中国证监会、财政部3月11日联合发布《关于证券违法行为人财产优先用于承担民事赔偿责任有关事项的规定(草案)》，明确违法行为人所缴纳的行政罚没款用于承担民事赔偿责任的具体工作机制；证监会表示，规定对于解决民事赔偿责任优先落实难问题，切实保护投资者合法权益具有重要的现实意义。

证监会官网刊登草案并规定，违反《证券法》规定的违法行为人因同一违法行为，需要同时承担民事赔偿责任和缴纳罚没款行政责任，缴纳罚没款后剩余财产不足以承担民事赔偿责任时，向人民法院提起诉讼，获得胜诉判决或者调解书后，经人民法院强制执行或者破产清算程序分配仍未获得足额赔偿的受害投资者可以提出书面申请。

草案并要求，受害投资者可以在人民法院出具终结执行裁定书后一年内提出申请；受害投资者申请金额不得超过民事判决书等所明确的被告应当承担的赔偿金额。

证监会称，健全证券民事赔偿制度体系，为全面实行股票发行注册制提供更加坚实法治保障的重要举措，对于解决民事赔偿责任优先落实难问题。

China issues draft rules for securities offenses compensation

China's securities regulator on March 11 published draft rules on how fines for securities fraud offenses will be prioritised to compensate investors in civil cases, part of a broader push towards a U.S.-style system for initial public offerings.

"A sound securities civil compensation system is an important guarantee for the full implementation of the registration-based IPO system," the China Securities Regulatory Commission (CSRC) said in a statement on its website.

China has been pushing to move from its traditional IPO system, based on regulatory approvals, to a registration-based system of the type used in the United States, a shift that makes investors more responsible for their own investments.

To pave the way for that shift, China introduced rules in January to make it easier for victims of securities fraud to claim compensation, in order to stamp out corporate cheating and protect investors' interests.

The CSRC said it would work to improve the draft rules based on public feedback.