中国证监会法治司一级巡视员范中超解读《关于加强资本市场中小投资者保护的若干意见》

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released 23 practical measures aimed at enhancing the protection of small and medium-sized investors in the capital market, focusing on issues related to issuance, listing, and delisting processes [1][2]. Group 1: Strengthening Investor Protection - The measures include optimizing the new stock issuance pricing mechanism and increasing the allocation ratio for offline investors with longer lock-up periods [1]. - Companies are encouraged to adopt "cancellation-style repurchase" methods to reward investors and to implement multiple dividends annually to enhance stability and predictability [1]. Group 2: Fair Trading Environment - The CSRC aims to improve the regulatory framework for margin trading and short selling, enhancing transparency and fairness in these operations [2]. - There will be strengthened monitoring of algorithmic trading and securities brokerage businesses to ensure compliance and proper management [2]. Group 3: Responsibilities of Operating Institutions - Operating institutions are urged to provide products and services that align with the risk tolerance of small and medium-sized investors [2]. - There is a focus on embedding investor education into business processes and enhancing the effectiveness of such education [2]. Group 4: Combating Illegal Activities - The CSRC plans to intensify efforts against fraudulent issuance and financial information disclosure violations, holding controlling shareholders accountable for illegal actions [2]. - Collaboration with law enforcement agencies will be strengthened to combat various illegal activities disrupting market order [2]. Group 5: Dispute Resolution Mechanisms - The establishment of a comprehensive mediation mechanism for securities and futures disputes is emphasized, promoting a "total-to-total" mediation approach [3]. - The CSRC supports the application of representative litigation systems for securities disputes and encourages voluntary compensation commitments from controlling shareholders [3]. Group 6: Role of Investor Protection Institutions - Investor protection institutions will be empowered to represent and support small and medium-sized investors in legal actions, enhancing their role in safeguarding investor rights [3]. - The institutions will also focus on demonstrating effective practices through typical case studies [3]. Group 7: Delisting Protection Mechanisms - There will be enhanced supervision of companies at risk of delisting, ensuring they adequately disclose such risks [3]. - Measures will be taken to protect investors during mandatory delisting processes, including encouraging advance compensation from controlling shareholders [3]. Group 8: Legal Framework for Investor Protection - The CSRC will establish legislative contact points to broaden the channels for small and medium-sized investors to participate in capital market legislation [4]. - There will be a strict review mechanism for regulatory documents concerning the protection of investor rights [4].