On May 15th, the China Securities Regulatory Commission released a summary of law enforcement in 2023. Since 2023, in accordance with the requirements of "comprehensively strengthening financial supervision", the China Securities Regulatory Commission has strengthened political leadership, faithfully fulfilled its duties and responsibilities, gathered systematic efforts, and "zero tolerance" to crack down on various illegal and irregular behaviors. Efforts have been made to achieve "sharp teeth and sharp edges" in regulatory law enforcement, strengthen the foundation and strict supervision and strict management, fully maintain the smooth operation of the capital market, protect the legitimate rights and interests of investors, and provide strong legal guarantees for the high-quality development of the capital market. In 2023, the China Securities Regulatory Commission investigated and handled 717 illegal cases of securities and futures, a year-on-year increase of 19%, effectively maintaining the operation order of the capital market; 539 administrative penalties were imposed, a year-on-year increase of 40%, and 1073 responsible parties were punished, a year-on-year increase of 43%; 103 people were banned from entering the market, a year-on-year increase of 47%; Fines of 6.389 billion yuan, a year-on-year increase of 140%; 118 suspected cases and clues of securities and futures violations were transferred to the public security organs, effectively maintaining the operation order of the capital market, protecting the legitimate rights and interests of investors, and continuously demonstrating the effectiveness of cracking down on securities and futures violations. The high-pressure situation of "zero tolerance" crackdown continues to consolidate. One is to closely monitor the "key minority", focus on eradicating the "cancer" of the capital market such as fraudulent issuance and financial fraud, and promote the improvement of the quality of listed companies. Adhere to the principle of "declaration is responsibility". For issuers and intermediary institutions suspected of significant illegal and irregular activities, even if they withdraw their application for issuance and listing, they must adhere to a thorough investigation to prevent "declaration with illness" and "disease entering through the mouth", and improve the quality of listed companies from the source. In 2023, four cases of issuers submitting false financial data during the issuance declaration stage were investigated and dealt with. Adhere to systematic governance. Focusing on illegal activities such as abusing accounting policies and adjusting profits through large provision of asset impairment, we will severely investigate and punish 32 companies with malicious circumstances, and crack down on illegal activities of financial fraud under the pretext of impairment. Deeply explore the profit chain of financial fraud, and in response to multiple cases of financial fraud involving cross related entities, highly similar suppliers and customers, and upstream and downstream cooperation in fraud, conduct parallel analysis, comprehensive investigation, and centralized investigation to effectively purify the ecosystem of listed companies. Adhere to three-dimensional accountability. On the basis of increasing administrative penalties, we will comprehensively use various means such as forced delisting, criminal accountability, and civil compensation to comprehensively increase the cost of illegal activities. In 2023, 32 listed companies investigated by the China Securities Regulatory Commission have been forcibly delisted, and 42 companies suspected of committing crimes have been transferred to the public security organs. Adhere to precise accountability. Adhere to the principle of seeking truth from facts, not wasting or indulging, achieve equal punishment for excessive punishment, increase punishment for the "chief culprit" and "key minority", and minimize the adverse impact on the company's operations as much as possible. For cases of illegal occupation of guarantees, distinguish the responsibilities of listed companies, actual controllers, directors and supervisors, and handle them in a classified manner to avoid causing "secondary harm" to the company. The second is to closely monitor the lack of diligence and responsibility, tighten the responsibility of "gatekeepers", and supervise and guide intermediary institutions to improve the quality of practice. Adhere to the principle of "multiple investigations for one case". On the basis of investigating and punishing cases of fraudulent issuance, financial fraud, and other violations of information disclosure in accordance with the law, we will comprehensively verify the performance of intermediary agencies involved in the case, and strictly enforce those suspected of illegal activities