BEIJING — China's securities regulator on Dec 29 pledged to accelerate the improvements of related regulations to strictly enforce provisions in the revised securities law, which will come into effect on March 1, 2020.

The China Securities Regulatory Commission will enhance law enforcement to capitalize on the new law's positive roles in pushing market reforms, maintaining market order and protecting investors' interests, according to a statement on its website.

The draft revision to China's Securities Law was adopted on Dec 28 by the country's top legislature, a milestone in China's capital market reform.

The latest revision to the law highlights rules on the newly devised science and technology innovation board, which will pilot a registration-based initial public offering system.

The revision also sets a general framework to encourage small and individual investors to take the initiative in class action lawsuits and introduces compensation in civil litigations.

Meanwhile, the updated law increases penalties for illegal activities in the securities sector. It not only stipulates the confiscation of illegal proceeds but also pledges stricter administrative punishments.