The China Securities Regulatory Commission ("CSRC") recently released the revised Administrative Measures for the Information Disclosure by Listed Companies (the "Measures") for implementation from May 1, 2021 and on.

The Measures mainly make the following revisions: (1) improving the basic requirements for information disclosure, adding clear and easy-to-understand principles, and detailing the standards and requirements for voluntary disclosure; (2) improving the regular reporting system and making targeted improvement to the system for objection by directors, supervisors and officers of listed companies; (3) providing detailed rules for ad hoc reports, supplementing the provisions on major events and clarifying the time of disclosure for major issues; (4) perfecting the administrative system for information disclosure, adding provisions to require listed companies to establish a system for registering and managing the persons with insider information and adding provisions to standardize the external communications by directors, supervisors and officers; and (5) perfecting the type of regulatory measures and specifying the legal liability for abusing the objection system.

(Source: China Securities Regulatory Commission)