With the continuous deepening of the registration system reform, the legal system of China's capital market is constantly improving, and the "four beams and eight pillars" have been basically built, providing strong institutional support for punishing illegal activities and protecting the legitimate rights and interests of investors. At a recent press conference held by the China Securities Regulatory Commission, several business department heads attended and introduced the registration system reform and the construction of the rule of law in the capital market, which were of social concern, and answered questions from reporters. In November 2018, China decided to establish the Science and Technology Innovation Board on the Shanghai Stock Exchange and pilot the registration system. In April 2023, the registration system was fully implemented, and the reform of the registration system has brought comprehensive and profound changes to the structure, ecology, transparency, and other aspects of the capital market, which is of great significance in the history of capital market reform and development. With the continuous deepening of the registration system reform, the legal system of China's capital market is constantly improving, and the "four beams and eight pillars" have been basically built, providing strong institutional support for punishing illegal activities and protecting the legitimate rights and interests of investors. According to Zhou Xiaozhou, the main person in charge of the Comprehensive Business Department of the China Securities Regulatory Commission, since the reform of the registration system, the China Securities Regulatory Commission and exchanges have always adhered to the principles of "open door review" and "open door supervision". They have transformed the issues in the issuance conditions under the approval system that can be judged by investors into information disclosure requirements as much as possible, comprehensively cleared "pocket policies" and hidden thresholds, and made all standards, procedures, and results of the registration review public to the society, Actively accept supervision from all aspects of society. In response to the characteristics of changes in public power after the reform, the China Securities Regulatory Commission (CSRC) adheres to an inward approach, promotes self revolution, accelerates regulatory transformation, constructs a three-dimensional supervision and balance mechanism covering the entire process of issuance and listing, reforms and improves the composition and operation mechanism of the members of the Shanghai Municipal Party Committee and the Mergers and Acquisitions and Restructuring Committee, seriously crack down on shadow shareholders, government and business "revolving doors" and "escape style resignations", further reduce the identity value of resigned personnel, and seriously investigate and deal with a number of typical cases, Create a clean registration system. Implementing a registration system is not about letting it go or letting it go, but about strengthening supervision and law enforcement in all aspects of the entire chain before, during, and after the implementation, with stricter and more accurate management. Strictly control the entry point of IPO (initial public offering). Adhere to the principle of "taking responsibility upon declaration", severely punish "breaking through barriers with illness" and "withdrawing upon inspection", and further strengthen the responsibility of intermediary agencies as gatekeepers. According to Zhou Xiaozhou, since the reform of the registration system, the China Securities Regulatory Commission has taken regulatory measures against 69 securities companies and 381 responsible persons engaged in investment banking business. In particular, the sponsor business has been suspended for 5 securities companies with serious problems, and 55 practitioners have been identified as inappropriate candidates. The compliance awareness of banking institutions has significantly increased. From the perspective of applying enterprises, the continuous transmission of the concept of strict supervision and management to the market has made both applying enterprises and intermediary institutions feel the responsibility and pressure firsthand. According to Yan Bojin, Director of the Issuance Department of the China Securities Regulatory Commission, nearly 40% of the more than 1000 enterprises that have been reviewed and approved in the past five years of the pilot registration system have been withdrawn or rejected, firmly blocking out "diseased" and unqualified enterprises from entering the market. Strictly crack down on illegal activities such as financial fraud. Zhou Xiaozhou said that since the reform of the registration system, the China Securities Regulatory Commission has investigated nearly 1900 cases of various types and transferred suspected securities and futures crimes to the public security