為貫徹落(luo)實(shi)《國務院(yuan)關(guan)于加強監(jian)(jian)管(guan)(guan)(guan)防范風險推動資本市場(chang)高質量發展的(de)若干意見》《關(guan)于加強上(shang)市公(gong)司(si)監(jian)(jian)管(guan)(guan)(guan)的(de)意見（試行(xing)）》，證監(jian)(jian)會今日發布(bu)《上(shang)市公(gong)司(si)股(gu)東減持(chi)股(gu)份管(guan)(guan)(guan)理(li)(li)暫行(xing)辦(ban)法》（以下簡(jian)稱(cheng)《減持(chi)管(guan)(guan)(guan)理(li)(li)辦(ban)法》）、《上(shang)市公(gong)司(si)董事(shi)、監(jian)(jian)事(shi)和高級管(guan)(guan)(guan)理(li)(li)人員所持(chi)本公(gong)司(si)股(gu)份及(ji)其變動管(guan)(guan)(guan)理(li)(li)規(gui)則(ze)》（以下簡(jian)稱(cheng)《持(chi)股(gu)變動規(gui)則(ze)》），自發布(bu)之日起施(shi)行(xing)。

減持(chi)(chi)制(zhi)度(du)是資(zi)本(ben)市場(chang)的(de)一項重要基礎性制(zhi)度(du)。為落實近期(qi)相(xiang)關文件關于(yu)(yu)全面完善(shan)減持(chi)(chi)規(gui)(gui)(gui)則(ze)體系(xi)，嚴格規(gui)(gui)(gui)范大股東尤其是控股股東、實際控制(zhi)人減持(chi)(chi)，堅決防范各類(lei)繞道減持(chi)(chi)等要求，證(zheng)監(jian)會在(zai)《上市公司(si)股東、董監(jian)高減持(chi)(chi)股份(fen)的(de)若干規(gui)(gui)(gui)定》（以下簡稱《減持(chi)(chi)規(gui)(gui)(gui)定》）基礎上起草(cao)了(le)《減持(chi)(chi)管理辦法》，同步(bu)修訂(ding)了(le)《持(chi)(chi)股變(bian)動規(gui)(gui)(gui)則(ze)》，并(bing)于(yu)(yu)2024年4月12日至4月27日向社會公開征求意見。市場(chang)各方對規(gui)(gui)(gui)則(ze)內容總體支持(chi)(chi)，提(ti)出的(de)修改(gai)完善(shan)建(jian)議，證(zheng)監(jian)會逐條研究，認(ren)真吸(xi)收采納，并(bing)相(xiang)應修改(gai)了(le)規(gui)(gui)(gui)則(ze)。

《減(jian)(jian)持(chi)(chi)(chi)(chi)管理辦法(fa)(fa)》共(gong)三(san)十一條(tiao)，總體(ti)保持(chi)(chi)(chi)(chi)了(le)《減(jian)(jian)持(chi)(chi)(chi)(chi)規(gui)(gui)定》的(de)(de)(de)基(ji)本(ben)(ben)框架和核心內(nei)容(rong)(rong)，將原有的(de)(de)(de)規(gui)(gui)范(fan)性文件上升為(wei)規(gui)(gui)章，并針對市場反(fan)映(ying)的(de)(de)(de)突出問題完善了(le)相關(guan)內(nei)容(rong)(rong)：一是(shi)嚴格規(gui)(gui)范(fan)大(da)股(gu)東(dong)(dong)減(jian)(jian)持(chi)(chi)(chi)(chi)。明確(que)控股(gu)股(gu)東(dong)(dong)、實際控制(zhi)人(ren)在破發(fa)、破凈、分(fen)紅不達標等情形(xing)下不得通(tong)(tong)過集中競價交(jiao)易(yi)或(huo)者大(da)宗(zong)(zong)交(jiao)易(yi)減(jian)(jian)持(chi)(chi)(chi)(chi)股(gu)份；增加大(da)股(gu)東(dong)(dong)通(tong)(tong)過大(da)宗(zong)(zong)交(jiao)易(yi)減(jian)(jian)持(chi)(chi)(chi)(chi)前的(de)(de)(de)預披露義務；要求(qiu)大(da)股(gu)東(dong)(dong)的(de)(de)(de)一致行動人(ren)與(yu)大(da)股(gu)東(dong)(dong)共(gong)同(tong)遵(zun)守減(jian)(jian)持(chi)(chi)(chi)(chi)限(xian)制(zhi)。二是(shi)有效防范(fan)繞道減(jian)(jian)持(chi)(chi)(chi)(chi)。要求(qiu)協議轉讓的(de)(de)(de)受讓方(fang)鎖(suo)定六個(ge)月；明確(que)因離婚、解散、分(fen)立等分(fen)割股(gu)票后各方(fang)持(chi)(chi)(chi)(chi)續共(gong)同(tong)遵(zun)守減(jian)(jian)持(chi)(chi)(chi)(chi)限(xian)制(zhi)；明確(que)司(si)法(fa)(fa)強制(zhi)執行、質押融資(zi)融券(quan)違(wei)(wei)約(yue)處(chu)置等根據(ju)減(jian)(jian)持(chi)(chi)(chi)(chi)方(fang)式的(de)(de)(de)不同(tong)分(fen)別適用相關(guan)減(jian)(jian)持(chi)(chi)(chi)(chi)要求(qiu)；禁止大(da)股(gu)東(dong)(dong)融券(quan)賣(mai)出或(huo)者參與(yu)以(yi)本(ben)(ben)公(gong)司(si)股(gu)票為(wei)標的(de)(de)(de)物的(de)(de)(de)衍生(sheng)品交(jiao)易(yi)；禁止限(xian)售股(gu)轉融通(tong)(tong)出借、限(xian)售股(gu)股(gu)東(dong)(dong)融券(quan)賣(mai)出等。三(san)是(shi)細化違(wei)(wei)規(gui)(gui)責任條(tiao)款。明確(que)對違(wei)(wei)規(gui)(gui)減(jian)(jian)持(chi)(chi)(chi)(chi)可以(yi)采取(qu)責令購回(hui)并向(xiang)上市公(gong)司(si)上繳(jiao)價差(cha)的(de)(de)(de)措施(shi)，列(lie)舉應予(yu)處(chu)罰的(de)(de)(de)具(ju)體(ti)情形(xing)。此(ci)外，還強化了(le)上市公(gong)司(si)及董事(shi)會秘書(shu)的(de)(de)(de)義務。

本次(ci)修訂后的《持(chi)(chi)股(gu)(gu)變動規(gui)(gui)則(ze)》，吸收(shou)整合了《減(jian)持(chi)(chi)規(gui)(gui)定》中(zhong)有關規(gui)(gui)范董(dong)(dong)監高減(jian)持(chi)(chi)股(gu)(gu)份的要求，進一步(bu)明確(que)董(dong)(dong)監高離(li)婚分割股(gu)(gu)票后各方持(chi)(chi)續共同遵守原有的減(jian)持(chi)(chi)限制；優化了禁止買(mai)賣(mai)股(gu)(gu)票的窗口期，支(zhi)持(chi)(chi)董(dong)(dong)監高依法增(zeng)持(chi)(chi)股(gu)(gu)份。

下一步，證監會將持續強化對股東減持行為的監管，嚴厲打擊、從嚴懲處違規減持行為，維護市場交易秩序。