The China Securities Regulatory Commission (CSRC) has published its 2025 annual legislative work plan, setting out a year-wide rulemaking agenda to strengthen the capital markets legal and regulatory framework. The plan covers 19 regulatory projects, split between eight “key projects” the CSRC aims to issue within the year and 11 projects to be researched and released when appropriate, with a stated focus on tighter supervision in priority areas, market stability, and protection of retail and other small and medium-sized investors. Planned measures are grouped into three areas. For market conduct supervision, key projects include new rules for securities and fund investment advisory services and for derivatives trading, plus revisions to rules on securities issuance and underwriting, listed company information disclosure, and major asset restructurings, with the issuance and underwriting measures and listed company disclosure measures already published. Further projects include a new framework for information provision by private investment funds and revisions to rules for fund custody services and the operation of publicly offered securities investment funds. To strengthen oversight of market participants, the CSRC plans a revision to the futures company supervisory framework, alongside projects including interim supervision rules for publicly offered real estate investment funds, revisions to futures practitioner rules, and updates to information technology governance requirements for securities, futures and fund operating institutions. On enforcement and administrative governance, key projects include basic rules on administrative penalty discretion and revisions to the supervisory responsibilities of CSRC local offices, both already published, as well as proposed rules on supervisory measures in securities and futures markets, the identification of illegal gains in administrative penalty cases, and revisions covering margin financing and securities lending, securities refinancing (zhuanrongtong) arrangements, and market integrity supervision. Beyond CSRC rules, the plan also includes coordination with State Council departments on drafting and revising administrative regulations for securities companies, listed companies and real estate investment funds, an evaluation of the implementation of the Securities Investment Fund Law to support its revision, and cooperation with judicial authorities on securities and futures-related judicial interpretations. The CSRC indicated it will continue to solicit views from market participants and the public as it executes the plan.

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