证监会：深化科创板、创业板、北交所改革

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to continuous improvement and rectification following the third round of inspections, emphasizing the importance of political leadership and comprehensive reforms in the capital market [1][17]. Group 1: Rectification and Reform Measures - The CSRC will deepen reforms in the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, enhancing the issuance and listing systems to cultivate patient capital [2][17]. - The CSRC aims to accelerate the development of a multi-tiered bond market and improve the regulatory framework for futures markets, ensuring a coordinated approach to investment and financing [2][17]. - A comprehensive mechanism for punishing third-party collusion in market manipulation will be established, alongside more robust measures to protect investors' rights [2][17]. Group 2: Political Responsibility and Supervision - The CSRC's Party Committee views the rectification as a major political task, ensuring that the implementation of central directives is prioritized and effectively monitored [3][4]. - A responsibility system covering the entire rectification process has been established, with the Party Secretary taking direct leadership of the rectification efforts [3][4]. Group 3: Enhancing Market Stability and Investor Protection - The CSRC is focused on enhancing the political nature and public interest of capital market work, ensuring that policies are effectively implemented to stabilize and invigorate the market [5][6]. - Measures to protect the rights of small and medium investors will be strengthened, including the establishment of a review mechanism for major policy changes affecting investor rights [6][7]. Group 4: Systematic Reform and Regulatory Enhancement - The CSRC is committed to a systematic approach to reform, emphasizing the need for a comprehensive and forward-looking strategy in capital market reforms [7][8]. - The implementation of a registration-based IPO system will be prioritized, with strict oversight of intermediary responsibilities and the optimization of new stock pricing mechanisms [7][8]. Group 5: Risk Management and Compliance - The CSRC will enhance its risk monitoring and prevention capabilities, establishing a comprehensive risk monitoring and early warning system [10][11]. - A focus on compliance will be maintained, with increased scrutiny of financial misconduct and a commitment to raising the costs of violations in the capital market [9][10]. Group 6: Long-term Development and Party Governance - The CSRC will continue to promote comprehensive and strict governance of the Party, ensuring that political responsibilities are clearly defined and enforced [19][20]. - Long-term rectification measures will be implemented, with a focus on preventing regression and ensuring that improvements are sustained over time [19][20].