On Oct. 19, 2026 the CSRC published the Administrative Penalty Implementation Rules for Illegal Securities Transfer Cases, effective Dec. 1, 2026. For the most harmful illegal transfers of original shares, penalties are to be applied in three discretionary tiers using transfer-amount bands of 0-30%-50%-100%. For transfers breaching holding-period or sale-timing limits the tiers use bands of 0-20%-30%-100%. For transfers breaching sale-quantity, disclosure or similar limits the tiers use bands of

On Oct. 19, 2026 the CSRC published the Administrative Penalty Implementation Rules for Illegal Securities Transfer Cases, effective Dec. 1, 2026. For the most harmful illegal transfers of original shares, penalties are to be applied in three discretionary tiers using transfer-amount bands of 0-30%-50%-100%. For transfers breaching holding-period or sale-timing limits the tiers use bands of 0-20%-30%-100%. For transfers breaching sale-quantity, disclosure or similar limits the tiers use bands of 0-10%-20%-100%.