In order to further standardize the implementation procedures of the supervision and management measures for the securities and futures market (hereinafter referred to as the regulatory measures), the China Securities Regulatory Commission recently officially issued the "Implementation Measures for the Supervision and Management Measures for the Securities and Futures Market" (hereinafter referred to as the "Implementation Measures"), which will come into effect on June 30, 2026. Industry insiders pointed out that the "Implementation Measures" clarify the types and implementation procedures of regulatory measures, fully protect the rights of parties involved, and design a rapid response mechanism in emergency situations, demonstrating the improvement of the legal level of the capital market. The Implementation Measures consist of 25 articles, mainly including: firstly, clarifying the types of regulatory measures. List fourteen commonly used measures such as ordering correction, regulatory talks, issuing warning letters, and ordering regular reports, and use "other supervisory and management measures stipulated by laws, administrative regulations, and China Securities Regulatory Commission rules" as a fallback provision. The second is to clarify the implementation principles of regulatory measures. The implementation of regulatory measures should follow the principles of legality, efficiency, and impartiality, comply with the procedures stipulated by laws, administrative regulations, and the rules of the China Securities Regulatory Commission, promptly correct illegal behavior, prevent the spread of risks and harmful consequences, adhere to the combination of risk prevention and education, and should be based on facts, commensurate with the nature, circumstances, degree of harm, and magnitude of risks of the behavior. The third is to clarify the procedural requirements for implementing regulatory measures. This includes general procedural requirements such as evidence collection, decision-making, delivery, on-site law enforcement, recusal, and legal review for regulatory measures, special procedural requirements such as prior notification, and a rapid response mechanism in emergency situations. The fourth is to clarify the requirements for making and implementing regulatory measures decisions. Including the matters that should be stated in the regulatory measures decision, disclosure requirements, and delivery procedures. Regulatory measures are a type of administrative measure independent of administrative penalties and an important means of financial regulation. The China Securities Regulatory Commission formulated the "Implementation Measures for Supervision and Administration of Securities and Futures Markets (Trial)" in 2008, which stipulated the scope of adjustment, application principles, types, and implementation procedures of regulatory measures. With the development of the capital market, some problems have been exposed in the specific implementation of regulatory measures, such as biased understanding of the positioning of regulatory measures, insufficient protection of procedural rights such as parties' statements and defenses, and overly simplistic content recorded in regulatory measure decisions. In terms of procedural requirements, compared with the 2008 Measures, the Implementation Measures have added multiple procedural requirements such as implementation deadline, prior notification, secondary notification, and legal review. In terms of general procedures, the implementing agency is required to leave a legal record of the evidence collection, decision-making, and delivery of regulatory measures. If on-site law enforcement is required for supervision, it shall be implemented by law enforcement personnel with administrative law enforcement qualifications, and the number of law enforcement personnel shall not be less than two. At the same time, the Implementation Measures also establish a rapid response mechanism in emergency situations. Professor Liu Junhai from the Law School of Renmin University of China told reporters that the Implementation Measures focus on improving the standardization level of regulatory enforcement. According to the Implementation Measures, the procedures for regulatory measures are more open, transparent, and strict, and the legitimate rights of administrative counterparties are fully protected, further consolidating the legal foundation of the China Securities Regulatory Commission's lawful administration. (New Society)