2012年，中国经济踏上了以转变经济发展方式为主导的征程，经济增长正在由传统的要素驱动向创新驱动转变。中国资本市场分享转型带来的机会，亦不可避免地分担转型过程的阵痛。为此，我们需要构建投资者保护的长效机制，为资本市场改革发展与经济转型保驾护航。

In 2012,,China's economy is on a journey of transformation of the pattern of economic development as the leading factor,Economic growth is driven by the elements of traditional innovation to drive change.Transformation of China's capital market to share the opportunity,Also inevitably share in the transformation of pain.To do this,We need to build a long-acting mechanism of investor protection,For the reform and development of capital market and economic transformation.

　　深化资本市场制度改革 Deepen the reform of the capital market system

　　1、注重信息披露制度改革。2012年中国证监会在上市公司信息披露方面的制度建设频频出击。1月6日，证监会发布《公开发行证券的公司信息披露内容与格式准则第30号创业板上市公司年度报告的内容与格式（2011年修订）》，要求创业板公司完善利润分配的披露内容，促进上市公司合理回报股东。同时，还新增了内幕信息知情人管理制度披露要求。2月20日，证监会正式发布《关于修改〈上市公司收购管理办法〉第六十二条及第六十三条的决定》，修改完善上市公司大股东自由增持相关规定，进一步明确自由增持信息披露要求，增加披露频次。8月4日，《上市公司员工持股计划管理暂行办法》出台，该办法以信息披露为纲，以去审批化为要，完善了上市公司从董监高至所有员工的持股法规架构，杜绝“偏门”激励，从制度上对内幕交易说不。9月21日，证监会正式发布了《公开发行证券的公司信息披露内容与格式准则第2号年度报告的内容与格式（2012年修订）》，在大幅缩减年报摘要篇幅，降低信息披露成本的同时，增加了自愿披露内容，鼓励差异化披露。

1/Pay attention to reform of the system of information disclosure.In 2012, the China securities regulatory commission on information disclosure of listed companies frequently attack the system construction.On January 6,The CSRC issued[Companies publicly issuing securities information disclosure content and format guidelines no. 30 gem listed company's annual report content and format(Revised in 2011)],Requires the gem companies to disclose the content to improve the profit distribution,Promote reasonable return for shareholders of listed companies.At the same time,Also added a disclosure of insider information source management system requirements.February 20,,The CSRC official release[Management method on modifying the < listed company > article sixty-three and article sixty-three of the decision],Improve the major shareholders of listed companies free to increase,Further defined freedom to increase information disclosure requirements,Increased disclosure frequency.On August 4,,[The listed company employee stock ownership plan management interim measures]a,The way with information disclosure,To go to approval,Perfect the listed company from dong high regulations to all employees of the ownership structure,Put an end to"Partial door"incentive,Say no to insider trading from the system.On September 21,,The CSRC issued formally[Companies publicly issuing securities information disclosure content and format guidelines no. 2 of the annual report of the content and format(Revised in 2012)],In deep cuts in annual report in space,Decrease the cost of information disclosure. At the same time,Increase the voluntary disclosure of content,Encourage differentiation disclosure.

　　2、深化新股发行改革。证监会4月28日出台的《关于进一步深化新股发行体制改革的指导意见》要求，进一步深化新股发行制度市场化改革，坚持弱化行政审批、加强市场化规范化的改革方向，完善新股价格形成机制，改革股票承销办法，并以充分、完整、准确的信息披露为中心，强化资本约束、市场约束和诚信约束。2012年初证监会针对新股高定价等问题，协同市场各方采取措施为“新股热”降温、限制炒新；5月30日，证监会发行监管部门又下发了《关于新股发行定价相关问题的通知》，着力于新股的价格形成机制，研究增加机构投资者的认购比例，充分提示风险，不断改进和完善监管制度，进一步推动制度完善和制度的准确适用。对一批参与炒新的账户在第一时间进行了电话或书面警示，并对炒新行为严重、不听劝阻的进行处分。上海证券交易所发布《关于加强新股上市初期交易监管的通知》，对于在首日交易中出现新股异常交易行为的相关投资者，及时采取了警示措施。

2/We will deepen reform of the new issues.The securities regulatory commission on April 28, Taiwan[On further deepening the ipo reform direction]requirements,Further deepen the reform of the marketization of the system for issuing new shares,Adhere to weaken the administrative examination and approval/Strengthen the marketization reform direction of the standardization,Improve the ipos pricing mechanism,Reform of equity underwriting,And to fully/complete/Accurate disclosure of information as center,Strengthening capital constraint/Market discipline and integrity constraints.In early 2012, securities regulatory commission (CSRC) for new issues of high pricing,Collaborative parties to take measures for market"New hot"cool/Limit to fry new;On May 30,,The CSRC issued regulators issued again[Informed about the ipo pricing related issues],Focus on new pricing mechanism,Increase the proportion of institutional investors to subscribe,Fully prompt risk,Continue to improve and perfect the supervision system,Further promote the system of perfect and accurately apply the system.Participate in Fried to a batch new account in the first place by telephone or written warning,And the new behavior seriously/Does not listen to discourage of disciplinary action.The Shanghai stock exchange[Notice about strengthening trade regulation in the early years of new listings],For abnormal new shares on the first day of trading transactions related to investors,Take timely warning measures.

　　3、完善退市制度改革。4月20日，深交所发布《深圳证券交易所创业板股票上市规则》（2012年修订），包括六个方面：丰富了创业板退市标准体系；完善了恢复上市的审核标准，充分体现不支持通过“借壳”恢复上市；明确了财务报告明显违反会计准则又不予以纠正的公司将快速退市；强化了退市风险信息披露；增加了退市整理期的相关规定；明确了创业板公司退市后统一平移到代办股份转让系统挂牌。

3/To perfect the delisting system reform.On April 20,,The shenzhen stock exchange issued[The shenzhen stock exchange gem stock listing rules](Revised in 2012),Include six aspects:Enrich the gem delisting standards system;Perfect the restore listed standards,Fully embody does not support through"A shell"Restore the listed;Has been clear about the financial report of apparent violation of accounting standards is not corrected will quickly retreat city company;To strengthen the delisting risk information disclosure;Increase the delisting processing period of relative regulations;Clear unified translation after the gem retreat city company listed on the agency share transfer system.

　　完善证券制度建设 Improve the system of securities

　　1、基金法制进一步健全。12月28日，十一届全国人大常委会第三十次会议表决通过修改后的《证券投资基金法》，首次将私募基金纳入法律调整范围，构建了区别于公募基金的制度框架，包括合格投资者制度，基金管理人的登记和基金产品的备案制度等。这从一定程度上缓解了由于私募基金设立和运作缺乏法律依据，导致资金募集和投资行为不规范，而损害投资者权益，滋生非法集资等社会问题。6月20日，中国证监会公布《关于修改〈证券投资基金运作管理办法〉第六条及第十二条的决定》，为推出发起式基金做法律上的准备，从而引入基金管理的内在约束机制，更好体现持有人利益优先的原则。

1/Funds to further improve the legal system.On December 28,,The 30th session of the standing committee of the 11th National People's Congress voted through a modified[Securities investment fund],The first time that private funds into legal adjustment range,Building the institutional framework of the different from public funds,Including the system of qualified investors,Fund managers and fund products for the record registration system, etc.This from a certain extent, reduced due to the lack of private equity fund set up and operation legal basis,Lead to fundraising and investment behavior is not standard,And damage the interest of investors,Such social problems as breeding grounds for illegal fund raising.On June 20,,The China securities regulatory commission announced[On amending the securities investment fund operation management measures > article 6 and article 12 of the decision],To launch a type funds preparing for law,To introduce the fund management of the internal constraint mechanism,Better reflect the interests of the holders of the principle of priority.

　　2、优化市场监管基本规则。7月25日证监会发布的《证券期货市场诚信监督管理暂行办法》加强证券期货市场诚信建设，强化对市场主体及其行为的诚信约束，有效保护投资者利益。6月《非上市公众公司监督管理办法（征求意见稿）》出台，填补了我国场外市场的制度空白，为场外市场的推出打下规范基础。8月3日，经国务院批准，中国证监会宣布决定扩大非上市股份公司股份转让试点，按照“总体规划，分步推进，稳妥实施”的原则，设立全国中小企业股份转让系统，逐步将条件比较成熟的园区纳入试点范围，为试点园区的非上市股份公司提供股份报价转让等服务。此外还发布了《证券期货业信息安全保障管理办法》和《证券期货业信息安全事件报告与调查处理办法》，对维护证券期货信息系统安全运行，保护投资者合法权益具有重要意义。

2/Optimization of basic rules of market regulation.The CSRC issued on July 25[Interim measures on securities and futures market credit supervision and management]To strengthen the construction of securities and futures market integrity,Strengthen the integrity constraint of market main body and its behavior,Effectively protect the interests of investors.In June[Non-listed public company supervision and management measures(draft)]a,Fill in the blank of otc market system in China,Launch a foundation specification for otc market.On August 3,,Approved by the state council,The China securities regulatory commission announced its decision to expand the pilot non-listed joint-stock company share transfer,In accordance with the"Overall planning,Step by step forward,Err on the side of the implementation"The principle of,Set up the national small and medium-sized enterprise stock transfer system,Conditions will be more mature zones into the scope of the pilot,For pilot park non-listed joint-stock company shares transfer services such as quotation.In addition also released[Securities and futures industry to information security management]and[Securities and futures industry information security incident reporting and investigation and handling measures],To maintain the safe operation of the securities and futures information system,Protect investors' legitimate rights and interests is of great significance.

　　3、巩固上市公司监管制度。进一步加强上市公司监管制度建设。1月证监会上市部发布《的问题与解答》，进一步细化对借壳上市的监管。5月4日，证监会发布了《关于进一步落实上市公司现金分红有关事项的通知》，对上市公司现金分红有关事项提出了具体要求，纠正上市公司“重融资，轻分红”的行为。

3/Consolidate supervision system of listed companies.To further strengthen the construction of supervision system of listed companies.The public department issued 1 month[Problems and solutions],Further refine the backdoor listing of the regulation.On May 4,The CSRC issued[On further implementation of the listed company cash dividend matters related to notice],To the listed company cash dividends related matters put forward specific requirements,Correction of listed companies"Heavy financing,Light of share out bonus"The behavior of the.

　　行政查处与 Administrative disposal and

　　刑事惩治并重 Paying equal attention to criminal punishment

　　2012年证监会对资本市场违法违规行为保持高压态势，初步调查案件135起，移送公安27起，同比分别增长26%和68%。审结行政处罚案件66件，处罚对象涉及16家机构、118人。在日常监管中还依法对各类监管对象采取监管措施232起，涉及201家机构、173人。同时，证券犯罪的刑事打击持续发挥威慑作用。5月22日，最高人民法院对外发布了《最高人民法院、最高人民检察院关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释》。这是针对证券、期货犯罪的第一部司法解释，并于6月1日正式施行。

Securities regulatory commission in 2012 illegal activities in capital markets keep high pressure situation,A preliminary investigation of 135 cases,Move send door of the 27,Year-on-year growth of 26% and 26% respectively.Conclude the trial with 66 cases of administrative punishment,Penalty object involved 16 agencies/118 people.In day-to-day supervision in accordance with the law for all kinds of regulation object take regulatory measures to 232 cases,Involving 201 institutions/173 people.At the same time,Securities crime in the criminal fighting continues to play a deterrent effect.On May 22,,The supreme people's court released[The supreme people's court/The supreme people's procuratorate on insider trading/Divulging inside information is the concrete application of law in criminal case's interpretation].This is for stock/The first judicial interpretation of futures crime,And on June, 1st.

　　1、刑罚剑指老鼠仓。2012年10月23日，我国“券商老鼠仓”第一案西南证券(600369,股吧)原副总裁兼证券投资管理部总经理季敏波利用未公开信息交易罪一案，由重庆市第一中级人民法院进行一审判处，认定季敏波犯利用未公开信息交易罪，判处有期徒刑3年，宣告缓刑3年，并处罚金60万元。11月23日，上海市第一中级人民法院对李旭利涉嫌利用未公开信息交易非法获利一案作出宣判，判决李旭利罪名成立，判处有期徒刑4年，罚金1800万。

1/Punishment sword refers to rat.On October 23, 2012,In our country"The mice storehouse brokerage"The first case of southwest securities(600369,stocks)The original securities investment management division vice President and general manager JiMinBo use nonpublic information trading case,By the chongqing municipal first intermediate people's court of first instance sentenced,JiMinBo using nonpublic information trading offenses,Sentenced to 3 years,Suspended for 3 years,Concurrently impose a fine of 600000 yuan.November 23,,Shanghai no. 1 intermediate people's court for Li Xuli alleged illegal use nonpublic information to deal a case to make the profit,Ruling Li Xuli convicted,Sentenced to four years,A fine of 18 million.

　　2、对内幕交易零容忍。2012年继续加大对内幕交易行为打击力度。证监会通报多起内幕交易案的惩处情况：原国都证券投资银行总部董事总经理王保丰利用重组内幕信息交易ST天龙，涉嫌内幕交易罪，已移送公安机关查处。原重组委委员吴建敏涉嫌借用他人账号炒股以及内幕交易，证监会决定解聘其并购重组委委员职务并予以公告。因其涉嫌内幕交易犯罪，已移交公安机关。此外，证监会还查处了招商证券(600999,股吧)原保荐团队负责人李黎明涉嫌在从事项目保荐期间涉嫌职务侵占、内幕交易、违规购买所保荐的拟上市公司股权等多项违法违规行为，领先科技(000669,股吧)控制人领先集团及李建新、刘建钢、范春明在公司筹划重组期间利用内幕信息进行交易的行为，中国银河证券股份有限公司投资银行总部股票发行部副经理张涛等利用职务之便涉内幕交易行为等。

2/Zero tolerance for insider trading.Continue to increase in 2012 crackdown on insider trading behavior.The CSRC on the punishment of dozens of insider trading case:Original capital securities investment bank headquarters, managing director of Wang Baofeng using recombinant insider information trading ST day dragon,Suspected of insider trading,Has been transferred to the public security organ for investigation.Original reorganization committee member account to fry Wu Jianmin allegedly borrowed from others and insider trading,The CSRC decided to dismiss the committee of merger, acquisition and reorganization committee position and make a public announcement.Because of its alleged insider trading crime,Has been handed over to the public security organ.In addition,It also dealt with China merchants securities(600999,stocks)The original sponsor team leader Li Liming alleged suspicion of job occupation during engaged in the project sponsor/Insider trading/Illegal purchase sponsor by the violation behavior of listed companies equity, etc,Leading science and technology(000669,stocks)Leading group and li jianxin control people/LiuJianGang/Fan Chunming in planning company using insider information to trade the behavior during the restructuring,China galaxy securities co., LTD., an investment bank headquarters issued shares, deputy manager zhang and other lean on trends of insider trading behavior, etc.

　　3、严打信息披露违法违规行为。多家公司因违规收购且虚假披露，为大股东担保或与大股东非经营性资金往来未入账未及时披露，以及重大关联交易未及时披露，受到证监会行政处罚。

3/Crackdown on information disclosure violation behavior.Several companies for violations and false disclosure,To guarantee big shareholders or non-operational funds and big shareholders not booked not timely disclosure,And significant related party transactions has not disclosed in a timely manner,Administrative penalties by the CSRC.

　　4、加强对操纵市场行为处罚。第一起证券公司行业分析师利用职务便利从事“抢帽子”操纵案结案，原海通证券(600837,股吧)机械行业首席分析师叶志刚被证监会处罚。证监会还对胶南市粮食储备库操纵硬麦105期货合约交易价格案和镇江宝尔胜钢铁有限公司操纵螺纹钢1107合约交易价格案作出行政处罚。

4/Strengthen the punishment for market manipulation.The first industry analysts use position to engage in securities company"Grab a hat"Manipulation case closed,The original haitong securities(600837,stocks)Machinery industry, chief analyst at Ye Zhigang punishment by the CSRC.It also to jiaonan food bank manipulation of hard wheat futures market price case and zhenjiang 105 bao er sheng steel co., LTD. 1107 rebar contract manipulation case to make administrative punishments.

　　5、建立案件线索分析发现机制。为加强市场实时监察监控，各证券期货交易所全面建立了预警驱动和信息驱动相结合的异常交易监察模式，形成了多渠道、多层次的案件线索分析发现机制。以深交所为例，近几年每年处理的各类实时报警信息14万余次，平均每个交易日处理报警600次，大量可疑交易线索均被第一时间发现，得到及时有效处理。2012年1月至11月，证监会共计处理各类证券违法案件线索363件，同比增长25%。同时，强化股票异常交易排查与专项核查。此外，证监会派出机构今年先后完成对434家上市公司的年报现场检查工作，核实问题3868个，并对部分存在明确违法违规线索的上市公司采取了稽查行动。

5/Case clues analysis discovery mechanism is established.In order to strengthen the market real-time monitor to monitor,The securities and futures exchange, set up comprehensive early warning drivers and information combination of abnormal transaction monitoring mode,Formed through multiple channels/Multi-level case clues analysis discovery mechanism.In the shenzhen stock exchange, for example,In recent years, dealing with all kinds of real-time alarm information of more than 140000 times a year,The average session handling alarm 600 times,Clues to a large number of suspicious transactions were found for the first time,Get the timely and effective treatment.In January 2012 to November,Securities regulatory commission (CSRC) for a total of 363 dealing with all kinds of illegal securities cases clues,Up 25% from a year earlier.At the same time,Strengthen the stock trading abnormal screening and special verification.In addition,The dispatched office of the CSRC has accomplished this year the annual report of listed companies of 434 on-site inspection work,The verification question 3868,And for some clues of clear violation of the listed company the audit action.

　　纠纷解决方式探索创新 Dispute resolution explore innovative ways

　　1、证监会投资者保护局专业维护投资者利益。设立投资者保护局，是遵循国际惯例和我国金融监管改革发展的具体举措。证监会投资者保护局于2011年年底设立，在2012年初已正式开展工作，并且从提高主动性和投保实际水平的角度出发，拟定了主要的工作职责。目前，证监会投保局内设4个处室，分别是综合制度处、教育服务处、权益保护处和监督检查处。证监会投保局设立后，面对数量庞大、散户众多的市场，将对了解掌握投资者心理和行为，研究投保工作规律，提高投保工作的针对性和有效性起到重要作用，推动信息披露更加易得、易懂、易用，落实与多层次市场各类产品相匹配的投资者适当性制度，引导投资者审慎评估，理性参与。

1/Securities regulatory commission investor protection agency professional investors interests.Set up the investor protection bureau,Is to follow international practice and China's financial regulatory reform, development and specific measures.Securities regulatory commission investor protection agency established at the end of 2011,In early 2012 officially to work,And from the perspective of improve the level of initiative and to insure the actual,Main responsibility is worked out.At present,The CSRC insurance bureau has four departments,Respectively is the integrated system/Education services/Rights and interests protection, supervision and inspection service.Insurance bureau set up after the CSRC,Faced with huge Numbers of/Retail market,To learn about investor psychology and behavior,For research work,Improve the pertinence and effectiveness of insurance work play an important role,To promote information disclosure more accessible/And easy to understand/Easy to use,Implementation of multi-level market system of the investors of all kinds of products that match,Guide the investors to carefully assess,Rational to participate in.

　　2、多渠道开展投资者教育，提升投资者保护意识。2012年，全国范围内的各省监管部门以及证券机构、媒体等单位通过网络、讲座、座谈会和评选活动等方式广泛深入地开展投资者主题教育宣传，不断提升投资者自身基本专业知识和防范风险意识。

2/Through various channels to carry out the investor education,Enhance investor protection consciousness.In 2012,,Nationwide provincial supervision department and securities institutions/Through the network media units/The lecture/Symposium and selection activities in-depth theme education propaganda to investors,Enhance investors their basic specialized knowledge and consciousness of risk prevention.

　　上海证券交易所与上海证监局共同举办了“引导理性投资”的专项培训班，推动理性投资文化的建设。同时，中国证监会网站“投资者保护频道”于2012年5月3日正式上线，集投资者教育、服务、保护、研究、风险揭示、调查评价等内容为一体，是官方综合服务平台。通过讲座宣传、路演培训、报刊等传统渠道和网络、微博平台等新兴资源开展投资者教育活动，有效帮助了投资者认识市场、了解风险、提升防范意识。

The Shanghai stock exchange and Shanghai securities regulatory bureau held together"Guide rational investment"Special training course,Promote the rational investment for the construction of the culture.At the same time,The China securities regulatory commission website"Investor protection channel"Officially launched on May 3, 2012,Set the investor education/service/To protect/research/Risk disclosure/Survey evaluation content as a whole,Is the official comprehensive service platform.Through the lecture publicity/Roadshow training/Traditional channels such as newspapers and the Internet/Emerging resources such as microblogging platform to carry out the investor education activities,Help investors know the market/Understand the risks/Raise awareness.

　　深交所在“互动易”网站推出“投资者关系”栏目，投资者关系信息披露报告逐月增长。上海证监局特别总结了一批非法证券行为的表现形式解析、典型案例汇编以及案例评析，通过理论、监管、案件点评等多角度多形式的细致分析，对相关个案进行解剖，帮助投资者及时识别非法证券行为，提高自我保护意识。

The shenzhen stock exchange in"interactions"Web site launched"Investor relations"column,Investor relations information disclosure report every month.Shanghai securities regulatory bureau specially summarizes the manifestation of a batch of illegal securities parsing/Typical case assembly and sweet,Through the theoretical/regulatory/Case review from different forms such as the detailed analysis,To anatomy the related cases,Help investors identify illegal securities in a timely manner,Improve the ego to protect consciousness.

　　3、正式启动证券纠纷调解工作。2012年，中国证券业协会设立了证券纠纷调解中心，并颁布《证券纠纷调解工作管理办法（试行）》、《证券纠纷调解规则（试行）》、《调解员管理办法（试行）》等规则。证券纠纷调解工作将按循序渐进原则，在部分经济发达、证券经营机构集中的地区先行开展证券纠纷调解工作。证券业协会举办证券纠纷调解员培训班，为加强和创新证券领域社会管理，化解证券领域社会矛盾，维护证券市场稳定打好基础。

3/Officially launched the securities dispute mediation work.In 2012,,China securities industry association has set up a securities dispute mediation center,And issued[Measures for the administration of securities disputes mediation work(On a trial basis)]/[Securities disputes mediation rules(On a trial basis)]/[Mediators management approach(On a trial basis)]Such as the rules.Securities disputes mediation work will be in accordance with the principle of step by step,In some economically developed/Concentration of securities business institutions in the securities dispute mediation work ahead.Securities industry association to hold securities dispute mediator training course,In order to strengthen social management and innovation of the securities field,Social conflicts resolving securities field,Lay the foundation for securities market stability.