Recently, the China Securities Regulatory Commission released 10 institutional rules closely related to investor protection, and introduced the overall enforcement situation of the China Securities Regulatory Commission in 2023. "Since its establishment, the China Securities Regulatory Commission has adhered to the fundamental mission and top priority of protecting investors' legitimate rights and interests." At the recent "5.15 National Investor Protection Promotion Day" event, Chairman Wu Qing of the China Securities Regulatory Commission stated that the commission will consistently focus on relevant implementation work and integrate investor protection into all aspects of the capital market system construction and regulatory enforcement. In April 2024, the State Council issued the new "Nine Articles" (i.e. "Several Opinions on Further Promoting the Healthy Development of the Capital Market"), which is another special guidance document for the capital market issued by the State Council after a decade. The new "National Nine Articles" emphasize the need to always practice the concept of finance for the people, highlight the value orientation of putting the people at the center, and more effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors. Wu Qing stated that "upholding the rule of law and respecting rules are the basic prerequisites for running a good capital market. To achieve good law and governance, it is necessary to follow the general laws of the capital market, and more importantly, based on China's national conditions, firmly grasp the market situation where small and medium-sized investors account for the vast majority. This requires us to fully listen to the opinions and suggestions of investors, especially small and medium-sized investors, make objective and fair professional judgments, pay more attention to the fairness of the system, and provide investors with more substantial fair protection." On March 1, 2020, the revised Securities Law was implemented, which included a special chapter for investor protection. The investor protection legal and regulatory system, based on the Securities Law and guided by relevant judicial interpretations, administrative regulations, departmental rules, normative documents, and self-discipline rules, provides more comprehensive and powerful institutional support for the protection of investors in China's capital market. Since the beginning of this year, the China Securities Regulatory Commission has successively issued the Opinions on Strictly Controlling the Access to Issuance and Listing and Improving the Quality of Listed Companies from the Source (Trial), the Opinions on Strengthening the Supervision of Listed Companies (Trial), the Opinions on Strengthening the Supervision of Securities Companies and Public Funds and Accelerating the Construction of First Class Investment Banks and Investment Institutions (Trial), and the Opinions on Strictly Implementing the Delisting System. The top priority is to protect the legitimate rights and interests of investors, especially small and medium-sized investors. The 10 institutional rules closely related to investor protection released this time include the "Regulations on the Administration of Programmed Trading in the Securities Market (Trial)", "Guidelines for the Application of Regulatory Rules - Issuance No. 10", "Work Plan on Improving the Diversified Dispute Resolution Mechanism for Securities and Futures and Deepening the Governance of Sources of Lawsuit", as well as relevant business rules for self regulatory organizations and insurance institutions. The reporter noticed that in order to further standardize the shareholding exercise work of the CSI Small and Medium sized Investor Service Center (hereinafter referred to as the Investment Service Center), safeguard the legitimate rights and interests of investors, especially small and medium-sized investors, and promote the improvement of governance and standardized operation of listed companies, based on summarizing the practical experience of insurance institutions in shareholding exercise in recent years, the Investment Service Center revised and publicly released the "Working Rules for Shareholding Exercise" and "Business Rules for Public Solicitation of Shareholders' Rights" during the activity period, further consolidating the institutional foundation for investor protection. The former clarifies the content of the exercise of shareholding rights, including issues strongly reflected by small and medium-sized investors, typical and exemplary issues that infringe upon the legitimate rights and interests of small and medium-sized investors, and key, difficult, and hot issues of public opinion attention; The latter clarifies the purpose, principles, decision-making, and implementation procedures of the Investment Service Center's public solicitation of shareholder rights. In the view of Meng Wenxiang, a lawyer at Beijing Zhonglun Law Firm, the two revised rules of the Investment Service Center have further focused on the key concerns of investors, especially small and medium-sized investors, clarified the procedures for publicly soliciting shareholder rights and other shareholding exercise work, strengthened the supervision and management of the Investment Service Center's shareholding exercise work, improved the scientific and normative nature of the Investment Service Center's shareholding exercise work, and provided policy basis and legal basis for the Investment Service Center to protect the legitimate rights and interests of investors, especially small and medium-sized investors. Zhang Gang, a lawyer at Beijing Dacheng Law Firm, also believes that "the newly revised" Work Rules for Stock Ownership Exercise "stipulate the principles, organizational implementation, collection and analysis of exercise clues, decision-making, exercise implementation, and disclosure of exercise information, making the basis for stock ownership exercise more sufficient and the process of stock ownership exercise more clear. This provides a basis for the investment service center to more standardize the protection of the legitimate rights and interests of investors, and can further achieve the goals of" demonstration and guidance "," risk disclosure ", and" urging listed companies to improve governance "of stock ownership exercise. The revised securities law has significantly increased the cost of securities violations and improved the investor protection system. The recently released "Overview of Law Enforcement by the China Securities Regulatory Commission in 2023" (hereinafter referred to as the "Overview") shows that in 2023, the China Securities Regulatory Commission investigated and handled 717 cases of securities and futures violations, a year-on-year increase of 19%; 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. It is reported that since 2023, 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 in accordance with the requirements of "comprehensive strengthening of financial supervision". Efforts have been made to achieve regulatory enforcement with "sharp teeth and sharp edges," strong foundation, strict supervision and strict management, and to 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. For example, focusing on the "key minority", striving to eradicate the "cancer" of the capital market such as fraudulent issuance and financial fraud, and promoting the improvement of the quality of listed companies. 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. In the fraudulent issuance cases of Zeda Yisheng and Zijing Storage, the company and its responsible persons were fined 142.5 million yuan and 90.71 million yuan respectively by the China Securities Regulatory Commission. The public security organs took criminal coercive measures against more than ten responsible persons. Both companies were forced to delist due to major violations, and investors received over 1.3 billion yuan in civil compensation, forming a strong law enforcement deterrent against listed companies that dared to break the law. Wu Qing emphasized the need to integrate investor protection throughout the entire process of capital market system construction and regulatory enforcement, and elaborated on five "further" aspects during the participation in the above activities: further consolidating the institutional foundation of investor protection, further promoting the improvement of the quality of listed companies, further promoting industry institutions to improve their professional service level, further cracking down on securities illegal and criminal activities in accordance with the law, and further opening up channels for investor rights protection and relief. If industry institutions connect both ends of investment and financing, they must invest more energy in serving investors. We should prioritize functionality, correct our business philosophy, return to our roots, uphold integrity and innovation, abide by our fiduciary obligations, enhance our professional capabilities, and provide investors with more diverse and adaptable products and services. Benchmarking the Chinese characteristic financial culture with the "Five Musts and Five Nos", emphasizing reputation management, firm professional ethics, and cultivating a good industry culture and investment culture. "Protecting investors is the primary task of securities regulation and a systematic project that requires continued strong support from all aspects." Wu Qing stated that the China Securities Regulatory Commission will work together with relevant parties, especially with financial management departments such as the State Administration for Financial Regulation, public security and judicial organs, local party committees and governments, news and publicity units, and market participants, to continuously improve the institutional mechanisms for investor protection, cultivate a mature and rational investment culture, actively create a market ecology that respects law and trustworthiness, and promote the high-quality development of the capital market to a new level. Regarding the key focus of law enforcement work in 2024, the Review points out that strengthening the full process and cycle management of case handling, strengthening process supervision, dynamic management, and key link control, can effectively improve the quality of investigation and handling. Optimize the allocation of law enforcement forces, and quickly investigate and deal with major cases through models such as "joint investigation", "case based training", and "aid team leaders"; Give full play to the functions of inspection, law enforcement, punishment, governance, prevention, and education, so that those who challenge the legal bottom line pay the due price, and use punishment to promote reform and management, achieving the cultivation and restoration of the market ecosystem. Enhance the transparency of law enforcement, timely report on the handling of cases such as financial fraud and market manipulation, as well as typical cases, to achieve the effect of "handling one case, educating one, and warning one party". (Lai Xin She)