The China Securities Regulatory Commission published a report on its capital market “rule-of-law government” work in 2025 and outlined its 2026 work programme. It highlights stronger legislative and enforcement activity in 2025, including 701 securities and futures cases with more than CNY 15.47bn in confiscations and fines and 172 suspected criminal leads transferred to public security authorities, while acknowledging continuing gaps in制度完善、执法效能、投资者保护和诚信建设. Work in 2025 included an evaluation of the Securities Law’s implementation and efforts to推进 revisions to the Securities Investment Fund Law, alongside work to制定修订 administrative regulations such as those covering securities firms and listed companies. Coordination with the judiciary featured joint guidance with the Supreme People’s Court on supporting high-quality capital market development and a multi-agency meeting record with the Supreme People’s Court, Supreme People’s Procuratorate and Ministry of Justice on preventing and substantively resolving administrative disputes in securities and futures regulation, plus support for work on judicial interpretations and related司法政策文件 covering insider trading, market manipulation and private fund crime. The CSRC set up its first batch of legislative contact points and issued or revised nine departmental rules and 23 normative documents, including amendments to the measures on listed-company information disclosure, major asset restructurings and the supervisory responsibilities of CSRC local offices. Enforcement focused on重大恶性财务造假、交易类违法和中介机构违法, with examples including cases involving Furen Pharmaceutical and Puli Pharmaceutical, penalties exceeding CNY 100m in certain trading-related cases, and action against intermediaries such as ShineWing and Donghai Securities. Ongoing supervision generated nearly 3,000 regulatory measures; licensing work processed 3,695 applications and issued 3,042 approval or registration decisions, and qualified foreign investor eligibility approval was streamlined with account opening with the approval time reduced to five working days. Investor protection initiatives included issuing an opinion package with eight areas and 23 measures for protecting small and medium investors, advancing special representative litigation and early compensation arrangements in multiple cases, handling over 400,000 investor requests via the 12386 platform, and expanding securities and futures arbitration pilots to cover Beijing, Shanghai and Shenzhen. For 2026, priorities include developing a capital market rule-of-law plan, accelerating key legislation and revisions, maintaining a tougher enforcement stance against securities and futures违法犯罪, and strengthening small-investor protection by推动 more representative litigation and early compensation cases. The commission also plans to develop an integrity-building plan and promote credit-based supervision.

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