The China Securities Regulatory Commission has issued the Management Provisions on Temporary Deferral and Exemption of Information Disclosure by Listed Companies, setting a framework for when and how listed companies may defer or withhold disclosures and strengthening oversight to protect investors’ rights. The provisions take effect on 1 July 2025. The rules define two categories of information that may qualify for exemption: state secrets or other information whose publication could breach national secrecy rules or management requirements, and commercial secrets or confidential business information. They also set out three exemption approaches: deferral of timely disclosure of an ad hoc report, exemption from disclosing an ad hoc report, and use of substitute terms or similar techniques to exempt specific content in periodic and ad hoc reports. Listed companies must establish internal exemption policies, register and manage exempted items, and periodically submit registration materials, while being prohibited from using “confidentiality” as a pretext for publicity. The CSRC indicated it previously consulted publicly on the provisions and that market feedback was broadly supportive, with key comments on the articles adopted. It will further guide listed companies on using the framework in a compliant and prudent manner.
China Securities Regulatory Commission 2025-04-25
China Securities Regulatory Commission issues rules tightening listed-company disclosure deferrals and exemptions effective 1 July 2025
The China Securities Regulatory Commission's Management Provisions on Temporary Deferral and Exemption of Information Disclosure by Listed Companies, effective 1 July 2025, regulate when disclosures can be deferred or withheld. Exemptions are categorized into state and commercial secrets, with three approaches outlined. Listed companies must establish internal policies, manage exempted items, and submit registration materials, with guidance for compliant use.