◎ Reporter Yan Xiaofei
Under the tone of "two strong and two strict", the regulatory authorities continue to increase the punishment on intermediaries. Since this year, more than 70 tickets have been issued for securities companies, and more than 200 tickets have been issued for securities practitioners. The types of tickets involved include issuing warning letters, ordering correction, suspending business, and filing investigations.
"Investor protection" tickets are issued frequently
On May 15, the first "May 15 National Investor Protection Publicity Day" after the introduction of the new "National Nine Rules" was held in Beijing. On the same day, the regulatory authority issued several tickets. Among them, due to the problem of failing to properly handle investor complaints and disputes in a timely manner, Yunnan Securities Regulatory Bureau announced the Huatai Securities Administrative supervision measures issued by Yunnan Branch for warning letter.
"Long teeth with thorns" in supervision and law enforcement, and "investor protection" tickets are constantly emerging.
For example, CICC Wealth Securities Xiamen Branch was punished for its employees' active promotion of products with risk levels higher than their risk tolerance to investors, their use of language that one-sided emphasizes the time limit of centralized marketing, and the use of language that may mislead investors to make risk judgments. China Merchants Securities They were also punished for failing to properly handle complaints and disputes between the company and investors in a timely manner.
Penalties repeatedly received for bond underwriting business
Investment banking business is the "hardest hit area" where securities companies are punished, and IPO is particularly concerned by regulatory authorities. Since this year, in the context of strict supervision and control, the regulatory authorities have not left behind law enforcement blind spots and hidden corners, and the focus of supervision on the investment banking business of securities firms has the tendency to extend to the bond underwriting business.
Recently, a number of securities companies received fines due to violations of bond underwriting business. On May 14, due to the Jin Tongling (Rights protection) In 2021, the project of non-public issuance of bonds was not diligent and dutiful, and there were insufficient tracking and implementation of core opinions, incomplete working papers, etc, Soochow Securities It was taken by Jiangsu Securities Regulatory Bureau to issue a warning letter.
On April 30, due to underwriting Gree Real Estate (Rights protection) Guangdong Securities Regulatory Bureau issued fines to three securities companies for violation of bonds. Among them, Zhongtai Securities 、 Haitong Securities Being ordered to correct regulatory measures, CSC The securities were issued warning letters.
A non bank financial analyst of a securities firm said that the supervision continued to "tighten" the bond underwriting business, which would help guide the investment banking business of securities firms to be more scientific and standardized, also help to promote the investment banking business to focus on the main business, and reduce the risk caused by the insufficient quality of investment banking projects.
Adhere to "multiple investigations in one case" and "double punishment system"
The regulatory authorities adhere to the "multiple investigations in one case" and "double punishment system", work with all parties to increase the illegal costs of intermediaries, and further tighten the "gatekeeper" responsibility.
It has become normal for the securities companies involved in the case to be punished together. Jin Tongling General Everbright Securities (Rights protection) 、 Guohai Securities , Soochow Securities and West China Securities Collective "pulling water"; Transfer due to violation of restrictive provisions in relevant subjects Medium nuclear titanium dioxide (Rights protection) In 2023, in the process of non-public offering of shares, the CSRC is suspected of violating laws and regulations citic securities Haitong Securities filed a case.
For violations, the institutions involved will be punished, and the relevant responsible persons will also be blamed. For example, on April 26, Henan Securities Regulatory Bureau issued eight tickets Zhongyuan Securities There were five major violations, and seven relevant responsible persons were also punished.
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