中證網訊(xun)（記者 昝(zan)秀麗）東(dong)(dong)(dong)方時尚(shang)投資(zi)有限公(gong)司（以(yi)下(xia)簡稱(cheng)“東(dong)(dong)(dong)方時尚(shang)”）9月(yue)16日(ri)發(fa)布公(gong)告稱(cheng)，公(gong)司實控人(ren)、董事長徐(xu)某因涉(she)嫌操(cao)縱證券市場罪，由上(shang)(shang)(shang)海市人(ren)民檢(jian)察院第一分院批準逮捕。公(gong)告一經發(fa)布，使原本就(jiu)因違規減(jian)持而被廣(guang)泛關注的東(dong)(dong)(dong)方時尚(shang)，再度引發(fa)市場熱議。對此，國(guo)浩上(shang)(shang)(shang)海合伙人(ren)黃江東(dong)(dong)(dong)表示(shi)，上(shang)(shang)(shang)市公(gong)司亟(ji)需大力強化(hua)證券合規管(guan)理。

　　黃江東(dong)(dong)分(fen)析，回顧其違(wei)規(gui)減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)案(an)，東(dong)(dong)方(fang)(fang)(fang)時尚曾發(fa)布公(gong)(gong)(gong)告(gao)稱(cheng)(cheng)，其控(kong)股(gu)股(gu)東(dong)(dong)東(dong)(dong)方(fang)(fang)(fang)時尚投(tou)(tou)(tou)資有限公(gong)(gong)(gong)司(si)(si)（以(yi)下簡稱(cheng)(cheng)“東(dong)(dong)方(fang)(fang)(fang)投(tou)(tou)(tou)資”）于8月28日(ri)通(tong)過大宗交易方(fang)(fang)(fang)式減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)公(gong)(gong)(gong)司(si)(si)股(gu)份(fen)340萬股(gu)。但就在東(dong)(dong)方(fang)(fang)(fang)投(tou)(tou)(tou)資減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)行(xing)為(wei)發(fa)生的(de)前一(yi)(yi)日(ri)，證(zheng)監會發(fa)布了進一(yi)(yi)步規(gui)范股(gu)份(fen)減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)行(xing)為(wei)（以(yi)下簡稱(cheng)(cheng)“減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)新(xin)規(gui)”）的(de)具體要求，明確將上(shang)市公(gong)(gong)(gong)司(si)(si)質量(liang)與相關方(fang)(fang)(fang)減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)行(xing)為(wei)掛鉤。減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)新(xin)規(gui)發(fa)布后，十余家上(shang)市公(gong)(gong)(gong)司(si)(si)迅速披露了終(zhong)止減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)計劃的(de)相關公(gong)(gong)(gong)告(gao)，唯獨東(dong)(dong)方(fang)(fang)(fang)投(tou)(tou)(tou)資在破發(fa)情形下公(gong)(gong)(gong)然違(wei)反減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)規(gui)定，可(ke)謂是“頂(ding)風作案(an)”。很(hen)快，東(dong)(dong)方(fang)(fang)(fang)投(tou)(tou)(tou)資收到北京證(zheng)監局的(de)行(xing)政監管(guan)措施(shi)和上(shang)交所(suo)的(de)自律監管(guan)措施(shi)，成為(wei)A股(gu)首家觸(chu)及減(jian)(jian)(jian)持(chi)(chi)(chi)(chi)(chi)新(xin)規(gui)“紅線”的(de)公(gong)(gong)(gong)司(si)(si)。

　　黃江東認為，本案傳遞出(chu)嚴打違規減持，切實提振投資者信(xin)(xin)心(xin)；操縱(zong)證券市場監管常(chang)態(tai)化的信(xin)(xin)號。

　　“東(dong)方時尚(shang)證券違(wei)法(fa)違(wei)規案、我樂家居違(wei)規減持案等(deng)相繼發生，說明(ming)目前(qian)市場中仍有相當部分上(shang)市公司主觀上(shang)對證券合(he)規的定(ding)位存在(zai)偏差、合(he)規意識(shi)淡(dan)薄(bo)；客觀上(shang)合(he)規管(guan)理機制(zhi)不(bu)健全、管(guan)理能力(li)良莠不(bu)齊。面(mian)對資本(ben)市場的嚴(yan)刑峻法(fa)、上(shang)市公司數量(liang)的擴容、監(jian)管(guan)從嚴(yan)信號的持續釋放，提(ti)升(sheng)上(shang)市公司合(he)規管(guan)理的意義(yi)和能力(li)已迫在(zai)眉睫。”黃江東(dong)表示。

　　對于上市公(gong)司而言，更應當專(zhuan)注于事前(qian)的風險防范和事中的危機(ji)應對，重視合規(gui)管(guan)理(li)“治未病”的功能，應當大力建立、完(wan)善(shan)證券合規(gui)管(guan)理(li)機(ji)制(zhi)。

　　黃江(jiang)東建議，監管(guan)(guan)部門可(ke)(ke)將證(zheng)(zheng)券(quan)(quan)合(he)(he)(he)規(gui)(gui)(gui)管(guan)(guan)理(li)明確為(wei)上(shang)(shang)市(shi)公(gong)(gong)司(si)的(de)(de)“規(gui)(gui)(gui)定(ding)(ding)動作”。證(zheng)(zheng)券(quan)(quan)行業的(de)(de)合(he)(he)(he)規(gui)(gui)(gui)管(guan)(guan)理(li)實踐(jian)可(ke)(ke)作為(wei)上(shang)(shang)市(shi)公(gong)(gong)司(si)證(zheng)(zheng)券(quan)(quan)合(he)(he)(he)規(gui)(gui)(gui)管(guan)(guan)理(li)的(de)(de)有益借鑒，應當將證(zheng)(zheng)券(quan)(quan)合(he)(he)(he)規(gui)(gui)(gui)管(guan)(guan)理(li)明確為(wei)上(shang)(shang)市(shi)公(gong)(gong)司(si)的(de)(de)法定(ding)(ding)義(yi)務。具體可(ke)(ke)參(can)考證(zheng)(zheng)券(quan)(quan)公(gong)(gong)司(si)合(he)(he)(he)規(gui)(gui)(gui)路(lu)徑，由證(zheng)(zheng)券(quan)(quan)監管(guan)(guan)部門制定(ding)(ding)相關(guan)合(he)(he)(he)規(gui)(gui)(gui)管(guan)(guan)理(li)辦(ban)法等部門規(gui)(gui)(gui)章(zhang)，確立上(shang)(shang)市(shi)公(gong)(gong)司(si)的(de)(de)法定(ding)(ding)合(he)(he)(he)規(gui)(gui)(gui)義(yi)務；由上(shang)(shang)市(shi)公(gong)(gong)司(si)協會或者證(zheng)(zheng)券(quan)(quan)交易所制定(ding)(ding)專門的(de)(de)合(he)(he)(he)規(gui)(gui)(gui)指引，為(wei)上(shang)(shang)市(shi)公(gong)(gong)司(si)提供具有操(cao)作性的(de)(de)細則指引。

　　建立自(zi)上(shang)而下(xia)的(de)證券(quan)(quan)合(he)(he)(he)規(gui)(gui)(gui)(gui)組(zu)織(zhi)架構。上(shang)市(shi)公(gong)(gong)司(si)證券(quan)(quan)合(he)(he)(he)規(gui)(gui)(gui)(gui)事(shi)項(xiang)涉及公(gong)(gong)司(si)各(ge)(ge)部門、各(ge)(ge)層級、各(ge)(ge)環節，建議公(gong)(gong)司(si)在決策、管理(li)、執(zhi)(zhi)行(xing)三個層級上(shang)建立自(zi)上(shang)而下(xia)的(de)證券(quan)(quan)合(he)(he)(he)規(gui)(gui)(gui)(gui)組(zu)織(zhi)架構。在職責(ze)分工上(shang)，公(gong)(gong)司(si)董事(shi)會有(you)義(yi)務(wu)履行(xing)公(gong)(gong)司(si)合(he)(he)(he)規(gui)(gui)(gui)(gui)經營的(de)責(ze)任，應當對公(gong)(gong)司(si)合(he)(he)(he)規(gui)(gui)(gui)(gui)治理(li)和合(he)(he)(he)規(gui)(gui)(gui)(gui)管理(li)負總體責(ze)任。合(he)(he)(he)規(gui)(gui)(gui)(gui)管理(li)委員會和合(he)(he)(he)規(gui)(gui)(gui)(gui)管理(li)部負責(ze)制定證券(quan)(quan)合(he)(he)(he)規(gui)(gui)(gui)(gui)制度(du)并監督執(zhi)(zhi)行(xing)，再由(you)各(ge)(ge)業務(wu)部門合(he)(he)(he)規(gui)(gui)(gui)(gui)人員負責(ze)落(luo)實。

　　制(zhi)定完(wan)整精確的證券(quan)合(he)(he)規(gui)(gui)(gui)規(gui)(gui)(gui)則(ze)體系(xi)。對(dui)于(yu)上(shang)市公(gong)(gong)司來說，證券(quan)合(he)(he)規(gui)(gui)(gui)體系(xi)建設中的首要(yao)工作(zuo)就是將外(wai)部(bu)監管規(gui)(gui)(gui)則(ze)中的義務性條款分門別類(lei)匯集(ji)成(cheng)庫，并將高頻、易發(fa)的證券(quan)合(he)(he)規(gui)(gui)(gui)事項的監管規(gui)(gui)(gui)則(ze)及時轉化(hua)為上(shang)市公(gong)(gong)司的內部(bu)制(zhi)度，即(ji)“外(wai)規(gui)(gui)(gui)內化(hua)”工作(zuo)。同時，結(jie)合(he)(he)上(shang)市公(gong)(gong)司自身的經營、發(fa)展(zhan)需求(qiu)，構(gou)建相適配的三層級規(gui)(gui)(gui)則(ze)架(jia)構(gou)。

　　設(she)計有效順(shun)暢(chang)的證券(quan)合(he)規(gui)(gui)(gui)運行流(liu)程。證券(quan)合(he)規(gui)(gui)(gui)管控(kong)嵌入(ru)業務流(liu)程和公司治理是實現風險(xian)控(kong)制的必由之路，定(ding)期(qi)評(ping)估總結如(ru)與定(ding)期(qi)報告同步披露公司階段性及(ji)年(nian)度合(he)規(gui)(gui)(gui)報告、定(ding)期(qi)開展合(he)規(gui)(gui)(gui)風險(xian)排查、定(ding)期(qi)評(ping)估合(he)規(gui)(gui)(gui)整改進(jin)展等合(he)規(gui)(gui)(gui)工(gong)作。

　　定期(qi)開展(zhan)證(zheng)(zheng)券(quan)(quan)(quan)合(he)規(gui)(gui)(gui)(gui)風(feng)險(xian)評估與改進(jin)。上(shang)市公(gong)司證(zheng)(zheng)券(quan)(quan)(quan)合(he)規(gui)(gui)(gui)(gui)管(guan)理原則(ze)上(shang)以(yi)風(feng)險(xian)為導向。證(zheng)(zheng)券(quan)(quan)(quan)合(he)規(gui)(gui)(gui)(gui)管(guan)理委員會(hui)下設的各(ge)專(zhuan)項證(zheng)(zheng)券(quan)(quan)(quan)合(he)規(gui)(gui)(gui)(gui)管(guan)理部門(men)及各(ge)業務單位(wei)應當每年(nian)定期(qi)開展(zhan)證(zheng)(zheng)券(quan)(quan)(quan)合(he)規(gui)(gui)(gui)(gui)風(feng)險(xian)評估，不斷更新公(gong)司的證(zheng)(zheng)券(quan)(quan)(quan)合(he)規(gui)(gui)(gui)(gui)風(feng)險(xian)庫。在風(feng)險(xian)評估過程中，建(jian)議聘請(qing)具有(you)證(zheng)(zheng)券(quan)(quan)(quan)合(he)規(gui)(gui)(gui)(gui)經驗的第(di)三(san)方專(zhuan)業機(ji)構輔助。同時，上(shang)市公(gong)司需要對(dui)證(zheng)(zheng)券(quan)(quan)(quan)合(he)規(gui)(gui)(gui)(gui)管(guan)理體系設計(ji)和(he)執行(xing)的有(you)效性開展(zhan)持續監督，對(dui)缺陷和(he)不足項進(jin)行(xing)自(zi)我整改，建(jian)立合(he)規(gui)(gui)(gui)(gui)績效考核(he)制度(du)，將合(he)規(gui)(gui)(gui)(gui)考核(he)指標作(zuo)為對(dui)負責人、經營管(guan)理人員、關鍵技術人員和(he)員工進(jin)行(xing)考核(he)的依據。

　　值得一提的(de)是(shi)，有觀點認為(wei)(wei)8月27日減持政(zheng)策尚未成(cheng)為(wei)(wei)生效的(de)法(fa)規(gui)(gui)文件(jian)，不(bu)具有法(fa)律效力，不(bu)應(ying)(ying)(ying)以此為(wei)(wei)標準來(lai)評判減持行(xing)為(wei)(wei)是(shi)否(fou)違(wei)規(gui)(gui)。在(zai)黃江(jiang)東看來(lai)，該政(zheng)策尚在(zai)吹風(feng)層面，尚未成(cheng)為(wei)(wei)正(zheng)式的(de)生效文件(jian)，不(bu)應(ying)(ying)(ying)成(cheng)為(wei)(wei)監管執法(fa)的(de)依(yi)據——本案(an)也沒有以違(wei)規(gui)(gui)減持為(wei)(wei)由對(dui)其(qi)立案(an)。但需強調的(de)是(shi)該政(zheng)策毫無(wu)疑問已成(cheng)為(wei)(wei)重要的(de)窗(chuang)口指(zhi)導，作為(wei)(wei)市(shi)場參與者理應(ying)(ying)(ying)對(dui)此予以尊重、配(pei)合(he)(he)，而(er)不(bu)應(ying)(ying)(ying)“逆風(feng)而(er)行(xing)”，這(zhe)也可以理解為(wei)(wei)廣義上的(de)合(he)(he)規(gui)(gui)管理范(fan)疇。