2023-10-30 05:09:00
People’s Daily Online, Beijing, October 30 (Huang Sheng) Recently, under the guidance of the China Securities Regulatory Commission, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued the “Guidelines for the Application of Rules for Publicly Offered Infrastructure Securities Investment Funds (REITs) No. 5 – Interim Report (Trial)” ” (hereinafter referred to as the “Interim Reporting Guidelines”). The “Interim Reporting Guidelines” take “asset management” as the core, strive to build an information disclosure system that is consistent with the characteristics and laws of REITs, and focus on strengthening penetrating supervision and regulation of matters related to REITs’ performance, standardized operations, and underlying asset operations.
Further consolidate the disclosure responsibilities of entities
On the basis of improving the basic requirements for information disclosure of infrastructure REITs, the “Interim Reporting Guidelines” clarify the obligations of all parties and special disclosure requirements, and further consolidate the information disclosure responsibilities of relevant entities.
The first is to stipulate that fund managers should formulate an information disclosure management system, and operation management agencies should formulate an information disclosure cooperation system and designate senior managers as the person in charge of information disclosure affairs.
The second is to refine the scope of entities that perform information disclosure cooperation obligations, urge relevant entities to provide relevant information to information disclosure obligors in a timely manner, and ensure that the information provided is true, accurate, and complete.
The third is to clarify the requirements for voluntary disclosure and exemption from disclosure, emphasizing that information disclosure obligors can voluntarily disclose information related to investors’ value judgments and investment decisions, independently improve the quality of information disclosure services, and allow disclosure matters involving state secrets and permanent commercial affairs. Confidential or commercially sensitive information is exempt from disclosure if certain conditions are met.
Strengthen penetrating supervision
The “Interim Reporting Guidelines” fully consider the characteristics of infrastructure REITs whose income mainly comes from infrastructure projects, and strengthen penetrating supervision by refining the disclosure requirements for infrastructure project operations.
The first is to standardize information disclosure on the operation of infrastructure projects from multiple dimensions, focusing on four aspects: the production and operation status of infrastructure projects, the stability of cash flow and its sources, changes in the project company’s subject qualifications, and the stability of the operation and management organization.
The second is to strengthen the implementation of the main responsibility of the operation and management agency. The operation and management agency should continue to pay attention to the operation of project assets, confirm the disclosure matters, and if there is any objection to the disclosure content of the interim report, the fund manager should be notified, and the fund manager will make an interim report. The content of the objection and its reasons are disclosed in the report.
The third is to set a unified disclosure standard for key operating indicators according to the type of underlying assets to improve the comparability of the operating conditions of underlying assets.
In addition, the “Interim Reporting Guidelines” also regulate fund-level information disclosure matters from fund transactions, finance and governance, and urge fund managers to effectively perform product management responsibilities.
It is also reported that the “Interim Reporting Guidelines” are specific measures taken by the Shanghai and Shenzhen Stock Exchanges to implement the requirements of the China Securities Regulatory Commission’s “Notice on Further Promoting the Normalized Issuance of Real Estate Investment Trusts (REITs) in the Infrastructure Sector” and are conducive to further improvement. The construction of a rule system for the duration of infrastructure REITs with “asset management” as the core will continue to improve the timeliness, effectiveness and standardization of information disclosure, and effectively urge infrastructure REITs market participants to fulfill their responsibilities.
(Editors: Sun Hongli, Lu Qian)
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