The CSL (China Securities Law) is a set of laws and regulations that governs the securities market in China. It has been in effect since 2014, and it has had a significant impact on the racing industry.

One of the key areas where the CSL has influenced the racing industry is in terms of transparency and accountability. Under the CSL, all information related to stock trading must be disclosed publicly, and this includes information about race results. This means that horse owners, trainers, jockeys, and other stakeholders in the racing industry have greater access to information about how their horses perform, which can help them make more informed decisions.

In addition to providing greater transparency, the CSL also places greater emphasis on accountability. For example, if a horse owner or trainer engages in illegal activities such as fixing races or manipulating betting odds, they may face severe penalties under the law. This can help to ensure that those who engage in unethical behavior are held accountable for their actions.

Overall, the CSL has played a crucial role in shaping the racing industry in China. By promoting transparency and accountability, it helps to create a level playing field for all participants, regardless of their background or resources. As a result, it has helped to foster growth and innovation within the industry, leading to greater opportunities for both new entrants and established players alike.