“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 "Administrative Enforcement Commitment System" to enhance the clarity of acceptance conditions and standardize processing procedures, effective from February 1, 2026 [1][2]. Group 1: Implementation and Legal Framework - The "Administrative Enforcement Commitment System" allows entities or individuals under investigation for 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 remedying, punishing, educating, and resolving market disputes, aligning with the political and social objectives of capital market regulation [2]. Group 2: Key Modifications - The modifications include clearer acceptance conditions, such as disallowing applications from parties that obstruct investigations, lack the ability to pay commitment fees, are on the serious dishonesty list, or have previously used the system within the last year [3]. - The processing procedures have been refined, including standards for necessary investigations, application material requirements, and internal consultation processes [3]. - There is an emphasis on strengthening the integrity constraints on parties, with specific actions deemed as violations of good faith subject to penalties [3]. Group 3: Future Implications - The modifications aim to better protect investors' rights, maintain market order, and enhance the effectiveness of administrative enforcement, contributing to the high-quality development of the capital market [4].