退(tui)市(shi)新(xin)規(gui)亮相(xiang)標志A股退(tui)市(shi)制(zhi)度的完善和實(shi)施(shi)步入新(xin)階(jie)段(duan),即全覆蓋(gai)——退(tui)市(shi)對重大(da)違法情形基本實(shi)現全覆蓋(gai),重落實(shi)——強化交易(yi)所主體責任(ren),明(ming)確各(ge)相(xiang)關(guan)主體配合(he)做好退(tui)市(shi)的相(xiang)關(guan)責任(ren)。
一(yi)(yi)直以來,退市(shi)(shi)難是(shi)(shi)A股市(shi)(shi)場(chang)的(de)(de)一(yi)(yi)大頑疾。“只進(jin)不(bu)出”或“只進(jin)少(shao)出”不(bu)僅容易滋生(sheng)炒(chao)差、炒(chao)小(xiao)的(de)(de)不(bu)良投資(zi)文化,而且扭曲了市(shi)(shi)場(chang)資(zi)源(yuan)配(pei)置(zhi)方式,消解了資(zi)源(yuan)配(pei)置(zhi)效率(lv)。退市(shi)(shi)難,一(yi)(yi)方面是(shi)(shi)制度(du)設計不(bu)夠完善,一(yi)(yi)些退市(shi)(shi)情況未能納入其中,另一(yi)(yi)方面是(shi)(shi)執行難度(du)大,利益糾(jiu)葛多,特別是(shi)(shi)來自地方政府的(de)(de)壓力(li)和投資(zi)者保護(hu)的(de)(de)壓力(li)較(jiao)大。
此次退(tui)市(shi)(shi)(shi)新規至少從兩大(da)方面(mian)(mian)彰顯了監(jian)管(guan)層力(li)推(tui)退(tui)市(shi)(shi)(shi)常態化的決心,有(you)針(zhen)對(dui)(dui)性地解決之前(qian)面(mian)(mian)臨的退(tui)市(shi)(shi)(shi)難(nan)題。一是(shi)完善重(zhong)大(da)違(wei)(wei)法(fa)強(qiang)制退(tui)市(shi)(shi)(shi)的主(zhu)要(yao)情形。退(tui)市(shi)(shi)(shi)分為(wei)主(zhu)動退(tui)市(shi)(shi)(shi)和強(qiang)制退(tui)市(shi)(shi)(shi),前(qian)者是(shi)上市(shi)(shi)(shi)公司主(zhu)動所(suo)為(wei),后者是(shi)監(jian)管(guan)部(bu)門強(qiang)力(li)推(tui)動,特別是(shi)針(zhen)對(dui)(dui)重(zhong)大(da)違(wei)(wei)法(fa)行為(wei)而采取的嚴厲措施(shi)。之前(qian),重(zhong)大(da)違(wei)(wei)法(fa)退(tui)市(shi)(shi)(shi)主(zhu)要(yao)是(shi)指欺詐(zha)發行和重(zhong)大(da)信披違(wei)(wei)法(fa),現在增加了一條(tiao)(tiao):“其他涉及國家(jia)安全(quan)、公共安全(quan)、生(sheng)態安全(quan)、生(sheng)產安全(quan)和公眾(zhong)健康(kang)安全(quan)等領域(yu)的重(zhong)大(da)違(wei)(wei)法(fa)行為(wei)”。這(zhe)一條(tiao)(tiao)規定相對(dui)(dui)較為(wei)寬泛,如此可基(ji)本覆蓋各類(lei)重(zhong)大(da)違(wei)(wei)法(fa)行為(wei)。在具(ju)體實施(shi)中,尚待交易所(suo)層面(mian)(mian)的退(tui)市(shi)(shi)(shi)實施(shi)細則予(yu)以明(ming)確或類(lei)似(si)法(fa)院判決等法(fa)律(lv)形式來認定。
二是退市(shi)(shi)(shi)新(xin)規在“重(zhong)落(luo)實”上(shang)強化了相(xiang)關(guan)(guan)(guan)主體(ti)責(ze)(ze)任(ren)。最明顯的(de)是強化交(jiao)易所一(yi)(yi)線監管(guan)責(ze)(ze)任(ren),強化交(jiao)易所的(de)退市(shi)(shi)(shi)制(zhi)度實施主體(ti)責(ze)(ze)任(ren),對于應當退市(shi)(shi)(shi)的(de)公(gong)(gong)司,必(bi)須(xu)按照“出現一(yi)(yi)家、退市(shi)(shi)(shi)一(yi)(yi)家”的(de)原則嚴格實施退市(shi)(shi)(shi)。同時(shi),要求(qiu)退市(shi)(shi)(shi)公(gong)(gong)司控股股東、實際(ji)控制(zhi)人、董監高(gao)等(deng)應履行(xing)相(xiang)關(guan)(guan)(guan)職責(ze)(ze)。新(xin)規強調,進一(yi)(yi)步加強與(yu)(yu)地(di)方(fang)政(zheng)府、國務院有關(guan)(guan)(guan)部(bu)門的(de)溝(gou)通協(xie)調,積極推(tui)動地(di)方(fang)政(zheng)府將上(shang)市(shi)(shi)(shi)公(gong)(gong)司退市(shi)(shi)(shi)維穩工(gong)(gong)作(zuo)有機(ji)納入地(di)方(fang)維穩工(gong)(gong)作(zuo)機(ji)制(zhi)和工(gong)(gong)作(zuo)體(ti)系,配合地(di)方(fang)政(zheng)府妥善做好職工(gong)(gong)、債(zhai)權人、股東及(ji)(ji)其他利(li)益(yi)相(xiang)關(guan)(guan)(guan)方(fang)的(de)安置安撫、解釋疏導與(yu)(yu)糾紛(fen)處置等(deng)工(gong)(gong)作(zuo)。此外(wai),新(xin)規一(yi)(yi)如既往地(di)重(zhong)視投資者保護,強化上(shang)市(shi)(shi)(shi)公(gong)(gong)司信披(pi)義務,完善主動退市(shi)(shi)(shi)公(gong)(gong)司異議股東保護機(ji)制(zhi),明確重(zhong)大違法公(gong)(gong)司及(ji)(ji)相(xiang)關(guan)(guan)(guan)責(ze)(ze)任(ren)主體(ti)的(de)民事賠償責(ze)(ze)任(ren)。
“一分部(bu)署,九分落實(shi)”。今年以來,在嚴(yan)格執行(xing)退(tui)(tui)市(shi)(shi)(shi)制度的(de)基(ji)礎上,已有5家上市(shi)(shi)(shi)公司(si)被強制退(tui)(tui)市(shi)(shi)(shi)或處于退(tui)(tui)市(shi)(shi)(shi)程(cheng)序中(zhong)。未來,退(tui)(tui)市(shi)(shi)(shi)常態化大(da)勢所趨,在此過程(cheng)中(zhong),明確退(tui)(tui)市(shi)(shi)(shi)實(shi)施細則(ze),重(zhong)視投資者權(quan)益保護(hu)將事半功倍。這將有利于退(tui)(tui)市(shi)(shi)(shi)制度的(de)落地生根,更有利于A股市(shi)(shi)(shi)場的(de)結構優化。
中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)聲(sheng)(sheng)明(ming):凡本(ben)網(wang)(wang)注明(ming)“來源(yuan):中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)(bao)·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)”的(de)(de)所有作(zuo)(zuo)品(pin)(pin),版權均屬(shu)于中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)(bao)、中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)。中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)(bao)·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)與(yu)作(zuo)(zuo)品(pin)(pin)作(zuo)(zuo)者(zhe)聯合聲(sheng)(sheng)明(ming),任何(he)組織未經中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)(bao)、中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)以及作(zuo)(zuo)者(zhe)書面授權不得轉載(zai)、摘編或利(li)用(yong)其(qi)(qi)(qi)它方式使用(yong)上述作(zuo)(zuo)品(pin)(pin)。凡本(ben)網(wang)(wang)注明(ming)來源(yuan)非中(zhong)(zhong)國(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)(bao)(bao)·中(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)(wang)的(de)(de)作(zuo)(zuo)品(pin)(pin),均轉載(zai)自(zi)其(qi)(qi)(qi)它媒體,轉載(zai)目(mu)的(de)(de)在于更好服(fu)務(wu)讀者(zhe)、傳(chuan)遞信(xin)息之需,并不代表本(ben)網(wang)(wang)贊同其(qi)(qi)(qi)觀(guan)點,本(ben)網(wang)(wang)亦不對其(qi)(qi)(qi)真實性負責,持異(yi)議(yi)者(zhe)應與(yu)原(yuan)出處單位主張(zhang)權利(li)。
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