The China Securities Regulatory Commission ("CSRC") recently issued the Implementing Measures for Regulatory Measures for Securities and Futures Markets (Draft for Comments) (the "Draft for Comments") for public comments by April 26, 2020.

The Draft for Comments touches upon contents in five aspects, including: 1. specifying the categories of and how to institute the regulatory measures; 2. clarifying the application of regulatory measures; 3. setting the general procedures for enforcing regulatory measures; 4. setting the detailed procedures for enforcing each category of regulatory measures; and 5. setting out the requirements for making decisions on regulatory measures. The Draft for Comments lists 16 common categories of regulatory measures, includes a catchall clause of "other regulatory measures stipulated by laws, administrative regulations and rules", and proposes that normative documents other than the CSRC rules cannot stipulate regulatory measures. Moreover, the Draft for Comments requires that enforcement of regulatory measures should be justified by ample evidence and legal basis, and notification procedures should be performed beforehand if certain regulatory measures are enforced, and relevant entities may be briefed on such enforcement.

(Source: China Securities Regulatory Commission)