Core Viewpoint - The Supreme People's Court and the China Securities Regulatory Commission have jointly issued guidelines to combat illegal capital activities, including hidden shareholding and unlawful wealth creation practices [1] Group 1: Legal Enforcement - The guidelines emphasize the need for accurate and complete disclosure of information regarding shareholders and actual controllers by issuers [1] - Courts are instructed to declare illegal agreements related to shareholding and profit transfer as invalid and to allocate responsibility based on the degree of fault of the parties involved [1] - Relevant illegal activity clues will be forwarded to appropriate departments for further action [1]

最高法、证监会：对于恶意参拍股权拍卖的 相关保证金不予退还 智通财经5月15日电，最高人民法院、证监会联合发布《关于严格公正执法司法 服务保障资本市场高质 量发展的指导意见》。意见提到，人民法院在上市公司和证券期货基金经营机构股权拍卖公告中，应当 提示受让人应当符合监管规则规定的股东条件，并提示股东资格存在不能获批的风险；对于恶意参拍， 拍得后未获批股东资格的，相关保证金不予退还；因对法定股东条件把握不准确、不存在明显恶意的， 可退还保证金。（智通财经记者 林坚） ...

智通财经5月15日电，最高人民法院、证监会联合发布《关于严格公正执法司法 服务保障资本市场高质 量发展的指导意见》。意见提到，依法打击编传虚假信息、"维权黑产"、发行上市环节不正当竞争等干 扰市场正常运行、扰乱资本市场秩序的违法行为，形成风清气正的市场生态。对于通过编传"小作文"等 虚假信息扰乱市场秩序、损害他人权益的行为，受害人提起民事诉讼要求损害赔偿的，人民法院依法予 以支持；构成犯罪的，依法追究刑事责任。对于针对发行申请人、上市公司、证券期货基金经营机构的 恶意代理维权、"有偿删稿"、恶意制造诉讼案件阻断发行上市审核流程等行为，人民法院支持相关主体 依法维护名誉权等合法权利，支持相关行政机关依法追究治安管理、反不正当竞争等行政违法责任；构 成敲诈勒索罪或虚假诉讼罪的，依法追究其刑事责任。强化对资本市场"吹哨人"就业权利、公平待遇等 方面的司法保护。（智通财经记者 林坚） 最高法、证监会：对于"小作文"损害他人权益且构成犯罪的 依法追究刑事责任 ...

具体来看，一是持续依法严厉打击财务造假，切实提高违法犯罪成本。依法严厉打击欺诈发行、违规信 息披露等财务造假违法犯罪行为；坚持"追首恶""打帮凶"并重，严格落实发行人及其控股股东、实控人 的第一责任；进一步压实中介机构责任；持续推动特别代表人诉讼常态化开展，切实保护投资者合法权 益。 登录新浪财经APP 搜索【信披】查看更多考评等级 最高法人民法院副院长高晓力5月15日在"5·15全国投资者保护宣传日"活动上表示，最高人民法院与证 监会今日将联合发布《关于严格公正执法司法 服务保障资本市场高质量发展的指导意见》。最高法将 推进各项相关工作举措落地。 三是进一步强化多元纠纷解决机制，促进投资者合法权益得到快速、实质救济。进一步完善最高人民法 院与证监会建立的多元纠纷化解机制，充分调动市场专业资源参与化解纠纷的积极性，形成各方实质性 化解争议的合力；积极支持相关市场机构与个人运用先行赔付，以及行政执法当事人承诺等制度工具， 及时向投资者赔偿；继续优化"示范判决+平行案件处理"的模式，通过示范判决助推当事人之间实质化 解争议。 责任编辑：刘万里 SF014 二是持续完善各项司法规则，构建以行政执法、民事追则和刑事打 ...

Group 1 - The Supreme Court and the China Securities Regulatory Commission (CSRC) issued guidelines to strictly enforce fair law enforcement and judicial services to support the high-quality development of the capital market [1] - The guidelines emphasize the prevention and resolution of risks in the capital market, supporting the risk disposal work of securities, futures, and fund management institutions [1] - There is a focus on handling cases related to listed companies' risk resolution, private fund risk resolution, bond defaults, and illegal securities activities, with judicial safeguards provided under relevant laws [1] Group 2 - The guidelines call for increased accountability for financial fraud and strengthen the guidance and supervision of local people's courts, ensuring strict standards in the trial of financial fraud cases [1] - The aim is to improve trial efficiency and promptly punish illegal activities, with a focus on significant typical cases to enhance deterrent effects [1] - The guidelines also stress the importance of combating illegal financial activities in the securities issuance sector to protect public property [1] Group 3 - In the bankruptcy liquidation and reorganization processes of securities, futures, and fund management institutions, there will be enhanced communication and coordination with regulatory bodies and local governments [1] - The guidelines support regulatory authorities in taking necessary measures regarding the assets and operations of management institutions during risk disposal [1] - There is a unified approach to handling cross-regional economic crimes in the private fund sector, ensuring fair compensation for affected investors and consistent standards in case handling [1]

最高法、证监会发布《关于严格公正执法司法 服务保障资本市场高质量发展的指导意见》提出，提升 司法强制执行质效。严格规范证券执行工作，避免绕道减持、违规减持。对于采取司法扣划、划转等非 交易过户方式强制执行处于限售期或不得减持的股票，以及当事人已作出限售减持承诺的股票的，人民 法院应当在司法拍卖公告中提示受让方遵守证券监管规则关于股票转让的规定；强制执行相关股票后， 受让方应继续遵守限售或减持规定。人民法院在上市公司和证券期货基金经营机构股权拍卖公告中，应 当提示受让人应当符合监管规则规定的股东条件，并提示股东资格存在不能获批的风险；对于恶意参 拍，拍得后未获批股东资格的，相关保证金不予退还；因对法定股东条件把握不准确、不存在明显恶意 的，可退还保证金。进一步完善最高人民法院与中国证监会建立的"总对总"网络执行查控系统功能。建 立和完善非诉执行工作机制，人民法院加大对行政罚没款的强制执行力度，证券期货监管部门申请人民 法院强制执行前，有充分理由认为被执行人可能逃避执行的，可以申请人民法院采取财产保全措施。探 索实行"同一案件、一次申请"，证券期货监管部门向人民法院申请司法强制执行其作出的行政行为，人 民法院裁定 ...

最高法、证监会发布《关于严格公正执法司法 服务保障资本市场高质量发展的指导意见》提出，便利 投资者依法维护自身合法权益。大力开展证券审判信息化建设，积极应用人民法院在线服务等平台，为 投资者维权提供在线立案、举证、调解、庭审等服务，便利投资者诉讼维权。探索推广人民法院投资者 司法保护综合平台的应用，便利投资者及时了解诉讼进程并行使相关诉讼权利。引导使用表格化、要素 式民事起诉状、答辩状示范文本，提高解纷质效。研究制定示范判决工作指引，提升"示范判决+平行 案件处理"机制的规范化水平。依法支持相关市场机构与个人运用先行赔付、行政执法当事人承诺等制 度工具及时向投资者进行赔偿。优化代表人诉讼运行机制，便利投资者通过集约化方式解决证券纠纷矛 盾。畅通先行赔付主体通过诉讼程序向其他责任人追偿渠道，提升相关主体先行赔付的意愿。 ...

Core Viewpoint - The Supreme Court and the China Securities Regulatory Commission (CSRC) have issued guidelines to enhance the enforcement of securities disputes through representative litigation, which is crucial for increasing the cost of violations, protecting investors' rights, and ensuring the stable and healthy development of the capital market [1] Group 1 - The guidelines emphasize the importance of regularizing representative litigation for securities disputes to improve the legal environment for investors [1] - There is a focus on strengthening communication and collaboration to establish a mechanism for the normalization of special representative litigation [1] - Courts are encouraged to promptly accept and adjudicate cases that meet legal criteria for special representative litigation [1] Group 2 - Investor protection agencies can initiate ordinary representative litigation on behalf of over 50 investors and participate as representatives in special representative litigation, which may streamline court processes and enhance litigation efficiency [1] - A mechanism for case assessment will be improved to address the challenges posed by numerous parties involved in representative litigation [1] - Various channels such as consultation hotlines, live court sessions, and online inquiries will be established to facilitate investor feedback and safeguard their rights [1]

Core Viewpoint - The article emphasizes the importance of judicial and administrative collaboration to support the high-quality development of the capital market, highlighting the need for improved investor protection and regulatory frameworks [3][4]. Group 1: Overall Requirements - The guiding ideology is based on Xi Jinping's thoughts, focusing on the implementation of the 20th National Congress decisions regarding financial and capital market construction [4]. - The goal is to enhance the collaborative role of judicial adjudication and securities regulation, improving the judicial protection mechanism and regulatory capabilities [4][5]. Group 2: Investor Protection - There is a strong focus on protecting investor rights, particularly for small and medium investors, ensuring their rights to information, participation in governance, and fair market participation [5][8]. - The article calls for the establishment of a robust judicial environment for long-term investments, promoting a healthy market ecosystem [8][9]. Group 3: Judicial Rule Improvement - The need for continuous improvement of judicial rules to adapt to changing market conditions is highlighted, including the development of judicial interpretations for insider trading and market manipulation [6][10]. - The article stresses the importance of high-quality adjudication in enhancing the capital market's development [6][10]. Group 4: Regulatory Collaboration - The establishment of a multi-faceted dispute resolution mechanism is proposed to facilitate non-litigation methods for resolving securities disputes [21][22]. - Strengthening information sharing and collaboration between judicial and regulatory bodies is emphasized to enhance risk prevention and response capabilities [23][24]. Group 5: Market Participant Regulation - The article outlines the need for strict regulation of securities, futures, and fund management institutions to ensure their stable operation and protect investor interests [15][16]. - It emphasizes the importance of adhering to appropriate management responsibilities and ensuring compliance with legal standards in financial transactions [15][16]. Group 6: Enhancing Judicial and Regulatory Capacity - The article calls for strengthening the training and professional development of financial judges and regulatory personnel to improve their understanding of financial markets and legal frameworks [26]. - It highlights the importance of maintaining a clean and accountable judicial and regulatory environment to ensure fair enforcement of laws [26].

Core Viewpoint - The Supreme Court and the China Securities Regulatory Commission jointly issued guidelines to enhance the quality of listed companies, emphasizing the importance of legal enforcement and judicial services in promoting high-quality development of the capital market [1] Group 1: Legal Enforcement and Company Quality - The guidelines stress that improving the quality of listed companies is crucial for the high-quality development of the capital market [1] - Legal actions will target capital violations, including hidden shareholding and illegal wealth creation practices [1] - Information disclosure by issuers regarding shareholders and actual controllers must be truthful, accurate, and complete [1] Group 2: Governance and Shareholder Rights - Courts are instructed to invalidate illegal agreements related to shareholding and benefit transfer, distributing responsibility based on fault [1] - The guidelines support shareholders in exercising their rights and clarify the reasonable boundaries for the board's review of shareholder proposals [1] - There is a push for standardized corporate governance practices [1] Group 3: Mergers, Acquisitions, and Bankruptcy - The guidelines advocate for legal support in mergers and acquisitions, declaring any anti-takeover provisions in company charters that violate laws to be invalid [1] - Investors can file civil compensation lawsuits for losses caused by false statements related to delisting [1] - The guidelines promote careful handling of bankruptcy reorganization cases to improve operational capabilities and resolve debt crises sustainably [1]