深交所规范创业板高管减持股票行为

        Shenzhen Stock Exchange Regulates the Stock Reduction Action of GEM Executives

        深交所11月4日发布了《关于进一步规范创业板上市公司董事、监事和高级管理人员买卖本公司股票行为的通知》，通知在借鉴中小 板实践经验的基础上，结合创业板上市公司对管理层和核心技术人员稳定要求更高的特点，立足于创业板的长远发展，对创业板上市公司董监高 股份管理以及董监高离任后减持本公司股票的行为提出了进一步的要求。

        Shenzhen Stock Exchange released Circular on Further Regulating the Action of GEM Listing Companies’ Directors, Supervisors and Executives of Buying and Selling Their Own Companies’ Stocks (“Circular”) on the day of Nov, 4. Circular is based on the perspective of the long-run development of GEM, and made from the practical experience of Small and Medium-sized Enterprise Market. Combined with the features that GEM asks for higher requirement on management level and core technical staffs, Circular makes further requirement on the stock management of GEM listing companies’ directors, supervisors and executives, and action of aforementioned individuals of reducing their own companies’ stocks.

        上海证券交易所五大举措严把内幕交易监管关

        Shanghai Stock Exchange 5 Measures for Insider Trading Supervision

        在全流通的市场环境下，内幕交易已成为当前影响资本市场健康发展的突出问题之一。近年来，上海证券交易所切实履行自律管理职能， 充分发挥一线监管优势，严把内幕交易监管关，通过一系列监管措施，致力于提高内幕信息知情人的合法合规意识，促进上市公司及相关各方规范运作， 不断完善有关监督约束机制，在内幕交易综合防控方面作出了如下五大举措严把内幕交易监管关：

        第一，从源头强化上市公司重大信息披露前的保密要求。

        第二，加强股价异动与信息披露的联动监管

        第三，强化上市公司董事、监事、高级管理人员和主要股东股票交易行为的监管。

        第四，重点关注并购重组中的内幕交易问题。。

        第五，加强上市公司培训，引导上市公司及相关各方规范运作。

        Under the full circulation environment, insider trading has become one of the special problems affecting the healthy development of capital market. In the last years, in order to improve the law-abiding awareness of insiders, and to promote the regulated operation of listed companies, and to perfect relevant supervision and restraint mechanism, Shanghai Stock Exchange practically performs the self-discipline administration function, and has made the following 5 measures strictly supervising the insider trading:

        First, increase from the resource the confidentiality obligation before any important information disclosed.

        Second, enhance united supervision on abnormal stock price changes and information disclosure.

        Third, enhance supervision on the stock transaction of listed companies’ directors, supervisors, executives and main stockholders.

        Fourth, focus on the insider trading in M & A.

        Fifth, strengthen the training of listed companies, and guide listed companies and relevant parties to operate compliant to laws and regulations.