证监会发布《关于短线交易监管的若干规定》

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued new regulations on short-term trading to enhance market stability and facilitate long-term capital entry, effective from April 7, 2026 [1][2]. Summary by Sections Regulatory Framework - The new regulations clarify the supervision of short-term trading for major shareholders and executives, outlining specific rules for applicable entities and securities [2]. - The regulations define the calculation standards for shareholding and trading timing, including the recognition of shareholding percentages for domestic and foreign investors [2]. Exemptions and Special Cases - The regulations specify 13 scenarios where exemptions from short-term trading rules apply, such as preferred stock conversion and judicial enforcement, while ensuring that illegal profit-seeking through information advantage is not exempted [2]. - It also addresses the management of securities accounts by professional institutions, allowing for separate calculations of holdings for various investment products, promoting market accessibility and long-term investment [2]. Implementation and Market Response - The CSRC has engaged in public consultations and discussions prior to the issuance of the regulations, receiving positive feedback from various stakeholders, indicating support for the measures aimed at stabilizing market expectations and enhancing trading convenience [3]. - The CSRC plans to oversee the implementation of these regulations and continue optimizing short-term trading supervision to maintain market order and promote high-quality development of the capital market [3].