两会｜专访全国政协委员、上海功承瀛泰律师事务所首席合伙人迟日大：加快构建“不敢违、不能违、不想违”市场生态

Core Viewpoint - The construction of a legal ecosystem for the capital market is crucial for supporting the national high-quality development strategy and fostering new productive forces, marking a new historical opportunity in 2026 as the start of the "14th Five-Year Plan" [1][13]. Group 1: Legal Framework and Reforms - The Supreme People's Court will accelerate the introduction of new judicial interpretations related to the Company Law in 2026, focusing on civil compensation for insider trading and market manipulation, which reflects a proactive response to the legal needs of market entities [3][9]. - Three key issues need clarification in the new judicial interpretations: conditions for accelerated shareholder contributions, boundaries for denying corporate personality, and mechanisms for protecting minority shareholders' rights [4][5]. Group 2: Bankruptcy Law and Judicial Efficiency - The establishment of specialized bankruptcy courts is essential for improving the professional level and judicial efficiency of bankruptcy trials, which is critical for maintaining market order and supporting high-quality development [6][7]. - Recommendations for bankruptcy law revisions include enhancing pre-restructuring mechanisms, simplifying procedures for small and micro enterprises, and refining rules for financial institution bankruptcies to ensure effective judicial support [7]. Group 3: Investor Protection and Market Integrity - The upcoming judicial interpretations aim to protect investors' rights and prevent systemic financial risks by clarifying the distinctions between insider trading, market manipulation, and false statements [9][11]. - Strengthening the legal basis for strict punishment of securities crimes is vital for maintaining a fair market environment and protecting investors' rights, especially as financial innovations evolve [10][11]. Group 4: Integration of Legal and Economic Development - The legal framework should be integrated with the development of new productive forces, optimizing resource allocation towards technological innovation and the real economy [14]. - There is a need for a synchronized approach to legal construction and financial risk prevention, ensuring early identification and management of risks associated with new financial products and business models [14].