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Legislative Updates (11.08-11.14) | 法宝双语新闻

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电信


1. 工信部发布《携号转网服务管理规定》


MIIT Issues Provisions on Switching Telecoms Carriers While Keeping Phone Numbers Unchanged


11月11日, 工业和信息化部发布了《携号转网服务管理规定》。


On November 11, 2019, the Ministry of Industry and Information Technology (MIIT) issued the Provisions on the Administration of Services of Switching Telecommunications Carriers Without Changing Phone Numbers.


《规定》共15条,主要内容包括:一是提出“携号转网”服务基本原则和总体要求。二是明确“携号转网”服务适用的地域范围和号段范围。“携号转网”服务是指在同一本地网范围内,蜂窝移动电话用户变更签约的基础电信业务经营者而用户号码保持不变的一项服务。现阶段该服务不包含物联网用户号码、卫星移动用户号码和移动通信转售用户号码三是明确电信管理机构、电信业务经营者和用户的权责关系。四是规定电信企业九类禁止性行为。电信业务经营者不得有妨碍服务、干扰用户选择、阻挠携转、降低通信服务质量、比较宣传、虚假宣传等违规行为。五是要求电信企业向用户做好风险告知。明确告知用户办理“携号转网”服务可能面临的风险和损失,并获用户确认。


With a total of 15 articles, the Provisions mainly include: First, putting forward the basic principles and general requirements for the service of switching telecommunications carriers without changing phone numbers. Second, clarifying its regional scope and number range. The service means that a cellular mobile phone subscriber can change the basic telecommunication service operator signed while the existing number of the subscriber remains unchanged within the same local network, in which the subscriber numbers of Internet of Things, satellite mobile business, or mobile communication resale business are not included for the time being. Third, specifying the rights and responsibilities of telecommunications administration bodies, telecommunications carriers and subscribers. Fourth, stipulating nine prohibited acts of telecommunications enterprises. Carriers may not impede the service, interfere with subscribers’ choices, obstruct the network switch without number change, lower the communication service quality, conduct comparative or false publicity, or otherwise commit any violation. Fifth, requiring telecommunications enterprises to effectively conduct the risk notification work for subscribers, which specifically means that they should clearly inform subscribers of the risks and losses that they may face in handling of the service of switching telecommunications carriers without changing phone numbers, and obtain subscribers’ confirmation.


金融


2. 上市公司再融资规则迎重大修订


CSRC to Amend Rules on Secondary Offerings of Listed Companies


11月8日,证监会拟对《上市公司证券发行管理办法》、《创业板上市公司证券发行管理暂行办法》及《上市公司非公开发行股票实施细则》等再融资规则进行修订,并向社会公开征求意见,意见反馈截止时间为2019年12月8日。


On November 8, 2019, the China Securities Regulatory Commission (CSRC) is requesting public comments on the Administrative Measures for the Offering of Securities by Listed Companies, the Interim Measures for the Administration of the Offering of Securities by Companies Listed on ChiNext, the Detailed Implementing Rules for the Non-Public Offering of Stocks of Listed Companies, and other rules on the secondary offerings, and comments may be submitted until December 8, 2019.


此次拟修订内容主要包括:一是精简发行条件,拓宽创业板再融资服务覆盖面取消创业板公开发行证券最近一期末资产负债率高于45%的条件;取消创业板非公开发行股票连续2年盈利的条件;将创业板前次募集资金基本使用完毕,且使用进度和效果与披露情况基本一致由发行条件调整为信息披露要求。二是优化非公开制度安排,支持上市公司引入战略投资者上市公司董事会决议提前确定全部发行对象且为战略投资者等的,定价基准日可以为关于本次非公开发行股票的董事会决议公告日、股东大会决议公告日或者发行期首日;调整非公开发行股票定价和锁定机制,将发行价格不得低于定价基准日前20个交易日公司股票均价的9折改为8折;将锁定期由现在的36个月和12个月分别缩短至18个月和6个月,且不适用减持规则的相关限制;将目前主板(中小板)、创业板非公开发行股票发行对象数量由分别不超过10名和5名,统一调整为不超过35名。三是适当延长批文有效期,方便上市公司选择发行窗口将再融资批文有效期从6个月延长至12个月。


The proposed revisions mainly include: The first is to simplify the offering conditions and broaden the coverage of the secondary offerings on ChiNext. The conditions that the debt-to-asset ratio at the end of the most recently completed period is more than 45% for public offering of securities on ChiNext, and that profits have been made for two consecutive years for non-public offering of securities on ChiNext are cancelled; and the offering condition that the funds raised in the previous offering have been basically used up, and the progress and effects of use are basically consistent with the information disclosed is changed into one of the requirements for information disclosure. The second is to optimize non-public institutional arrangements and support listed companies in introducing strategic investors. Where the resolution of the board of directors of a listed company previously determines all the investors to which stock is offered which are also strategic investors, the base day for pricing may be the date of announcement of the resolution of the board of directors, the date of announcement of the resolution of the shareholders’ meeting, or the first day of the issue period for the non-public offering of stocks; and the pricing and lock-up mechanisms for non-public offering of stocks are adjusted by requiring that the issue price may not be lower than 80% of the average price of the company’s stock during the 20 trading days before the base day for pricing, as opposed to the original 90% thereof, respectively shortening the lock-up period from the current 36 months and 12 months to 18 months and 6 months, with the relevant restrictions of the shareholding reduction rules lifted, and adjusting the current maximum number of investors to which stock is offered on the main board (SME board) and ChiNext in an non-public manner from 10 and 5 respectively to 35. The third is to appropriately extend the validity period of the approval documents to make it more convenient for listed companies to choose the period between approval and offering. The validity period of the approval document for secondary offering is extended from 6 months to 12 months.


3. 新三板相关业务规则征求意见


Comments Solicited on Relevant Business Rules on the New Third Board


2019年11月8日,证监会表示拟对《非上市公众公司监督管理办法》进行修订,同时起草了《非上市公众公司信息披露管理办法(征求意见稿)》。


On November 8, 2019, the China Securities Regulatory Commission (CSRC) intended to amend the Measures for the Supervision and Administration of Unlisted Public Companies, and drafted the Measures for the Administration of Information Disclosure by Unlisted Public Companies (Exposure Draft).


《办法》修订内容主要包括:一是引入向不特定合格投资者公开发行制度,允许挂牌公司向新三板不特定合格投资者公开发行,实行保荐、承销制度。二是优化定向发行制度,放开挂牌公司定向发行35人限制,推出自办发行方式三是优化公开转让和发行的审核机制,公司公开转让和发行需要履行行政许可程序的由全国股转公司先出具自律监管意见,证监会以此为基础进行核准。四是创新监管方式,确定差异化信息披露原则,明确公司治理违规的法律责任,压实中介机构责任,督促公司规范运作。


The revised contents of the Measures mainly include: First, introducing the rules on public offering to unspecific qualified investors, meaning that a quoted company is allowed to publicly issue stocks to unspecific qualified investors on the NEEQ, along with the sponsorship and underwriting systems implemented. Second, optimizing the private placement system, under which the restriction of no more than 35 investors on private placement by a quoted company are to be lifted, and the quoted company can handle the issuance on its own. Third, optimizing the review mechanism for public transfer and issuance. Where the public transfer and issuance of stock requires the performance of the administrative licensing procedures, the National Equities Exchange and Quotations Co., Ltd. should issue self-discipline regulatory opinions firstly, and the CSRC will conduct the confirmation on this basis. Fourth, innovating on the regulatory methods by following the differential information disclosure principle, clarifying the legal liabilities for violations occurred in corporate governance, enhancing the responsibilities of intermediaries, and urging the company to carry out well-regulated operation.


《征求意见稿》主要内容包括:一是从新三板市场和挂牌公司实际情况出发,明确挂牌公司信息披露基本要求,保障挂牌公司信息披露质量。二是结合分层建立差异化信息披露体系,在披露形式、披露内容和信息披露事务管理方面进行差异化安排,与各发展阶段中小企业实际情况和投资者信息需求相匹配。三是证监会行政监管与全国股转公司自律监管相衔接,强化分工协作,形成高效监管机制。


The Exposure Draft mainly includes: First, based on the actual situation of the NEEQ market and the quoted companies, clarifying the basic requirements for information disclosure of quoted companies to ensure the quality. Second, establishing the differentiated information disclosure system in a hierarchical manner, with differentiated arrangements made in terms of disclosure form, disclosure content and management commensurate with the actual situation of SMEs in various development stages and information needs of investors. Third, connecting the administrative supervision by the CSRC to the self-discipline regulation by the NEEQ Co., Ltd., and strengthening the division of labor and cooperation for an efficient regulatory mechanism.


4. 央企控股上市公司股权激励新规出台


New Rules on Equity Incentives of Listed Companies Controlled by Central Enterprises Issued


日前,国务院国资委印发《关于进一步做好中央企业控股上市公司股权激励工作有关事项的通知》。


Recently, the State-owned Assets Supervision and Administration Commission of the State Council issued the Notice of Matters Concerning Effectively Conducting the Equity Incentives of Listed Companies Controlled by Central Enterprises.


《通知》分别从科学制定股权激励计划、完善股权激励业绩考核、支持科创板公司实施股权激励、健全股权激励管理体制等四方面作出规定。


The Notice provides for the scientific formulation of the equity incentive plan, perfection of the equity incentive performance assessment, support for the implementation of equity incentives by companies listed on the SSE STAR Market, and improvement of the equity incentive management system.


《通知》明确,中央企业控股科创板上市公司实施股权激励,原则上按照科创板有关上市规则制定股权激励计划。科创板上市公司以限制性股票方式实施股权激励的,若授予价格低于公平市场价格的50%,上市公司应当适当延长限制性股票的禁售期及解锁期,并设置不低于公司近三年平均业绩水平或同行业75分位值水平的解锁业绩目标条件尚未盈利的科创板上市公司实施股权激励的,限制性股票授予价格按照不低于公平市场价格的60%确定。


The Notice clarifies that the STAR Market listed companies controlled by central enterprises should formulate the equity incentive plans according to the relevant STAR Market listing rules in implementing the equity incentives in principle. Where a company listed on the STAR Market implements the equity incentives by granting restricted stocks, if the granted price is less than 50% of the fair market price, the listed company should appropriately extend the lock-up period and unlocking period of the restricted stocks, and set the condition that the unlocking performance goal is not lower than the company's average performance level in the past three years or the 75th percentile level of the same industry. Where a company listed on the STAR Market that has not made profits implements the equity incentives, the price for the granted restricted stocks should be not less than 60% of the fair market price.


5. 国资委发布《中央企业混合所有制改革操作指引》


SASAC Issues Operating Guidelines on the Mixed-Ownership Reform of Central Enterprises


日前,国务院国资委发布了《中央企业混合所有制改革操作指引》。


Lately, the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council issued the Operating Guidelines on the Mixed-Ownership Reform of Central Enterprises.


指引明确,中央企业所属各级子企业通过产权转让、增资扩股、首发上市(IPO)、上市公司资产重组等方式,引入非公有资本、集体资本实施混合所有制改革,相关工作参考此次发布的操作指引。


According to the Guidelines, where subsidiaries at all levels owned by central enterprises absorb non-public capital or collective capital to implement mixed-ownership reform by means of transfer of property rights, capital or share increase, Initial Public Offering (IPO), and asset restructuring of listed companies, among others, these Operating Guidelines should be referred to in the relevant work.


根据指引,央企所属各级子企业实施混改,一般应履行以下基本操作流程:可行性研究、制定混合所有制改革方案、履行决策审批程序、开展审计评估、引进非公有资本投资者、推进企业运营机制改革。以新设企业、对外投资并购、投资入股等方式实施混合所有制改革的,履行中央企业投资管理有关程序。


The Guidelines provide that, to implement the mixed-ownership reform, their subsidiaries at all levels should generally follow the basic operating procedures: conducting a feasibility study, formulating a plan for the reform, executing the decision-making and approval procedures, carrying out the auditing and assessment, introducing non-public capital investors, and promoting the enterprise operation mechanism reform. If they carry out the mixed-owned reform in the form of establishing a new enterprise, making outbound investment by merger or acquisition, or equity investment, the relevant procedures for central enterprise investment administration should be performed.


在“混资本”相关环节,指引明确了资产审计评估、通过产权市场实施混改和通过股票市场实施混改等方面工作的操作要点,并重点对混合所有制企业公司治理和管控方式、三项制度改革、激励约束机制等“改机制”相关环节的操作做出了安排。


In addition, the Guidelines clarify the key points of operations in the course of capital mixing in terms of asset auditing and assessment, and mixed-ownership reform through the property right market or the stock market, and in particular make arrangements for institutional reform, which include corporate governance as well as management and control methods of mixed-ownership enterprises, reforms of three systems, and incentive and restraint mechanisms, etc.


责任编辑:李泽鹏
稿件来源:北大法宝英文编辑组(Mani)
审核人员:张文硕
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