The Supreme People's Court and the China Securities Regulatory Commission (CSRC) jointly issued guiding opinions aimed at strengthening judicial and regulatory enforcement to support the high-quality development of China’s capital markets. The document sets out 23 measures to refine judicial policy and adjudication rules, improve the effectiveness of trials and supervision, and deepen coordination between judicial and administrative processes. Key measures focus on investor protection, including依法打击 fraudulent issuance and financial disclosure fraud, improving the civil liability framework for securities misrepresentation, and normalising representative litigation in securities disputes to lower investors’ rights-protection costs. The guidance also targets market conduct by promoting securities, futures and fund management institutions’ focus on core functions and prudent operations, improving judicial rules for a multi-tier capital market, supporting self-regulatory organisations’ performance of duties, safeguarding high-level institutional opening-up, and preventing and defusing capital market risks. Coordination measures include strengthening diversified dispute resolution mechanisms, enhancing consultation and information-sharing, and improving the linkage between judicial procedures and administrative regulatory processes. Next steps include joint implementation by the Supreme People’s Court and the CSRC, alongside further optimisation of coordination mechanisms and continued efforts to raise the standardisation and rule-of-law level of regulatory enforcement.

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