证监会就修改《关于改革完善并严格实施上市公司退市制度的若干意见》公开征求意见
发布：时间：2018-03-12返回列表
证监会就修改《关(guan)于改革完(wan)善并严格实施(shi)上市(shi)公司退市(shi)制度(du)的若干意(yi)见(jian)》公开征(zheng)求(qiu)意(yi)见(jian)
中国(guo)证监(jian)会 www.csrc.gov.cn 时间：2018-03-02 来(lai)源：证监(jian)会
为(wei)深入贯彻落实十九大和全国金(jin)融工作(zuo)会议精神，增强金(jin)融服(fu)务(wu)实体(ti)经济能(neng)力，防控金(jin)融风险，促进多(duo)层次资本(ben)市(shi)场健(jian)康(kang)发展(zhan)，中国证监会拟对《关(guan)于改(gai)革完(wan)善并严格实施上(shang)市(shi)公(gong)(gong)(gong)司退(tui)(tui)市(shi)制度(du)的若干(gan)意见(jian)》（以下(xia)简称《退(tui)(tui)市(shi)意见(jian)》）进行修改(gai)，进一步完(wan)善上(shang)市(shi)公(gong)(gong)(gong)司退(tui)(tui)市(shi)制度(du)，形(xing)成优胜劣汰的上(shang)市(shi)公(gong)(gong)(gong)司退(tui)(tui)市(shi)机制，提(ti)升上(shang)市(shi)公(gong)(gong)(gong)司质量(liang)，发挥资本(ben)市(shi)场基(ji)础功能(neng)，维护投资者合法权益。近(jin)日，证监会就(jiu)修改(gai)内容向社会公(gong)(gong)(gong)开(kai)征求(qiu)意见(jian)。
上(shang)市公司退(tui)市制(zhi)(zhi)(zhi)度(du)是(shi)资(zi)本(ben)市场的(de)(de)(de)(de)重(zhong)(zhong)(zhong)要(yao)基础性(xing)制(zhi)(zhi)(zhi)度(du)，对于优化(hua)资(zi)源配置(zhi)、促(cu)进优胜劣汰、提升上(shang)市公司质量、保(bao)护投资(zi)者合(he)法(fa)权(quan)益发挥着(zhe)重(zhong)(zhong)(zhong)要(yao)作用。近年来(lai)，经过不断探索实(shi)践(jian)，特别是(shi)2014年《退(tui)市意见》发布(bu)以(yi)来(lai)，已(yi)初步形(xing)成(cheng)包括重(zhong)(zhong)(zhong)大违(wei)法(fa)强制(zhi)(zhi)(zhi)退(tui)市在内的(de)(de)(de)(de)多元化(hua)退(tui)市指标体系以(yi)及较为稳定(ding)(ding)的(de)(de)(de)(de)退(tui)市实(shi)施机(ji)制(zhi)(zhi)(zhi)。证监(jian)会在总结《退(tui)市意见》实(shi)施以(yi)来(lai)经验的(de)(de)(de)(de)基础上(shang)，贯彻落实(shi)《证券法(fa)》的(de)(de)(de)(de)规定(ding)(ding)，进一步完善(shan)重(zhong)(zhong)(zhong)大违(wei)法(fa)强制(zhi)(zhi)(zhi)退(tui)市的(de)(de)(de)(de)内容，提高规则的(de)(de)(de)(de)可操(cao)作性(xing)，强化(hua)证券交易所的(de)(de)(de)(de)一线监(jian)管职能。
此次修改内(nei)容主要包括以下几个方面(mian)：
一(yi)是(shi)强化(hua)沪深(shen)证券交易(yi)所对(dui)重(zhong)(zhong)(zhong)大(da)(da)(da)违(wei)(wei)(wei)法(fa)(fa)公(gong)司(si)(si)实施强制(zhi)(zhi)退(tui)市(shi)(shi)(shi)的(de)(de)(de)(de)决策(ce)主体责(ze)(ze)任。增加一(yi)条，明确规(gui)(gui)定(ding)(ding)“上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)构成(cheng)欺诈(zha)发(fa)行、重(zhong)(zhong)(zhong)大(da)(da)(da)信息(xi)披露违(wei)(wei)(wei)法(fa)(fa)或者其他(ta)重(zhong)(zhong)(zhong)大(da)(da)(da)违(wei)(wei)(wei)法(fa)(fa)行为的(de)(de)(de)(de)，证券交易(yi)所应(ying)当严格依法(fa)(fa)作出暂(zan)停(ting)、终(zhong)止(zhi)公(gong)司(si)(si)股(gu)票(piao)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)交易(yi)的(de)(de)(de)(de)决定(ding)(ding)。证券交易(yi)所应(ying)当制(zhi)(zhi)定(ding)(ding)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)因重(zhong)(zhong)(zhong)大(da)(da)(da)违(wei)(wei)(wei)法(fa)(fa)行为暂(zan)停(ting)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)、终(zhong)止(zhi)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)实施规(gui)(gui)则(ze)”。同(tong)时，考虑到上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)有重(zhong)(zhong)(zhong)大(da)(da)(da)违(wei)(wei)(wei)法(fa)(fa)行为，是(shi)《证券法(fa)(fa)》规(gui)(gui)定(ding)(ding)的(de)(de)(de)(de)证券交易(yi)所决定(ding)(ding)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)退(tui)市(shi)(shi)(shi)的(de)(de)(de)(de)情形(xing)(xing)，且这(zhei)次对(dui)《退(tui)市(shi)(shi)(shi)意见》的(de)(de)(de)(de)修改，进一(yi)步(bu)明确了证券交易(yi)所对(dui)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)有重(zhong)(zhong)(zhong)大(da)(da)(da)违(wei)(wei)(wei)法(fa)(fa)情形(xing)(xing)时的(de)(de)(de)(de)退(tui)市(shi)(shi)(shi)决策(ce)主体责(ze)(ze)任，因此，删除原来有关上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)因欺诈(zha)发(fa)行、重(zhong)(zhong)(zhong)大(da)(da)(da)信息(xi)披露违(wei)(wei)(wei)法(fa)(fa)暂(zan)停(ting)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)、终(zhong)止(zhi)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)具体情形(xing)(xing)的(de)(de)(de)(de)规(gui)(gui)定(ding)(ding)，以及相应(ying)的(de)(de)(de)(de)终(zhong)止(zhi)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)例外情形(xing)(xing)、恢(hui)复(fu)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)、重(zhong)(zhong)(zhong)新(xin)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)的(de)(de)(de)(de)规(gui)(gui)定(ding)(ding)。后续工作中，证券交易(yi)所将制(zhi)(zhi)定(ding)(ding)具体实施规(gui)(gui)则(ze)，明确上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)公(gong)司(si)(si)因重(zhong)(zhong)(zhong)大(da)(da)(da)违(wei)(wei)(wei)法(fa)(fa)暂(zan)停(ting)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)、终(zhong)止(zhi)上(shang)(shang)(shang)(shang)市(shi)(shi)(shi)的(de)(de)(de)(de)标准、程(cheng)序等事项，严格执行重(zhong)(zhong)(zhong)大(da)(da)(da)违(wei)(wei)(wei)法(fa)(fa)强制(zhi)(zhi)退(tui)市(shi)(shi)(shi)制(zhi)(zhi)度。
二是对(dui)新老划断作出安排(pai)。新规(gui)定(ding)(ding)施(shi)行前(qian)，上市(shi)公(gong)司(si)已(yi)被认定(ding)(ding)构成重(zhong)大违(wei)法行为或者已(yi)被依法移送公(gong)安机(ji)关，并被作出终止上市(shi)决定(ding)(ding)的，适(shi)用原规(gui)定(ding)(ding)。除上述(shu)情形外，上市(shi)公(gong)司(si)因新规(gui)定(ding)(ding)施(shi)行前(qian)发生的重(zhong)大违(wei)法行为的暂停上市(shi)、终止上市(shi)，适(shi)用新规(gui)定(ding)(ding)。
在(zai)完善(shan)重(zhong)大违法行(xing)为退市制度的同时，将进(jin)一步加大对财务状况严重(zhong)不良、长期亏损、“僵尸企(qi)业”等(deng)符(fu)合退市财务指(zhi)标企(qi)业的退市执行(xing)力度，促进(jin)上(shang)市公(gong)司不断(duan)改善(shan)经营管(guan)理(li)、提高(gao)信息(xi)披(pi)露质量、提升公(gong)司治理(li)水平，夯实内在(zai)可持续发展(zhan)基础，助力供给侧结构性改革。
下一(yi)(yi)步(bu)工作中，证(zheng)监会将指导沪(hu)深交易所进一(yi)(yi)步(bu)严格(ge)落实退(tui)(tui)市决策主体责任，切(qie)实加强(qiang)退(tui)(tui)市实施(shi)工作的(de)统筹协调(diao)，坚(jian)决贯彻退(tui)(tui)市制(zhi)度的(de)规(gui)范要求，采取有效(xiao)措施(shi)，切(qie)实做到“出现(xian)一(yi)(yi)家、退(tui)(tui)市一(yi)(yi)家”，坚(jian)决维护退(tui)(tui)市制(zhi)度的(de)严肃性和(he)权威性。