刚刚！证监会，深夜发文！事关短线交易

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Regulations on Short-term Trading Supervision" to implement the short-term trading supervision system as stipulated in the Securities Law, effective from April 7, 2026 [1]. Summary by Sections Regulations Overview - The regulations clarify the supervision arrangements for major shareholders and executives regarding short-term trading, consisting of twelve articles [2]. - It specifies the applicable subjects and types of securities, including major shareholders and executives who must comply with short-term trading rules when buying or selling securities [2]. - The regulations define the calculation standards for holding and trading time points, establishing that the trading time point is the securities transfer registration date [2]. Exemptions and Special Cases - The regulations outline 13 exemption scenarios, such as preferred stock conversion, ETF subscription and redemption, and judicial enforcement, to support market development while ensuring compliance [2]. - It emphasizes that exemptions will not apply if there is an attempt to gain illegal benefits through information advantages [2]. Implementation and Market Response - The CSRC has engaged in public consultation and discussions to refine the regulations, receiving positive feedback from various stakeholders, indicating that the regulations will help stabilize market expectations and enhance trading convenience [3]. - The CSRC plans to organize securities trading venues to ensure the effective implementation of the regulations and to continuously optimize short-term trading supervision [3].