证监会进一步规范 监管措施实施程序

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Implementation Measures for Supervision and Administration of Securities and Futures Markets," which will take effect on June 30, 2026, aiming to standardize the implementation procedures of regulatory measures and enhance the rule of law in capital markets [1]. Group 1: Overview of the Implementation Measures - The "Implementation Measures" consists of 25 articles, outlining 14 common types of regulatory measures, including orders for correction, regulatory talks, warning letters, and orders for regular reporting, with a catch-all provision for other supervisory measures [2]. - The measures emphasize principles of legality, efficiency, and fairness, ensuring that regulatory actions are timely, fact-based, and proportionate to the nature and severity of the violations [2]. - The procedures for implementing regulatory measures include requirements for evidence collection, decision-making, delivery, on-site enforcement, and legal review, along with a rapid response mechanism for emergencies [2]. Group 2: Context and Rationale - Regulatory measures are a type of administrative action independent of administrative penalties and are crucial for financial regulation. The CSRC previously issued a trial version in 2008, which has since revealed issues in implementation, such as inadequate procedural rights for parties involved [3]. - The new "Implementation Measures" introduces additional procedural requirements compared to the 2008 version, including implementation timelines, prior notifications, and legal reviews, enhancing transparency and strictness in regulatory enforcement [3]. - The measures aim to improve the standardization of regulatory enforcement, ensuring that the legal rights of administrative counterparts are adequately protected and reinforcing the legal foundation for the CSRC's administrative actions [3].