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CSRC Issues the Provisions on Supervision of IPO and Pre-Listing Tutoring
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Chinese
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Category：Legislative Updates
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Subject：Securities
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Keywords：CSRC; stocks; pre-listing tutoring
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Source：Pkulaw
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Publish Date：10-14-2021
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Recently, the China Securities Regulatory Commission (CSRC) issued the Regulation on Guidance and Supervision over Initial Public Offering and Listing, effective from the date of issuance.
This document mainly has five highlights. First, the tutoring mainly aims to promote the tutored object to establish management systems that a listed company should have, including the systems of cooperate governance structure, basic accounting management and internal control. Second, the content of tutoring acceptance is clarified. It mainly includes the implementation of tutoring plans and implementation plans of tutoring organizations, and the efforts of tutoring institutions in promoting the normalization of the systems of cooperate governance structure, basic accounting management, and internal control of the tutored object. Third, tutoring acceptance methods are diverse. Tutoring institutions should adopt such methods as reviewing the tutoring acceptance materials, on-site visit to tutored objects, interviews of relevant personnel, reviews of company materials, and inspection or spot-check of working papers on the underwriting and sponsor business. Fourth, the business hours and time limit of tutoring are clarified. In principle, the tutoring period should be at least three months, while the tutoring acceptance time by an acceptance institution should not exceed 20 business days. Fifth, acceptance institutions shall carry out tutoring supervision by use of tutoring supervision systems. They are encouraged to submit tutoring materials, issue official tutoring documents and share information by electronic means, and disclose the tutoring and supervision information to the public.
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