创业板注册制改革迎最强司法保障

Core Viewpoint - The introduction of judicial guarantees for the ChiNext board reform and pilot registration system aims to create a favorable legal environment for the smooth implementation of these reforms, emphasizing the importance of protecting investors' rights and increasing the costs of illegal activities in the capital market [1][2]. Group 1: Judicial Guarantees - The Supreme People's Court and Guangdong High People's Court have issued opinions that align with the new securities law and the "zero tolerance" policy towards capital market crimes, clarifying the rights and obligations of market participants [2]. - The judicial opinions include ten measures to ensure the smooth progress of the ChiNext reform and pilot registration system, focusing on safeguarding the issuance system and protecting investors' rights [1][2]. Group 2: Investor Protection - The opinions emphasize the need to protect investors, particularly small and medium-sized investors, by facilitating their rights protection and reducing the costs associated with it [2][3]. - The implementation of a collective litigation system for securities is highlighted as a crucial step in effectively safeguarding investors' rights, addressing the challenges faced by small investors who often refrain from seeking legal recourse [3]. Group 3: Market Environment - The judicial guarantees are expected to foster a market environment where all participants fulfill their responsibilities and protect their legal rights, thereby promoting a healthy market ecosystem [3]. - The focus on investor protection and the establishment of a multi-faceted dispute resolution mechanism are seen as essential for the comprehensive reform of the capital market, particularly the ChiNext registration system [2][3].