Taihe Legal News, Issue 1226

Key Takeaways for This Issue

The Supreme People’s Court has issued a judicial interpretation on the intersection of civil and criminal law.

On September 21, the Supreme People’s Court issued the “Provisions of the Supreme People’s Court on Several Issues Concerning the Adjudication of Civil Disputes Involving Criminal Offenses” (Fa Shi [2026] No. 19), which took effect on September 22. The judicial interpretation comprises 24 articles and adopts “the same facts” as the central criterion for determination, clearly distinguishing between two approaches—“criminal proceedings first, civil proceedings later” and “parallel criminal and civil proceedings.” It rectifies the mechanical application of the “criminal‑first, civil‑later” principle, stipulating that people’s courts shall not grant applications to suspend civil litigation based solely on a criminal case filing receipt when such applications do not meet the requisite conditions. Furthermore, it lists specific circumstances—such as cases where an offender acts in the name of an entity or where the principal debtor is implicated in a crime while the creditor sues the guarantor—that must be accepted and adjudicated separately in accordance with the law, thereby preventing improper interference in economic disputes through criminal means.

The State Council has promulgated the revised Regulations for the Implementation of the Audit Law.

On September 24, State Council Premier Li Qiang signed State Council Order No. 847, the Regulations for the Implementation of the Audit Law of the People’s Republic of China, which was authorized by Xinhua News Agency to be promulgated and will take effect on December 1, 2026. This revision elevates the achievements of the reform of the audit management system to the level of statutory provisions, stipulating that audit oversight shall be integrated and coordinated with disciplinary inspection and supervision, inspection and巡察 oversight, organizational and personnel oversight, and other forms of oversight. It also refines the requirement for full‑coverage auditing by including draft final accounts, as well as audits of state‑owned resources and state‑owned assets, in the reporting of audit results; introduces a new registration and reporting system for instances of probing into or interfering with audit matters; and strengthens accountability for audit rectification, clarifying the principal responsibility of audited entities to carry out corrective measures and specifying the legal liabilities for refusal to rectify or for making false rectifications.

The People’s Bank of China has renewed its medium-term lending facility (MLF) operations, injecting an additional RMB 800 billion.

On September 23, the People’s Bank of China issued an announcement stating that, on September 24, it would conduct an 800 billion yuan one-year Medium-term Lending Facility (MLF) operation through a fixed‑quantity, interest‑rate‑tender, multi‑price winning‑bid mechanism. On the same day, it also announced that from September 28 to October 8, it would carry out overnight reverse repurchase operations, raising the daily cap from the previous 600 billion yuan to 1 trillion yuan. With 600 billion yuan of MLF maturing during the month, the central bank rolled over an additional 200 billion yuan, while simultaneously renewing equivalent amounts of buy‑back‑type reverse repos across two tenors. As a result, total medium‑term liquidity injections for the month increased by 200 billion yuan, marking the third consecutive month of net liquidity injection.

Finance and Capital Markets

FINANCE & CAPITAL MARKETS

The People’s Bank of China announced the launch of an 800 billion yuan medium-term lending facility operation.

On September 23, the People’s Bank of China issued an announcement stating that, to maintain ample liquidity in the banking system, it will conduct an 800 billion yuan medium-term lending facility (MLF) operation on September 24, using a fixed‑quantity, interest‑rate‑based tender with multiple price levels. The tenor will be one year. On the same day, the central bank also announced that, to better align with short‑term liquidity needs in the banking system, it will carry out overnight reverse repurchase operations from September 28 to October 8, employing a fixed‑rate, quantity‑based tender process, with daily volumes not exceeding 1 trillion yuan. With 600 billion yuan of MLF maturing in September, this month’s MLF operation resulted in an additional rollover of 200 billion yuan, compared with a reduced rollover of 100 billion yuan last month. Meanwhile, given that both tenors of buy‑back‑type reverse repos in September were rolled over at equivalent amounts, the People’s Bank’s total medium‑term liquidity operations for the month increased by 200 billion yuan, marking the third consecutive month of net injections, with the net injection size up by 100 billion yuan from the previous month. Market participants note that the daily cap on overnight reverse repo operations has been raised from the previous three rounds’ 600 billion yuan to 1 trillion yuan, primarily in response to factors such as cash withdrawals ahead of and following the National Day holiday, end‑month bank performance assessments, and the concentrated maturity of open market operations. By shifting cross‑holiday liquidity injections from the customary 14‑day reverse repos to overnight reverse repos, the central bank is demonstrating a more refined approach to short‑term liquidity management, while also paving the way for overnight reverse repo rates to eventually supplant 7‑day reverse repo rates as the primary policy rate.

The People’s Bank of China and the National Administration of Financial Regulation have jointly disclosed a batch of administrative penalty information.

On September 24, the People’s Bank of China, the National Administration of Financial Regulation, and regulatory authorities in multiple regions jointly disclosed a batch of administrative penalty decisions involving banks and insurance institutions. The People’s Bank of China imposed administrative penalties on four banks—Jiangsu Bank, Postal Savings Bank of China, Bohai Bank, and Guangfa Bank—totaling nearly RMB 49.38 million in fines and confiscations. Each of the four banks was found to have committed between 10 and 13 violations, with issues concentrated in areas such as financial statistics, account management, acquiring and collection services, data network security, anti‑money laundering customer identification, and transaction reporting. Several responsible individuals were also fined amounts ranging from RMB 10,000 to RMB 200,000. At the national level, the National Administration of Financial Regulation issued penalties to three institutions—China Life Reinsurance Co., Ltd., Taiping Asset Management Co., Ltd., and Pufa Wealth Management Co., Ltd.—with combined fines and confiscations totaling RMB 10.0922 million. Among them, Pufa Wealth Management was penalized RMB 9.1222 million for incomplete identification of related parties and liquidity risk indicators that failed to meet regulatory requirements; China Life Reinsurance was fined RMB 500,000 for submitting false data to regulators and for conducting reinsurance business in a non‑compliant manner; and Taiping Asset was fined RMB 300,000 for failing to use insurance company funds in accordance with applicable regulations. In addition, on September 24, the Jiangxi Securities Regulatory Bureau issued advance notices of administrative regulatory measures to Guosheng Securities and Xiangcai Securities. Both brokerage firms are slated to have their ability to open new securities accounts suspended for three months. Guosheng Securities and six responsible individuals face proposed fines totaling RMB 1.1 million, with its chief information officer designated as an unsuitable candidate for one year. Xiangcai Securities and its responsible parties are subject to proposed fines of RMB 1.25 million, both cases involving deficiencies in brokerage business oversight, inadequate implementation of real-name account registration, and violations of information security regulations.

Chuan Da Zhisheng and ST Yedao have been placed under investigation by the China Securities Regulatory Commission for alleged violations of information disclosure laws and regulations.

On the evenings of September 21 and September 22, Hainan Yedao (600238; now designated as ST Yedao) and Chuanda Zhisheng (002253) separately announced that they had received “Notice of Filing” from the China Securities Regulatory Commission. The CSRC has initiated an investigation into both companies on suspicion of violations of information disclosure laws and regulations. In the case of Chuanda Zhisheng, during the same period, the Sichuan Securities Regulatory Bureau found that the company had failed to promptly review and disclose related-party transactions, allowed its actual controller to non‑operatively occupy RMB 15 million of the listed company’s funds, omitted to disclose performance commitments made by its equity‑method investee, suffered internal control failures, and engaged in non‑compliant accounting practices. As a result, the regulator imposed administrative supervisory measures requiring the company to make corrections, issued warning letters to multiple responsible individuals and recorded their misconduct in the securities and futures market integrity database, and mandated that the company submit a rectification report within 60 days. Both companies stated that their production, operations, and business activities remain normal, and that they will fully cooperate with the investigation and fulfill their information disclosure obligations in accordance with the law. Ensuring compliance with information disclosure requirements by listed companies, as well as addressing the conduct of “key individuals”—including controlling shareholders and actual controllers—such as misappropriation of funds and unauthorized guarantees, continues to be a major focus of regulatory oversight.

The Hong Kong Stock Exchange is conducting a market consultation on the enhancement of its listing regulatory framework.

On September 23, the Stock Exchange of Hong Kong, a wholly owned subsidiary of Hong Kong Exchanges and Clearing Limited, issued a consultation paper seeking market feedback on proposed enhancements to the regulatory framework governing corporate transactions by listed issuers. The consultation period lasts 10 weeks, concluding on November 30, 2026. The consultation paper proposes refinements to the disclosure requirements for reportable transactions, related-party transactions, and spin-off listings: the post‑listing suspension period during which an issuer may not file a spin-off application would be shortened from three years to one year; issuers meeting specified criteria for market capitalization, revenue, and other metrics would be permitted to independently assess spin-off matters without prior approval from the Exchange; and corresponding adjustments would be made to transaction‑calculation metrics, with a streamlined classification system and enhanced standards for identifying related-party transactions. Market analysts view this consultation as aimed at bolstering the competitiveness of Hong Kong’s listing regime, balancing facilitation of corporate capital‑raising activities with investor protection, and providing direct guidance for companies listed in both Mainland China and Hong Kong, as well as those considering spin-off listings.

Business and Corporations

COMMERCIAL & CORPORATE

       The State Council has promulgated the revised Regulations for the Implementation of the Audit Law.

On September 24, State Council Premier Li Qiang signed State Council Order No. 847, the Regulations for the Implementation of the Audit Law of the People’s Republic of China, which was authorized by Xinhua News Agency to be promulgated and will take effect on December 1, 2026. The Regulations were revised and adopted at the 95th Executive Meeting of the State Council on August 31, 2026, marking the second revision since their initial promulgation in 1997 and first amendment in 2010. The main revisions include: clarifying that audit work must uphold the leadership of the Communist Party of China and fully implement the Party’s guidelines, policies, and the decisions and arrangements of the CPC Central Committee; requiring enhanced coordination and integration between audit oversight and other forms of oversight, such as disciplinary inspection and supervision, inspection and巡察 oversight, and organizational and personnel oversight, while improving mechanisms for information sharing, referral of leads, joint measures, and sharing of outcomes; refining and expanding the scope of audit oversight to incorporate audits of draft final accounts, state-owned resources, and state-owned assets into the audit results reporting system; improving audit procedures by introducing a new registration and reporting system for inquiries or interference in audit matters and strengthening the development of audit informatization; and reinforcing accountability for audit rectification by clearly defining the primary responsibility of audited entities to carry out corrective actions and specifying legal liabilities for refusal to rectify, failure to achieve required remediation, or making false rectifications. At a press conference on the revision of the Regulations, officials from the Ministry of Justice and the National Audit Office stated that the amendments aim to align the existing Regulations with the revised Audit Law, thereby providing stronger legal safeguards for enhancing the effectiveness of audit oversight.

The General Office of the State Council has issued the “List of Key Tasks for the Second Batch in 2026 under the ‘Efficiently Completing One Matter’ Initiative.”

On September 23, the General Office of the State Council issued the “List of Key Tasks for the Second Batch in 2026 under the ‘Efficiently Completing One Matter’ Initiative” (Guobanhan [2026] No. 84), which was publicly released on the Chinese Government Website. The list comprises 13 key items—five related to business entities and eight concerning individuals—covering high‑frequency matters such as enterprise market access and operational compliance, business development, as well as personal employment, daily life, property acquisition, travel, and social assistance. The notice calls on all regions and departments, while continuing to refine the already launched priority items, to coordinate and effectively implement the second batch of tasks for 2026, further reinforcing the “efficiently completing one matter” approach, steadily expanding its scope and applicability, and advancing its implementation across broader domains—including building a unified national market, deepening high‑level opening-up, promoting balanced regional development, and optimizing the business environment. Localities and departments are also encouraged to, based on their specific circumstances, progressively ensure the full rollout of comprehensive lists covering key matters throughout the entire lifecycle of both business entities and individuals. Since 2024, six batches of the “Efficiently Completing One Matter” priority task lists have been released, totaling 68 items. For business entities, procedures involving enterprise approvals, licenses, and qualification applications will be further streamlined and accelerated; stakeholders are advised to closely monitor the implementation timelines for “one‑time notification, one‑form application, and online processing” in their respective sectors.

The General Office of the State Council has forwarded the “Several Measures to Promote RV Consumption” issued by ten departments.

On September 21, the General Office of the State Council forwarded the “Several Measures to Promote RV Consumption,” jointly issued by the Ministry of Culture and Tourism, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Natural Resources, the Ministry of Ecology and Environment, the Ministry of Transport, the Ministry of Commerce, the State Administration for Market Regulation, and the China Banking and Insurance Regulatory Commission (Document No. [2026] 82 of the General Office of the State Council). These measures adopt a problem‑oriented approach, aiming to remove bottlenecks in RV consumption—covering motorhomes, recreational trailers, and camping vehicles—unlock the sector’s growth potential, and better meet the people’s growing aspirations for a better life. The document outlines policy initiatives across nine key areas, spanning the entire RV‑related value chain: enhancing the quality of RV supply; streamlining registration, scrapping, and driver‑training and examination procedures; ensuring smooth access and parking for RVs; strengthening the development of RV campsites; bolstering the supply of RV‑based tourism products and improving related management services; refining RV‑rental services; expanding financial support; launching targeted campaigns to stimulate RV consumption; and reinforcing safety‑management responsibilities. For market entities involved in RV manufacturing and modification, rental operations, campsite development and management, and tourism product creation, the implementation of supporting regulations—covering issues such as vehicle access and parking, registration and scrapping, land use for campsites, and financial incentives—deserves ongoing attention.

The Ministry of Commerce and four other departments have revised the “Catalogue for the Administration of Exports of Precursor Chemicals to Specific Countries (Regions).”

On September 22, the Ministry of Commerce, the Ministry of Public Security, the Ministry of Emergency Management, the General Administration of Customs, and the National Medical Products Administration jointly issued an announcement. To further strengthen the management of exports of precursor chemicals, in accordance with the Provisional Regulations on the Export of Precursor Chemicals to Specific Countries (Regions), it was decided to revise the “Catalogue for the Management of Exports of Precursor Chemicals to Specific Countries (Regions),” adding two new entries—methyl 1‑phenylethyl‑4‑oxo‑3‑piperidinecarboxylate and ethyl 1‑phenylethyl‑4‑oxo‑3‑piperidinecarboxylate—to Part I of Annex I. Effective from the date of this announcement, exports of the chemicals listed in Part I of Annex I to the United States, Mexico, and Canada, as well as exports of the chemicals listed in Part II of Annex I to Myanmar, Laos, and Afghanistan, shall be subject to licensing in accordance with the aforementioned provisional regulations; no license is required for exports to other countries or regions. On the same day, the Office of the National Narcotics Control Commission publicly issued a warning notice to prevent the diversion of dexmedetomidine and tartaric acid into illicit channels for use in drug production, specifying their CAS numbers and customs commodity codes, and urging relevant enterprises and individuals to enhance their legal awareness and comply with domestic and international laws and regulations when engaging in the business and export trade of these chemicals. Chemical, pharmaceutical, and foreign‑trade enterprises are advised to promptly update their internal control catalogs and export compliance procedures.

Five departments have jointly issued a notice to severely punish ecological and environmental technical service agencies for falsification and deception.

On September 21, the Ministry of Ecology and Environment, in conjunction with the Supreme People’s Court, the Supreme People’s Procuratorate, the Ministry of Public Security, and the State Administration for Market Regulation, issued the “Notice on Continuously Strengthening Supervision of Ecological and Environmental Technical Service Institutions and Deepening Efforts to Rectify Issues of Fraud and Falsification,” outlining 11 specific measures across four key areas. With regard to broadening sources of leads, the notice calls for leveraging big data, artificial intelligence, and other tools to enhance early‑warning capabilities for anomalous data, implement seamless, granular oversight, strengthen the integration and transition between remote and on-site enforcement, and ensure smooth channels for complaints and reports while establishing a robust reward system for whistleblowers. To intensify investigations and prosecutions, the document emphasizes a strategy of “striking at the source, dismantling operational hubs, dismantling networks, and severing supply chains,” ensuring that technical service institutions and individuals engaging in fraud are prosecuted in accordance with the law, with upstream and downstream affiliated enterprises also held accountable, thereby achieving “multi‑faceted investigation of a single case and full‑chain accountability.” Furthermore, it mandates follow-up reviews of the rectification efforts undertaken by institutions inspected in recent years. In terms of enhancing coordination and synergy, the notice requires refining joint inspection and joint case‑handling mechanisms, designating technical service institutions as priority targets in cross‑departmental “double random, one public” joint spot checks, deepening collaboration between law enforcement and judicial authorities, strengthening two‑way linkages between administrative enforcement and criminal justice, and establishing tiered credit‑management systems for technical service institutions to enable differentiated regulatory approaches. Finally, to improve the regulatory and enforcement framework, the notice calls for intensified research into the application of the Civil Code of the People’s Republic of China on Ecological Environment, the Regulations on Ecological and Environmental Monitoring, and the judicial interpretations issued by the Supreme People’s Court and the Supreme People’s Procuratorate, standardizing legal application in similar cases, strictly regulating industry entry and exit, and further specifying circumstances under which engagement in fraudulent practices is prohibited.

The National Development and Reform Commission has promulgated the Measures for the Protection of Grain and Oil Storage and Logistics Facilities.

On September 21, the National Development and Reform Commission published the Measures for the Protection of Grain and Oil Storage and Logistics Facilities (Order No. 46 of the NDRC) on its official website. The measures will take effect on November 1, 2026, and simultaneously repeal the Measures for the Protection of State‑Owned Grain and Oil Storage and Logistics Facilities issued in 2016. Adopted at the 35th Executive Meeting of the NDRC on September 4, 2026, the measures comprise five chapters and twenty-four articles, applying to grain and oil storage and logistics facilities owned by entities within China, including those constructed with government investment as well as other facilities. The measures stipulate that no organization or individual may encroach upon or damage such facilities, nor may they jeopardize the safety of the facilities or the security of grain and oil storage. For facilities built with government investment, their protection, use, and disposition must comply with regulations on state‑asset management; unauthorized demolition, relocation, or change of purpose is prohibited, and any leasing or lending must be governed by a written contract that does not impair the facility’s functionality. Where demolition, relocation, or a change of purpose is necessary due to project construction or adjustments to the grain‑circulation pattern, the implementing entity shall provide prior notice and report the matter through appropriate administrative channels. Anyone who encroaches upon, damages, or unlawfully demolishes or relocates government‑invested facilities, or who unilaterally alters their intended use, shall be ordered by the grain and reserve administration authorities to cease the unlawful conduct and restore the facilities to their original condition within a specified time limit. Failure to comply within the prescribed period will result in fines of RMB 50,000 to RMB 500,000 for organizations and RMB 5,000 to RMB 50,000 for individuals.

 

Litigation and Arbitration

LITIGATION & ARBITRATION

The Supreme People’s Court has issued a judicial interpretation on the intersection of civil and criminal law, clarifying the rules for applying the principle of “parallel civil and criminal proceedings.”

On September 21, the Supreme People’s Court issued the “Provisions of the Supreme People’s Court on Several Issues Concerning the Adjudication of Civil Disputes Involving Criminal Offenses” (Fa Shi [2026] No. 19), which shall take effect as of September 22, 2026. Comprising 24 articles, this judicial interpretation addresses longstanding issues in cases where civil disputes and criminal offenses overlap—commonly referred to as “civil–criminal intersection” cases—including inconsistent adjudicatory standards and inadequate procedural coordination. It clarifies that, in handling such cases, people’s courts must emphasize the organic linkage and overall coordination between criminal and civil proceedings, ensuring uniform application of the law, timely and effective protection of the legitimate rights and interests of the parties, and a business environment underpinned by the rule of law. The Provisions take “the same facts” as the core criterion for determination, defining “the same facts” as situations where the parties and the underlying factual circumstances in both the civil and criminal cases are identical. On this basis, they distinguish between two approaches: “criminal first, then civil,” and “civil and criminal proceedings conducted in parallel.” Where the facts are deemed to be the same, the principle of “criminal first, then civil” applies, with recovery and compensation pursued through criminal procedures; where the facts are only related, the civil and criminal proceedings are heard separately. The Provisions further stipulate that a party’s mere submission of a criminal case acceptance receipt to request suspension of civil litigation will not be granted if the conditions are not met. Suspension may be ordered only when the determination of the basic facts in the civil case necessarily depends on the outcome of the criminal proceedings, and the latter has not yet concluded. Additionally, the Provisions enumerate specific scenarios in which the people’s courts are required by law to accept and adjudicate cases separately, including instances where a contract is entered into in the name of a legal person, an unincorporated organization, or another party, thereby constituting a crime; where the official acts of a legal representative, person in charge, or employee constitute a crime; where the principal debtor’s act of entering into a principal contract constitutes a crime, yet the creditor sues a guarantor who is not an accomplice; and where some debtors are implicated in a crime while the creditor brings suit against other debtors. Furthermore, the Provisions introduce an innovative “criminal–civil parallel processing” rule, providing that when an entity suspected of a crime enters criminal proceedings, and a party files for bankruptcy meeting the statutory requirements, the people’s court may, in accordance with the law, accept the bankruptcy case, coordinating the recovery of illicit proceeds with the liquidation of corporate assets, thereby comprehensively safeguarding the rights and interests of both criminal victims and bankruptcy creditors.

The Supreme People’s Court and the Supreme People’s Procuratorate jointly released typical cases of criminal offenses related to food safety on the internet, prosecuted in accordance with the law.

On September 22, during National Food Safety Public Awareness Week, the Supreme People’s Court and the Supreme People’s Procuratorate jointly released five typical cases of online food safety crimes punished in accordance with the law. These cases focus on offenses that exploit the internet to endanger food safety, encompassing a range of criminal schemes—including manufacturing and selling counterfeit honey and substandard infant formula through e‑commerce platforms; marketing weight‑loss tablets and coffee laced with illicit pharmaceutical ingredients via live‑streaming e‑commerce and social media platforms; and establishing “ghost shops” by forging or trading business licenses and food‑business permits for resale and profit. Among them, in the case of defendant Huang Moxiang for producing and selling substandard products, the total sales exceeded RMB 2.06 million. The people’s court sentenced Huang Moxiang to fifteen years’ imprisonment and imposed a fine of RMB 1.2 million. In another case, involving defendants Zhang Mojing and Ma Mo for selling toxic and harmful food, the sales amounted to over RMB 170,000—below the threshold triggering an enhanced penalty under the statutory scale—but given that Zhang Mojing engaged in such sales for more than six months, the people’s court, applying relevant provisions of judicial interpretations, determined that her conduct fell under “other serious circumstances” and accordingly imposed a heavier sentence. While rigorously punishing food‑safety offenses in accordance with the law, the people’s courts and people’s procuratorates have worked closely with market regulators and other authorities. Through issuing judicial and prosecutorial recommendations, conducting targeted rectification campaigns, and carrying out public legal education, they have strengthened the principal responsibility of online food sellers and third‑party platform providers for ensuring food safety, thereby achieving the goal of addressing systemic issues through the handling of individual cases.

The Supreme People’s Procuratorate has released typical cases of public interest litigation in the “Food Safety Publicity Week.”

On September 24, the Supreme People’s Procuratorate released five typical cases of public-interest litigation in the context of “Food Safety Publicity Week,” including the administrative public-interest lawsuit brought by the Arong Banner People’s Procuratorate in the Inner Mongolia Autonomous Region to urge compliance with regulations on livestock and poultry farming. These exemplary cases focus squarely on food-safety issues of public concern, with oversight spanning critical stages from farm to table. They encompass both administrative and civil public-interest litigation, highlighting four key features: First, they uphold end-to-end governance—procuratorial organs in Bozhou, Anhui, have urged compliance with pesticide‑use regulations and the certification‑based compliance system, ensuring that agricultural products enter the market only with proper certificates; procuratorial organs in Changzhou, Jiangsu, have promoted a system integrating information disclosure, electronic traceability, and on-site supervision; and procuratorial organs in Inner Mongolia and other regions have overseen the standardized disposal of diseased or dead livestock and poultry while recovering associated costs. Second, they adhere to the principle of “the strictest standards”: in Dongying, Shandong, procuratorial organs handling cases involving toxic or harmful food not only pursued criminal liability but also secured court support for joint and several liability, seeking tenfold punitive damages against all parties involved across the entire supply chain. From January to August this year, procuratorial organs nationwide initiated 36 administrative public-interest lawsuits and 952 civil public-interest lawsuits related to food and drug safety, and filed claims for punitive damages in 776 cases. Third, they practice open and transparent case handling: as of August this year, the “Yixin Weigong” volunteer expert group in the food and drug sector has grown to 2,009 members. Fourth, they leverage technology: the Arong Banner Procuratorate in Inner Mongolia has independently developed a big-data model to detect anomalies between reported livestock and poultry deaths and recorded harmless‑treatment data; meanwhile, a national platform now hosts more than 50 big-data models specifically designed for food and drug safety.

The Shanghai Financial Court has issued the “Guidelines on Judicial Review of Securities and Futures Arbitration.”

On September 24, at the Shanghai Financial Arbitration High-Quality Development Promotion Conference and the Second Joint Meeting of the Financial Legal Community—co-hosted by the Municipal Party Committee’s Financial Office and the Municipal Justice Bureau—the Shanghai Financial Court released the “Guidelines for Judicial Review of Securities and Futures Arbitration.” Comprising 19 provisions, the Guidelines apply to judicial review cases involving securities and futures arbitration, covering civil compensation disputes such as false statements in securities and market manipulation. They set forth clear rules across four key areas—determination of arbitral agreement, review of arbitral procedures, safeguards for interim measures, and coordination between litigation and arbitration—balancing support for and oversight of arbitration while enhancing arrangements for preservation and evidence‑gathering in cross‑border securities arbitration. The issuance of these Guidelines aims to foster an arbitration‑friendly financial judicial environment, promote diversified resolution of securities and futures disputes, stabilize expectations regarding market rules, and support the development of Shanghai as an international financial center and an Asia‑Pacific arbitration hub. For market participants in the securities and futures sectors, the Guidelines further clarify the criteria for assessing the validity of arbitration clauses and the legality of arbitral proceedings, enabling them to adopt more prudent arrangements when drafting dispute‑resolution provisions.

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