The CSL (China Securities Law) has been passed by the National People's Congress, which is the highest legislative body in China. The law was adopted on December 28, 2019 and took effect on March 15, 2020. This is a significant milestone in the development of Chinese securities laws.

The CSL aims to establish a comprehensive legal system for the securities market, including the registration of companies and individuals who wish to invest in the stock market. According to the law, companies must register with the securities regulatory authorities before they can begin trading their shares. In addition, the law also requires individuals to register with the securities regulatory authorities if they wish to purchase or sell stocks on the stock exchange.

In order to ensure that all investors have access to accurate information about the securities market, the CSL also requires companies to disclose certain information to their shareholders. This includes financial statements, earnings reports, and other relevant documents. Additionally, the law establishes penalties for those who violate the registration requirements, such as failing to comply with the requirements for registering companies and individuals.

Overall, the CSL is a major step forward in the development of Chinese securities laws. It provides investors with greater transparency and accountability, and ensures that the securities market operates in a fair and transparent manner. As a result, it will help to promote the stability and growth of the Chinese economy.