BEIJING, Feb. 17 -- China has officially rolled out the across-the-board registration-based initial public offering (IPO) system with relevant rules coming into effect on Friday, according to the country's securities regulator.

Of milestone significance in the reform of China's capital market, the move has basically put in place the institutional arrangements for the registration-based system, the China Securities Regulatory Commission said in a statement.

The rules involve simplifying listing requirements, optimizing registration procedures, improving the regulations on underwriting and on major asset restructuring of listed firms, strengthening oversight and law enforcement, and stepping up the protection of investors.

The registration-based IPO reform -- initiated in 2018 and successively adopted by the science and technology innovation board, the ChiNext board, and the Beijing Stock Exchange -- has opened up a new vista for the development of China's capital market, according to the commission.

The essence of this reform is letting the market make the choice under tightened market and legal constraints, an official with the commission noted.