According to the China Securities Regulatory Commission on May 9, the China Securities Regulatory Commission recently formulated a legislative work plan for 2025 and made overall arrangements for the whole year's legislative work. The China Securities Regulatory Commission will actively promote the issuance of various institutional documents in accordance with the legislative work plan.

There are 19 regulations and projects included in the China Securities Regulatory Commission's 2025 legislative work plan, including 8 "Strive to strive for key projects issued within the year" and 11 "projects that need to be researched and issued at the right time". The focus of legislation is to strengthen supervision of key areas of the capital market, maintain the stable and healthy development of the market, and effectively protect the legitimate rights and interests of small and medium-sized investors.

Overview of key points:

Formulate the "Regulations on the Management of Securities and Fund Investment Consulting Business" and the "Regulations on the Supervision and Administration of Derivatives Trading"; revise the "Regulations on the Management of Major Asset Restructuring of Listed Companies", etc.

Formulate the "Regulations on the Management of Information Provided by Private Equity Investment Funds" and revise the "Regulations on the Management of Securities Investment Fund Custody Business" and the "Regulations on the Operation of Publicly Offered Securities Investment Funds"

Revised the "Regulations on Supervision and Administration of Futures Companies"

Formulate the "Interim Measures for Supervision and Administration of Publicly Promoted Real Estate Investment Funds"

Revised the "Regulations on Management of Futures Practitioners" and "Regulations on Information Technology Management of Securities and Futures Fund Business Institutions"

Formulate the "Implementation Measures for Supervision and Administration Measures of Securities and Futures Market" and "Rules to Deter Illegal Income in Securities and Futures Administrative Penalty Cases"

Revised the "Regulations on the Management of Securities Financing and Financing Business", "Trial Measures on Supervision and Administration of Transfer and Financing Business", and "Regulations on the Supervision and Administration of Integrity of Securities and Futures Markets"

Specifically, first, strengthen supervision of capital market-related behaviors and effectively maintain an open, fair and just market order. Among them, there are five items of "strive to strive for key projects issued within the year", including the formulation of the "Regulations on the Management of Securities Fund Investment Consulting Business" and the "Regulations on the Supervision and Administration of Derivatives Trading"; the revision of the "Regulations on the Management of Securities Issuance and Underwriting" (published), the "Regulations on the Information Disclosure of Listed Companies" (published), and the "Regulations on the Management of Major Asset Restructuring of Listed Companies". Three projects that need to be studied and issued at the right time" include formulating the "Regulations on the Provision of Information of Private Equity Investment Funds" and revising the "Regulations on the Management of Securities Investment Fund Custody Business" and the "Regulations on the Operation of Publicly Offered Securities Investment Funds".

The second is to strengthen the regulation of relevant entities in the capital market and further consolidate the foundation for the development of the capital market. Among them, one item is "strive to strive for key projects issued within the year", including the revision of the "Regulations on Supervision and Administration of Futures Company". Three items of "projects that need to be studied and issued at the right time" include formulating the "Interim Measures for Supervision and Administration of Publicly Promoted Real Estate Investment Funds" and revising the "Measures for Management of Futures Practitioners" and the "Measures for Information Technology Management of Securities and Futures Fund Business Institutions".

The third is to deepen administration according to law and further improve the effectiveness of capital market supervision and law enforcement. Among them, two items are "strive to strive for key projects issued within the year", including the formulation of the "Basic Rules for Administrative Penalty Discretion of the China Securities Regulatory Commission" (published); and the revision of the "Regulations on Supervision Responsibilities of the China Securities Regulatory Commission's Sent-Organization Agency" (published). Five projects that need to be studied and issued at the right time" include formulating the "Implementation Measures for Supervision and Administration Measures of Securities and Futures Market" and the "Rules for Illegal Income Recognition of Administrative Penalties for Securities and Futures Cases"; revising the "Regulations on the Management of Securities and Futures Business", "Trial Measures for Supervision and Administration of Transfer and Transfer Business", and "Measures for Integrity Supervision and Administration of Securities and Futures Market".

In addition to the above-mentioned regulations and projects, in 2025, the China Securities Regulatory Commission will also cooperate with relevant departments of the State Council to formulate and revise administrative regulations such as the "Regulations on Supervision and Administration of Securities Companies", "Regulations on Supervision and Administration of Listed Companies", and "Regulations on Management of Real Estate Investment Funds"; organize and carry out evaluation work on the implementation of the "Securities Investment Fund Law", and promote the revision and improvement of the "Securities Investment Fund Law"; cooperate with relevant judicial organs to formulate and revise relevant judicial interpretations in the securities and futures field.

In implementing the 2025 legislative work plan, the China Securities Regulatory Commission will continue to listen to the opinions and suggestions of the market and all parties in society in depth and extensively, continuously improve the legislative level of the capital market supervision system rules, and strive to provide better institutional support and guarantees for the high-quality development of the capital market.

[Editor in charge: Xie Wei PF123]