CSRC Amends Guiding Opinions on Improving the Regulatory Efforts after the Delisting of Listed Companies

The China Securities Regulatory Commission (CSRC) recently released the Decision on Amending and Repealing Certain Normative Documents on Securities and Futures (the "Decision"), with effect from the date of release.

The Decision amends certain provisions of one normative document and repeals two normative documents, including the Guidelines on the Vetting and Regulation of Applications for Listing on the GEM in Hong Kong by Mainland Enterprises. Notably, the Decision makes adaptive adjustments to certain contents of the Guiding Opinions on Improving the Regulatory Efforts after the Delisting of Listed Companies: the term "general meeting of shareholders" is revised to "shareholders' meeting"; and a new provision is added, reading that "where a delisted company establishes an audit committee composed of directors within the board of directors in accordance with the Company Law and the company's articles of association, and such committee exercises the powers of the board of supervisors as provided in the Company Law, no board of supervisors or supervisors shall be established."



(Source: http://www.csrc.gov.cn/csrc/c101954/c7629786/content.shtml)

Note: The link to the Chinese official website of the document is for your reference.