新规！“当事人承诺制度”出新招，投资者保护再升级

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced modifications to the implementation regulations of the administrative enforcement commitment system, effective from February 1, 2026, to enhance the clarity of acceptance conditions and standardize processing procedures [1][4]. Group 1: Implementation of the Commitment System - The administrative enforcement commitment system allows entities or individuals under investigation for suspected securities and futures violations to commit to rectifying their actions and compensating investors, leading to the termination of investigations upon fulfillment of these commitments [1][2]. - The system has been positively evaluated for its comprehensive role in relief, punishment, education, and resolving market disputes, demonstrating good legal and social effects [2]. Group 2: Modifications to Acceptance Conditions - The modifications specify that applications for the commitment system will not be accepted if the applicant refuses to cooperate with investigations, lacks the ability to pay the commitment fee, is listed as a serious credit defaulter, or has previously used the commitment system within the last year [3]. - The decision also outlines additional circumstances under which the CSRC may deem the commitment system inapplicable based on prudent regulatory principles [3]. Group 3: Processing Procedures and Integrity Constraints - The decision clarifies the execution standards for necessary investigations, improves application material requirements, and standardizes the procedures for correcting applications and internal consultations [3]. - To enhance the seriousness of the commitment system, the decision states that any malicious delays or breaches of integrity by the parties involved will be subject to penalties as outlined in the relevant regulations [3]. Group 4: Future Implications - The modifications aim to better protect investors' rights, maintain market order, and improve the efficiency of administrative enforcement, contributing to the high-quality development of the capital market [4].