Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Implementation Measures for the Supervision and Administration of Securities and Futures Markets," which aims to further standardize the implementation procedures of regulatory measures in the securities and futures markets, effective from June 30, 2026 [1]. Group 1: Background and Purpose - The regulatory measures are crucial for financial supervision, with the CSRC having established the "Implementation Measures for the Supervision and Administration of Securities and Futures Markets (Trial)" in 2008, which has played a positive role in maintaining market order and protecting legal rights [2]. - The 2008 trial measures have revealed issues such as inadequate procedural rights for parties involved and difficulties in the delivery of regulatory decisions, necessitating updates to align with recent legal developments [2]. Group 2: Key Principles of the Implementation Measures - The drafting of the Implementation Measures adheres to principles of lawful administration, problem orientation, procedural law positioning, and efficiency in regulatory measures [3]. - The measures aim to enhance the standardization of regulatory enforcement and ensure consistency and continuity in CSRC's regulatory practices [3]. Group 3: Content of the Implementation Measures - The Implementation Measures consist of 25 articles, detailing the types of regulatory measures, implementation principles, general and special procedural requirements, and emergency response mechanisms [4]. - It specifies 14 common regulatory measures, including orders for correction, regulatory talks, and issuance of warning letters, while also including a catch-all provision for other supervisory measures [4]. Group 4: Procedural Requirements - General procedural requirements include the need for documentation of evidence collection, decision-making, and delivery of regulatory measures, as well as the requirement for at least two qualified enforcement personnel during on-site enforcement [4]. - The measures stipulate that if a violation is not discovered within two years, regulatory actions are generally not taken unless specified by law or if the effects of the violation persist [4]. Group 5: Special Circumstances and Accountability - In urgent situations where immediate action is necessary to prevent significant harm to financial order or public interest, the implementing agency can bypass prior notification procedures [5]. - The measures outline the requirements for regulatory decision documentation, public disclosure, and the process for parties to appeal decisions, as well as accountability for serious misconduct during the implementation of regulatory measures [5].

三是加强对当事人的诚信约束。为提升行政执法当事人承诺制度的严肃性，《决定》明确，当事人或其 受托人利用行政执法当事人承诺恶意拖延调查、审理程序，向第三方泄露协商内容，打探行政执法当事 人承诺案件办理信息等行为，属于国务院《实施办法》第十九条规定的违背诚信原则的情形，可以按照 规定处理。 行政执法当事人承诺制度实施以来，较好发挥了救济、惩戒、教育、化解市场矛盾纠纷等方面的综合性 作用，各方评价总体上积极正面，法律效果与社会效果良好，践行了资本市场监管工作的政治性、人民 性。为更好实施法律规定的行政执法当事人承诺制度，有必要进一步完善受理条件。此外，经过近年的 实践，证监会形成了进一步优化办理程序的经验，需通过此次修改予以明确。 《决定》的主要内容包括： 一是完善受理条件。根据国务院《实施办法》第七条第六项规定，《决定》规定，有下列情形之一的， 证监会对适用行政执法当事人承诺的申请不予受理：当事人拒绝、阻碍证监会或其派出机构依法对其涉 嫌违法行为进行调查；当事人缺乏交纳承诺金的能力；当事人被列入证券期货市场严重失信主体名单且 未修复；当事人曾因涉嫌证券期货违法行为适用行政执法当事人承诺制度，自承诺认可协议履行完毕 ...

12月31日，证监会发布《关于修改＜证券期货行政执法当事人承诺制度实施规定＞的决定》（以下简称 《决定》），进一步明确行政执法当事人承诺受理条件，规范办理程序，《决定》自2026年2月1日起实 施。 行政执法当事人承诺制度，是指证监会对涉嫌证券期货违法的单位或者个人进行调查期间，被调查的当事人承 诺纠正涉嫌违法行为、赔偿有关投资者损失、消除损害或者不良影响并经证监会认可，当事人履行承诺后证监 会终止案件调查的行政执法方式。行政执法当事人承诺制度作为一种新型执法手段，有利于严厉惩戒违法违规 行为、维护市场秩序、及时高效赔偿投资者损失，兼顾法律效果和社会效果。 2026年新年献词｜顺流逆流，守护我们内心的罗盘！ 《决定》主要包括三方面内容， 一是完善受理条件。 《决定》规定，有下列情形之一的，证监会对适用行政执法当事人承诺的申请不予受 理：当事人拒绝、阻碍中国证监会或其派出机构依法对其涉嫌违法行为进行调查；当事人缺乏交纳承诺金的能 力；当事人被列入证券期货市场严重失信主体名单且未修复；当事人曾因涉嫌证券期货违法行为适用行政执法 当事人承诺制度，自承诺认可协议履行完毕之日起未逾1年；证监会基于审慎监管原则认为不适用 ...

此外，决定还完善了办理程序、加强了对当事人的诚信约束等。 决定完善受理条件，规定有下列情形之一的，中国证监会对适用行政执法当事人承诺的申请不予受 理：当事人拒绝、阻碍中国证监会或其派出机构依法对其涉嫌违法行为进行调查；当事人缺乏交纳承诺 金的能力；当事人被列入证券期货市场严重失信主体名单且未修复；当事人曾因涉嫌证券期货违法行为 适用行政执法当事人承诺制度，自承诺认可协议履行完毕之日起未逾1年；中国证监会基于审慎监管原 则认为不适用行政执法当事人承诺制度的其他情形。 新华社北京12月31日电（记者 刘慧、刘羽佳）中国证监会对《证券期货行政执法当事人承诺制度 实施规定》进行了修改完善，于12月31日发布《关于修改〈证券期货行政执法当事人承诺制度实施规 定〉的决定》，自2026年2月1日起施行。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has developed the "Implementation Measures for Supervision and Management of Securities and Futures Markets," which will take effect on June 30, 2026, to standardize the implementation procedures of regulatory measures [1][2]. Group 1: Regulatory Measures - The "Implementation Measures" outlines fourteen common types of 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 [1]. - 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 [1]. Group 2: Implementation Procedures - The document specifies procedural requirements for implementing regulatory measures, including evidence collection, decision-making, delivery, on-site enforcement, and special procedures for urgent situations [1]. - It also details the requirements for the issuance and execution of regulatory decisions, including what must be included in the decision document and the procedures for public disclosure and delivery [1]. Group 3: Public Feedback - Prior to finalization, the CSRC sought public opinion on the "Implementation Measures," receiving overall support and recognition from various stakeholders, which led to modifications and improvements based on the feedback [2].

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].

规范证监会执法程序 监管措施是独立于行政处罚的一种行政措施类型，是金融监管的重要手段，具有保护公共利益、及时矫正违法行为、防范市场风险、维护市 场秩序的作用。《实施办法》是证监会规章层级的文件，主要有五方面内容。 12 月 31 日，证监会发布 《证券期货市场监督管理措施实施办法》 （ 简称《实施办法》）， 进一步规范证券期货市场监督管理措施（以 下简称 " 监管措施 "）实施程序。 业内人士指出， 《实施办法》对行政监管措施程序作出的全面、具体规定 ， 是证监会进一步规范自身执法程序，保障行政相对人合法权益 的重要举措 ， 与此前已经出台的《中国证监会行政许可实施程序规定》《证券期货违法行为行政处罚办法》等规章 一道 ，共同规范证监会 的行政执法行为。 一是监管措施的种类。 《实施办法》明确列出责令改正、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、证监会规章规定的其他监督管理措施"作为兜底规定。 二是实施监管措施的一般程序要求。 具体来看，实施机构应当对监管措施的取证、决定、送达等依法"留痕"；监管措施需要现场执法的， 应当由具有行政执法资格的执法人员实施，执法人员不得 ...

《决定》的主要内容包括： 一是完善受理条件。根据国务院《实施办法》第七条第六项规定，《决定》规定，有下列情形之一的， 证监会对适用行政执法当事人承诺的申请不予受理：当事人拒绝、阻碍证监会或其派出机构依法对其涉 嫌违法行为进行调查；当事人缺乏交纳承诺金的能力；当事人被列入证券期货市场严重失信主体名单且 未修复；当事人曾因涉嫌证券期货违法行为适用行政执法当事人承诺制度，自承诺认可协议履行完毕之 日起未逾1年；证监会基于审慎监管原则认为不适用行政执法当事人承诺制度的其他情形。 证监会12月31日消息，为贯彻落实中央金融工作会议、新"国九条"关于完善行政执法当事人承诺制度的 要求，进一步明确行政执法当事人承诺受理条件，规范办理程序，证监会对《证券期货行政执法当事人 承诺制度实施规定》进行修改完善，发布了《关于修改〈证券期货行政执法当事人承诺制度实施规定〉 的决定》，自2026年2月1日起实施。 行政执法当事人承诺制度，是指证监会对涉嫌证券期货违法的单位或者个人进行调查期间，被调查的当 事人承诺纠正涉嫌违法行为、赔偿有关投资者损失、消除损害或者不良影响并经证监会认可，当事人履 行承诺后证监会终止案件调查的行政执法方式。 ...

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].