SFC new regulation Sword refers to the Enterprise Board dividend commitment into the company's charter

In the Securities and Futures Commission new measures have just been introduced, reporters today learned that the Securities and Futures Commission on the gem listed companies to introduce dividend rules, the company will be required to share dividends commitment to the company's charter, and in http://www.aliyun.com/zixun/aggregation/4337. HTML "> Prospectus to make important notes. In addition, the Securities and Futures Commission requires the company to formulate a dividend return plan, should be sustainable.

According to the requirements of the SFC, the issuer shall make clear in the Articles of association: the profit distribution policy after the issue of the listing, including the form of profit distribution, the specific conditions and amount or proportion of the cash dividend, the specific conditions for issuing the dividend, the period interval of the distribution of profits, and the review procedure At the same time, the issuer's decision on profit distribution planning and adjustment mechanism also need to be clarified in the articles of incorporation. If the profit distribution policy needs to be adjusted because of the external operating environment and internal operating condition, the shareholder's rights and interests protection should be taken as the starting point, and the reasons should be discussed in detail in the general meeting proposal.

Under the new rules, the issuer is required to disclose in the prospectus the profit distribution policy and implementation during the reporting period, including the reasons for not distributing the profits and the use of the retained funds. In addition, the company's dividend return planning and its development considerations and decision-making procedures are also required to disclose in the prospectus. Insiders believe that the Securities and Futures Commission on the gem of the company's dividend requirements are starting to start from the source of the listing.

At the same time, it is noteworthy that the Securities and Futures Commission requires the issuer to carry out "significant matters" on the home page of the prospectus, stating the profit distribution policy, the specific return plan, the dividend policy and the dividend plan after the IPO.

Corresponding to this, the sponsor agencies, lawyers and reporting accountants and other intermediary agencies also have a number of duties, to the issuer of the relevant dividend policy disclosure to verify and explain the verification opinion. The SFC specifically requests that the Agency's verification should indicate whether the issuer's profit distribution policy focuses on giving investors stable returns, whether it is conducive to protecting investors ' legitimate rights and interests, and whether the articles of incorporation and prospectuses have relevant provisions on the disclosure of profit distribution matters.

Although on the surface, the SFC's new rules are mainly aimed at the company's dividend disclosure of information has been standardized and refined, there is no mandatory percentage of cash dividends, but investment bankers point out that although no hard constraints are listed, in practice, the SFC may require companies to make dividend commitments in a way that is similar to window guidance, This requirement is in the process of implementation, especially for IPO companies.

Industry insiders said that the implementation of mandatory dividend rules and implementation, from the Gem IPO company began. The main board and the details of the dividend will be coming out. The reporter learned that, although the current motherboard and the new rules of the SME board has not issued, but the IPO materials have been sealed volume of the proposed listed companies have been in the original prospectus added to the proportion of dividend commitment.

November 10, the Securities and Futures Commission held a media ventilation meeting, in response to the market four hot issues promised to force listed companies to increase cash dividends return shareholders, strengthen the integrity of listed companies and so on.

From the recent release to the various market institutions of the implementation of the document, whether it is the integrity of the construction or increase the intensity of dividends, first from the gem companies start.

November 18, the SEC-related officials said the gem of the delisting system will also be open to the community to solicit opinions. According to the initial opening of the gem Board of the "Shenzhen Stock Exchange gem Stock Listing rules" clear delisting standards are 11, including the last two consecutive losses, the latest fiscal year shows that the audit net assets for negative, the company's stock 120 consecutive trading days to achieve the cumulative turnover of less than 1 million shares. This July, the Shenzhen Stock Exchange General manager Liping announced that on this basis will also add two standards in the last 36 months by the exchanges publicly denounced 3 times, the share transaction price of 20 consecutive trading days below par value, will terminate the gem stock listing.