On July 24, the Supreme People's Court and the Supreme People's Procuratorate jointly issued the “Decision on Amending the 'Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Certain Issues Concerning the Specific Application of the Law in Criminal Cases of Handling Insider Trading and Disclosure of Insider Information'”. The revised decision will take effect on July 27, 2026. According to our understanding, the revised decision further clarifies the stricter legal responsibilities of key entities. A new provision was added that “the time when the controlling shareholder, actual controller, or relevant decision maker revealed to closely related persons the formation of an initial intention to form insider information, or the time when related transactions were carried out based on that initial intention shall be regarded as the initial time for the motion.” Make clear and specific regulations on the sensitive period of insider information involving entities that play a key role in generating insider information, prevent them from using time differences to carry out insider trading or divulge insider information, further highlight the key points of punishment, and strengthen source management.

On July 24, the Supreme People's Court and the Supreme People's Procuratorate jointly issued the “Decision on Amending the 'Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Certain Issues Concerning the Specific Application of the Law in Criminal Cases of Handling Insider Trading and Disclosure of Insider Information'”. The revised decision will take effect on July 27, 2026. According to our understanding, the revised decision further clarifies the stricter legal responsibilities of key entities. A new provision was added that “the time when the controlling shareholder, actual controller, or relevant decision maker revealed to closely related persons the formation of an initial intention to form insider information, or the time when related transactions were carried out based on that initial intention shall be regarded as the initial time for the motion.” Make clear and specific regulations on the sensitive period of insider information involving entities that play a key role in generating insider information, prevent them from using time differences to carry out insider trading or divulge insider information, further highlight the key points of punishment, and strengthen source management.