Legal analysis: Comprehensively implement the registration system for securities issuance, and vigorously develop venture capital and equity funds.

The registration system reform is divided into three steps, that is, the "three-step" reform layout from the Science and Technology Innovation Board to the GEM and then to the whole market. From this, "exploration and formation of a registration system framework that is in line with my country's national conditions" is called "comprehensive advancement". What is more important is “coordinated advancement”.

Not only is trading subject to a 20% price limit, Yi Huiman also mentioned four aspects of "key institutional innovation", which in order are "transactions, delisting, refinancing and mergers and acquisitions".

Legal basis: Article 6 of the "Securities Law of the People's Republic of China" The securities industry, the banking industry, the trust industry, and the insurance industry implement separate operations and management, and securities companies and banking, trust, and insurance business institutions are established separately.

Except as otherwise provided by the state.

Article 7 The securities regulatory authority of the State Council shall implement centralized and unified supervision and administration of the national securities market in accordance with the law.

The securities regulatory authority of the State Council may establish dispatched offices as necessary to perform supervisory and administrative duties in accordance with authorization.