【中英文对照版】欺诈发行上市股票责令回购实施办法(试行).docx

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1、【制定机关】 【发文字号】 【公布日期】欺诈发行上市股票责令回购实施办法(试行)MeasuresfortheImplementationofOrderingRepurchaseofStocksFraudulentlyOfferedandListed(ForTrialImplementation)中国证券监督管理委员会中国证券监督管理委员会令第216号2023.02.17【施行日期】【效力位阶】【法规类别】2023.02.17部门规章股票Issuingauthority：InstrumentalitiesoftheStateCouncil,ACommissionslChinaSecuRegula

2、toryCommissionDocumentNumber：OrderNo.216oftheChinaSecuritiesRegulatoryCommissionDateissued：02-17-2023Effectivedate：02-17-20231.evelofAuthority：DepartmentalRulesAreaofLaw：Securities中国证券监督管理委员会令OrderoftheChinaSecuritiesRegulatoryCommission（第216号）欺诈发行上市股票责令回 购实施办法（试行）已经 2022年4月28日中国证券监 督管理委员会2022年第3次 委

3、务会议审议通过，现予公 布，自公布之日起施行。(No.216)TheMeasuresfortheImplementationofOrderingRepurchaseofStocksFraudulentlyOfferedandListed(ForTrialImplementation),asdeliberatedandadoptedatthe3rdexecutivemeetingoftheChinaSecuritiesRegulatoryCommissionfor2022onApril28,2022,areherebyissuedandshallcomeintoforceonthedateofi

4、ssuance.中国证券监督管理委员会主 席：易会满YiHuiman,ChairmanoftheChinaSecuritiesRegulatoryCommission2023年2月17日February17,2023Annex 1: MeasuresfortheImplementationofOrderingRepurchaseofStocksFraudulentlyOfferedandListed(ForTriaIImplementation)Annex 2: 1.egislativeExplanationsfortheMeasuresfortheImplementationofOrderi

5、ngRepurchaseofStocksFraudulentlyOfferedandListed(ForTriaIImplementation)MeasuresfortheImplementationofOrderingRepurchaseofStocksFraudulentlyOfferedandListed(ForTriaIImplementation)(Deliberatedandadoptedatthe3ndexecutivemeetingoftheChinaSecuritiesRegulatoryCommissiononApril28,2022)附件L欺诈发行上市股票责 令回购实施办

6、法（试行）附件2：关于欺诈发行上市 股票责令回购实施办法（试 行）的立法说明欺诈发行上市股票责令回购 实施办法（试行）（2022年4月28日中国证券 监督管理委员会第3次委务 会议审议通过）Article1Forthepurposesofregulatingtheactivitiesrelatedtostockofferingandprotectingthelegitimaterightsandinterestsofinvestorsandsocialpublicinterests,theseMeasuresaredevelopedaccordingtotheSecuritiesLawofth

7、ePeoplesRepublicofChinaandtherelevantlawsandregulations.第一条为了规范股票 发行相关活动，保护投资者合 法权益和社会公共利益，根据 中华人民共和国证券法及 相关法律法规，制定本办法Q第二条股票的发行人 在招股说明书等证券发行文 件中隐瞒重要事实或者编造 重大虚假内容，已经发行并上 市的，中国证券监督管理委员 会（以下简称中国证监会）可 以依法责令发行人回购欺诈 发行的股票，或者责令负有责 任的控股股东、实际控制人买 回股票（以下统称回购），但 发行人和负有责任的控股股 东、实际控制人明显不具备回 购能力，或者存在其他不适合 采取责令回购措

8、施情形的除 外。Article2Whereastockissuerconcealsimportantfactsorfabricatesmaterialfalsecontentsinthesecuritiesofferingdocumentssuchastheprospectus,andhasalreadyofferedstocksandtheissuerhasbeenlisted,theChinaSecuritiesRegulatoryCommission(uCSRCn)may,accordingtothelaw,ordertheissuertobuybackfraudulentlyoffer

9、edstocks,orordertheliablecontrollingshareholderoractualcontrollertobuybackstocks(hereinafterreferredtoas“repurchase),exceptunderthecircumstancesthattheissuerandtheliablecontrollingshareholderoractualcontrollerareobviouslyincapableofconductingrepurchase,orthereareothercircumstancesthatareunsuitablefo

10、rtakingthemeasureoforderingrepurchase.Article3WhereanissueroraliablecontrollingshareholderoractualcontrollerrepurchasesfraudulentlyofferedstocksinaccordancewiththedecisionoftheCSRC,itshallissueanoffertoinvestorsthathavepurchasedfraudulentlyofferedstocksduringtheperiodfromthisofferingtothedateofdiscl

11、osureorcorrectionofthefraudulentoffering.Thefollowingstocksshallnotbeincludedinthescopeofrepurchase:(1) Stocksheldbydirectors,supervisors,seniorexecutives,controllingshareholdersoractualcontrollersoftheissuerliableforfraudulentoffering.(2) Stockspurchasedbythesecuritiescompanyliableforfraudulentoffe

12、ringforunderwriting.(3) Stockspurchasedbyinvestorsaftertheyknowsorshouldhaveknownthattheissuerconcealsimportantfactsorfabricatesmaterialfalsecontentinthesecuritiesofferingdocuments.Article4Whereanissuerortheliablecontrollingshareholderoractualcontrollerrepurchasesstocks,itshalldosoatthebenchmarkpric

13、e.Ifaninvestorbuysstocksatapricehigherthanthebenchmarkprice,thepurchasepriceshallberegardedastherepurchaseprice.第三条发行人或者负 有责任的控股股东、实际控制 人按照中国证监会的决定回 购欺诈发行的股票的，应当向 自本次发行至欺诈发行揭露 日或者更正日期间买入欺诈 发行的股票，且在回购时仍然 持有股票的投资者发出要约。下列股票不得纳入回购范围：（一）对欺诈发行负有责任的 发行人的董事、监事、高级管 理人员、控股股东、实际控制 人持有的股票；（二）对欺诈发行负有责任的 证券公司因包销买

14、入的股票;（三）投资者知悉或者应当知 悉发行人在证券发行文件中 隐瞒重要事实或者编造重大 虚假内容后买入的股票。第四条发行人或者负 有责任的控股股东、实际控制 人回购股票的，应当以基准价 格回购Q投资者买入股票价格 高于基准价格的，以买入股票 价格作为回购价格。发行人或者负有责任的控股 股东、实际控制人在证券发行 文件中承诺的回购价格高于 前款规定的价格的，应当以承 诺的价格回购。Wheretherepurchasepricepromisedbyanissuerortheliablecontrollingshareholderoractualcontrollerinthesecuritieso

15、fferingdocumentishigherthanthepriceprescribedintheprecedingparagraph,thestocksshallberepurchasedatthepromisedprice.ForthepurposeoftheseMeasures,thedateofdisclosure,thedateofcorrectionandthebenchmarkpriceshallbedetermined,mutatismutandisto,theSeveralProvisionsoftheSupremePeople,sCourtonHearingCivilCo

16、mpensationCasesConcerningFalseStatementsintheSecuritiesMarket.Thepurchasepriceofaninvestorshallbedeterminedaccordingtotheaveragepriceatwhichtheinvestorbuysthestock.Article5WheretheCSRCdeterminesthatanissuerconstitutesfraudulentofferingandmakesadecisiononorderingrepurchase,itshallfindoutthefacts,list

17、entothestatementsandargumentsoftheissueroritscontrollingshareholder,actualcontrollerandotherrelevantparties,andmakeawrittendecisiononorderingrepurchasewiththeapprovaloftheprincipalpersoninchargeoftheCSRC.Awrittendecisiononorderingrepurchaseshallincludethetimelimitfordevelopingtherepurchaseplan,thesc

18、opeofobjectstoberepurchased,thenumberofsharestoberepurchased,theproportionofsharestoberepurchasedbytheissuerandtheliablecontrollingshareholderandactualcontrollerrespectively,therepurchasepriceorthewayofdeterminingtheprice,etc.Article 6 IftheCSRCmakesadecisiononorderingrepurchase,thestockexchangemayi

19、mplementtradinghaltsoftheissuersstocksinaccordancewiththebusinessrules.Wherethereisevidencetoprovethatillegalfundsandotherpropertyinvolvedinacasehavebeenormaybetransferredorconcealed,theCSRCmayfreezeorsealupthesaidfundsandpropertyaccordingtothelaw.本办法所称的揭露日、更正日 与基准价格，参照最高人民 法院关于审理证券市场虚假 陈述侵权民事赔偿案件的若

20、 干规定确定。投资者买入价 格，按照该投资者买入股票的 平均价格确定。第五条中国证监会认 定发行人构成欺诈发行并作 出责令回购决定的，应当查明 事实情况，听取发行人或者其 控股股东、实际控制人等相关 当事人的陈述、申辩，并经中 国证监会主要负责人批准，制 作责令回购决定书。责令回购决定书应当包括回 购方案的制定期限、回购对象 范围、回购股份数量、发行人 和负有责任的控股股东、实际 控制人各自需要承担的回购 股份比例、回购价格或者价格 确定方式等内容。第六条中国证监会作 出责令回购决定的，证券交易 所可以按照业务规则对发行 人股票实施停牌。对有证据证明已经或者可能 转移或者隐匿违法资金等涉 案财

21、产的，中国证监会可以依 法予以冻结、查封。第七条发行人或者负Article 7 Whereanissueroraliablecontrollingshareholderoractualcontrollerissubjecttothemeasureoforderingrepurchase,itshalldisclosetherelevantinformationwithintwotradingdaysafterreceivingthewrittendecisiononorderingrepurchase,and,withinthetimelimitrequiredbythewrittendeci

22、siononorderingrepurchase,developastockrepurchaseplanaccordingtotheprovisionsoftheseMeasuresandtherequirementsofthewrittendecisiononorderingrepurchase.Anissueroraliablecontrollingshareholderoractualcontrollermayentrustassistanceindevelopingandimplementingthestockrepurchaseplantoaninvestorprotectionin

23、stitutionformedinaccordancewithlaws,administrativeregulationsortherulesoftheCSRC(hereinafterreferredtoasan“investorprotectioninstitution).Article 8 Astockrepurchaseplanshallcontainthefollowingcontents:(1) Thescopeofobjectstoberepurchased.有责任的控股股东、实际控制 人被采取责令回购措施的，应 当在收到责令回购决定书后 二个交易日内披露有关信息, 并在责令回购决

24、定书要求的 期限内，根据本办法规定及责 令回购决定书的要求制定股 票回购方案。(2) Themaximumnumberofstocksthatmayberepurchasedandtheirproportiontothetotalcapitalstocksofthecompany.(3) Therepurchasepriceandthemaximumtotalamountoffundsthatmaybeinvolved.(4) Thesourceoffundsforstockrepurchaseandthetimelimitforreceivingfunds.发行人或者负有责任的控股 股东、实

25、际控制人可以委托依 照法律、行政法规或者中国证 监会规定设立的投资者保护 机构（以下简称投资者保护机 构），协助制定、实施股票回 购方案。第八条股票回购方案 应当包含以下内容：（一）拟回购股票的对象范 围；（二）可能回购的最大股票数 量和占公司总股本的比例；（三）回购价格和可能涉及的 最高资金总额；（四）回购股票的资金来源、 资金到位期限；（五）根据责令回购决定书确 定的回购比例，发行人和负有 责任的控股股东、实际控制人 各自需要承担的回购资金数 额；(5) Theamountoffundsrepurchasedtobeassumedbytheissuer,andliablecontrolli

26、ngshareholderandactualcontrollerrespectivelyaccordingtotherepurchaseproportiondeterminedinthewrittendecisiononorderingrepurchase.(6) Thetimewhenaninvestorstartsreportingandthetimewhenitfinishesreporting,andthereportingperiodshallnotbelessthan15days.(7) Implementationproceduresforrepurchaseofstocks.(

27、8) OthercontentsasrequiredbytheCSRC.（六）投资者开始申报时间和 结束申报的时间，且申报期不 得少于十五日；（七）回购股票的实施程序;Article9Anissuerorliablecontrollingshareholderoractualcontrollershallmakeapublicannouncementwithintwotradingdaysafterdevelopingthestockrepurchaseplan,submitthestockrepurchaseplantotheCSRCandthestockexchange,andissuea

28、repurchaseofferinaccordancewiththeplan.IfastockrepurchaseplandoesnotcomplywiththeprovisionsoftheseMeasuresorthewrittenrequirementsofthedecisiononorderingrepurchase,theCSRCmayrequiretheissuerortheliablecontrollingshareholderoractualcontrollertodevelopanewplan.Article 10 Astockexchange,asecuritiesdepo

29、sitoryandclearinginstitution,andaninvestorprotectioninstitutionshallprovidedatainquiry,transactiontransfer,clearingandsettlementandothernecessaryassistancefortheissuerorliablecontrollingshareholderoractualcontrollerfordevelopmentandimplementationoftherepurchaseplan,andcooperatewiththerelevantinstitu

30、tioninimplementingthewrittendecisiononorderingrepurchase.（八）中国证监会要求的其他 内容。第九条发行人或者负 有责任的控股股东、实际控制 人应当在制定股票回购方案 后二个交易日内公告，向中国 证监会和证券交易所报送股 票回购方案，并按照方案发出 回购要约。股票回购方案不符合本办法 规定或者责令回购决定书要 求的，中国证监会可以要求发 行人或者负有责任的控股股 东、实际控制人重新制定。第十条证券交易所、 证券登记结算机构、投资者保 护机构应当为发行人或者负 有责任的控股股东、实际控制 人制定、实施回购方案提供数 据查询、交易过户、清算交收

31、 和其他必要的协助，并配合相 关机构执行责令回购决定。第十一条发行人或者 负有责任的控股股东、实际控 制人应当在股票回购方案实 施完毕后二个交易日内，公告Article 11 Anissueroraliablecontrollingshareholderandactualcontrollershall,withintwotradingdaysafterthecompletionoftheimplementationofthestockrepurchaseplan,announcetheimplementationoftherepurchaseplanandreporttotheCSRC.Ani

32、ssuerconductingrepurchaseshallcancelitsrepurchasedstockswithin10daysafterthecompletionoftheimplementationofthestockrepurchaseplan.Article 12 TheCSRCshallsuperviseandguidethedevelopmentandimplementationofthestockrepurchaseplanaccordingtothelaw.Article 13 Ifanissueroraliablecontrollingshareholderoract

33、ualcontrollerrefusestoacceptadecisiononorderingrepurchase,itmayapplyforadministrativereconsiderationorinstituteanadministrativeactionwithinthelegaltimelimit,buttheexecutionofthedecisiononorderingrepurchaseshallnotbesuspendedduringtheperiodofreconsiderationoradministrativeaction.Whereanissueroraliabl

34、econtrollingshareholderoractualcontrollerfulfilsadecisiononorderingrepurchaseandproactivelyeliminatesormitigatestheharmfulconsequencesofthefraudulentoffering,theCSRCshallimposealighterormitigatedadministrativepenaltythereuponaccordingtothelaw.Article 14 Whereanissueroraliablecontrollingshareholderor

35、actualcontrollerrefusestodevelopastockrepurchaseplaninaccordancewithadecisiononorderingrepurchase,aninvestormayinstituteacivillawsuitwiththepeoplescourtaccordingtothescopeofrepurchaseobjectsandrepurchaseprice,amongothers,determinedbythedecisiononorderingrepurchase.回购方案的实施情况，并向中 国证监会报告。发行人实施回购的，应当自股

36、票回购方案实施完毕之日起 十日内注销其回购的股票。第十二条中国证监会 依法对股票回购方案的制定 和实施进行监督指导。第十三条发行人或者 负有责任的控股股东、实际控 制人不服责令回购决定的，可 以在法定期限内申请行政复 议或者提起行政诉讼,但复议 或者诉讼期间责令回购决定 不停止执行。发行人或者负有责任的控股 股东、实际控制人履行责令回 购决定，主动消除或者减轻欺 诈发行行为危害后果的，中国 证监会依法对其从轻或者减 轻行政处罚。第十四条发行人或者 负有责任的控股股东、实际控 制人拒不按照责令回购决定 制定股票回购方案的，投资者 可以依据责令回购决定确定 的回购对象范围、回购价格等 向人民法院提

37、起民事诉讼，要 求履行回购义务。投资者对发行人或者负有责Whereaninvestorhasdisputesoverastockrepurchaseplandevelopedbyanissueroraliablecontrollingshareholderoractualcontroller,orrequirestheissuerorliablecontrollingshareholderoractualcontrollertoperformtherepurchaseobligationsinaccordancewiththestockrepurchaseplan,itmayinstitute

38、acivillawsuitwiththepeoplescourtaccordingtothelaw,andmayapplyforcompulsoryenforcementafterobtaininganeffectivejudgmentororder.Article15TheprovisionsofArticle44oftheSecuritiesLawofthePeoplesRepublicofChina,andtheprovisionsoftheMeasuresfortheAdministrationoftheTakeoverofListedCompaniesandtheRulesforRe

39、purchaseofSharesbyListedCompaniesshallnotapplytoissuersorliablecontrollingshareholdersoractualcontrollersthatrepurchasestocksinaccordancewiththeprovisionsoftheseMeasures.Article16TheseMeasuresshallcomeintoforceonthedateofissuance.1.egislativeExplanationsfortheMeasuresfortheImplementationofOrderingRe

40、purchaseofStocksFraudulentlyOfferedandListed(ForTrialImplementation)任的控股股东、实际控制人制 定的股票回购方案有争议，或 者要求发行人及负有责任的 控股股东、实际控制人按照股 票回购方案履行回购义务的, 可以依法向人民法院提起民 事诉讼，并可以在取得生效判 决、裁定后申请强制执行。第十五条发行人或者 负有责任的控股股东、实际控 制人按照本办法规定回购股 票的，不适用中华人民共和 国证券法第四十四条的规定 和上市公司收购管理办法 上市公司股份回购规则的 规定。第十六条本办法自公 布之日起施行。关于欺诈发行上市股票责令 回购实施

41、办法（试行）的立 法说明为保护投资者合法权益，维护 证券市场秩序，根据中华人 民共和国证券法（以下简称 证券法）第二十四条有关 责令回购的规定，我会起草了欺诈发行上市股票责令回 购实施办法（试行）（以下 简称责令回购办法）。现 将有关情况说明如下：Forthepurposesofprotectingthelegitimaterightsandinterestsofinvestorsandmaintainingtheorderofthesecuritiesmarket,inaccordancewiththeprovisionsofArticle24oftheSecuritiesLawoftheP

42、eoplesRepublicofChina(hereinafterreferredtoastheSecuritiesLaw)onorderingrepurchase,theChinaSecuritiesRegulatoryCommission(uCSRC)hasdraftedtheMeasuresfortheImplementationofOrderingRepurchaseofStocksFraudulentlyOfferedandListed(forTrialImplementation)(hereinafterreferredtoastheMeasuresforOrderingRepur

43、chase).I. Therelevantinformationisherebydescribedasfollows:II. 1.egislativeBackgroundAsanimportantsystemexploredandestablishedwhentheSTARMarketissetupandwhenthereformoftheregistrationsystemisimplementedonapilotbasisandformallydeterminedbytheSecuritiesLaw,orderingrepurchaseforfraudulentofferingisofgr

44、eatsignificanceformaintainingtheorderofthesecuritiesmarketandprotectingthelegitimaterightsandinterestsofinvestors.Itisstipulatedinparagraph2ofArticle24oftheSecuritiesLawthat:uWhereastockissuerconcealsanymaterialfactorfalsifiesanymajorcontentintheprospectusandothersecuritiesofferingdocuments,ifthesto

45、ckhasbeenofferedandlisted,thesecuritiesregulatoryauthorityoftheStateCouncilmayordertheissuertorepurchasesecuritiesorordertheliablecontrollingshareholderandactualcontrollertobuybackthesecurities.DuetothecomparativeprinciplesstipulatedintheSecuritiesLaw,itisnecessarytoissuetheMeasuresforOrderingRepurc

46、hasetospecifyspecificimplementationarrangementsandensurethatthesystemoforderingrepurchasemaybeimplemented.Tothisend,theCSRChasmadeanin-depthstudyoftherelevantissuesinvolvedinorderingrepurchase,andhaswidelytakentheopinionsandsuggestionsofvariouspartiesbyseekingpublicopinions,holdingexpertforums,seeki

47、ngopinionsoftherelevantdepartmentinwriting,andothermethods,basedonwhichithasformedtheMeasuresforOrderingRepurchase.III. MainContentsoftheMeasuresforOrderingRepurchase一、立法背景欺诈发行责令回购是设立科 创板并试点注册制改革时探 索创立、证券法正式确立 的一项重要制度，对于维护证 券市场秩序、保护投资者合法 权益具有重要意义。证券法 第二十四条第二款规定：“股 票的发行人在招股说明书等 证券发行文件中隐瞒重要事 实或者编造重大虚假

48、内容，已 经发行并上市的，国务院证券 监督管理机构可以责令发行 人回购证券，或者责令负有责 任的控股股东、实际控制人买 回证券。”由于证券法规 定比较原则，有必要出台责 令回购办法，明确具体的实 施安排，保障责令回购制度能 够落地。为此，我会对责令回 购涉及的相关问题作了深入 研究，并通过公开征求意见、 召开专家座谈会、书面征求有 关部门意见等方式广泛听取 了各方意见建议,在此基础上 形成了责令回购办法。二、责令回购办法 的主要内容责令回购办法共十六条,Thereareatotalof16articlesintheMeasuresforOrderingRepurchase,whosemaincontentsareasfollows:1. ApplicablescopeofthemeasuresfororderingrepurchaseItisstipulatedintheMeasuresforOrderingRepurchasethatwhereastockissuerconcealsimportantfactsorfabricatesmaterialfalsecontentsinthesecuritiesofferingdocumentssuchastheprospectus,andhasalreadyofferedstocksandtheissuer