CSRC Unveils 2026 Legislative Agenda: Fine‑Tuning China’s Capital Markets Rulebook

China's securities regulator has released its annual rulemaking plan for 2026. Of the 20 proposed rules, eight are targeted for promulgation within the year, while twelve remain under study with no fixed timeline.

For foreign institutions, fund managers, and listed company investors, four items stand out.

1. Easier refinancing for listed companies

The CSRC plans to amend the Administrative Rules for Registration of Securities Issuance by Listed Companies (and the BSE counterpart). The stated goal is to streamline the review and registration process for follow-on offerings, improving procedural convenience. This could shorten approval timelines for listed firms seeking to raise equity – a practical benefit for foreign portfolio investors tracking deal flows.

2. Private fund fundraising rules

A new Measures for the Supervision and Administration of Private Fund Raising will be introduced, adding another layer to China's “1+N+X” private fund regulatory framework. Foreign private equity and venture capital managers operating onshore should watch for tighter rules on how funds solicit capital – though the final compliance burden remains to be seen.

3. Derivatives trading oversight

The Measures for the Supervision and Administration of Derivatives Trading – a priority project – aims to bring over the counter derivatives under a more systematic regulatory regime. For foreign banks and asset managers using onshore derivatives for hedging or investment, this could mean clearer rules, but also new reporting or capital requirements.

4. A technical but telling enforcement rule

The Measures for Determining Illicit Gains in CSRC Administrative Penalty Cases will standardise how disgorgement is calculated in enforcement actions. While seemingly arcane, predictable penalty calculations matter to any foreign institution facing potential compliance scrutiny.

Other notable items (study track, no set timeline)

Measures for Private Fund Custody Business

Measures for Securities and Fund Investment Advisory Business

Interim Measures for Publicly Offered Real Estate Investment Funds (REITs)

Revisions to Margin Trading Rules, Securities Registration and Settlement Rules, and Futures Company Risk Indicators

What is not happening this year

The CSRC will also assist in drafting or revising several higherlevel regulations (e.g., Rules on Securities Companies Supervision, Listed Companies Supervision), and support legislative work on the Securities Investment Fund Law. But these are outside the 20rule plan and will move on a slower, less predictable timetable.

In essence

The 2026 agenda is not a revolution. It is a targeted tuneup – easing refinancing frictions, tightening private fund oversight, and bringing derivatives into clearer focus. For foreign participants, the message is one of incremental but meaningful regulatory maturity.