BEIJING, Dec. 5 (Xinhua) -- The China Securities Regulatory Commission on Friday released a draft regulation on the supervision and administration of listed companies, with the intention of soliciting opinions from the public.

The release of the draft paves the way for China's first dedicated administrative regulation on the supervision of listed companies.

Aimed at preventing risks, strengthening supervision and promoting the high-quality development of listed firms, the draft focuses on consolidating the foundations for regulatory enforcement and investor protection, and on improving the quality of listed companies.

By regulating the practices of listed firms and related parties in accordance with the law, the regulation is expected to provide further support for the high-quality development of China's capital market.

Consisting of 74 articles, the draft regulation sets out measures to improve corporate governance requirements and enhance information disclosure oversight. It calls for intensified efforts to prevent and crack down on financial fraud in disclosures.

The draft also outlines moves to regulate mergers and acquisitions, enhance investor protection, and impose tougher penalties on illegal or irregular practices. Enditem