中国规范证券期货市场监管措施 政策护航筑牢2万亿规模发展根基

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced new regulations to enhance the supervision of the securities and futures market, aiming to maintain market order and mitigate risks, with the implementation of these regulations set for June 30, 2026 [1][2]. Group 1: Regulatory Developments - The CSRC has released the "Implementation Measures for the Supervision and Administration of Securities and Futures Markets," which includes 25 articles detailing the types of regulatory measures, principles, and procedures for implementation [2][4]. - The new regulations include 14 common regulatory measures such as orders for correction, regulatory talks, and issuance of warning letters, with stricter procedures for more severe measures [3][4]. Group 2: Market Growth - In 2025, the total funds in the futures market and client equity surpassed 2 trillion yuan, driven by an improved variety of futures products, increased corporate hedging needs, and the entry of medium to long-term funds [2][3]. - As of November 2025, there were 164 listed futures and options products, with 18 new products added during the year, and the cumulative trading volume reached 8.117 billion contracts, with a transaction value of 67.545 trillion yuan, reflecting year-on-year growth of 14.74% and 20.19% respectively [1][2]. Group 3: Commitment System Revisions - The CSRC has amended the "Implementation Regulations for the Commitment System of Administrative Law Enforcement Parties," which clarifies the conditions for accepting commitments and standardizes the processing procedures [5][6]. - The revised regulations specify five scenarios under which applications for the commitment system will not be accepted, enhancing the integrity and seriousness of the commitment system [6].