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GTSM implements differentiated management of emerging stock companies and links it up to some extent with the listing review operation June 21, 2010 To optimize the effect of registration on emerging stock market, GreTai Securities Market (GTSM) will implement differentiated management of emerging stock companies in place of the prevailing uniform management. That is, different supervisory schemes will be adopted for emerging stock companies that plan to apply for listing on the general board of GTSM in the next three months and companies that do not plan to apply for listing in the next three months. This new program has been announced and implemented on June 18, 2010. Specifically, “differentiated management” features the filing of “simplified” Checklist for MaterialFinancial and Operational Events by a recommending securities firm if the emerging stock company it advises does not plan to apply for GTSM listing in the next three months. It stresses the advisory function of securities firms and supervisory examination of information disclosure and material events. For emerging stock companies that plan to apply for GTSM listing in the next three months, its recommending securities firm is required to file the “comprehensive” Checklist for MaterialFinancial and Operational Events to link up the financial and operational examination performed by securities firms to the listing review operation to a certain extent. This will allow GTSM to understand such a company better early and communicate any problem found with the emerging stock company in advance so the company can take remedial actions early, hence shortening the time to listing.
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