刚刚！证监会，最新发布！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued guidelines to enhance the protection of small and medium-sized investors in the capital market, integrating investor protection into the entire reform process of the capital market [2][3]. Group 1: Investor Protection Mechanism - The guidelines focus on key issues raised by small and medium-sized investors, proposing targeted measures in areas such as issuance and listing, margin trading, and algorithmic trading [3]. - Specific measures include optimizing the new stock issuance pricing mechanism, enhancing the management of investor classification, and strictly limiting the participation of institutions that manipulate pricing in the offline inquiry process [3]. - The guidelines also emphasize the need for stricter regulation of algorithmic trading and increased transparency and fairness in margin trading [3]. Group 2: Accountability of Operating Institutions - The guidelines stress the responsibility of operating institutions in investor education and service, requiring them to embed investor education into their business processes [5][6]. - Institutions are mandated to improve their complaint handling mechanisms and enhance internal control and compliance systems to better address investor grievances [5][6]. Group 3: Protection During Delisting - The guidelines outline measures to protect investors during the delisting process, including continuous monitoring of companies at risk of delisting and ensuring they disclose relevant risks to safeguard investors' right to know [7]. - Companies facing mandatory delisting due to serious violations are encouraged to take proactive measures to compensate investors for losses incurred due to illegal activities [7][8]. Group 4: Improvement of Representative Litigation - The guidelines aim to enhance the effectiveness of the special representative litigation system, which has played a crucial role in compensating small and medium-sized investors [9]. - The guidelines encourage the use of advance compensation commitments by controlling shareholders and related parties to ensure timely compensation for investors [9][10].