Stepping Up Regulation With Zero Tolerance For Violationsâ Overview Of Shenzhen Stock Exchange's Disciplinary Punishment In 2020 Date In 2020, the new Securities Law was implemented, the registration-based IPO system reform with information disclosure at its core was steadily advanced, and higher requirements on stock exchanges in strengthening frontline supervision and fulfilling self-disciplinary regulation functions were proposed. SZSE earnestly practiced the principles of “system building, non-intervention, and zero tolerance”, and upheld the working requirements of “standing in awe of the market, rule of law, professionalism and risks and pooling the efforts of all sides to develop the capital market”. With disciplinary punishment as an important lever, SZSE strengthened in-process and ex post regulation. SZSE imposed serious punishment on market chaos and violations of laws and regulations, helped improve the quality of listed companies, and facilitated the deepening of the reform of the capital market in all respects.