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China nsurance Regulatory Commission to support qualified enterprises listed on the new board draft

Abstract: in order to support the insurance companies listed on the National SME share transfer system, improve the company value discovery mechanism, broaden the market capital supplementary channels, to further improve the corporate governance, CIRC drafted "on the insurance company in the National SME share transfer system listed related matters notice (Draft)", feedback deadline time is April 24, 2016.

 

China Insurance Regulatory Commission website 14 news release, to support the insurance companies listed on the National SME share transfer system, improve the company value discovery mechanism, broaden the market capital supplementary channels, to further improve the corporate governance, CIRC drafted "on the insurance company listed on the notice related matters in the National SME share transfer system (ask for an opinion draft)", is to the public for comments, feedback deadline for April 24, 2016.

"draft" proposed, the CIRC support qualified insurance companies listed on the National SME share transfer system, encourage the listed insurance companies take to make the city the way the transfer of shares or auction listing. Insurance companies listed on the National SME share transfer system, should comply with the relevant provisions of the China Insurance Regulatory Commission prudential regulation, no major violations of law in the past three years.

"draft", the insurance company to the National SME share transfer system to apply for listing, the need to obtain regulatory supervision of China Insurance Regulatory commission. Insurance companies through the National SME share transfer system non-public offering of shares, the need to obtain regulatory opinions before the issuance of the circ. An insurance company shall, within thirty days from the date of completion of the non-public offering of shares, submit an application for the administrative license for the change of the registered capital in accordance with the relevant provisions.

at the same time, according to the insurance company to apply the provisions of the CIRC issued by the regulatory opinions, should also be submitted to the shareholders’ meeting by the National SME share transfer system listed or non-public offering of shares related matters, resolution to authorize the board resolution, processing on the National SME share transfer system listed or non – public offering of stock options (plan should be clearly listed or issued after the transfer of shares, non-public offering of stock options should also specify the proposed basic information, issue financial situation etc.) and other materials in the National SME share transfer system listed or non-public offering of stock after the change of ownership structure, governance ability and company reimbursement and that, business performance and financial conditions prescribed by the circ.

"draft" said investors through the National SME share transfer system listed insurance companies holding shares issued by more than 5%, should be in the facts occurred within 15 days from the date of approval by the insurance company insurance. China Insurance Regulatory Commission shall have the right to demand the transfer of shares held by the investors who do not meet the requirements. The investor shall, within 15 days of the date of the occurrence of the fact that the shares of the listed insurance company are less than 5% of the shares of the listed insurance company, by means of the share transfer system of the small and medium-sized enterprises in the country

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