The Zhitong Finance App learned that on October 19, the China Securities Regulatory Commission issued the “Implementation Rules on Administrative Penalties for Illegal Securities Transfer Cases”, which will take effect on December 1, 2026. The Rules consist of 18 articles. Article 1 is the basis for enactment. Sections 2 to 7 are the “Determination” section, which successively clarifies the meaning and specific circumstances of “transferring securities”, “transferring securities within the restricted transfer period” and “transferring shares does not comply with the law, administrative regulations, and the regulations of the securities regulatory agency under the State Council” as stipulated in Article 186 of the Securities Law, as well as the determination of offenders who acted in concert. Articles 8 to 17 are the “discretionary” section, which distinguishes the four types, sets different levels of discretion, and makes enumerative provisions on the circumstances of punishment adjustment, and makes indicative provisions on the circumstances of combined punishment and priority punishment, situations where adjustments are applied, and market prohibitions.

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