1. 证监会指导交易所优化融资融券交易机制

2019年8月9日，证监会指导沪深交易所修订的《融资融券交易实施细则》正式出台，自2019年8月19日起实施。

证监会同时指导交易所进一步扩大融资融券标的范围，对融资融券交易机制作出较大幅度优化：一是取消了最低维持担保比例不得低于130%的统一限制，交由证券公司根据客户资信、担保品质量和公司风险承受能力，与客户自主约定最低维持担保比例。二是完善维持担保比例计算公式，除了现金、股票、债券外，客户还可以证券公司认可的其他证券等资产作为补充担保物，增强补充担保的灵活性。三是将融资融券标的股票数量由950只扩大至1600只。标的扩容后，市场融资融券标的市值占总市值比重由约70%达到80%以上，中小板、创业板股票市值占比大幅提升。

1. Mechanisms for Margin Trading and Short Selling Transactions to Be Improved

On August 9, 2019, the Detailed Rules for the Implementation of the Margin Trading and Short Selling, as revised by the Shanghai Stock Exchange and the Shenzhen Stock Exchange under the guidance of the China Securities Regulatory Commission (CSRC), were officially issued, effective from August 19, 2019.

The CSRC instructs the Exchanges to further expand the scope of underlying securities of margin trading and short selling, and optimize the trading mechanism to a large extent. To be specific, first, the uniform restriction that the minimum maintenance guarantee ratio should not be lower than 130% is removed, and the securities companies may independently agree with their clients on the ratio in light of client’s credit standing, collateral quality and their risk tolerance. Second, the calculation formula for the maintenance guarantee ratio should be improved, and in addition to cash, stocks and bonds, clients may also use such assets as other securities recognized by securities companies as supplementary collateral so as to enhance the flexibility of supplementary guarantee. Third, the number of underlying stocks of the margin trading and short selling is increased from 950 to 1600. After the expansion of underlying securities, the proportion of the market value of underlying securities of the margin trading and short selling to the total market value will raise from about 70% to more than 80%, and the proportion of the market value of stocks listed on the SME Board and the ChiNext will increase significantly.

2. 证监会就券商风控指标计算标准征求意见

8月9日，证监会发布关于就《证券公司风险控制指标计算标准（修订稿）》公开征求意见的通知，征求意见截止日期为2019年9月9日。

本次修订内容主要包括4个方面。一是支持证券公司遵循价值投资理念，深度参与市场交易，适当放宽投资成份股、权益类指数基金、政策性金融债等产品的风控指标计算标准。二是按照宽严相济、防范风险的原则，针对股票质押、私募资产管理等业务特点和各类金融产品风险特征，完善相应指标计算标准。三是结合市场发展实践，明确新业务、新产品的风控指标计算标准，确保对各类业务风险全覆盖。四是为支持证券公司提升全面风险管理水平，对连续3年分类评价为A类AA级及以上的证券公司，风险资本准备调整系数设为0.5等。 

2. CSRC Requests Comments on Calculation Basis for Risk Control Indicators of Securities Companies

On August 9, 2019, the China Securities Regulatory Commission (CSRC) issued the Notice of Requesting Public Comments on the Provisions on the Calculation Basis for Risk Control Indicators of Securities Companies (Revision), and comments may be submitted until September 9, 2019.  

The Revision mainly includes four aspects: first, the calculation basis for risk control indicators of investment in such products as constituent stocks, equity index funds, and policy-based financial bonds will be appropriately relaxed with an view to supporting securities companies in deeply participating in market transactions under the value investment concept; second, the corresponding indicator calculation basis will be improved in response to business characteristics such as stock pledge and privately offered asset management as well as risk features of various financial products under the principle of combining relaxed and strict policies and preventing risks; third, the calculation basis for risk control indicators of emerging business and new products will be clarified as actually needed in market development in a bid to cover all types of business risks; fourth, with the aim of supporting securities companies in enhancing the comprehensive risk management, the adjustment coefficient for risk-based capital reserves will be set at 0.5 for securities companies that have been rated AA or above for Class A in the classified rating for three consecutive years.

3. 最高法发布司法解释规范死刑复核及执行程序

2019年8月8日，最高人民法院公布《最高人民法院关于死刑复核及执行程序中保障当事人合法权益的若干规定》，自9月1日起实施。

该司法解释规定，高级人民法院在向被告人送达依法作出的死刑裁判文书时，应当告知其在最高人民法院复核死刑阶段有权委托辩护律师，并将告知情况记入宣判笔录；被告人提出由其近亲属代为委托辩护律师的，除因客观原因无法通知的以外，高级人民法院应当及时通知其近亲属，并将通知情况记录在案。

此外，最高人民法院复核裁定作出后，律师提交辩护意见及证据材料的，应当接收并出具接收清单；经审查，相关意见及证据材料可能影响死刑复核结果的，应当暂停交付执行或者停止执行，但不再办理接收委托辩护手续。

3. SPC to Regulate Death Penalty Review and Execution Procedures

On August 8, 2019, the Supreme People’s Court (SPC) issued the Several Provisions of the Supreme People's Court on Safeguarding Lawful Rights and Interests of the Parties Concerned in the Death Penalty Review and Execution Procedures, effective from September 1, 2019.

The Judicial Interpretation stipulates that when serving a judgment document of death penalty rendered according to the law on a defendant, a higher people’s court should notify the defendant his or her right to retain a defense lawyer during the period when the SPC reviews the death penalty, and indicate particulars of such notification in the transcripts of pronouncement. Where the defendant proposes asking his or her close relative to retain the defense lawyer on his or her behalf, the higher people’s court should notify his or her close relative in a timely manner and record it, except for the impossibility to give such notification due to objective reasons.

In addition, after the review ruling is entered by the SPC, where the lawyer submits the defense opinions and evidence materials, the SPC should receive them and issue a receipt list. If relevant opinions and evidence materials may affect the result of the death penalty review upon examination, the delivery of a convict for execution should be suspended or the execution should be stopped, but the formalities of receiving the entrusted defense is no longer handled.