重要新规！证监会发布

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the draft of the "Implementation Measures for Supervision and Administration of Securities and Futures Markets" until December 28, 2025, aiming to enhance regulatory measures in response to the evolving capital market [1][2]. Summary by Sections Regulatory Measures - The draft specifies various types of regulatory measures, including orders for correction, regulatory talks, warning letters, public explanations, periodic reporting, increased internal compliance checks, disciplinary actions against responsible personnel, and restrictions on business activities [3][4][5]. General and Special Procedure Requirements - Regulatory measures must be documented, and enforcement should be conducted by qualified personnel. If a violation is not discovered within two years, generally no measures will be taken unless specified otherwise. Staff involved in enforcement must avoid conflicts of interest [5][6]. Emergency Response Mechanism - In urgent situations that could severely harm financial order or public interest, the implementing agency can bypass prior notification procedures to take immediate action [6][7]. Decision-Making and Execution Requirements - The draft outlines requirements for the content of regulatory decision documents, public disclosure, and the process for delivering these decisions. It also allows parties to appeal against decisions through administrative review or court [7][8]. Legislative Purpose and Definition - The purpose of the measures is to standardize the implementation of supervision and management in the securities and futures markets, protect public interests, and prevent market risks [8][10]. Applicability of Regulatory Measures - The measures apply to parties involved in violations of securities, funds, futures, and derivatives regulations, as well as those with inadequate governance structures or risk controls [10][11]. Record-Keeping and Evidence Requirements - Agencies must maintain records of evidence collection, decisions, and notifications. Evidence must be comprehensive and legally obtained [11][12]. Notification Procedures - Prior notification is required for certain regulatory measures, informing parties of the intended actions and their rights to respond [12][13]. Accountability and Penalties - Staff involved in the implementation of regulatory measures may face accountability for negligence leading to significant losses or adverse impacts [19][20].