CSRC Unveils Listing Committee Reforms
The China Securities Regulatory Commission (CSRC) on Thursday unveiled reforms
designed to increase the transparency and accountability of its listing committee,
and thus improve the somewhat uneven quality of mainland China's listed companies. Among the changes announced last week was the reduction of the size of the
committee from 80 people (traditionally comprising many government officials)
to 25, to include 5 CSRC officials, with the remaining 20 members drawn from
government agencies, the finance industry, institutional investors, stock exchanges,
academic institutions, and overseas industry bodies. The new listing committee will reportedly be better informed with regard to
accounting, securities, and regulation of the investment sector, and will include
13 full time members. The CSRC also revealed that it will announce the identities of officials involved
in listing hearings beforehand in order to allow candidates to identify any
potential conflicts of interest. It will additionally no longer permit committee
members to vote anonymously, in order to allow any inconsistencies in the committee's
decisions to be clearly visible. .
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