Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Implementation Measures for Supervision and Administration of Securities and Futures Markets," which aims to further standardize the procedures for implementing regulatory measures in the securities and futures markets [1][4]. Group 1: Types of Regulatory Measures - The "Implementation Measures" specifies fourteen common types of regulatory measures, including orders for correction, regulatory talks, warning letters, and orders for regular reporting [2]. - It includes a catch-all provision for other supervisory measures as defined by laws, administrative regulations, and CSRC rules [2]. Group 2: General Procedural Requirements - The implementing agency must document the collection of evidence, decisions, and notifications related to regulatory measures [2]. - Regulatory measures requiring on-site enforcement must be carried out by at least two qualified enforcement personnel [2]. - If a violation is not discovered within two years, the agency generally will not take regulatory measures unless specified otherwise by law or if the effects of the violation have not been eliminated [2]. Group 3: Special Procedural Requirements - The agency must provide prior notice to the parties involved, informing them of the type of measures to be taken, the facts, reasons, legal basis, and their rights to make statements or defenses [3]. Group 4: Emergency Response Mechanism - In urgent situations that severely threaten financial order or public interest, the agency can take immediate action without prior notice, subject to approval from the main responsible person [3]. Group 5: Decision-Making and Execution Requirements - The regulatory decision document must specify certain items, including public disclosure requirements and procedures for delivering the decision [3]. - Parties dissatisfied with the regulatory decision can apply for administrative reconsideration or file a lawsuit directly [3]. Group 6: Principles of Lawfulness, Efficiency, and Fairness - The "Implementation Measures" is a response to the need for a law-based government and aims to enhance the standardization of regulatory enforcement [4]. - It emphasizes timely correction of violations and risk prevention while maintaining market order [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has established the "Implementation Measures for Supervision and Administration of Securities and Futures Markets" to enhance the regulatory framework and procedures for the securities and futures markets [1][2]. Group 1: Common Regulatory Measures - The "Implementation Measures" explicitly lists fourteen commonly used regulatory measures, including orders for correction, regulatory talks, warning letters, and orders for regular reporting, with a catch-all provision for other supervisory measures as per laws and regulations [2][4]. Group 2: General Procedural Requirements - Regulatory measures must adhere to legal procedures, including evidence collection, decision-making, and notification processes [3]. - Regulatory actions requiring on-site enforcement must be conducted by at least two qualified enforcement personnel [3]. - If a violation is not discovered within two years, regulatory measures generally will not be applied unless specified by law or if the impact of the violation has not been eliminated [3]. - Staff involved in implementing regulatory measures must recuse themselves if they have a direct interest or relationship that could affect impartial enforcement [3]. Group 3: Decision-Making and Execution of Regulatory Measures - The regulatory decision document must specify certain required items and follow a defined delivery process [4]. - Parties dissatisfied with regulatory decisions can apply for administrative review or directly file a lawsuit [4]. Group 4: Importance of Regulatory Measures - Regulatory measures serve as an essential administrative tool for financial regulation, aimed at protecting public interests, correcting violations promptly, preventing market risks, and maintaining market order [6]. - The CSRC's previous trial measures from 2008 have positively contributed to market order and the protection of legal rights, but recent developments have highlighted the need for adjustments [6]. Group 5: Principles and Objectives of the Implementation Measures - The implementation of regulatory measures must follow principles of legality, efficiency, and fairness, ensuring timely correction of violations and risk prevention [7]. - The overall approach to the "Implementation Measures" emphasizes legal administration, problem orientation, procedural clarity, and efficiency in correcting violations [8].

中国证监会发布《证券期货市场监督管理措施实施办法》。《实施办法》共二十五条，明确监管措施的 种类。列出责令改正、监管谈话、出具警示函、责令定期报告等十四类比较常用的措施，并将"法律、 行政法规、中国证监会规章规定的其他监督管理措施"作为兜底规定。明确监管措施的实施原则。实施 监管措施，应当遵循依法、效率、公正原则，应当符合法律、行政法规、中国证监会规章规定的程序， 应当及时矫正违法行为，防范风险蔓延与危害后果扩散，坚持风险防控与教育相结合，应当以事实为依 据，与行为的性质、情节、危害程度以及风险大小相当等。 来源：滚动播报 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has developed the "Implementation Measures for Supervision and Administration of Securities and Futures Markets," which will take effect on June 30, 2026, to enhance regulatory procedures and ensure compliance with legal frameworks [1][2]. Group 1: Overview of the Implementation Measures - The "Implementation Measures" consists of 25 articles that outline various types of regulatory measures, including 14 common actions such as orders for correction, regulatory talks, warning letters, and orders for regular reporting [2]. - The principles for implementing regulatory measures include legality, efficiency, and fairness, ensuring that actions are based on facts and proportional to the nature and severity of the violations [2]. - The procedural requirements for implementing regulatory measures cover evidence collection, decision-making, delivery, on-site enforcement, and special procedures for urgent situations [2]. Group 2: Feedback and Future Actions - The CSRC has previously solicited public opinions on the "Implementation Measures," receiving general approval and recognition from various stakeholders, which led to modifications and improvements based on the feedback [2]. - The CSRC will focus on the effective implementation of the "Implementation Measures" in the future [2].

每经AI快讯，12月31日，据证监会公告，《证券期货市场监督管理措施实施办法》已经2025年12月30 日中国证券监督管理委员会2025年第6次委务会议审议通过，现予公布，自2026年6月30日起施行。 ...

正因如此，监管措施与行政处罚如何衔接配合，也是《意见稿》一个核心议题，其中第二十二条规 定，"违法行为已予立案的，不再对该违法行为采取监督管理措施，但为及时防范风险外溢或者保护投 资者合法权益，确有必要采取的除外。"这一规定，与2008年《试行办法》第六条行政处罚与监管措施 可同时实施的表述相比，立场更为审慎。 笔者认为，《意见稿》对立案的违法行为采取监管措施设立了门槛，但缺乏明确的量化标准，由此在监 管实践中，有的监管人员或因担心程序瑕疵而采取"宁严勿宽"的保守策略，立案之后可能束缚采取监管 措施的手脚，这可能削弱监管措施的"及时性"优势，在立案后的漫长调查期内，若因立案而暂停了限制 资金调拨等监管措施，恐将导致风险积聚蔓延，错失最佳处置时机。为更好守住风险底线，笔者建议， 监管部门在事前事中事后阶段，都要高度重视采取监管措施的重要性。 熊锦秋 近日，证监会发布《证券期货市场监督管理措施实施办法（征求意见稿）》并公开征求意见，笔者就此 提出拙见。 《意见稿》对监督管理措施进行了定义，是指证监会及其派出机构为了保护公共利益、防范市场风险、 维护市场秩序，依法对当事人采取的及时矫正措施。监管措施包括"责令改正； ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Implementation Measures for Supervision and Administration of Securities and Futures Markets" to enhance the regulatory framework and address issues identified since the 2008 trial measures [1][2]. Group 1: Regulatory Framework - The new implementation measures outline 14 common regulatory actions, including orders for correction, regulatory talks, warning letters, and orders for regular reporting, with a catch-all provision for other supervisory measures [1][3]. - The measures aim to improve the standardization of regulatory enforcement and ensure compliance with laws and regulations, reflecting the latest legal requirements and addressing issues from past practices [2][3]. Group 2: Procedural Improvements - The implementation measures emphasize the principles of legality, efficiency, and fairness in regulatory actions, ensuring that measures are timely and proportionate to the nature and severity of violations [3][4]. - Specific procedures for evidence collection, decision-making, and delivery of regulatory measures are established, including requirements for on-site enforcement by qualified personnel [4][5]. Group 3: Emergency Response Mechanism - A rapid response mechanism is included for urgent situations where immediate action is necessary to prevent significant harm to financial order or public interest, allowing for flexibility in communication with involved parties [4][6]. - The measures stipulate that if a violation is not discovered within two years, regulatory actions may not be taken unless specified by law or if risks remain [4][6].

据悉，实施办法共25条，主要包括监管措施的种类、监管措施的实施原则、实施监管措施的一般程序要 求、特别程序要求、紧急情况下的快速处置机制以及明确监管措施决定的作出及执行要求等内容。 期货日报网讯据证监会11月28日消息，为进一步规范证券期货市场监督管理措施的实施程序，充分发挥 监督管理措施防范市场风险、维护市场秩序的作用，证监会结合资本市场的新情况、新问题，起草了 《证券期货市场监督管理措施实施办法（征求意见稿）》（以下简称《实施办法》），向社会公开征求 意见。 证监会指出，监管措施是金融监管的重要手段。随着资本市场的发展，监管措施在具体实施中暴露出一 些问题，如对监管措施的定位认识存在偏差，当事人陈述、申辩等程序性权利保障不充分，监管措施决 定书记载内容过于简单，监管措施决定书的送达存在困难等。为进一步规范监管措施的实施程序，落实 有关法律、行政法规的要求，证监会研究起草了《实施办法》，拟以规章形式对监管措施的实施程序作 出规定。 ...

此外，《实施办法》明确，实施监管措施，应当遵循依法、效率、公正原则，应当符合法律、行政法 规、中国证监会规章规定的程序，应当及时矫正违法行为，防范风险蔓延与危害后果扩散，坚持风险防 控与教育相结合，应当以事实为依据，与行为的性质、情节、危害程度以及风险大小相当。监管措施可 以单独适用，也可以合并适用。 （编辑：罗辑 审核：夏欣 校对：颜京宁） 11月28日，证监会公布《证券期货市场监督管理措施实施办法（征求意见稿）》（以下简称"《实施办 法》"），并向社会公开征求意见。 证监会在《实施办法》起草说明中表示，《实施办法》起草遵循以下思路：一是坚持依法行政，提高监 管执法规范化水平。二是坚持问题导向，为确保中国证监会监管执法的一致性、连续性，此次制定规 章，坚持在2008年试行办法的基础上，结合近年来实践中反映的突出问题和法律最新要求，对相关规定 进行修改完善。三是坚持"程序法"定位。主要就监管措施的实施程序作出规定，对于监管措施的具体适 用情形、适用标准、适用对象等事项，由法律、行政法规或者中国证监会其他规章规定。四是坚持监管 措施及时矫正功能，突出效率要求。考虑到实施监管措施目的在于及时矫正违法违规行为、防范 ...

新华社北京11月28日电（记者刘慧、刘羽佳）中国证监会11月28日宣布，为进一步规范证券期货市场监 督管理措施的实施程序，研究起草了《证券期货市场监督管理措施实施办法（征求意见稿）》，向社会 公开征求意见。 证监会信息显示，监管措施是金融监管的重要手段。随着资本市场的发展，监管措施在具体实施中暴露 出一些问题。为落实有关法律、行政法规的要求，证监会研究起草了实施办法，拟以规章形式对监管措 施的实施程序作出规定。 【纠错】 【责任编辑:谷玥】 实施办法共25条，主要包括监管措施的种类、监管措施的实施原则、实施监管措施的一般程序要求、紧 急情况下的快速处置机制等内容。 ...