Major reorganization of the stock market and stock transaction go hand in hand behind this often hides ulterior insider trading. In order to cure this chronic problem, Forced major reorganization of the parties to the transaction to do a good job in the confidentiality of information, the reorganization of the SFC will apply for administrative review and insider trading inspectors linked to the restructuring of insider dealing, a serious nature will be terminated audit.
"Interim Provisions on strengthening and major asset restructuring of listed companies abnormal trading regulation" (hereinafter referred to as "Regulations") released on Friday, and open to the community for comment. CSRC official said, responsible for restructuring the audit of the Marketing Department of the SFC in the past has been concerned about the problem of insider trading in the major restructuring, be inspectors of cases, with the Exchange to urge the early disclosure of the relevant listed companies. However, the audit of administrative licensing and insider trading linked the first time.
The other hand, shall also take into account at the same time to combat insider trading may be the negative impact on investors and listed companies, trying to balance fairness and efficiency: First, nature is not serious, able to restore the affected cases, listed companies can be restored to re-apply; is to strengthen the efficiency of information disclosure, as little as possible suspension or not the suspension, in order to protect the interests of investors, to reduce the investigation of the cases also affect investors.
Since the beginning of this year, the SFC unprecedented crack down on insider trading. In addition to the rapid investigation and publication of the adverse impact on the market in a number of cases, but also led to the introduction of the supreme law on the judicial interpretation of insider trading.
"Not because the individual's misconduct affected the restructuring of listed companies." SFC relevant responsible person said, this is why they leave some leeway in policy-making process. Not serious in nature, the effects can be irreversible insider trading of listed companies do not have to wait long insider trading administrative investigations and even criminal investigations and judicial proceedings end, take appropriate measures to continue the restructuring process.
The public consultation on the "rule", it is important institutional arrangements further the prevention and control and combat insider trading.
According to regulations, listed companies in the suspension into a major asset restructuring program, the stock exchange should immediately start to stock unusual transaction verification procedures, and timely stock unusual transactions submitted to the Commission. The SFC verification of stock abnormal transaction information, such as that the alleged insider trading, the decision to initiate an audit of listed companies should suspend the restructuring process, and timely information disclosure and risk warning.
According to the status and role of the main body of suspected insider trading in the major asset restructuring different, as well as legal and natural persons the difference, if can be replaced or exit restructuring transactions to achieve the Elimination of influence ", listed companies in the restructuring process. If the listed company and its controlling shareholder, actual controller, accounting for the reorganization of the proportion of the total transaction amount in more than 20% of the counterparty due to insider trading to be investigated for criminal responsibility, the Commission will terminate the audit.
"Not because the individual's misconduct affected the restructuring of listed companies." SFC relevant responsible person said, this is why they leave some leeway in policy-making process. Not serious in nature, the effects can be irreversible insider trading of listed companies do not have to wait long insider trading administrative investigations and even criminal investigations and judicial proceedings end, take appropriate measures to continue the restructuring process.
However, how to determine the behavior of legal and natural persons, and how to determine the nature of the severity of, and indeed a lot of thought.
"First Financial Daily reporter had interviewed an insider trading case, for example, the case is a listed company intends the object of acquisition is suspected of the unit of insider trading, violations of the corporate executives have a key role in the reorganization, ultimately related to major The reorganization has been terminate the audit. As an individual,
"Not because the individual's misconduct affected the restructuring of listed companies." SFC relevant responsible person said, this is why they leave some leeway in policy-making process. Not serious in nature, the effects can be irreversible insider trading of listed companies do not have to wait long insider trading administrative investigations and even criminal investigations and judicial proceedings end, take appropriate measures to continue the restructuring process.
the corporate units opened accounts to trade stocks, its illegal facts are difficult to be identified. Survey through a series of circumstantial evidence, and finally identified the illegal facts of the corporate units.
The severity of the cases, the person in charge of the SFC also admitted that the 20 percent standard is only a preliminary consideration, suggestions welcome the community to grasp the standard method.
"Provides that" The introduction will also improve the transparency of the SFC administrative licensing, to improve market efficiency. In the past, some restructuring of insider dealing, often long-term suspension. In the future, the Commission will strengthen the information disclosure and risk tips, try not to suspension or less of suspension, the implementation of the investor's right to know, to protect the interests of small investors.
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