2025年两会，全国政协委员、民建中央法制委员会委员、证监会处罚委办公室一级巡视员罗卫关注的问题 均和强化资本市场监管执法，加大投资者保护力度有关。她建议探索在北京上海试点金融案件"三合一"审 判机制，加快出台背信损害上市公司利益罪司法解释。 罗卫在接受证券时报·券商中国记者专访时表示，"打假护秩序、护市场"始终是资本市场监管执法的重点，一 个活力与秩序兼备的资本市场是证监会行政执法的工作目标。证监会将一以贯之依法从严打击证券期货违法行 为，坚持做到"严而有度、严而有方、严而有效"，并将"以投资者为本的理念"始终贯穿在监管执法过程中。 证券时报·券商中国记者：2024年，证监会坚决落实党中央关于金融监管"长牙带刺"、有棱有角要求，依法严 惩资本市场违法行为，请问"以投资者为本的理念"在监管执法层面应该如何体现？ 罗卫：证监会在监管执法中始终坚持投资者的主体价值和中心地位，努力让投资者在每一个执法行为、每一项 处罚决定中感受到公平正义，以法治力量促进资本市场生态改善，持续提升投资者安全感。监管执法要更加强 调"以投资者为本的理念"，需要从四个方面着手： 一是坚持从严执法形成有力震慑。对欺诈发行、财务造假、操纵市 ...

Core Viewpoint - The article emphasizes the importance of strengthening capital market regulation and investor protection, highlighting the need for a robust legal framework to address financial misconduct and enhance market integrity [1][2][10]. Group 1: Regulatory Focus - The proposal to explore a "three-in-one" trial mechanism for financial cases in Beijing and Shanghai aims to streamline the handling of criminal, administrative, and civil cases related to financial misconduct [2][4]. - The current practice in Shenzhen's financial court serves as a model for this reform, which is expected to improve judicial efficiency and provide better services for investors [5]. - The article stresses the necessity of expediting the judicial interpretation of the crime of breaching trust that harms the interests of listed companies, as existing regulations are seen as too vague [5][6]. Group 2: Investor-Centric Regulation - The regulatory approach should prioritize the interests of investors, ensuring that enforcement actions reflect fairness and justice [7][8]. - The article outlines four key aspects of investor-focused regulation: strict enforcement to deter violations, enhancing public confidence through transparent actions, precise enforcement to avoid collateral damage, and collaborative enforcement to ensure comprehensive accountability [7][8][9]. Group 3: Market Integrity and Development - The relationship between regulatory enforcement and market vitality is discussed, asserting that a well-regulated market fosters both order and dynamism [11][12]. - The article argues that effective regulation is essential for restoring market integrity and investor confidence, which in turn supports long-term investment [12][13]. - Future regulatory efforts will focus on distinguishing the severity of violations, improving legal standards, and enhancing collaborative mechanisms among regulatory bodies to ensure comprehensive accountability [13][14].