Supreme People's Court, Securities Regulatory Commission: Illegal activities involving complex financial products must strive to achieve "clear vision and accurate judgment" in accordance with the law.

The Supreme People's Court and the China Securities Regulatory Commission jointly issued the "Guiding Opinions on Strict and Just Law Enforcement and Judicial Services to Ensure the High-Quality Development of the Capital Market". The opinions mentioned that for complex financial products such as funds, bonds, and asset-backed securities with multiple nested layers, long transaction chains, and multiple participating entities, it is necessary to accurately determine the true intentions of the parties and the nature of the legal relationships formed based on the facts of the case such as fund flows, contract arrangements, and underlying assets. According to the nature of the behavior and the intensity of supervision, it is necessary to legally determine the impact of violations such as evasion of supervision, transfer of benefits, and the transformation of private equity products into public offerings on the effectiveness of contracts, and strive to achieve "clear visibility and accurate judgment".