证监会，最新发布！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market," which outlines 23 specific measures across eight areas to enhance investor protection mechanisms, stabilize the capital market, and boost investor confidence [1][2]. Group 1: Enhancing Investor Protection During Issuance - Optimize the new stock issuance pricing mechanism to encourage long-term holding and improve the allocation ratio for investors with higher lock-up ratios and longer lock-up periods [3][7]. - Improve the quality and readability of prospectuses, ensuring that companies and related parties fulfill their disclosure responsibilities [3][9]. - Encourage listed companies to enhance investor returns through methods like "cancellation-style buybacks" and promote regular dividends [3][9]. Group 2: Creating a Fair Trading Environment - Optimize the regulation of margin trading and securities lending to increase transparency and fairness in these operations [10][11]. - Strengthen the regulation of algorithmic trading to maintain market fairness and monitor abnormal trading activities [10][11]. Group 3: Responsibilities of Operating Institutions - Guide operating institutions to provide more products and services suitable for small and medium investors, enhancing market vitality [11][12]. - Ensure that operating institutions fulfill their responsibilities in investor education and appropriate management, clearly explaining business rules and risks [11][12]. - Establish mechanisms for handling investor complaints and disputes, ensuring timely responses and resolutions [11][12]. Group 4: Combating Illegal Activities - Increase efforts to combat fraudulent issuance and financial disclosure violations that harm investor rights [4][13]. - Strictly address market irregularities such as insider trading and market manipulation, enhancing collaboration with law enforcement [4][13]. Group 5: Dispute Resolution Mechanisms - Strengthen mediation roles in resolving securities and futures disputes, promoting efficient resolution of collective disputes [14][15]. - Encourage the use of civil litigation to address securities and futures conflicts, supporting representative litigation mechanisms [14][15]. Group 6: Protecting Investors During Delisting - Enhance supervision of companies at risk of delisting, ensuring they disclose risks adequately [17][18]. - Implement protective measures for investors during both mandatory and voluntary delisting processes [17][18]. Group 7: Legal Framework for Investor Protection - Establish mechanisms for small and medium investors to participate in capital market legislation, ensuring their interests are considered [18]. - Strengthen the legal foundation for investor protection by supporting the development of relevant laws and regulations [18].