值得关注的是，上交所在最新一期《发行上市审核动态》中明确创新药研发再融资三大审核重点，包 括：项目必要性与可行性、信息披露充分性以及补流比例的合理性。券商人士称，这体现了监管层护 航"真创新"与防范风险并重的理念。 上交所理事长邱勇也表示，下一步将深化发行承销、再融资、并购重组等领域的适配性改革，积极探索 适应科技创新规律的监管方式；并提出支持人工智能、商业航天、低空经济等更多前沿科技领域适用第 五套标准。 【环球网财经综合报道】日前，证监会法治司副司长罗娟公开指出，将进一步完善资本市场涉外法治体 系，保持对跨境违法行为"零容忍"，严厉打击欺诈发行、财务造假、跨境操纵等严重违法行为。 ...

Group 1 - The core viewpoint emphasizes the importance of improving the legal framework for foreign-related capital markets to support high-level openness and ensure investor protection [1][2] - The China Securities Regulatory Commission (CSRC) is committed to enhancing foreign-related legislation, focusing on systematic and transparent legal structures to facilitate cross-border investment [1][3] - The dual opening of the capital market is progressing, with mechanisms like Stock Connect and the Qualified Foreign Institutional Investor (QFII) program being expanded to attract foreign investment [1][2] Group 2 - The CSRC has signed cooperation memorandums with 67 countries and regions, enhancing international collaboration for cross-border enforcement [2] - There is a need to balance innovation in financial tools with risk management, particularly in the context of rapid financial technology advancements [3][4] - Strengthening cross-border regulatory cooperation is essential to address challenges in cross-border listings and ensure accountability among issuers and intermediaries [4][5]

Core Viewpoint - The article emphasizes the importance of enhancing the legal framework for foreign-related issues in China's capital market to facilitate high-level two-way opening and create a favorable legal environment for foreign investment [1][4]. Group 1: Two-Way Opening of Capital Market - During the "14th Five-Year Plan" period, the two-way opening of the capital market is advancing, with mechanisms like Shanghai-Hong Kong Stock Connect and Shanghai-London Stock Connect being continuously improved [3]. - As of October 17, the number of stocks eligible for trading through the Shanghai-Hong Kong Stock Connect has reached 2,922, accounting for over 90% of the total market capitalization of A-shares [3]. - Since the implementation of new regulations for overseas listings, the China Securities Regulatory Commission (CSRC) has completed the filing for 296 domestic companies to list abroad, including 109 technology companies [3]. Group 2: Strengthening Cross-Border Regulatory Cooperation - The CSRC aims to deepen cross-border regulatory cooperation, enhancing communication and collaboration between domestic and foreign regulatory bodies [2][5]. - There is a commitment to a "zero tolerance" policy for cross-border illegal activities, including fraudulent issuance and financial fraud, to protect investors' rights [2][5]. Group 3: Legal Framework for Foreign-Related Issues - The CSRC has established various regulations to create a transparent and predictable legal environment for domestic companies going public abroad and for foreign investors participating in domestic markets [4][5]. - As of now, the CSRC has signed cooperation memorandums with 67 countries and regions, enhancing collaboration with foreign enforcement agencies [4]. Group 4: Future Directions for Legal System Improvement - The CSRC plans to prioritize legislative work related to foreign-related issues, aiming to establish a comprehensive legal system for the capital market [5]. - There is a focus on balancing openness and security, as well as innovation and risk management, to ensure high-quality development of the capital market [5]. - The CSRC will enhance the role of judicial protection in foreign-related legal construction, optimizing mechanisms for foreign-related trials [5].

Core Viewpoint - The article emphasizes the importance of enhancing the legal framework for foreign-related issues in China's capital market to support high-level bilateral opening and ensure investor protection [2][5]. Group 1: Legal Framework and Regulatory Cooperation - The China Securities Regulatory Commission (CSRC) is committed to improving the foreign-related legal system as a crucial aspect of capital market legal construction [5]. - The CSRC has signed cooperation memorandums with 67 countries and regions, enhancing collaboration with foreign enforcement agencies [5]. - There is a focus on balancing openness and security, as well as innovation and risk, to promote high-quality development in the capital market [7][8]. Group 2: Cross-Border Regulatory Coordination - The CSRC aims to strengthen cross-border regulatory cooperation and communication, holding issuers and intermediaries accountable for their responsibilities [8]. - A "zero tolerance" policy will be maintained against cross-border illegal activities, including fraud and financial misconduct [8]. - The article highlights the need for targeted coordination to address challenges in cross-border regulation, such as evidence standards and mutual recognition procedures [8]. Group 3: Market Opening Initiatives - The article outlines ongoing efforts to facilitate foreign investment through mechanisms like Stock Connect, with over 2,922 stocks available for trading and foreign institutional investors exceeding 900 [9]. - Since the implementation of new regulations for overseas listings, 296 domestic companies have completed their overseas listing filings, with a significant number being technology firms [9]. - The introduction of offshore A-share derivative tools is mentioned as a means to enhance risk management for international investors [9].

Core Viewpoint - Strengthening foreign-related legal construction is essential for advancing deep reforms and high-level opening-up, as well as for maintaining security and addressing external risks [1] Group 1: Legislative Initiatives - Emphasis on legislative primacy as a prerequisite for good governance, with a focus on enhancing the legal framework for capital markets, particularly in light of complex international changes [2] - The China Securities Regulatory Commission (CSRC) plans to advance foreign-related legislation systematically, prioritizing urgent needs and establishing a transparent and comprehensive legal system for capital markets [2] Group 2: Cross-Border Regulatory Cooperation - The rapid development of overseas financing and capital flows necessitates improved cross-border regulatory collaboration, ensuring that domestic regulatory bodies do not underperform or overreach [3] - The CSRC aims to strengthen communication and cooperation between domestic and foreign regulatory bodies, holding issuers and intermediaries accountable while maintaining a zero-tolerance policy for cross-border violations [3] Group 3: Judicial Support - The long-term stability and healthy development of capital markets rely on judicial support, with a focus on optimizing foreign-related trial mechanisms and enhancing the efficiency of foreign-related judicial work [4] - The recent decisions from the 20th Central Committee highlight the importance of foreign-related legal construction within the broader context of the socialist legal system with Chinese characteristics [4] Group 4: Current Regulatory Framework - The CSRC has established foundational regulations for overseas listings and cross-border transactions, creating a more transparent and predictable institutional environment for domestic enterprises [5] - As of now, the CSRC has signed cooperation memorandums with 67 countries and regions, enhancing collaboration with foreign enforcement agencies to facilitate overseas law enforcement [5]

Group 1 - The core viewpoint emphasizes the need for a better legal framework to support the high-level opening of the capital market, focusing on the role of law in guiding, regulating, and ensuring a favorable environment for foreign-related legal systems [1][2] - The China Securities Regulatory Commission (CSRC) plans to enhance foreign-related legislation in the capital market, prioritizing the establishment of a transparent and comprehensive legal system to support high-level foreign openness [1] - There is a call for deepening cross-border regulatory collaboration, addressing the challenges posed by rapid overseas financing and capital flow, and ensuring strict enforcement against cross-border illegal activities [1] Group 2 - The judicial system is highlighted as a crucial element in promoting high-level bilateral openness in the capital market, with an emphasis on optimizing foreign-related trial mechanisms and enhancing the efficiency of foreign-related judicial work [2] - The goal is to handle significant foreign-related cases that have substantial rule significance and international impact, thereby advancing the legal process [2]