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On May 27, the China Securities Regulatory Commission issued the revised instructions for the “Guidelines for the Working Papers of Securities Issuance and Listing Sponsorship Business“, revising the rules that have been used since 2009.
Major revisions:
1、Addition of relevant review materials for professional opinions of securities service institutions. The sponsor can reasonably trust the professional opinions issued by the securities service institution in the issuer’s application documents and securities issuance and offering documents, and maintain professional suspicion. Therefore, in the scope of the manuscript, the documents of the professional opinion process of the securities service institution are clearly reviewed.
2、Added kernel stage workpaper requirements. The kernel is an important procedure for the sponsor to carry out export management and terminal risk control of investment banking projects. During the performance of the kernel duties, corresponding working papers will be formed. This revision clearly requires that the sponsor working papers should be collected at the kernel stage.
3、Add relevant manuscripts for the analysis and verification process. “Diligent, conscientious, and evidence-based” is the basic requirement for sponsors to issue verification conclusions. When conducting due diligence, sponsors must maintain professional skepticism, and issue verification conclusions based on obtaining sufficient and appropriate evidence and combining the probative force of the evidence. Therefore, The process of analysis and verification of due diligence evidence should be documented in the working papers.
Here’s a before-and-after comparison:
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