证监会发布！2026年6月30日起施行

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Implementation Measures for the Supervision and Administration of Securities and Futures Markets," which aims to further standardize the implementation procedures of regulatory measures in the securities and futures markets, effective from June 30, 2026 [1]. Group 1: Background and Purpose - The regulatory measures are crucial for financial supervision, with the CSRC having established the "Implementation Measures for the Supervision and Administration of Securities and Futures Markets (Trial)" in 2008, which has played a positive role in maintaining market order and protecting legal rights [2]. - The 2008 trial measures have revealed issues such as inadequate procedural rights for parties involved and difficulties in the delivery of regulatory decisions, necessitating updates to align with recent legal developments [2]. Group 2: Key Principles of the Implementation Measures - The drafting of the Implementation Measures adheres to principles of lawful administration, problem orientation, procedural law positioning, and efficiency in regulatory measures [3]. - The measures aim to enhance the standardization of regulatory enforcement and ensure consistency and continuity in CSRC's regulatory practices [3]. Group 3: Content of the Implementation Measures - The Implementation Measures consist of 25 articles, detailing the types of regulatory measures, implementation principles, general and special procedural requirements, and emergency response mechanisms [4]. - It specifies 14 common regulatory measures, including orders for correction, regulatory talks, and issuance of warning letters, while also including a catch-all provision for other supervisory measures [4]. Group 4: Procedural Requirements - General procedural requirements include the need for documentation of evidence collection, decision-making, and delivery of regulatory measures, as well as the requirement for at least two qualified enforcement personnel during on-site enforcement [4]. - The measures stipulate that if a violation is not discovered within two years, regulatory actions are generally not taken unless specified by law or if the effects of the violation persist [4]. Group 5: Special Circumstances and Accountability - In urgent situations where immediate action is necessary to prevent significant harm to financial order or public interest, the implementing agency can bypass prior notification procedures [5]. - The measures outline the requirements for regulatory decision documentation, public disclosure, and the process for parties to appeal decisions, as well as accountability for serious misconduct during the implementation of regulatory measures [5].