jackpotyantra| Strict supervision consolidates the foundation for high-quality development of the securities industry
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Zhou Lulu, a reporter from ● newspaper
More than 100 tickets, involving more than 30 brokerages. Since the beginning of this year, under the tone of "two strong and two strict" supervision, the Securities Regulatory Commission and local securities regulatory bureaus have stepped in intensively to punish or warn securities firms and related employees who violate the rules.
It is worth noting that since the beginning of this year, there have been frequent cases of multiple penalties and heavier penalties for violations committed by employees. Industry insiders said that strict supervision can better clarify the source, urge securities firms to return to their origin, be better and stronger, and consolidate the foundation of the high-quality development of the securities industry.
During the year, more than 30 securities firms collected tickets.
Since the beginning of this year, the CSRC and local securities regulatory bureaus have stepped in intensively to punish or warn securities firms and related practitioners who violate the rules.
According to incomplete statistics by a reporter from the China Securities News, as of May 16, the number of fines issued by regulators to securities firms and related employees has exceeded 100, involving more than 30 securities firms.
Since the beginning of this year, it is not uncommon for securities firms and related employees to impose multiple penalties and heavier penalties.
For example, Huaxi Securities issued an announcement on May 5, and Jiangsu Securities Regulatory Bureau decided to suspend the company's sponsor business for six months, from April 28 to October 27. The penalty of Huaxi Securities is related to the fixed increase recommendation project of Jin Tongling (Protection of Rights) in 2019. The two signatures of the fixed increase project were punished together, and shall not hold the relevant duties or actually perform the above-mentioned duties in the securities issuance and listing recommendation business of securities companies within 2 years.
The intensive release and fast landing speed are also a major feature of the securities industry fines so far this year.
The Beijing Securities Regulatory Bureau ordered China International Capital Corporation to correct administrative supervision measures on May 10. This is the third time that China International Capital Corporation has received warnings from the securities regulatory system in 15 days since April 26, and has been named by the regulatory system five times this year.
Since the beginning of this year, four brokerages have been put on file for investigation, namely Haitong Securities, CITIC Securities, Soochow Securities and Bohai Securities. Among them, Haitong Securities and CITIC Securities received huge fines.
Investment banking and brokerage business have become the hardest hit areas.
From the perspective of illegal content, securities firms' investment banking business and brokerage business have become the hardest-hit areas of punishment. At the same time, problems such as over-the-counter options, proprietary investment, stock pledge and employee stock speculation occur frequently.
Most of the fines related to investment banking business are related to the lack of due diligence of securities firms; brokerage business violations are mainly concentrated in unqualified employees, misleading marketing, illegal account opening and so on; the violations of asset management business are mainly concentrated in the private equity business, including inadequate management of private equity subsidiaries, illegal sales of private equity products, and so on.
A person from a securities firm in North China said that strict supervision will help to correct industry violations in a timely manner, enhance the securities firms' awareness of compliance and the level of internal control, so as to effectively prevent potential business risks, improve practice efficiency, and promote the development of the industry as a whole towards a more standardized, transparent and sustainable direction.
"in addition, strict supervision is also a manifestation of protecting the rights and interests of investors and can boost market confidence to a certain extent." The above-mentioned brokerage people said.
"the strict regulatory measures for the investment banking business of listed securities firms have been implemented one after another, and we judge that after this round of rectification and reform, the concentration of investment banking business will be further enhanced, which will be beneficial to the development of head institutions." Luo Dianhui, an analyst at Shenwan Hongyuan, judged the development trend of the industry under strict supervision.
It is worth noting that for 2024, the CSRC has a clear focus on law enforcement. When releasing a summary of the enforcement of the CSRC in 2023 on May 15, the CSRC said that it will severely crack down on illegal acts in the securities and futures market that seriously endanger the smooth operation of the market, infringe upon the legitimate rights and interests of investors, have a bad social impact, and are strongly reflected by the masses, so as to speed up the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.
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