The Ministry of Public Security recently issued a notice requesting the national public security organs to take the opportunity of fully implementing the stock issuance registration system to further strengthen the crackdown on securities crimes. It is particularly mentioned that the new characteristics of securities crimes after the comprehensive implementation of the registration system should be adjusted in a timely manner to combat strategies and priorities. The comprehensive implementation of the stock issuance registration system is a major reform involving the overall capital market. Since its official implementation in February this year, it has expanded the development space of high-quality companies and stimulated market vitality. At the same time, this is also a process of continuous exploration and improvement. The combination of decentralization and regulation is a necessary part of the registration system. How to increase the intensity of regulation while "decentralization" is a new topic that regulatory and law enforcement departments, including public security, must answer well. Cracking down on various illegal activities under the registration system, zero tolerance is the principle. The registration system introduces a more market-oriented institutional arrangement, without any administrative restrictions on the price, scale, etc. of new stock issuance. Only with sufficient legal protection can the capital market develop in an orderly and stable manner. Financial fraud, insider trading, market manipulation and other illegal and criminal activities not only disrupt the order of the capital market and harm the interests of investors, but also endanger the process of capital market reform and development. They must be strictly and promptly investigated and dealt with in accordance with the law, without any tolerance or investigation. In the notice issued this time, it mentioned unusual charges such as illegal disclosure and non disclosure of important information, as well as new fraud crimes such as telecom Internet fraud and "virtual disk" by using the stock issuance registration system. On the one hand, it is necessary to strengthen the discovery, transfer, and investigation of clues, crack down on organizers and related personnel in accordance with the law, not only "punish the culprits" but also "pursue accomplices", maintain a high-pressure situation, and curb the spread of securities illegal activities. On the other hand, we need to enhance our early warning and interception capabilities, establish a comprehensive and widely covered anti fraud propaganda system, and enhance investors' awareness of fraud prevention and anti fraud capabilities. From the actual situation, cases of financial fraud and illegal information disclosure still occur, and new business formats such as supply chain finance and commercial factoring are used as a cover up for fraud by those with ulterior motives, making it more difficult to investigate and handle cases; The characteristics of market manipulation are more specialized and chained. The "cloud sub warehouse" capital allocation technology, procedural trading, High-frequency trading and other information tools iterate rapidly, and abnormal transaction monitoring, administrative investigation and evidence collection face new challenges. This requires relevant departments to establish a professional team to investigate securities and futures crime cases, innovate investigation methods, effectively use Big data, artificial intelligence, blockchain and other technologies, improve the efficiency of supervision and law enforcement, and effectively prevent, timely detect and precisely crack down on illegal acts. In response to new situations and challenges, law enforcement and judicial departments should also explore new models for linking execution, and form a long-term joint force to efficiently crack down on securities illegal activities. Securities regulatory agencies fully leverage their administrative regulatory functions to file, investigate, and transfer suspected criminal securities cases in accordance with the law; The public security organ shall file a case for investigation in time to find out the Corpus delicti; The procuratorial organs strictly control facts, evidence, and legal application, accurately accusing and proving crimes; The people's court shall try the case in accordance with the law, accurately measure the punishment, and recover the losses of investors. All departments shall cooperate with each other, increase the efforts to crack down on cases of refusing or obstructing securities administrative law enforcement according to law, and maintain the Seriousness of securities administrative law enforcement. Also, it should be noted that in cracking down on new types of fraud crimes in the securities industry in accordance with the law