Group 1: Core Recommendations - The article presents six key recommendations from Jia Wenqin, the director of Beijing Securities Regulatory Bureau, aimed at improving the capital market, including enhancing the accountability for third-party involvement in financial fraud, revising the Securities Investment Fund Law, and strengthening governance against illegal financial activities on the internet [1][3][4][13]. Group 2: Accountability for Financial Fraud - Jia emphasizes the need for stricter accountability measures against third parties involved in financial fraud, suggesting amendments to the Securities Law and the introduction of regulations to clarify the legal responsibilities of these parties [3][2]. - The proposal includes establishing a collaborative regulatory mechanism with relevant departments to enhance the detection and handling of financial fraud cases [3]. Group 3: Revision of Securities Investment Fund Law - The recommendation to revise the Securities Investment Fund Law aims to include private equity funds under its jurisdiction and adapt the regulations to current industry developments [5]. - Suggestions include broadening the investment scope for public funds and establishing a liquidity support mechanism for public funds [5]. Group 4: Special Representative Litigation System - The article discusses the importance of the special representative litigation system in protecting investors' rights and increasing the cost of illegal activities in the capital market [7][8]. - Recommendations include simplifying the initiation process for special representative lawsuits and expanding the range of entities that can initiate such lawsuits [8]. Group 5: Facilitation of Subrogation Lawsuits by Insurance Institutions - Jia proposes to enhance the process for insurance institutions to initiate subrogation lawsuits, suggesting the development of judicial interpretations and detailed work rules to improve the effectiveness of this system [10]. Group 6: Development of S Funds - The article highlights the need for the development of S Funds, which are private equity secondary market funds, to provide exit channels for private equity and venture capital investments [11]. - Recommendations include encouraging participation from state-owned capital and insurance companies in the S Fund market and optimizing tax policies related to fund share transfers [11]. Group 7: Governance of Illegal Internet Financial Activities - Jia calls for strengthened governance against illegal financial activities on the internet, proposing the establishment of standards and responsibilities for financial information management on online platforms [13]. - The recommendations also include enhancing regulatory collaboration and utilizing technology for better identification and management of illegal financial activities [13].