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    Regulatory re-issuance, clearing brokers to regulate external access, and strictly checking illegal fund-raising into the market

    2019-03-13 19:01:45

    Brokerage China

    Today, brokerage Chinese reporters learned from a number of brokerages that the China Securities Association held a special meeting on Friday to meet the external access conditions. The main content was the external access of securities companies and the prohibition of capital allocation. According to many reporters, the brokers who participated in the above meetings have at leastHaitong Securities,Guotai JunanSecurities,Zheshang Securities,Caitong Securities,Guosen Securities,Huatai Securities,Soochow SecuritiesWait.

    At the same time, the local CSRC has acted quickly and went to the securities companies in the jurisdiction to conduct on-site inspections on off-site illegal allocations. On March 7, the Guangdong Securities Regulatory Bureau convened the person in charge of the relevant securities business department of the jurisdiction. On the morning of March 8, the Zhejiang Securities Regulatory Bureau held a symposium on the compliance of the securities brokerage business compliance management. The content of the meeting involved prohibiting off-site fund-raising.

    Informed sources report that some online trading systems are flawed and can be used by some fund-raising companies to crack a relevant interface and make a fund-raising platform. After the technicians of the fund-raising company have cracked the relevant interfaces, they directly access them directly through the fund-sharing platform or the umbrella account.

    On March 13, the three major stock indexes of A-shares opened slightly lower and then fell rapidly. The GEM index once fell more than 5%, and the previous high-ranking stocks plummeted. At the close, the Shanghai Composite Index fell 1.09%, the Shenzhen Component Index fell 2.53%, and the ChiNext fell 4.49%.

    The China Securities Association held a special meeting on the prohibition of fund allocation

    Today, a related brokerage conveyed the minutes of the spirit of the China Securities Association's special meeting last week, which was widely circulated on the Internet. The main contents are six main points:

    1. Deeply reflect on and learn from the lessons of abnormal market fluctuations in 2015;

    2. The securities company must fulfill its main responsibility and be diligent;

    3. External access should be strictly regulated to check risks;

    4. Manage the sales department and employees. No convenience may be provided for the allocation of funds;

    5. The research department should be objective, rational and cautious in making speeches to avoid exaggerated and emotional language;

    6. Strengthen public opinion monitoring.

    The brokerage Chinese reporter confirmed from the many brokerages that the above-mentioned special meeting was true.

    It is reported that there are two main topics for the above-mentioned special conferences. One is the external access of securities firms, and the other is that it is strictly forbidden to allocate funds. The securities companies that meet the off-site access should participate in the event. The relevant person in charge of the institutional department of the CSRC also participated in the conference. Speak.

    Some participating brokers issued notices internally, requiring brokerage business lines and branches to strictly implement the spirit of the China Securities Association meeting, standardizing practice and compliance. At the same time, for the external access of securities firms and the prohibition of illegal fund-raising outside the field, the research department must adhere to an independent, objective, professional and prudent professional attitude, and objectively and cautiously express speeches to avoid exaggerated and misleading speech.

    Local Securities Regulatory Bureau held a symposium to understand the situation of off-exchange funds

    On March 7th, in response to the recent market reaction to the over-the-counter allocation of funds, the Guangdong Securities Regulatory Bureau convened the person in charge of the relevant securities business department of the jurisdiction to understand the models, targets, trends, etc. of the OTC fundraising held by the securities management institutions. The situation, and the securities management institutions to prevent the risk of off-site financing:

    First, it is forbidden to cooperate with various fund-raising institutions to conduct business.

    The second is to strengthen the abnormal transaction monitoring and technical system security protection.

    The third is to carry out in-depth advocacy work such as investor propaganda and education.

    On the morning of March 8, Zhejiang Securities Regulatory Bureau held a symposium on compliance and risk management of securities brokerage business in the jurisdiction, and urged all securities institutions to enhance their awareness of compliance and control, consolidate internal control, plan ahead, and strictly implement securities brokerage and margin financing clients. Appropriate management, strengthen customer abnormal transaction management, do a good job in technical system security maintenance, and highlight the specific regulatory requirements for current securities brokerage business compliance risk management, and put forward the following four specific requirements:

    The first is to fully implement the principle of “know your customer”.

    The second is to carry out in-depth investor education and education.

    The third is to do a good job in the security protection of trading information systems.

    Fourth, it is strictly prohibited to participate in illegal over-the-counter fund-raising activities.

    Brokers actively prepare for information system external access platform

    On February 1, the CSRC issued a document to the public on the "Interim Provisions on the Administration of External Access Management of Securities Companies' Trading Information Systems" (hereinafter referred to as the "Regulations"). The "Regulations" made clear the relevant points of the external access business of the securities trading information system. The industry believes that this move is conducive to improving the liquidity of the A-share market, and various quantitative transactions are expected to usher in the spring.

    According to the Chinese reporter of the brokerage firm, the securities companies have begun to actively prepare for the external access platform of the information system.

    Soochow Securities said that the information system external access platform was officially launched in August 2018, and has the ability to access management, risk and abnormal identification. At present, it is being combined with the latest regulatory requirements, combined with the industry's unified standard of the risk control system, using independent research and development with the characteristics of Soochow.

    Through five aspects: due diligence, access specification, risk control, operation and maintenance control, and performance optimization, we adhere to the principles of understanding customers, standardizing access, and strictly controlling risks, and realize three major advantages: 1. External access compliance account system Review process and risk control and management; 2. Minimize the impact of external access on the performance and security of existing counter systems; 3. Unified external access monitoring and statistics and reporting information.

    Soochow Securities also said that the specifications and processes for external access to information systems are basically in place, and the related technology optimization of the access platform is under intense development. The function is basically ready at the end of May.

    Guosen Securities said that the liberalization of external access to the trading system is expected to further stimulate market vitality and increase market risk appetite. In addition, due to the high frequency of trading of quantitative funds and the large volume of transactions, brokerage commission income is expected to increase.

    Interim Provisions on the External Access Management of Securities Firms

    According to the China Securities Regulatory Commission, in recent years, with the development of the securities market, the proportion of institutional investors such as public fund managers and insurance companies has increased year by year. The traditional manual operation mode cannot meet the management of the warehouse, unified air control, etc. demand. The "Regulations" considers the hidden risks and existing problems in the external access of non-standard trading information systems, and draws on the mature market experience to guide securities companies to provide external access services for the rational needs of institutional investors on the premise of security and compliance.

    According to the "Regulations", a securities company is the responsible entity for providing external access services to the trading information system, and should conduct relevant business activities prudently under the premise of strictly controlling risks. Fully evaluate the rationality of access requirements, comprehensively verify the qualifications of investors, fully verify the relevant system functions; effectively perform management duties during the access process, strictly control risks, and ensure that external access is always in a state of compliance, security, and stability.

    The China Securities Regulatory Commission specifically pointed out that the external access activities of the trading information system regulated by the "Regulations" should strictly follow the existing trading mechanism of the securities market. It involves the supervision and self-discipline requirements of new trading methods such as programmatic trading. After the relevant rules are promulgated, the external access system needs to be followed. This means that the regulation and self-regulation of new trading methods such as programmatic trading will further introduce rules in the future.

    According to the relevant notice requirements, the public comment period lasts for one month, and the deadline is March 2, 2019.

    The CSRC has "hands-on" the illegal allocation of funds

    In response to the recurring over-the-counter allocation, the CSRC said on February 25 that it will pay close attention to this and guide relevant parties to strengthen supervision over the entire process of the transaction. All securities companies must strictly implement the brokerage business and the appropriate management of margin financing and securities lending customers, strengthen the monitoring of abnormal transactions, and conscientiously do a good job in technical system security protection. At the same time, it is also hoped that investors will invest rationally to prevent investment risks.

    In addition, some of the scaled-up tiered funds have recently received guidance from the regulatory framework, requiring a share of control at the end of 2018. The fund company also released a notice of the suspension of large-scale subscription, conversion transfer and fixed investment business by its classified funds.

    According to the announcement of the Shanghai and Shenzhen Stock Exchange Funds, as of February 26, 130 tiered funds such as 300 grading, 100 grading, and mutual benefit B have suspended the large-scale subscription, regular fixed investment and conversion into business.CITIC Construction InvestmentIt is said that the supervision will prevent the aggressive leveraged funds from entering the market, and the staged weakness of the sources of capital inflows will be weakened, and the upward momentum of the market may slow down.

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    Editor in charge: Robot RF13015

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