Circular on Issuing the Detailed Rules of the Shenzhen Stock Exchange for Hearing Procedures for Self-disciplinary Regulation
Circular on Issuing the Detailed Rules of the Shenzhen Stock Exchange for Hearing Procedures for Self-disciplinary Regulation
Circular on Issuing the Detailed Rules of the Shenzhen Stock Exchange for Hearing Procedures for Self-disciplinary Regulation
Shen Zheng Shang [2018] No.173
April 23, 2018
All market participants,
To ensure the fairness and justice of the self-disciplinary regulation conducted by the Shenzhen Stock Exchange (the "SZSE"), the SZSE formulated the Detailed Rules of the Shenzhen Stock Exchange for Hearing Procedures for Self-disciplinary Regulation (the " Rules") based on its practices in disciplinary sanctions and review of termination of listing according to laws, administrative regulations, departmental rules, including the Securities Law and the Administrative Measures for Stock Exchanges, and the provisions related to business rules of the SZSE in the Regulations of the Shenzhen Stock Exchange. The Rules are now promulgated for implementation. And the Detailed Rules of the Shenzhen Stock Exchange for the Hearing Procedures of Disciplinary Punishments (Shen Zheng Shang [2013] No.15) issued by the SZSE on January 14, 2013 shall be repealed simultaneously.
The Circular is hereby given.
Detailed Rules of the Shenzhen Stock Exchange for Hearing Procedures for Self-disciplinary Regulation
Article 1 These Rules are formulated according to the Administrative Measures for Stock Exchanges, the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange, the Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange, the Rules of the Shenzhen Stock Exchange on the Listing of Corporate Bonds, the Implementing Rules of the Shenzhen Stock Exchange for Self-regulatory Measures and Disciplinary Sanctions and other relevant business rules related to the SZSE to improve the fairness and transparency of the self-disciplinary regulation of the SZSE, and to protect the legal rights and interests of the parties concerned.
Article 2 The SZSE shall organize a hearing in accordance with these Rules and hear the parties' statements and defense, where, during the SZSE's review of disciplinary sanctions or review of delisting, the parties concerned apply for a hearing before the following decisions on self-disciplinary regulation are made:
1. Censure publicly;
2. Confirm publicly that it is not suitable to serve as a director, supervisor or senior manager of a listed company;
3. Charge punitive damages;
4. Suspend or restrict trading authority, except for emergency measures taken to maintain the market order;
5. Revoke the trading authority;
6. Cancel the membership or qualifications for other trading participants;
7. Terminate the listing, except for the termination applied by the listed company; and
8. Other self-disciplinary decisions for which a hearing can be requested as provided for in the business rules of the SZSE.
For a hearing of a listed company whose stocks are terminated due to material violations, where the SZSE provides otherwise, such provisions shall prevail.
Article 3 The disciplinary sanction committee and the listing committee of the SZSE shall, in accordance with these Rules, perform the duties of disciplinary sanction hearings and duties of delisting hearings in the form of hearing respectively.
Article 4 The committee members of a disciplinary hearing shall be the committee members of the disciplinary sanction committee of the SZSE.
......
Shen Zheng Shang [2018] No.173
April 23, 2018
All market participants,
To ensure the fairness and justice of the self-disciplinary regulation conducted by the Shenzhen Stock Exchange (the "SZSE"), the SZSE formulated the Detailed Rules of the Shenzhen Stock Exchange for Hearing Procedures for Self-disciplinary Regulation (the " Rules") based on its practices in disciplinary sanctions and review of termination of listing according to laws, administrative regulations, departmental rules, including the Securities Law and the Administrative Measures for Stock Exchanges, and the provisions related to business rules of the SZSE in the Regulations of the Shenzhen Stock Exchange. The Rules are now promulgated for implementation. And the Detailed Rules of the Shenzhen Stock Exchange for the Hearing Procedures of Disciplinary Punishments (Shen Zheng Shang [2013] No.15) issued by the SZSE on January 14, 2013 shall be repealed simultaneously.
The Circular is hereby given.
Detailed Rules of the Shenzhen Stock Exchange for Hearing Procedures for Self-disciplinary Regulation
Article 1 These Rules are formulated according to the Administrative Measures for Stock Exchanges, the Rules Governing the Listing of Stocks on the Shenzhen Stock Exchange, the Rules Governing the Listing of Stocks on ChiNext of the Shenzhen Stock Exchange, the Rules of the Shenzhen Stock Exchange on the Listing of Corporate Bonds, the Implementing Rules of the Shenzhen Stock Exchange for Self-regulatory Measures and Disciplinary Sanctions and other relevant business rules related to the SZSE to improve the fairness and transparency of the self-disciplinary regulation of the SZSE, and to protect the legal rights and interests of the parties concerned.
Article 2 The SZSE shall organize a hearing in accordance with these Rules and hear the parties' statements and defense, where, during the SZSE's review of disciplinary sanctions or review of delisting, the parties concerned apply for a hearing before the following decisions on self-disciplinary regulation are made:
1. Censure publicly;
2. Confirm publicly that it is not suitable to serve as a director, supervisor or senior manager of a listed company;
3. Charge punitive damages;
4. Suspend or restrict trading authority, except for emergency measures taken to maintain the market order;
5. Revoke the trading authority;
6. Cancel the membership or qualifications for other trading participants;
7. Terminate the listing, except for the termination applied by the listed company; and
8. Other self-disciplinary decisions for which a hearing can be requested as provided for in the business rules of the SZSE.
For a hearing of a listed company whose stocks are terminated due to material violations, where the SZSE provides otherwise, such provisions shall prevail.
Article 3 The disciplinary sanction committee and the listing committee of the SZSE shall, in accordance with these Rules, perform the duties of disciplinary sanction hearings and duties of delisting hearings in the form of hearing respectively.
Article 4 The committee members of a disciplinary hearing shall be the committee members of the disciplinary sanction committee of the SZSE.
......