2月(yue)17日(ri)，經國務院批準，中國證監(jian)會發布境(jing)(jing)外(wai)上市(shi)(shi)備(bei)案(an)(an)管(guan)理(li)相關制度規(gui)則(ze)，自3月(yue)31日(ri)起實(shi)(shi)施。證監(jian)會表示，國家擴大資(zi)本市(shi)(shi)場對(dui)外(wai)開放(fang)的(de)(de)方向不會改變，境(jing)(jing)外(wai)上市(shi)(shi)備(bei)案(an)(an)管(guan)理(li)制度規(gui)則(ze)的(de)(de)發布實(shi)(shi)施，將更好(hao)支(zhi)持企業依法(fa)合規(gui)到境(jing)(jing)外(wai)上市(shi)(shi)，利用(yong)兩(liang)個(ge)市(shi)(shi)場、兩(liang)種資(zi)源實(shi)(shi)現(xian)規(gui)范(fan)健(jian)康發展。

　　此次發布的制(zhi)度規則共(gong)6項，包括《境內企業境外發行(xing)證券和上(shang)市管(guan)(guan)理(li)試行(xing)辦(ban)法(fa)》（以下簡稱《管(guan)(guan)理(li)試行(xing)辦(ban)法(fa)》）和5項配套(tao)指引。

　　《管(guan)(guan)(guan)理(li)試行(xing)辦法(fa)》共六章三十(shi)五條，主要有(you)五方(fang)面內(nei)(nei)(nei)容(rong)(rong)，一(yi)是完(wan)善(shan)監(jian)管(guan)(guan)(guan)制(zhi)度。對(dui)境(jing)(jing)內(nei)(nei)(nei)企業直(zhi)接和(he)間(jian)(jian)接境(jing)(jing)外上市(shi)活動統一(yi)實施備(bei)(bei)案(an)(an)(an)(an)管(guan)(guan)(guan)理(li)，明確(que)境(jing)(jing)內(nei)(nei)(nei)企業直(zhi)接和(he)間(jian)(jian)接境(jing)(jing)外發(fa)行(xing)上市(shi)證券(quan)的(de)(de)適(shi)用情(qing)形。二是明確(que)備(bei)(bei)案(an)(an)(an)(an)要求(qiu)(qiu)(qiu)。明確(que)備(bei)(bei)案(an)(an)(an)(an)主體、備(bei)(bei)案(an)(an)(an)(an)時點、備(bei)(bei)案(an)(an)(an)(an)程序等要求(qiu)(qiu)(qiu)。三是加強監(jian)管(guan)(guan)(guan)協同。建立(li)境(jing)(jing)內(nei)(nei)(nei)企業境(jing)(jing)外發(fa)行(xing)上市(shi)監(jian)管(guan)(guan)(guan)協調機(ji)制(zhi)，完(wan)善(shan)跨境(jing)(jing)證券(quan)監(jian)管(guan)(guan)(guan)合(he)(he)作安(an)排，建立(li)備(bei)(bei)案(an)(an)(an)(an)信(xin)息(xi)通(tong)報(bao)等機(ji)制(zhi)。四是明確(que)法(fa)律責任(ren)。明確(que)未履行(xing)備(bei)(bei)案(an)(an)(an)(an)程序、備(bei)(bei)案(an)(an)(an)(an)材料(liao)造假等違法(fa)違規(gui)行(xing)為的(de)(de)法(fa)律責任(ren)，提高違法(fa)違規(gui)成本(ben)。五是增(zeng)強制(zhi)度包容(rong)(rong)性(xing)。結合(he)(he)資本(ben)市(shi)場擴大對(dui)外開放(fang)實際和(he)市(shi)場需要，放(fang)寬直(zhi)接境(jing)(jing)外發(fa)行(xing)上市(shi)在特定情(qing)形下(xia)的(de)(de)發(fa)行(xing)對(dui)象限(xian)制(zhi)；進(jin)一(yi)步(bu)便利“全流通(tong)”；放(fang)寬境(jing)(jing)外募集資金、派發(fa)股利幣(bi)種的(de)(de)限(xian)制(zhi)，滿(man)足(zu)企業在境(jing)(jing)外募集人民幣(bi)的(de)(de)需求(qiu)(qiu)(qiu)。配套指引內(nei)(nei)(nei)容(rong)(rong)涵蓋監(jian)管(guan)(guan)(guan)規(gui)則適(shi)用、備(bei)(bei)案(an)(an)(an)(an)材料(liao)內(nei)(nei)(nei)容(rong)(rong)和(he)格式、報(bao)告內(nei)(nei)(nei)容(rong)(rong)、備(bei)(bei)案(an)(an)(an)(an)溝通(tong)、境(jing)(jing)外證券(quan)公(gong)司備(bei)(bei)案(an)(an)(an)(an)等方(fang)面，進(jin)一(yi)步(bu)明確(que)和(he)細化(hua)備(bei)(bei)案(an)(an)(an)(an)要求(qiu)(qiu)(qiu)。

　　證(zheng)監(jian)會相關部(bu)門負責人表示，境外上市(shi)(shi)是(shi)資(zi)本市(shi)(shi)場對(dui)外開放的(de)(de)(de)重要組成部(bu)分，對(dui)支持企業融入全(quan)球化(hua)(hua)發(fa)展、建設高水平(ping)開放型經(jing)濟新體(ti)制(zhi)、加快構建新發(fa)展格局具有積極意(yi)義(yi)。當前國(guo)際環境深刻(ke)變化(hua)(hua)，不(bu)確定因素(su)增(zeng)多，在此背(bei)景(jing)下(xia)發(fa)布實施境外上市(shi)(shi)監(jian)管制(zhi)度規則，進一步表明國(guo)家統(tong)籌(chou)發(fa)展與安全(quan)，堅(jian)持擴大對(dui)外開放的(de)(de)(de)方向不(bu)會改(gai)(gai)變，支持企業用好兩個市(shi)(shi)場、兩種資(zi)源的(de)(de)(de)政(zheng)策導(dao)向不(bu)會改(gai)(gai)變，與全(quan)球投資(zi)者共享中國(guo)經(jing)濟發(fa)展紅利的(de)(de)(de)愿景(jing)目標(biao)不(bu)會改(gai)(gai)變。

　　上述負(fu)責人指出，境外(wai)上市(shi)監(jian)管(guan)制(zhi)度(du)規(gui)則(ze)立足于現(xian)行監(jian)管(guan)實踐，著力提(ti)升規(gui)范(fan)化(hua)、透明(ming)度(du)和(he)便利化(hua)水(shui)平，以制(zhi)度(du)促(cu)規(gui)范(fan)、以規(gui)范(fan)促(cu)發(fa)展，更好(hao)發(fa)揮法治穩預期、利長遠的作(zuo)用，推動形成良好(hao)市(shi)場(chang)生態，進一步優化(hua)監(jian)管(guan)環境、激發(fa)市(shi)場(chang)活力、增強發(fa)展信心(xin)。企業只要依法合規(gui)，不管(guan)去哪個市(shi)場(chang)發(fa)行上市(shi)都(dou)不會(hui)受到影響，證(zheng)監(jian)會(hui)和(he)有(you)關主(zhu)(zhu)管(guan)部(bu)門都(dou)會(hui)尊重企業的自(zi)主(zhu)(zhu)選擇(ze)，并(bing)給(gei)予支持(chi)。

　　就境外(wai)上市備(bei)(bei)案(an)管理(li)與(yu)安全審(shen)查、行(xing)(xing)(xing)業(ye)監(jian)管程(cheng)序(xu)銜接的(de)(de)(de)問題，證監(jian)會相(xiang)關部(bu)門負責(ze)人表(biao)示，安全審(shen)查和(he)行(xing)(xing)(xing)業(ye)監(jian)管程(cheng)序(xu)是指(zhi)有關行(xing)(xing)(xing)業(ye)主管部(bu)門通(tong)過制(zhi)(zhi)度規(gui)(gui)則(ze)明確(que)規(gui)(gui)定(ding)(ding)的(de)(de)(de)程(cheng)序(xu)，有比(bi)較清晰的(de)(de)(de)適用標(biao)準范圍和(he)要求，與(yu)境外(wai)上市備(bei)(bei)案(an)管理(li)是相(xiang)對獨立(li)的(de)(de)(de)監(jian)管環節，企(qi)(qi)(qi)業(ye)對照相(xiang)關規(gui)(gui)定(ding)(ding)自主判斷(duan)、依(yi)法(fa)(fa)依(yi)規(gui)(gui)申報(bao)即(ji)可(ke)。只有在現(xian)有制(zhi)(zhi)度規(gui)(gui)則(ze)明確(que)涉及安全審(shen)查、行(xing)(xing)(xing)業(ye)監(jian)管前置(zhi)程(cheng)序(xu)的(de)(de)(de)情況下，企(qi)(qi)(qi)業(ye)才需要在申請備(bei)(bei)案(an)時提交相(xiang)應的(de)(de)(de)監(jian)管文(wen)件(jian)。比(bi)如(ru)，企(qi)(qi)(qi)業(ye)達到《網(wang)絡安全審(shen)查辦法(fa)(fa)》所規(gui)(gui)定(ding)(ding)標(biao)準的(de)(de)(de)，應當(dang)在備(bei)(bei)案(an)前依(yi)法(fa)(fa)履行(xing)(xing)(xing)網(wang)絡安全審(shen)查程(cheng)序(xu)；再比(bi)如(ru)，企(qi)(qi)(qi)業(ye)在境外(wai)發(fa)行(xing)(xing)(xing)可(ke)轉債，應當(dang)根據外(wai)債管理(li)部(bu)門規(gui)(gui)定(ding)(ding)要求事先履行(xing)(xing)(xing)外(wai)債審(shen)核(he)登記程(cheng)序(xu)等等。

　　對于VIE架(jia)構企業境外上市，備案管(guan)(guan)理將堅持市場化(hua)、法治化(hua)原(yuan)則，加強監管(guan)(guan)協同(tong)。證監會相關部(bu)門負責人指(zhi)出，將征求有關主管(guan)(guan)部(bu)門意見，對滿(man)足合規要(yao)求的VIE架(jia)構企業境外上市予以(yi)備案，支持企業利用兩個市場、兩種資源發展壯大。

　　為保障備(bei)(bei)案(an)管理平(ping)穩有(you)序推(tui)進，證(zheng)監(jian)(jian)會(hui)對于(yu)存量和增量企(qi)(qi)(qi)業的(de)(de)備(bei)(bei)案(an)將(jiang)作(zuo)出安(an)排。《管理試行(xing)(xing)(xing)(xing)(xing)(xing)辦法》施行(xing)(xing)(xing)(xing)(xing)(xing)之日起已(yi)(yi)在境(jing)(jing)(jing)外(wai)(wai)發(fa)行(xing)(xing)(xing)(xing)(xing)(xing)上市的(de)(de)企(qi)(qi)(qi)業將(jiang)視為存量企(qi)(qi)(qi)業，存量企(qi)(qi)(qi)業不要(yao)求(qiu)(qiu)立(li)即備(bei)(bei)案(an)，后(hou)續如(ru)涉及再融資等(deng)備(bei)(bei)案(an)事項時按(an)要(yao)求(qiu)(qiu)備(bei)(bei)案(an)即可。《管理試行(xing)(xing)(xing)(xing)(xing)(xing)辦法》施行(xing)(xing)(xing)(xing)(xing)(xing)之日起已(yi)(yi)獲境(jing)(jing)(jing)外(wai)(wai)監(jian)(jian)管機(ji)構(gou)或(huo)者境(jing)(jing)(jing)外(wai)(wai)證(zheng)券交易所同意(yi)（如(ru)香港(gang)市場已(yi)(yi)通過聆訊、美國市場已(yi)(yi)獲準注(zhu)冊等(deng)），但未完(wan)(wan)成(cheng)(cheng)間接境(jing)(jing)(jing)外(wai)(wai)發(fa)行(xing)(xing)(xing)(xing)(xing)(xing)上市的(de)(de)境(jing)(jing)(jing)內企(qi)(qi)(qi)業，給予6個(ge)(ge)月過渡(du)期。在6個(ge)(ge)月內完(wan)(wan)成(cheng)(cheng)境(jing)(jing)(jing)外(wai)(wai)發(fa)行(xing)(xing)(xing)(xing)(xing)(xing)上市的(de)(de)，視為存量企(qi)(qi)(qi)業。如(ru)上述(shu)境(jing)(jing)(jing)內企(qi)(qi)(qi)業在6個(ge)(ge)月內需重新向境(jing)(jing)(jing)外(wai)(wai)監(jian)(jian)管機(ji)構(gou)履行(xing)(xing)(xing)(xing)(xing)(xing)發(fa)行(xing)(xing)(xing)(xing)(xing)(xing)上市程序（如(ru)香港(gang)市場需重新聆訊等(deng)）或(huo)者6個(ge)(ge)月內未完(wan)(wan)成(cheng)(cheng)境(jing)(jing)(jing)外(wai)(wai)發(fa)行(xing)(xing)(xing)(xing)(xing)(xing)上市的(de)(de)，應當(dang)按(an)要(yao)求(qiu)(qiu)備(bei)(bei)案(an)。對于(yu)已(yi)(yi)獲中國證(zheng)監(jian)(jian)會(hui)核準批(pi)文的(de)(de)直接境(jing)(jing)(jing)外(wai)(wai)發(fa)行(xing)(xing)(xing)(xing)(xing)(xing)上市的(de)(de)申請(qing)人，在批(pi)文有(you)效期內可繼續推(tui)進境(jing)(jing)(jing)外(wai)(wai)發(fa)行(xing)(xing)(xing)(xing)(xing)(xing)上市事宜。批(pi)文有(you)效期滿未完(wan)(wan)成(cheng)(cheng)境(jing)(jing)(jing)外(wai)(wai)發(fa)行(xing)(xing)(xing)(xing)(xing)(xing)上市的(de)(de)，應當(dang)按(an)要(yao)求(qiu)(qiu)備(bei)(bei)案(an)。