Near the end of the year, the fines of securities companies are one after another
After China International Capital Corporation Limited(601995) 5 people received the regulatory interview last night, on the 30th, Liu Fubing, an analyst of Guosheng securities who used tiangan dizhi to study stocks, also received the regulatory letter from Jiangxi securities regulatory bureau.
there are three problems in the Research Report
Guosheng securities was also fined
Jiangxi Securities Regulatory Bureau believes that there are the following problems in the application of tiangan and dizhi in timing released by Liu Fubing, a researcher of Guosheng Securities:
First, the PPT document "preliminary study on the application of tiangan and dizhi in timing" produced essentially constituted the research report, but it was not produced in accordance with the requirements of laws and regulations, did not apply to Guosheng Securities for warehousing, review and release, and communicated and spread privately, which led to the extensive reprint of the research report by the media, resulting in the fact that the report was published.
Second, without the audit of Guosheng securities, without registration and filing, the research report was provided to a specific third party, and the publishing object was not treated fairly.
Third, the use of tiangan dizhi calendar to analyze the stock market trend, the research method is not professional and prudent, and the research conclusion is not objective and scientific.
The above-mentioned acts violate the relevant provisions of Articles 8, 9, 10 and 11 of the Interim Provisions on the issuance of securities research reports. According to Article 22 of the Interim Provisions on the issuance of securities research reports, Jiangxi securities regulatory bureau decided to take administrative regulatory measures for Liu Fubing's regulatory talk.
At the same time, in the event of the Research Report on the application of tiangan and dizhi in timing, Jiangxi Securities Regulatory Bureau believed that the behavior of Liu Fubing, a researcher of Guosheng securities, in privately exchanging and transmitting the research report reflected that the company did not effectively control the behavior of employees and did not effectively manage the research products of researchers. The Research Report on the application of tiangan and dizhi in timing continued to ferment, causing hot discussion in the market, resulting in reputation risk and adverse impact, reflecting that the company did not effectively identify and evaluate reputation risk and took effective measures to prevent and resolve risk in the process of dealing with this public opinion event.
Jiangxi Securities Bureau decided to take administrative supervision measures to issue warning letters to Guosheng securities in accordance with the provisions of paragraph 1 of Article 32 of the measures for the compliance management of securities companies and securities investment fund management companies.
since this year, five securities companies have been fined
Since this year, the compliance requirements for the Research Report of securities companies have been continuously tightened. During the year, a number of securities company analysts have been punished for research report problems, including the "2060 performance forecast annual report on Contemporary Amperex Technology Co.Limited(300750) " which has aroused heated discussion in the market.
According to the statistics of 21st Century Capital Research Institute, as of December 26, 2021, local securities regulatory bureaus had issued 8 regulatory letters on the violations of the Institute to securities companies and individuals in 2021, involving 5 securities companies, including Zhongtai Securities Co.Ltd(600918) , Shenwan Hongyuan Group Co.Ltd(000166) , Guoyuan Securities Company Limited(000728) , China Industrial Securities Co.Ltd(601377) , Guosen Securities Co.Ltd(002736) .
These include the "2060 performance forecast annual report on Contemporary Amperex Technology Co.Limited(300750) " released by Guosen Securities Co.Ltd(002736) which has aroused heated discussion in the market.
The regulatory ticket information shows that part of the assumptions and analysis logic in the prediction of the revenue center of Contemporary Amperex Technology Co.Limited(300750) energy storage business in 2060 in Contemporary Amperex Technology Co.Limited(300750) Series II - energy storage: Discussion on the end of the second "growth curve" are not cautious enough.
The supervision has paid much attention to the problems existing in the Research Report of securities companies.
On May 22, 2020, China Securities Association announced that in order to meet the needs of the development of securities research business, strengthen the self-discipline management of Securities Research Report publishing business and the reputation risk management of securities analysts, promote the healthy development of Securities Research Report publishing business, and organize the revision of the code of practice for publishing securities research reports and the code of conduct for securities analysts.
The revised rules will be implemented from June 21, 2020, and the notice on Further Strengthening the daily management of securities analysts and issuing securities research reports issued in June 2014 will be repealed at the same time.
The revised code of practice for publishing securities research reports has 40 articles and the code of practice for securities analysts has 30 articles. There are 33 amendments to the two rules, mainly focusing on seven directions, including: strengthening the quality control of research reports and improving the quality of research reports; Strengthen the management of analysts' speech, use of we media and customer service, and standardize analysts' professional behavior; Strengthen the management of analysts' Honest Employment and the construction of professional ethics, and improve the level of analysts' professional ethics; Strengthen the management of assessment and selection of analysts, and strengthen the professional independence of analysts; Strengthen confidentiality management and standardize the research of analysts and listed companies; Standardize the service of external experts; Standardize the release and reprint of research reports, as well as the release of research reports of macroeconomic, industrial research and overseas listed companies.
On September 16, 2020, Shenzhen Securities Regulatory Bureau issued the regulatory communication of securities and futures institutions (2020 issue 5). Among them, the document points out that in order to grasp the hot spots, individual securities analysts lead to "hard injuries" in the content of the research report, causing certain damage to the company's reputation, and the securities companies under their jurisdiction should take this as a warning.
(China Fund News)
