Article 2 The Operating Rules are applicable to pause and termination of property rights transactions conducted at the transaction agencies.
Article 3 The pause of transactions as specified in the Operating Rules refers to temporary stop of the property rights transactions by the transaction agencies when circumstances that may affect the transaction activities and seriously affect the normal implementation of the transactions in line with regulated procedures in the transactions of property rights.
The termination of transactions as specified in the Operating Rules refers to the end of the transactions by the transaction agencies as circumstances that may affect the transaction activities and seriously affect the normal implementation of the transactions appear and it is determined that such circumstances can’t be eliminated based on surveys and investigations.
Article 4 The transactions can pause or terminate the transactions of property rights in response to applications of the parties involved. If the parties involved don’t submit the applications, but the transaction agencies deem that it is necessary to pause or terminate the transactions, the transaction agencies can directly make the decisions on pause and termination of the transactions.
The transaction agencies, when handling the applications or make decisions on pause or termination of the transactions and during the pause period, shall conduct surveys and investigations or organize intermediation, so as to maintain the normal transaction orders of the property rights transaction market.
Article 5 In any of the following cases, the transferors, interested transferees or other main bodies can apply to the transaction agencies in the transaction processes, and the transaction agencies shall make the decision on whether pause of the transactions is needed. The transaction agencies can make decisions on pause of the transactions directly in any of the following cases:
(1) The ownership of the transfer objects is not clear or there are disputes on ownership of the transfer objects;
(2) The transfer objects hide the assets, resulting in unfaithfulness of the audit and appraisal results, or the assets, financial and operation situations of the transfer objects have great changes that may affect the continuity of the transactions;
(3) The transferors or the transfer objects transfer the property rights without performing or fully performing in line with regulations the corresponding internal decision-making procedures, deliberation procedures of staff allocation plans, disposal procedures of debts and liabilities, approval procedures of the transfer;
(4) The main body qualifications of the transferors or transfer objects have defects, or false, unfaithful or incomplete materials are provided;
(5) The transaction conditions and requirements on qualifications of the transferees set by the transferors have any improper limitations, have clear direction and violate the fair competition principles;
(6) The transferors fail to complete the tasks as required by the transaction agencies or have non-compliant behaviors in the transfer of property rights, or make substantial changes on the Notice on Transfer of Property Rights when formulating the Plans for Implementation of Price Competition for Transfer of Property Rights;
(7) In case that the enterprises’ state-owned property rights are transferred to members of the management team, the Notice on Transfer of Property Rights doesn’t disclose related information in accordance with the regulations, or the members of the management team are directly responsible for decline of operating performance of the enterprises or are unable to provide the certificates for sources of the transaction capitals;
(8) The interested transferees violate related rules or regulations, have fraud practices, collude with each other maliciously, bring pressures to staff of the transferors or transaction agencies or other related persons, disturb normal orders of the price competition activities, or affect the fairness of the price competition activities;
(9) Other affairs that may affect the transaction processes.
Article 6 In case that the parties involved entrust broker members to proceed the transactions, they shall submit the applications for pause of the transactions through the broker members; Other parties involved can entrust the broker members to submit the applications for pause of the transactions.
When applying for pause of the transactions, the parties involved shall provide related evidences or explanations. The parties involved shall be responsible for faithfulness and effectiveness of the contents of the applications for pause of the transactions. If the applications are submitted through the broker members, the broker members shall check the application materials and provide services to the parties involved regarding submittal of the applications and coordinated disposal in line with the Operating Rules.
Article 7 The transaction agencies, after receiving the applications for pause of the transactions, shall review the applications materials and the circumstances for pause of transactions, and shall make the decisions on whether to pause the transactions or not within five working days upon the acceptance of the applications for pause of transactions.
If the transaction agencies determined to pause the transactions, they shall issue the letter of decision on pause of transactions to determine the time limit and release the decision on websites for transactions of the property rights. If the transaction agencies determined not to pause the transactions, the transaction agencies shall explain the reasons for why not to pause the transactions in written form.
Article 8 The pause of the transactions shall take effects upon the making of the decision on pause of the transactions. The time limit for pause of the transactions shall be determined by the transaction agencies based on conditions of the transaction items, and shall be no more than 30 days in general. Upon inspiration of the time limit for pause of the transactions and the circumstances for pause of the transactions are not eliminated, the transaction agencies can extend the time limit for pause of the transactions in line with the requirements of the parties involved.
Article 9 In case that the applicants have any disputes to the decision of the transaction agencies on not to pause the transactions, they shall submit opposition application to the supervision institutes of the transaction agencies. If other parties involved have any disputes to the decisions on pause of the transactions made by the transaction agencies, they shall submit opposition application to the supervision institutes of the transaction agencies within the pause period.
Article 10 During the pause of the transactions of property rights, the transaction agencies shall conduct investigations on the matters resulted in pause of the transactions or organize parties involved to make intermediation on the disputed matters. The transaction agencies can review the faithfulness of the non-compliance facts through related ministries and commissions or entrustment of intermediacy institutes. The parties who support the applications or oppose the applications of the other parties shall provide evidences.
Within the period for pause of the transactions, the transaction agencies can make the written decisions on time-limit rectification, abolishment of qualifications of the transferees or deduction of deposits based on related regulations as well as investigation and intermediation situations.
Article 11 In case that the circumstances that may result in normal implementation of the transaction activities in line with related procedures are eliminated after pause of the transactions, the transaction agencies shall resume the transactions as soon as possible and send written opinions. If the transactions are paused within the information release period, the information release period thereof after resume of the transactions shall be no less than 10 working days, and the accumulated release period on website for transactions of property rights shall be no less than 20 working days.
If parties involved in the transactions can’t eliminate the circumstances that result in pause of the transactions upon inspiration of the pause period, the transaction agencies can make the decisions on termination of the transactions.
Article 12 The transferors, interested transferees or other related main bodies can directly apply for termination of the transactions to the transaction agencies, who shall make the decisions on whether to terminate the transactions or not. The transaction agencies can make the decisions on termination of the transactions directly in any of the following cases:
(1) The transfer objects are damaged or disappeared due to force majeure;
(2) Dissolution or logout of the transferors or transfer objects;
(3) The transferors or the transferees don’t proceed the transaction processes without any specific reasons, and do nothing despite of the urge of the transaction agencies;
(4) Any other circumstances in which the transactions of property rights can’t be implemented continuously.
Article 13 In case that the parties involved entrust broker members to proceed the transactions, they shall submit the applications for termination of the transactions through the broker members; Other parties involved can entrust the broker members to submit the applications for termination of the transactions.
When applying for termination of the transactions, the parties involved shall provide related evidences or explanations. The parties involved shall be responsible for faithfulness and effectiveness of the contents of the applications for pause of the transactions. If the applications are submitted through the broker members, the broker members shall check the application materials and provide related services to the parties involved.
Article 14 The transaction agencies, after receiving the applications for termination of the transactions, shall review completeness and integrity of the application materials, and shall make the decisions on whether to terminate the transactions or not within five working days upon the acceptance of the applications for termination of transactions from the parties involved.
If the transaction agencies determined to terminate the transactions, they inform related parties and the supervision institutes for transactions of property rights, and shall publicly release the decision on the website.
Article 15 In case that the transactions of property rights are paused or terminated due to violation of rules and regulations of the parties involved, the parties involved shall shoulder related responsibilities, and shall make compensations for the economic losses thereof.
Article 16 The Operating Rules will take effects upon the promulgation date.