23项措施升级保护资本市场中小投资者

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released 23 specific measures aimed at enhancing the protection of small and medium-sized investors in the capital market [1][2] Group 1: Measures for IPO and Information Disclosure - The new guidelines propose optimizing the pricing mechanism for new stock issuances, including stricter management of offline investors and enhanced supervision of underwriting institutions [1] - There will be increased scrutiny on the information disclosure practices of listed companies, requiring them to provide essential information for investors to make informed decisions [1] Group 2: Enhancements in Investor Returns and Trading Regulations - The guidelines advocate for listed companies to adopt methods like "cancellation-based buybacks" to return value to investors and encourage regular dividends [1] - The regulatory framework will be improved to enhance the transparency and fairness of margin trading, as well as to strengthen the oversight of algorithmic trading [2] Group 3: Responsibilities of Financial Institutions - Financial institutions are required to thoroughly explain business rules and important contract terms to investors before selling financial products [2] - In cases of disputes regarding the understanding of standard terms, courts will support interpretations favorable to small and medium-sized investors [2] Group 4: Market Conduct and Compliance - The guidelines emphasize strict enforcement against market misconduct, including insider trading, market manipulation, and the dissemination of false information [2]