中国证监会 recently issued the "Provisional Measures for the Administration of Information Disclosure Suspension and Exemption by Listed Companies" (hereinafter referred to as the "Measures"), which aims to strengthen the regulation of information disclosure suspension and exemption behaviors of listed companies, and protect the legitimate rights and interests of investors. The Measures will come into effect on July 1, 2025. The new regulations establish clear categories for exempted information. First category includes national secrets or other information that would violate national confidentiality regulations or management requirements upon disclosure. Second category involves trade secrets or confidential business information. For the latter, the Measures provide specific scenarios where exemption is allowed. To address how to apply these exemptions, the Measures specify three types of exemption methods: 1. Suspension of timely disclosure in periodic reports 2. Exemption from disclosing certain content in temporary reports 3. Use of alternative terms, general summaries or omission of key information when disclose relevant content in both periodic and temporary reports The Measures also emphasize corporate responsibilities. Listed companies are required to establish their own exemption disclosure systems, clarify internal review procedures, and ensure no unauthorized泄密. Additionally, they must maintain records of exempted disclosures and submit these materials to local CSRC bureaus and stock exchanges on a regular basis. Regarding regulatory oversight, the Measures introduce detailed supervision requirements. For instance: - Listed companies failing to establish exemption disclosure systems will be dealt with according to regulations - Exemptions not meeting specified conditions will result in legal liability for information disclosure violations - Any use of exemptions to engage in insider trading or market manipulation will be subject to legal penalties These new Measures aim to help listed companies balance different interests. While the Securities Law requires timely disclosure of material information that may significantly impact stock prices, certain sensitive information related to national security or commercial interests must sometimes remain confidential. The new rules provide a framework for balancing investor rights with the need to protect commercial and national security interests. This is the first comprehensive regulation at the regulatory authority level governing information disclosure exemptions. Previously, relevant provisions were scattered across various rules issued by the CSRC and stock exchanges. The introduction of these Measures represents an elevation in regulatory standards, enhancing clarity and practical implementation while preventing potential abuse of exemptions.