Release of the Revised Provisions on Confidentiality and Archives Administration as Supplement to CSRC Regulations on Filing-based Administration of Overseas Offering and Listing
In order to support domestic companies' overseas securities offering and listing pursuant to laws and regulations, as a supplement to the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies (hereinafter referred to as the Trial Measures), China Securities Regulatory Commission (the CSRC), Ministry of Finance of the People’s Republic of China, National Administration of State Secrets Protection, and National Archives Administration of China, have jointly revised the Provisions on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing (Announcement No.29 [2009] of the CSRC, hereinafter referred to as the Provisions). The revised Provisions is issued under the title the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies, and will come into effect on 31 March 2023 with the Trial Measures.
Major revisions to the Provisions include: First, expanding its application to cover both direct and indirect overseas offering and listing, as is consistent with the Trial Measures. Second, setting clear guidance to relevant entities regarding confidentiality and archives administration concerning overseas securities offering and listing. Third, improving relevant arrangements to lay a solid institutional foundation for secure and efficient cross-border regulatory cooperation. Public comments have shown that the market welcomes the revised Provisions and recognizes that it will promote healthy and orderly development of such overseas listing activities.
The CSRC stays committed to promoting high-level institutional opening-up of China’s capital markets and expanding the achievements from the cross-border regulatory cooperative mechanisms in place, in a bid to foster a sound regulatory environment in support of companies’ overseas listing activities in compliance with laws and regulations.
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