证监会：加强资本市场中小投资者保护

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released 23 practical measures aimed at enhancing the protection of small and medium-sized investors in the capital market, marking a comprehensive policy document that serves as a guideline for future investor protection efforts [2] Group 1: Key Measures for Investor Protection - The new measures focus on addressing key concerns of small and medium-sized investors, including optimizing the new stock issuance pricing mechanism and increasing the allocation ratio for offline investors with longer lock-up periods [2] - The guidelines advocate for the use of "cancellation-style repurchase" and encourage listed companies to implement multiple dividends annually to enhance the stability and predictability of returns for investors [4] - There will be strengthened regulation of margin trading and securities lending, improving transparency and fairness in these business practices [5] Group 2: Enhancing Regulatory Oversight - The measures include improved monitoring of algorithmic trading and the establishment of a system for reporting abnormal trading activities to enhance regulatory oversight [6] - There is a focus on strengthening the supervision of securities and futures brokerage businesses, ensuring that brokerage firms manage trading units uniformly and do not provide special conveniences to individual investors [7] - The guidelines emphasize the need for operating institutions to provide more products and services that cater to small and medium-sized investors, thereby enhancing market vitality and supporting the real economy [8] Group 3: Responsibilities of Operating Institutions - The guidelines stress the importance of embedding investor education into the business processes of operating institutions, ensuring that investors are adequately informed about product risks and contractual terms before purchasing financial products [20][21] - Operating institutions are urged to take responsibility for addressing investor complaints and to improve their mechanisms for handling disputes, thereby enhancing service quality [10][21] Group 4: Investor Protection During Delisting - The measures outline the need for continuous monitoring of companies at risk of delisting, ensuring that they disclose relevant risks to protect investors' rights [23] - For companies facing mandatory delisting due to serious violations, the guidelines encourage controlling shareholders to take proactive measures to compensate investors for losses incurred [23][24] Group 5: Reducing Litigation Costs for Investors - The guidelines propose enhancing the role of mediation in resolving securities disputes, promoting a mechanism for courts to facilitate mediation in collective disputes to lower the costs for investors [29][30] - There is an emphasis on supporting the use of representative litigation to effectively resolve disputes and protect the rights of small and medium-sized investors [30]