The China Securities Regulatory Commission (CSRC) attaches great importance to increasing the cost of financial fraud and illegal violations and protecting the interests of investors, actively promoting the construction of a three-dimensional accountability system for administrative law enforcement, civil liabilities, and criminal sanctions. First, at the legislative level, the revision of the Securities Law has been promoted, and the maximum fine for companies and responsible persons for fraudulent information disclosure has been raised significantly from 0.6 million yuan, 0.3 million yuan to 10 million yuan, 5 million yuan, and the maximum fine for fraudulent issuance has been increased from 5% of the funds raised to double. The 11th Amendment to the Criminal Law raises the maximum prison sentence for violating disclosure rules from 3 years to 10 years. Intermediary agencies and practitioners who produce false certification documents may face up to 10 years imprisonment. Second, in terms of accountability in three dimensions, administrative penalties are one aspect of three-dimensional accountability, and criminal sanctions and civil compensation are also important components. In terms of criminal sanctions, more than 40 cases of financial fraud, fund misappropriation, and irregular guarantees have been transferred to the public security organs in accordance with the law so far this year. In terms of civil compensation, the CSRC has guided the Investor Services Center to actively support investors in initiating civil compensation lawsuits, comprehensively using pre-litigation compensation, support litigation, and derivative litigation to strengthen investor compensation relief. At present, 10 ordinary representative lawsuits filed by investors against major illegal cases of listed companies (including some delisted companies) are being supported by the CSRC, and 22 cases are being supported in trial.