China Securities Regulatory Commission, Measures on the Public Offering Review Committee

Promulgated: May 9 2006
Effective: as of date of promulgation
Applicability: These Measures shall apply to the review by the Public Offering Review Committee established by the China Securities Regulatory Commission (CSRC) on applications for offering of shares and other securities approved by the China Securities Regulatory Commission such as convertible bonds (Applications for Offering of Shares) (Article 2).

Main contents: Compared to the Tentative Measures on the Share Issuance Examination Committee, these Measures add special procedures for review by the Public Offering Review Committee on applications for non-public offerings of shares by listed companies and other non-public offerings of securities specified by the CSRC (Section Three, Part Four). Prior to the conclusion of the review opinion on an Application for Offering of Shares of an issuer in a Public Offering Review Committee meeting, representatives of issuers and sponsors may be invited to the meeting to give explanation and receive enquiries from members of the Public Offering Review Committee (Article 22). Where a member of the Public Offering Review Committee discovers major issues pending investigation and verification that would affect clear judgement,
he/she shall, prior to the Public Offering Review Committee meeting, propose in writing to postpone the voting. The Public Offering Review Committee meeting shall then first vote on whether the Application for Offering of Shares needs to be postponed (Article 30).
Repealed legislation: Tentative Measures on the Share Issuance Examination Committee