The Supreme People's Court and the China Securities Regulatory Commission jointly issued the "Guiding Opinions on Strict and Just Law Enforcement Judicial Services to Ensure High-Quality Development of the Capital Market".

On May 15, 2025, the Supreme People's Court and the China Securities Regulatory Commission jointly issued the "Guiding Opinions on Strict and Just Law Enforcement, Judicial Services to Ensure the High-Quality Development of the Capital Market." It focuses on investor protection, maintaining the people's standpoint. It mentions cracking down on fraudulent issuance and false financial information disclosure in accordance with the law and improving the system of civil liability for false statements. It also emphasizes the normalization of securities dispute representative litigation, facilitating investors in lawfully protecting their legitimate rights and interests, and reducing the cost of investor rights protection. Additionally, it enhances the judicial rules of the multi-level capital market, supports industry self-discipline organizations in performing their duties in accordance with the law, ensures a high-level institutional opening of the capital market, purifies the market ecology, and prevents and resolves market risks. The Supreme People's Court and the China Securities Regulatory Commission jointly issued the "Guiding Opinions on Strict and Just Law Enforcement, Judicial Services to Ensure the High-Quality Development of the Capital Market." The document comprehensively summarizes the judicial policies and judgment rules, innovates working mechanisms, and enhances the quality and effectiveness of judicial supervision. It plays a vital role in the legal construction of the capital market and helps fully exert the role of the people's courts, strengthen the coordination between judicial and administrative authorities, and promote the high-quality development of the capital market in all respects. In recent years, the Supreme People's Court has successively formulated judicial interpretations on criminal cases such as market manipulation, insider trading, and illegal fundraising, as well as civil compensation for securities false statements and representative litigation. In the new era and new journey, to better adapt to the practical needs of capital market reform and development, and further improve the judicial rules of the capital market, the "Guiding Opinions" summarize the actual work of the People's Court in judging and enforcing work as well as capital market supervision and law enforcement from the overall requirements, investor protection, market participants' norms, judicial and administrative coordination, and organizational implementation safeguard, proposing 23 opinions on strict and just law enforcement, protecting the capital market reform and development, including focusing on investor protection, standing firm on the people's standpoint, cracking down on fraudulent issuance and false financial information disclosure, improving the system of civil liability for false statements, normalizing securities dispute representative litigation, facilitating investors in lawfully protecting their legitimate rights and interests, and reducing the cost of investor rights protection, etc. In the next step, the Supreme People's Court and the China Securities Regulatory Commission will work together to implement the "Guiding Opinions," continuously solidify the institutional foundation of judicial protection for the capital market, optimize and improve the joint working mechanism of judicial and regulatory bodies, continuously improve the standardization and legalization of regulatory law enforcement, provide more powerful services and guarantees for the capital market reform and development, and serve the construction of a financial powerhouse and the overall modernization of China. This article is compiled from the China Securities Regulatory Commission. Editor: Chen Wenfang.