As time goes by, each year brings new opportunities. The capital market, as an important part of economic development, is closely related to the overall situation of economic and social development. In this era where uncertainties and opportunities coexist, how to strengthen capital market supervision, effectively prevent and defuse risks, and promote the high-quality development of the capital market has become an urgent matter. A profound understanding and effective advancement of this core issue have become increasingly prominent in terms of the importance and criticality of capital market supervision. 
At the beginning of 2024, the Fangda Dispute Resolution Group will launch the "Fangda Financial Enforcement Observation" special column, aiming to regularly publish a series of articles to share our latest observations and practical experiences in the field of financial enforcement. The first issue will focus on the annual review of "2023 Securities Enforcement Observation", setting the stage for this column. In the future, we will continue to pay attention to the formulation and implementation of regulatory policies, the intensity and effectiveness of enforcement, as well as the interaction and communication between regulatory authorities and various market entities. Through professional observation and analysis, we will comprehensively present the dynamic of securities market supervision and enforcement, helping readers better understand the market environment, promoting compliance management, and jointly promoting the healthy development of the capital market ecosystem. 
The first series of articles in this column, titled "Observation on Securities Enforcement in 2023", will be divided into the general discussion section, the discussion section on information disclosure, the discussion section on insider trading, the discussion section on market manipulation, and the discussion section on the responsibilities of intermediaries.