Recently, the China Securities Regulatory Commission ("CSRC") has promulgated the Several Opinions on Further Regulating the Exercise of Issuance Examination Authority (the "Opinions").
The main contents of the Opinions include: firstly, studying the cancelation of the conditions for initial offering and refinancing issuance other than those specified in the Securities Law, with adjustments made to implement the regulatory requirements by way of information disclosure, so as to reduce the items and contents of the examination authority; secondly, promptly summarizing previous examination criteria and typical cases and publishing a batch or an item upon completion; thirdly, establishing the system for time-limited handling and supervision, which sets out clear requirements on time limits for each examination stage, and under the normal examination process, 45 days at most for the period from acceptance to the feedback meeting, 20 days at most for the period from the date when the issuer implements the feedback opinions to the preliminary meeting, and 10 days at most for the period from the date on which the notice of the issuance examination meeting is issued to the date on which the meeting is held; and fourthly, establishing the system of appointment and reception, and prohibiting the issuance examination personnel from privately contacting the issuers and relevant interested parties for purposes other than normal communications on the work.