The China Securities Regulatory Commission ("CSRC") has recently issued the Opinions on the Application of Laws on Securities and Futures No.15 — Opinions on the Application of Articles 28 and 45 of the Administrative Measures for Material Assets Reorganization of Listed Companies (the "Applicable Opinions") and the Guidelines on the Application of Regulatory Rules — for Listing No. 1 (the "Applicable Guidelines"), with effect from the date of promulgation.
According to the Applicable Opinions and the Applicable Guidelines, this clean-up and integration program promulgates the opinions on the application of laws on securities and futures, including the content such as major adjustments to the restructuring plan and offering price adjustment mechanism, after repealing the content that does not meet the guideline of and repeats the provisions of higher level laws including the Securities Law and consolidating the questions and answers about clarifying the application of relevant rules and regulations. And this program also releases the guidelines on the application of regulatory rules, including 16 items such as raising supporting funds, by sorting out and consolidating the questions and answers involving similar problems, making corresponding amendments to questions and answers that do not adapt to market development and regulatory-oriented updates, improving the stylistic rules and layout, unifying numbering, optimizing structure, and making scientific classification.