The direct shareholding system in China stock market is a major feature of China's capital market, an important basis for effectively protecting investors' rights and interests, and has obvious institutional advantages in ensuring the openness and transparency of the capital market. In order to deal with the coordination and connection with different overseas systems in the process of opening to the outside world, it is necessary to further strengthen the study and research on the international market legal system. Improve the basic legal system of the capital market. It is necessary to seize the opportunity of the revision of the Securities Law and the formulation of the Futures Law, improve the cross-border trading activities and cross-border cooperation system in the capital market, earnestly learn from international practices and experiences, and study and solve them with a forward-looking and international perspective.

China Securities Regulatory Commission issued a draft for comments on liquidity risk management of open-end funds.

China Securities Regulatory Commission issued a draft for comments on liquidity risk management of open-end funds. Gordon, spokesman of China Securities Regulatory Commission, said that a liquidity risk management and control mechanism has been formed in China Public Offering of Fund market, with the bottom line of laws and regulations as the main constraint and the monetary fund as the key point of prevention and control. First, according to the latest market situation and industry development status, comprehensively check for leaks and fill gaps, and combine the past experience and lessons since the abnormal fluctuation of 20 15 to improve the index system and monitor the potential risks of partial stocks; Second, fund managers should establish a liquidity risk monitoring and early warning system and strengthen the risk control mechanism of institutional entities.