净利润”指标,将不能有效抑制亏损、微利上市公司“保壳”、“养壳”现象,会加剧僵尸企业“僵而不死”,削弱退市制度“刚性”,《重组办法》中保留了现有认定指标。   关于兜底条款,有意见提出,此类条款缺少细化、量化标准,建议删除。考虑到此类条款有助于应对监管实践的复杂性,类似条款在其他证券监管规章中也有使用,并且,可以通过提交并购重组委审议等相关安排,确保执行中的程序公正,因此,《重组办法》保留了认定重组上市的兜底条款并做了进一步完善。   关于重组上市相关方的股份锁定期,有意见认为,要求新进大股东锁定36个月,时限偏短;也有意见提出,对新进小股东锁定24个月,期限过长。经研究,鉴于延长相关股东锁定期是本次加强重组上市监管、遏制短期炒作的重要手段,征求意见前已从平衡各方利益的角度多次论证,故不再改动。   另有意见提出,征求意见稿对上市公司原控股股东、原实际控制人及其关联人在交易过程中向其他特定对象转让股份的锁定期未作明确,易导致监管漏洞。经研究,为防止上述主体通过向其他特定对象转让股份规避限售义务,《重组办法》进一步明确:“在交易过程中从该等主体直接或间接受让该上市公司股份的特定对象”,也应当公开承诺36个月内不转让。   遏制虚假重组、“忽悠式”重组   此外,有意见提出,需对重组上市前相关主体涉及被调查或处罚、擅自实施重组上市的监管措施等条款完善表述。经研究,对该等意见予以采纳。按照新规,上市公司及最近3年内的控股股东、实际控制人正在被立案调查或侦查的,上市公司不能进行重组上市,但有例外情形,即违法行为终止已满3年、本次重组能够消除不良后果且不影响对行为人追责的除外。   同时,控股股东、实际控制人被交易所公开谴责,或者存在其他重大失信行为(例如存在因证券期货违法被处以刑罚或行政处罚的行为等情形)的,上市公司12个月内不得进行重组上市。还有意见提出,应保留重组上市的配套募集资金安排、进一步缩短累计首次期限,综合考虑本次改革方向,对此类意见未予采纳。另外有些意见与本次修订非直接相关,今后将结合实践进一步分类研究处理。   关于《重组办法》的过渡期安排,6月17日发布的新闻稿中已经明确。据初步统计,从征求意见以来,有8家公司的重组上市方案已提交其股东大会审议并获得批准,这些方案的审核将适用现有规定。考虑到《重组办法》对重组上市的监管要求作了较大幅度的调整,为保证新旧制度有效衔接,维护投资者合法权益,《重组办法》发布生效后,重组上市方案尚未经上市公司股东大会批准的,上市公司董事会和中介机构应当充分核查本次方案是否符合新规的各项条件,出具明确意见后,方可提交股东大会审议。同时,上市公司及相关各方应当及时、充分履行信息披露义务,切实回应投资者质询。   证监会表示,各项新规施行后,将继续完善全流程监管机制,进一步规范重组上市行为,遏制虚假重组、“忽悠式”重组,促进资本市场并购重组更好地提升上市公司质量、服务实体经济发展。   进一步缩短上市公司停牌时间 “冷淡期”由3个月缩短至1个月   为解决重组事项导致的长期停牌问题,前期,证券交易所发布了停复牌业务指引。证监会对有关规定也进行了相应修订,主要内容包括:一是缩短终止重大资产重组进程的“冷淡期”,由3个月缩短至1个月。上市公司披露重大资产重组预案或者草案后主动终止重大资产重组进程的,上市公司应当同时承诺自公告之日至少1个月内不再筹划重大资产重组;3个月内再次启动重大资产重组行为的,应当在再次启动的重组预案和报告书中,重点披露前次重组终止的原因,短期内再次启动重组程序的原因。   二是明确交易标的相关报批事项披露标准。交易标的涉及立项、环保、行业准入、用地、规划、建设施工等有关报批事项,无法在首次董事会决议公告前取得相应许可证书或有关批复文件的,上市公司应在重大资产重组预案和报告书中披露有关报批事项的取得进展情况,并作出重大风险提示。   下一步,证监会将按照依法监管、从严监管、全面监管的要求,继续加强并购重组监管,严厉查处信息披露不真实、忽悠式重组等违法违规行为,切实保护投资者合法权益。   《投资快报》发自广州 进入【新浪财经股吧】讨论相关的主题文章:

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