Confiscated and seized over 15.4 billion yuan, the CSRC releases its latest regulatory report.

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Reporter | Cui Wenjing

Editor | Jiang Shiqiang Wu Yanling

On March 27, the China Securities Regulatory Commission (CSRC) released its 2025 report on the progress of building a law-based government. A regulatory “ledger” was presented to the market: 701 securities and futures-related illegal cases were handled throughout the year, total fines and penalties amounted to RMB 15.474 billion, and 172 leads on suspected criminal cases were transferred to public security authorities.

Under a regulatory tone of “teeth and thorns,” with sharp edges and corners, these figures directly reflect that strict supervision and regulation are moving toward normalization.

Beyond case handling, investor protection also saw multiple institutional advances over the past year. Material progress was made in representative litigation brought by investors in cases such as the Jinzhou Port case, the Jintongling case, and the Mingshang Ecological case, and the 12386 service platform received more than 400,000 investor requests throughout the year.

At the level of institutional building, throughout the year, 9 sets of rules and 23 normative documents were drafted and revised. Coordination and synergy between the judiciary and the administration have further been strengthened.

On this basis, the CSRC has clarified five key work priorities for 2026: accelerating legislative drafting and revisions in key areas, promoting the implementation of more representative litigation cases, adhering to strict and tough regulatory law enforcement with “teeth and thorns,” formulating a plan for integrity and trustworthiness building, and promoting modernization of capital market governance on the rule-of-law track. For market participants, a more standardized, transparent, and predictable law-based environment is being formed at an accelerated pace.

701 cases handled throughout the year

Fines and penalties exceed RMB 15.4 billion

The deterrent effect of regulatory law enforcement continued to become evident in 2025.

In terms of the number of cases, throughout the year, 701 securities and futures-related illegal cases were handled, with total fines and penalties of RMB 15.474 billion, and 172 leads on suspected criminal cases were transferred to public security authorities.

In terms of case types, malicious financial fraud cases such as those involving Furun Pharmaceutical and Pulic Pharma were punished severely in accordance with the law; trading-related illegal cases such as the Jinsui Chuncao manipulation case and the Tian Han illegal reduction in holdings case were penalized with fines and penalties exceeding RMB 100 million; intermediary institutions such as ShineWing Certified Public Accountants, Asia Pacific Certified Public Accountants, and East China Securities were also held legally accountable for their illegal and noncompliant conduct.

In terms of enforcement coordination, the CSRC and the Supreme People’s Procuratorate jointly issued guiding cases on securities-related illegal crimes, transmitting the signals of strict supervision and regulation to all links in the market.

Government services were also optimized in parallel. Throughout the year, 3,695 applications for various administrative permits were received, and 3,042 approval decisions were delivered. After the “one matter” rollout for qualified foreign investor status approval and account opening, the approval timeline was shortened to 5 working days.

Across the entire system, on-site inspections and self-regulatory oversight were carried out in accordance with law. Throughout the year, nearly 3,000 regulatory measures were issued, and various violations were corrected in a timely manner. Integrity-building advanced in step: situations involving failure to pay fines and penalties were recorded in the integrity file and publicly disclosed through special announcements, helping address difficult enforcement issues.

12386 platform received over 400,000 requests

Representative litigation made substantive progress

In 2025, the investor protection area saw multiple institutional breakthroughs.

In terms of institutional building, the CSRC issued “Several Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market,” proposing 23 policy measures from eight aspects, systematically defining the overall approach and action path for protecting small and medium investors.

Important progress was made in representative litigation. The representative litigation procedure was initiated in the Jinzhou Port case; the Jintongling case issued a first-instance decision ahead of schedule; the representative litigation case involving Mingshang Ecological was opened for trial; and Minmetals Securities set up a special fund for advance compensation for the Guandao case involving false statements. These landmark cases enabled investors’ sense of gain to gradually move from the procedural level to the substantive level.

The diversified dispute resolution mechanism continued to play a role. The 12386 service platform received more than 400,000 investor requests throughout the year, maintaining a relatively high connection rate, and investor satisfaction continued to rise steadily. Together with the Supreme People’s Court, a “one-to-one-to-one” online connection-and-adjustment mechanism for judicial mediation and dispute resolution was advanced; the reform of “exemplary litigation + bulk mediation” was continuously deepened. Pilot arbitration in the securities and futures industry has achieved full coverage across Beijing, Shanghai, and Shenzhen.

Investor publicity and education ran throughout the year, including a series of activities such as “5·15 National Investor Protection Publicity Day,” “3·15” and “9·15” educational publicity weeks jointly carried out with the Financial Regulatory Administration, and “World Investor Week” and other series of activities initiated in response to international securities regulatory authorities’ advocacy.

Drafted and revised 9 sets of rules and 23 normative documents throughout the year

In 2025, the pace of institution-building in the capital market was clearly accelerated.

In terms of legislative quantity, throughout the year, 9 sets of rules and 23 normative documents were drafted and revised.

In terms of key legislative projects, evaluations were organized on the implementation effectiveness of the Securities Law, revisions to the Securities Investment Funds Law were promoted, and efforts were advanced for drafting and revising administrative regulations such as the “Regulations on the Supervision and Administration of Securities Companies” and the “Regulations on the Supervision and Administration of Listed Companies.”

In terms of judicial coordination, the CSRC, together with the Supreme People’s Court, issued “Guiding Opinions on Strict and Impartial Law Enforcement and Judicial Services to Support the High-Quality Development of the Capital Market,” and promoted the joint issuance by the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Justice of the “Meeting Minutes on Jointly Advancing the Prevention and Substantive Resolution of Administrative Disputes in the Securities and Futures Regulatory Field.”

At the level of criminal judicial matters, relevant judicial policy documents were studied and developed, including revisions to judicial interpretations on civil compensation for insider trading and market manipulation, as well as those concerning criminal judicial interpretations for the crime of embezzling and impairing the interests of listed companies through breach of trust, the crime of insider trading, and policies targeting crimes committed by private fund managers.

Legislative participation channels were also broadened. The first batch of legislative contact points was established, and suggestions and comments from all parties in the market regarding legislative work were routinely collected.

In addition, in order to implement the plans and deployments of the CPC Central Committee and the State Council, rules were revised such as the “Measures for the Administration of Information Disclosure by Listed Companies,” the “Measures for the Administration of Major Asset Restructuring by Listed Companies,” and the “Provisions on the Regulatory Responsibilities of CSRC Dispatched Institutions,” among others.

Handled 286 proposals and recommendations throughout the year

In 2025, government affairs disclosure and power supervision continued to deepen.

In terms of information disclosure, the “Catalog of Items for Proactive Disclosure by the CSRC” was compiled, promoting the standardization and normalization of proactive disclosure of government information.

In terms of handling proposals and recommendations, throughout the year, 147 motions and recommendations by NPC deputies were handled nationwide, and 139 proposals by CPPCC members were handled. Proposal handling was integrated with the central work of preventing and mitigating risks in the capital market, strengthening regulation, and promoting high-quality development.

In terms of legal review, more than 6,000 legal review opinions were issued throughout the year. Strictly and in accordance with the law, work was done to seal and freeze assets involved in cases, building a review system of “early intervention at the procedural stage, checklist-based review on the content side, and multi-party argumentation on the form side.”

In terms of legal education and publicity, focused on promoting long- and medium-term funds to enter the market, doing well the financial “five major articles” for the capital market, the action plan for the high-quality development of public funds, further deepening reforms of the Science and Technology Innovation Board (STAR Market), and other key policy documents, publicity and interpretation were carried out continuously.

In terms of technology-based regulation, the requirements for building a nationwide unified government big data system were conscientiously implemented. Work to build systems for sharing and exchanging government data was continuously advanced, and the administrative permit system was upgraded.

Five key priorities for 2026: accelerate legislative drafting and revisions, and push more representative litigation to the ground

Looking ahead to 2026, the CSRC has specified five key work priorities for the building of a law-based government.

① Adhere to working steadily while seeking progress, improve quality and efficiency, closely follow the main line of preventing risks, strengthening regulation, and promoting high-quality development; enhance regulatory effectiveness; protect investors’ lawful rights and interests; and promote modernization of the governance system and governance capacity of the capital market on the rule-of-law track.

② Study and formulate a plan for building a law-based regime for the capital market, accelerate legislative drafting and revisions in key areas, and enhance the inclusiveness, adaptability, and competitiveness and attractiveness of the system.

③ Fully implement the work requirements for strict crackdowns on securities-related illegal activities in accordance with law. Adhere to regulatory law enforcement with “teeth and thorns,” keeping things sharp and tough, and severely crack down on all kinds of illegal and criminal activities in the securities and futures markets.

④ Strengthen the protection of small and medium investors in the capital market, promote the implementation of more representative litigation cases and advance compensation cases, and effectively enhance investors’ sense of gain.

⑤ Study and formulate a plan for integrity and trustworthiness building, ensure credit-based regulation is implemented properly, continuously foster a market ecosystem that respects the law and keeps promises, and help achieve a “good start for the Fifteenth Five-Year Plan” phase.

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Responsible editor: Jiang Yuhan