短线交易新规！证监会，发布！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued regulations on short-term trading to facilitate medium- and long-term capital market participation, effective from April 7, 2026 [1][2]. Group 1: Key Provisions of the Regulations - The regulations consist of twelve articles and have been developed based on extensive public consultation and feedback, which has been positively received by the market [2]. - The regulations clarify the applicable subjects and types of securities, specifying that major shareholders and executives must comply with short-term trading rules when buying or selling shares [4]. - The regulations establish standards for determining shareholding and trading timing, with the trading point defined as the securities transfer registration date [4]. - Exemptions from the regulations are outlined, including 13 specific scenarios such as preferred stock conversion and judicial enforcement, while emphasizing that illegal profit-seeking activities will not be exempt [4]. - For securities managed by professional institutions, holdings will be calculated separately by product or portfolio, facilitating transactions and promoting market openness [4]. Group 2: Implementation and Future Steps - The CSRC will organize securities trading venues to ensure the effective implementation of the regulations and continue to optimize short-term trading supervision [3]. - The aim is to maintain market order and promote high-quality development of the capital market [3].