◎ reporter Yan Xiaofei

Under the tone of "two strong and two strict", the regulatory authorities treat the intermediary agenciesWinrealmoneynodepositThe punishment has been continuously increased. Since the beginning of this year, more than 70 fines have been issued against securities firms and more than 200 fines have been issued against securities practitioners, including issuing warning letters, ordering corrections, suspending business, filing investigations, and so on.

"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 articles" was held in Beijing. On the same day, regulators issued a number of tickets. Among them, due to the failure to properly handle investor complaints and disputes in a timely manner, Yunnan Securities Regulatory Bureau announcedWinrealmoneynodepositAdministrative supervision measures for issuing warning letters to Huatai Securities Yunnan Branch.

Regulatory and law enforcement "tusk with thorns", "investor protection" fines continue to emerge.

For example, CICC Fortune Securities Xiamen Branch was punished for employees actively promoting products with a higher risk level than their risk tolerance to investors, using phrases that one-sidedly emphasized the time limit of centralized marketing, and words that might mislead investors into making risk judgments. China Merchants Securities and others were also punished for failing to properly handle complaints and disputes between the company and investors in a timely manner.

Bond underwriting business has received repeated fines.

Investment banking is the "hardest-hit area" where securities firms are punished, and IPO is particularly concerned by regulators. Since the beginning of this year, under the background of strict supervision and control, the regulatory authorities do not leave a dead corner in law enforcement, and the regulatory focus on the investment banking business of securities firms has the momentum of extending to the bond underwriting business.

Recently, a number of brokerages have received fines for illegal bond underwriting. On May 14, due to the lack of due diligence in the Jin Tongling (Rights Protection) 2021 non-public bond issuance project, inadequate tracking of core opinions and imperfect working papers, Soochow Securities was taken by Jiangsu Securities Regulatory Bureau to issue warning letters.

On April 30, the Guangdong Securities Regulatory Bureau issued fines to three brokerages for illegal underwriting of Gree real estate (rights protection) bonds. Among them, Sino-Thai Securities and Haitong Securities were ordered to correct regulatory measures, and CITIC Construction Investment Securities was taken to issue warning letters.

A non-bank financial analyst at a brokerage said that the continued "tightening" of regulatory underwriting of bonds will help guide the brokerage investment banking business to be more scientific and standardized, and also help promote the investment banking business to focus on the main responsibility. reduce the risk caused by the poor quality of investment banking projects.

Adhere to the "double penalty system" and "investigate more than one case"

The regulatory authorities adhere to the "multi-investigation of one case" and the "double penalty system", cooperate with all parties to increase the illegal costs of intermediary agencies, and further tighten the responsibility of "gatekeepers".

It has become the norm for securities firms involved in the case to be punished together. Jin Tongling collectively "dragged down" Everbright Securities (rights protection), Guohai Securities, Soochow Securities and Huaxi Securities; because the relevant subjects violated restrictive provisions in the transfer of nuclear titanium white (rights protection) in the process of non-public offering of shares in 2023, the CSRC also filed a case against CITIC Securities and Haitong Securities.

For violations, the agencies involved are punished, and the relevant responsible persons are also to blame. For example, on April 26, Henan Securities Regulatory Bureau issued eight tickets, pointing out that there were five major violations of Central Plains Securities, and seven relevant responsible persons were also punished.