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new regulations of the csrc: in-depth and detailed management measures

the core of the new regulation is to conduct more detailed and rigorous supervision on the shareholding behavior of resigned personnel. first, the prohibition period for resigned personnel in issuance supervision positions or committee management cadres to purchase shares will be extended to 10 years; for resigned personnel other than issuance supervision positions or committee management cadres, the prohibition period for resigned personnel at the department level and above will be extended from 3 years to 5 years, and for resigned personnel below the department level will be extended from 2 years to 4 years.

extension: scope of strict supervision and verification requirements

in addition, the new regulations further expand the scope of strict review of resigned personnel, from the resigned personnel themselves to their parents, spouses, children and their spouses, and put forward higher verification requirements. intermediary institutions must fully verify the investment background, source of funds, price fairness, and authenticity of liquidation of resigned personnel. the csrc will verify and review the relevant work.

deep protection: promoting the healthy development of market order

in order to ensure the effective implementation of the new regulations, the csrc will strengthen cooperation with the stock exchanges to interpret and guide policies. at the same time, it will also actively cooperate with the discipline inspection and supervision departments, and resolutely transfer any clues of violations of laws and disciplines to relevant departments for handling, so as to maintain the development order of the capital market.

• key points: this new regulatory measure aims to more meticulously manage former employees’ investment in listed companies, thereby maintaining a fair and just order in the capital market.

• significance: the new regulations of the csrc not only reflect the importance attached to the fairness and openness of the capital market, but also promote the strict and perfect management system of resigned personnel in practice, laying a solid foundation for the healthy development of the capital market.