Core Viewpoint - The importance of investor protection, especially for small and medium investors, is increasingly highlighted as a key theme for the stability and vitality of the capital market, with a focus on implementing the new "National Nine Articles" to strengthen the investor protection mechanism [1][2]. Regulatory Framework - The regulatory framework has been continuously improved, with new laws such as the Securities Law and the Criminal Law Amendment (12) establishing a comprehensive accountability system [2]. - The "National Nine Articles" and its accompanying "1+N" policy system enforce strict listing regulations and optimize delisting mechanisms, embodying the principle of finance serving the public [2]. Enforcement and Legal Mechanisms - The effectiveness of law enforcement has been enhanced, with an increasing number of administrative penalty cases by the China Securities Regulatory Commission (CSRC), reflecting a more stringent regulatory approach [3]. - Investor protection channels have become more accessible, with mechanisms like advance compensation and representative litigation reducing the cost of rights protection for investors [3]. Accountability and Legal Framework - There is a need to solidify the legal foundation and improve the "multi-dimensional accountability" system, including normalizing collective lawsuits and enhancing the penalties for insider trading and market manipulation [3]. - The CSRC and other departments are set to issue guidelines to increase the application of property penalties and control the use of probation, significantly enhancing deterrence against violations [3]. Quality Control and Market Entry - The responsibility for quality control of listed companies must be enforced throughout the entire process, from entry to exit, ensuring strict oversight of IPOs and the use of raised funds [4]. - A robust delisting mechanism should be maintained to eliminate "zombie companies" and ensure investor compensation during the delisting process [4]. Role of Intermediaries - Intermediaries must be held accountable for their diligence and responsibilities, with strict penalties for those failing to meet their obligations [4]. - The focus should be on enhancing the independence, professionalism, and quality of service of intermediaries to effectively fulfill their role as gatekeepers [4]. Investor Education and Long-term Protection - Investor education is crucial for building a comprehensive protection framework, necessitating widespread educational activities and a multi-tiered education system [5]. - The capital market is transitioning from a financing-oriented approach to an investment-oriented one, emphasizing the embedding of investor rights protection in every market operation aspect [5].
以投资者为本 筑牢资本市场高质量发展根基
Zhong Guo Zheng Quan Bao·2025-05-14 20:55