Securities Supervision Commission Issued Provisions on Suspension and Exemption of Information Disclosure of Listed Companies

On April 25th, the Securities Supervision Commission issued the "Regulations on the Administration of Suspension and Exemption of Information Disclosure of Listed Companies", which will be implemented from July 1, 2025. The main content of the "Regulations" is to clarify the scope of two types of exemptions, one is state secrets or other information that may violate state secrecy regulations and management requirements after disclosure, and the other is trade secrets or confidential business information. The second is to stipulate three ways of exemption, including exemption from timely disclosure of interim reports, exemption from disclosure of interim reports, and exemption from disclosure of relevant content in regular reports and interim reports by means of nominations. The third is to consolidate corporate responsibility, require the formulation of a disclosure exemption system, and shall not publicize in the name of confidentiality. Register and manage exempted disclosure items and submit registration materials regularly. Fourth, strengthen regulatory constraints, and deal with those who fail to establish a system as required, do not meet the conditions for exemption from disclosure, or even use exemption to engage in insider trading and market manipulation.