CSRC Issues Several Provisions on the Regulation of Short-swing Trading

The China Securities Regulatory Commission (CSRC) has released the Several Provisions on the Regulation of Short-swing Trading (the "Provisions"), with effect from April 7, 2026.

The Provisions, consisting of 12 articles, mainly involve: (1) clarifying the applicable subjects and the scope of securities types; (2) clarifying the standards for determining and calculating the timing of shareholding and trading; (3) specifying circumstances under which exemptions apply; and (4) specifying that, in cases where securities accounts are separately opened for products or portfolios managed by professional institutions, shareholdings shall be calculated separately based on the all-in-one account ("Yimatong" account) of each product or portfolio. Such products include domestic and foreign public funds, the national social security fund, basic pension insurance funds, annuity funds, insurance funds, collective private asset management products managed by securities and futures fund management institutions, and private securities investment funds that meet regulatory requirements. This aims to facilitate trading, promote opening-up, and encourage medium- and long-term capital to enter the market. Meanwhile, the Provisions clarify that if the above products or portfolios are unable to realize independent and standardized operation, or where conflicts of interest, violations of laws and regulations, or other such circumstances exist, separate calculation will not be allowed.



(Source: http://www.csrc.gov.cn/csrc/c101954/c7618648/content.shtml)

Note: The link to the Chinese official website of the document is for your reference.