证监会发布违规转让证券行政处罚实施规则

中国证监会于2026年10月19日发布了《违规转让证券案件行政处罚实施规则》，该规则自2026年12月1日起正式施行1。规则共十八条，旨在规范违规转让证券的认定标准，精准执法打击违规减持行为，保障资本市场规范发展1。

新规将违规转让证券行为细分为四类，包括违反法律规定在限制转让期内转让证券、持有期限卖出时间不符合规定、卖出数量信息披露不符合规定以及未按规定暂停交易等收购中的违规转让股票1。针对不同类别的违规行为，规则采取差异化方式设置处罚阶次1。该规则经过了2026年4月17日至5月17日的公开征求意见阶段1。

The China Securities Regulatory Commission released the "Administrative Penalty Implementation Rules for Unlawful Securities Transfer Cases" on October 19, 2026, with the rules taking effect on December 1, 2026.1 The regulation establishes standardized criteria for identifying unlawful securities transfer conduct and represents a targeted enforcement effort to combat irregular share reductions and maintain orderly capital market development.1

The implementation rules comprise eighteen provisions that categorize unlawful transfer behavior into four distinct types.1 These categories include transferring securities during restricted holding periods as prescribed by law, failing to comply with holding period requirements when selling, non-compliance with disclosure obligations regarding sale volume, and unlawful share transfers in connection with acquisitions where trading suspension procedures were not properly followed.1 By differentiating penalties across these categories, the rules enable proportionate administrative sanctions suited to the severity and nature of each violation type.1

The China Securities Regulatory Commission had previously solicited public comments on the draft rules from April 17 to May 17, 2026, before finalizing this enforcement framework.1