If the rule of law prospers, the market will prosper, and if the rule of law is strong, the market will be strong. In recent years, the construction of the rule of law in China's capital market has entered the fast lane, the "four beams and eight pillars" of the legal system have been completed, the legal system has become increasingly complete, the legal environment has been continuously improved, and the level of investor protection has been significantly improved, providing a legal guarantee for the reform of the comprehensive registration system. Industry insiders believe that under the comprehensive registration system, the legal system of the capital market will be further improved, the punishment of financial fraud and other illegal acts by the regulatory authorities will be increased, the "zero tolerance" law enforcement will also be more refined, and the channels for investors' civil relief and dispute resolution will be further unblocked. The capital market legal system will further improve the introduction and implementation of the new securities law, the amendments to the criminal law (11), the futures and derivatives law, the Opinions on Cracking Down on Securities Illegal Activities Strictly in accordance with the Law, and the latest version of the judicial interpretation of civil compensation for misrepresentation, laying a good legal foundation for the launch of the comprehensive registration system reform. Recently, Jiao Jinhong, the chief lawyer of the CSRC, said publicly that at the end of last year, the revision of the Company Law had been reviewed by the Standing Committee of the National People's Congress for the second time. Among them, strengthening the governance of listed companies was one of the key points. The content involved authorizing the CSRC to formulate relevant provisions on independent directors, clarifying the functions of the audit committee of listed companies, and prohibiting illegal holding of shares of listed companies. It can be predicted that the capital market legal system will be further improved after the revision of the Company Law. Market participants believe that the supporting rules of the capital market need to be further refined. Tang Xin, a professor of Tsinghua University Law School, told the Securities Daily that the three-dimensional legal liability system composed of administrative liability, civil liability and criminal liability needs to be further refined. On the one hand, the controlling shareholders, actual controllers, internal directors and other "key minority" who have violated the law should be severely punished. On the other hand, it is also necessary to discuss the establishment of corresponding governance, internal control The issuer or listed company of the compliance system has the space to reduce the liability. Zheng Yu, a professor at the School of International Finance and Law of East China University of Political Science and Law, told the Securities Daily that the following supporting mechanisms should be further improved under the comprehensive registration system: first, the division of responsibilities between the stock exchange and the CSRC should be clarified. Secondly, to strengthen the main responsibility of "declaration is responsibility", in addition to "severe punishment", we should also guide the reputation restraint mechanism of intermediary institutions to play its role through reform. The "zero tolerance" law enforcement has become more sophisticated and reasonable. In recent years, the judicial system of securities law enforcement with Chinese characteristics has been strengthened, and the low cost of violating the law for a long time has been fundamentally reversed. Market participants believe that in the future, the regulatory authorities will adhere to the concept of "zero tolerance" law enforcement, strengthen the fight against financial fraud and other illegal acts, and the law enforcement and justice will be more refined. Tang Xin said that, taking financial fraud as an example, in addition to the controlling shareholders, actual controllers and a few internal directors who are responsible for it, they will review and determine the corresponding legal liabilities according to the actual situation of the work positions and responsibilities of other responsible persons, as well as their role in the formation and release of information disclosure materials and other activities. Zheng Yu believes that the punishment of securities violations will be more and more severe, and the deterrent force of law enforcement will be further enhanced. Law enforcement will also become more sophisticated and reasonable