刚刚！证监会发布，中小投资者迎利好！

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 [1][2]. Group 1: Key Measures for Investor Protection - The guidelines address key concerns of small and medium-sized investors, including optimizing the new stock issuance pricing mechanism and enhancing the management of offline investors [3]. - The guidelines emphasize stricter regulation of program trading and financing, improving transparency and fairness in financing and margin trading [3]. - There is a commitment to intensify the crackdown on illegal activities that harm investor interests, such as fraudulent issuance and financial information disclosure violations, with precise accountability for controlling shareholders and actual controllers [3]. Group 2: Dispute Resolution Mechanisms - The guidelines promote the foundational role of mediation in resolving securities and futures disputes, encouraging collaboration between regulatory bodies and courts [4]. Group 3: Responsibilities of Operating Institutions - Operating institutions are required to enhance investor education and service responsibilities, ensuring that investor education is integrated into business processes [6]. - Institutions must improve their complaint handling mechanisms and internal control systems to better address investor grievances [6]. Group 4: Protection During Delisting Processes - 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 [8][9]. - Companies facing mandatory delisting due to major violations are encouraged to take proactive measures to compensate investors for losses incurred [8]. Group 5: Improvement of Representative Litigation - The guidelines aim to enhance the effectiveness of the special representative litigation system, which has been crucial in helping small and medium-sized investors obtain compensation [11]. - The guidelines encourage the use of advance compensation mechanisms by controlling shareholders and related parties to ensure timely compensation for investors [11][12].