The year 2012 witnessed major regulatory reforms of the securities sector in China, in which a large number of reform measures have been adopted, touching upon various aspects of the securities market, including the issuance of new shares, delisting, construction of the OTC market, and the investigation and punishment for violations of laws and regulations. These measures met the needs of the development of the securities market and achieved certain successes. However, the current regulatory system still lacks thoroughness, specificity, and consistency, and thus further efforts are needed in establishing a registration system for the issuance of new shares, delineating the rules on the punishment for the violations of laws and regulations, promoting the construction of the investor eligibility system, and establishing a mechanism for the coordination of regulations and the supervision of the securities sector. <<