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ConnieGao
2022-04-04

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Economic Daily: Ensure the safety and efficiency of cross-border regulatory cooperation

市场高度关切的中概股问题，取得新进展。

Economic Daily: Ensure the safety and efficiency of cross-border regulatory cooperation

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On April 2, the China Securities Regulatory Commission publicly solicited opinions on the \"Regulations on Strengthening the Confidentiality and Archives Management Related to Overseas Issuance and Listing of Securities by Domestic Enterprises\". The \"Regulations\" aim to provide clearer, more transparent and more operable guidance for market entities to strengthen confidentiality and file management related to overseas listings, and broaden institutional space for cross-border audit supervision cooperation.</p><p>The current \"Regulations on Strengthening the Confidentiality and Archives Management Related to Overseas Issuance and Listing of Securities\" was promulgated in 2009. Over the past ten years, great changes have taken place in the regulatory and institutional environment, market and regulatory pattern of overseas listing. This time, the China Securities Regulatory Commission, together with the Ministry of Finance, the State Secrecy Bureau and the State Archives Bureau, revised the original regulations and sent out three positive signals, which deserve market attention.</p><p><b>First, promote cross-border listing supervision cooperation in the spirit of open cooperation.</b>According to Chinese laws and regulations and international practices, the Regulations clarify that overseas regulatory agencies should conduct investigations and evidence collection or inspections in China through cross-border regulatory cooperation mechanisms, and the CSRC or relevant competent departments should provide necessary assistance according to bilateral and multilateral cooperation mechanisms, and amend the statement that \"on-site inspections should be mainly conducted by Chinese regulatory agencies or rely on the inspection results of Chinese regulatory agencies\" to provide guarantee for cross-border cooperation in forms such as joint inspections. These institutional arrangements not only conform to the current common practice of cross-border securities supervision cooperation, but also provide institutional support for safe, efficient and flexible cross-border audit supervision cooperation.</p><p>According to reports, the China Securities Regulatory Commission and the Ministry of Finance are continuing to conduct audit supervision cooperation consultations with the American Public Company Accounting Oversight Board (PCAOB), and the overall progress is smooth. The \"Regulations\" declare China's position of open cooperation from the institutional level. It is believed that it will be conducive to the final conclusion and effective implementation of the Sino-US audit supervision cooperation arrangement, and take a solid and critical step to solve the regulatory problems of Chinese concept stocks listed in the United States.</p><p><b>Second, support enterprises to implement information management compliance obligations with a clear and clear system.</b>The \"Regulations\" clarify the information security responsibilities of enterprises, require enterprises to abide by national laws and regulations on confidentiality and archives management, strictly implement procedures, avoid unnecessary confidential or sensitive information from entering the audit working papers, and record the whole process and perform necessary procedures for confidential or sensitive information that really needs to enter the manuscripts due to audit requirements according to laws and regulations. This reflects the requirements of overall development and security. It is necessary not only to maintain the information security of the location of the enterprise, but also to adapt to the audit and supervision requirements of the listing place, which provides a criterion for enterprises to carry out overseas listing activities in accordance with laws and regulations.</p><p>In fact, the audit working papers are not mysterious. They are mainly the materials used by accounting firms to verify financial information such as corporate income and expenditure. Generally, they do not include a large amount of corporate underlying data such as customer personal information, let alone corporate \"cards\". There is no contradiction with audit confidentiality. In the past, the audit working papers of individual enterprises contained a small amount of confidential and sensitive information, which was often caused by inadequate implementation of relevant laws and regulations. The \"Regulations\" make more detailed and enforceable requirements for intermediaries such as enterprises and accounting firms to keep and handle confidential and sensitive information in accordance with laws and regulations, which will help to gradually solve these practical problems. The \"Regulations\" attach great importance to the accurate management of confidential and sensitive information and avoid \"generalization\", support the smooth flow of commercial information, and support intermediaries and regulatory agencies to fully perform their duties.</p><p><b>Third, take marketization and rule of law as a way to further stabilize market expectations.</b>The \"Regulations\" are another institutional supply in the field of overseas listing following the \"Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises\" and \"Administrative Measures for the Filing of Overseas Issuance and Listing of Securities by Domestic Enterprises\", which were publicly solicited at the end of last year. It will further enhance the level of legalization of overseas listing supervision, and effectively ensure that overseas listing has rules to follow and a road to follow.</p><p>The revision of the \"Regulations\" further shows that the Chinese government's direction of opening wider to the outside world will not change, and neither will its attitude of continuing to support the overseas listing of various enterprises. It is expected that under the escort of the increasingly perfect system, Chinese enterprises can continue to make good use of local and overseas markets to achieve greater development, and global investors can share more \"China dividends\" by investing in Chinese enterprises.</p><p></body></html></p>","source":"lsy1597656426531","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Economic Daily: Ensure the safety and efficiency of cross-border regulatory cooperation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEconomic Daily: Ensure the safety and efficiency of cross-border regulatory cooperation\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">经济日报</strong><span class=\"h-time small\">2022-04-03 10:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>New progress has been made on the issue of Chinese concept stocks, which is of great concern to the market. On April 2, the China Securities Regulatory Commission publicly solicited opinions on the \"Regulations on Strengthening the Confidentiality and Archives Management Related to Overseas Issuance and Listing of Securities by Domestic Enterprises\". The \"Regulations\" aim to provide clearer, more transparent and more operable guidance for market entities to strengthen confidentiality and file management related to overseas listings, and broaden institutional space for cross-border audit supervision cooperation.</p><p>The current \"Regulations on Strengthening the Confidentiality and Archives Management Related to Overseas Issuance and Listing of Securities\" was promulgated in 2009. Over the past ten years, great changes have taken place in the regulatory and institutional environment, market and regulatory pattern of overseas listing. This time, the China Securities Regulatory Commission, together with the Ministry of Finance, the State Secrecy Bureau and the State Archives Bureau, revised the original regulations and sent out three positive signals, which deserve market attention.</p><p><b>First, promote cross-border listing supervision cooperation in the spirit of open cooperation.</b>According to Chinese laws and regulations and international practices, the Regulations clarify that overseas regulatory agencies should conduct investigations and evidence collection or inspections in China through cross-border regulatory cooperation mechanisms, and the CSRC or relevant competent departments should provide necessary assistance according to bilateral and multilateral cooperation mechanisms, and amend the statement that \"on-site inspections should be mainly conducted by Chinese regulatory agencies or rely on the inspection results of Chinese regulatory agencies\" to provide guarantee for cross-border cooperation in forms such as joint inspections. These institutional arrangements not only conform to the current common practice of cross-border securities supervision cooperation, but also provide institutional support for safe, efficient and flexible cross-border audit supervision cooperation.</p><p>According to reports, the China Securities Regulatory Commission and the Ministry of Finance are continuing to conduct audit supervision cooperation consultations with the American Public Company Accounting Oversight Board (PCAOB), and the overall progress is smooth. The \"Regulations\" declare China's position of open cooperation from the institutional level. It is believed that it will be conducive to the final conclusion and effective implementation of the Sino-US audit supervision cooperation arrangement, and take a solid and critical step to solve the regulatory problems of Chinese concept stocks listed in the United States.</p><p><b>Second, support enterprises to implement information management compliance obligations with a clear and clear system.</b>The \"Regulations\" clarify the information security responsibilities of enterprises, require enterprises to abide by national laws and regulations on confidentiality and archives management, strictly implement procedures, avoid unnecessary confidential or sensitive information from entering the audit working papers, and record the whole process and perform necessary procedures for confidential or sensitive information that really needs to enter the manuscripts due to audit requirements according to laws and regulations. This reflects the requirements of overall development and security. It is necessary not only to maintain the information security of the location of the enterprise, but also to adapt to the audit and supervision requirements of the listing place, which provides a criterion for enterprises to carry out overseas listing activities in accordance with laws and regulations.</p><p>In fact, the audit working papers are not mysterious. They are mainly the materials used by accounting firms to verify financial information such as corporate income and expenditure. Generally, they do not include a large amount of corporate underlying data such as customer personal information, let alone corporate \"cards\". There is no contradiction with audit confidentiality. In the past, the audit working papers of individual enterprises contained a small amount of confidential and sensitive information, which was often caused by inadequate implementation of relevant laws and regulations. The \"Regulations\" make more detailed and enforceable requirements for intermediaries such as enterprises and accounting firms to keep and handle confidential and sensitive information in accordance with laws and regulations, which will help to gradually solve these practical problems. The \"Regulations\" attach great importance to the accurate management of confidential and sensitive information and avoid \"generalization\", support the smooth flow of commercial information, and support intermediaries and regulatory agencies to fully perform their duties.</p><p><b>Third, take marketization and rule of law as a way to further stabilize market expectations.</b>The \"Regulations\" are another institutional supply in the field of overseas listing following the \"Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises\" and \"Administrative Measures for the Filing of Overseas Issuance and Listing of Securities by Domestic Enterprises\", which were publicly solicited at the end of last year. It will further enhance the level of legalization of overseas listing supervision, and effectively ensure that overseas listing has rules to follow and a road to follow.</p><p>The revision of the \"Regulations\" further shows that the Chinese government's direction of opening wider to the outside world will not change, and neither will its attitude of continuing to support the overseas listing of various enterprises. It is expected that under the escort of the increasingly perfect system, Chinese enterprises can continue to make good use of local and overseas markets to achieve greater development, and global investors can share more \"China dividends\" by investing in Chinese enterprises.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MjM5NjEyMzYxMg==&mid=2657616034&idx=1&sn=843e934b6a696d1cc4bbb7c8889723b1&chksm=bd72a6118a052f07482658d75ab467be561ee01d263d0118357160692709e86122d0d4a9fa30&mpshare=1&scene=23&srcid=0403GvkcrwTV7qjXUL7wBgR7&sharer_sharetime=1648945959770&sharer_shareid=00a55b671777cf0e253d4693000ead51%23rd\">经济日报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6bfc2279cb18faa6043c05b0766942e8","relate_stocks":{"KWEB":"中国海外互联网ETF-KraneShares","CQQQ":"中国科技指数ETF-Guggenheim"},"source_url":"https://mp.weixin.qq.com/s?__biz=MjM5NjEyMzYxMg==&mid=2657616034&idx=1&sn=843e934b6a696d1cc4bbb7c8889723b1&chksm=bd72a6118a052f07482658d75ab467be561ee01d263d0118357160692709e86122d0d4a9fa30&mpshare=1&scene=23&srcid=0403GvkcrwTV7qjXUL7wBgR7&sharer_sharetime=1648945959770&sharer_shareid=00a55b671777cf0e253d4693000ead51%23rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134933195","content_text":"市场高度关切的中概股问题，取得新进展。4月2日，中国证监会就《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定》公开征求意见。《规定》旨在为市场主体加强境外上市相关保密和档案管理提供更加清晰、透明和可操作的指引，为开展跨境审计监管合作拓宽制度空间。现行《关于加强在境外发行证券与上市相关保密和档案管理工作的规定》发布于2009年。十多年来，境外上市的法规和制度环境、市场和监管格局都发生了很大变化。此次证监会会同财政部、国家保密局、国家档案局对原规定进行修订，发出三大积极信号，值得市场关注。其一，以开放合作精神推动跨境上市监管合作。《规定》依据中国法律法规并参照国际惯例，明确境外监管机构在中国境内进行调查取证或开展检查的应当通过跨境监管合作机制进行，证监会或有关主管部门依据双多边合作机制提供必要的协助，修改了关于“现场检查应以我国监管机构为主进行，或者依赖我国监管机构的检查结果”的表述，为开展联合检查等形式的跨境合作提供保障。这些制度安排既符合当前跨境证券监管合作的通行做法，也为安全、高效、灵活开展跨境审计监管合作提供了制度支撑。据介绍，证监会、财政部正在持续与美国公众公司会计监督委员会（PCAOB）进行审计监管合作磋商，总体进展顺利。《规定》从制度层面宣示了中方开放合作的立场，相信将有利于中美审计监管合作安排的最终达成和有效执行，为解决在美上市中概股监管问题迈出坚实而关键的一步。其二，以清晰明确的制度支持企业落实信息管理合规义务。《规定》明确企业信息安全责任，要求企业遵守国家保密和档案管理方面的法律法规，严格履行程序，避免不必要的涉密或敏感信息进入审计工作底稿，对确因审计需要进入底稿的涉密敏感信息依法依规做好全流程的记录和履行必要的程序。这体现了统筹发展和安全的要求，既要维护好企业所在地信息安全，又要适应上市地审计监管要求，为企业依法依规开展境外上市活动提供了准绳。其实，审计工作底稿并不神秘，主要是会计师事务所验证企业收入支出等财务信息的资料，一般不会包括大量客户个人信息等企业底层数据，更不是企业“底牌”。审计与保密并不矛盾，过去个别企业的审计工作底稿包含少量涉密敏感信息，往往是执行相关法律法规不到位造成的。《规定》对企业和会计师事务所等中介机构依法依规保管和处理涉密敏感信息，作出更加细化和可执行的要求，将有助于逐步解决这些实践中的问题。《规定》重视对涉密敏感信息精准管理和避免“泛化”，支持商业信息顺畅流动，支持中介和监管机构充分履职。其三，以市场化法治化作为进一步稳定市场预期。《规定》是继去年底公开征求意见的《国务院关于境内企业境外发行证券和上市的管理规定》《境内企业境外发行证券和上市备案管理办法》之后，境外上市领域的又一项制度供给，将进一步提升境外上市监管的法治化水平，切实保障境外上市有规可依、有路好走。《规定》的修订进一步表明，中国政府扩大开放的方向不会变，继续支持各类企业境外上市的态度也不会变。期待在日臻完善的制度保驾护航下，中国企业能够继续用好本土和海外两个市场实现更大发展，全球投资者能够通过投资中国企业分享更多“中国红利”。","news_type":1,"symbols_score_info":{"KWEB":0.9,"CQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2250,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}