,
piumini monclerThe China Securities Regulatory Commission (CSRC) spelled out practical steps for greater openness by releasing a set of guidelines May 20 to accompany the new regulations,
doudoune moncler, which apply to any public company with major assets that pursues a restructuring.
Public companies contemplating asset restructuring in China have come under new rules designed to improve transparency during the complicated procedure.
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The guidelines say companies should entrust an auditing firm to file an application with CSRC no more than three working days after a major restructuring decision is made at a shareholders' meeting. Within another five working days,
louboutin, the regulatory authority should either ask for more documents or decide that an application is complete.
When additional materials are needed,
moncler, companies are given 30 days to gather data and re-submit completed applications to securities regulators. Those who fail to meet this request must explain their failure no more than one day after the deadline.
CSRC also published guidelines specifying that public companies should submit requests to suspend trading of a given stock before notifying its board of directors. In addition,
moncler, companies that suspend stock trading for more than five days should at least publish an announcement every Monday describing the progress of the restructuring process.
When CSRC approves an asset restructuring plan,
coach outlet, the company should follow regulatory requirements and report compliance to authorities. When a plan is rejected,
abercrombie and fitch, the regulator must provide a written explanation to the company.
By staff reporters Wang Zhen and Li Qing
The guidelines provide specifics for work procedures,
christian louboutin, improving transparency,
abercrombie, and helping listed companies know how and when to pursue a restructuring.
Regulators are offering public companies practical tips for following a new law aimed at improving the transparency of asset restructuring proposals.
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