On March 18, the CSRC disclosed the “white list” of securities companies in March 2022. The “white list” includes 27 securities companies. Compared with the “white list” disclosed by the CSRC in December 2021, there are three securities companies reduced this time, namely Huabao securities, Western Securities Co.Ltd(002673) and Zheshang Securities Co.Ltd(601878) .
In March 2022, securities companies on the “white list” of securities companies include; The Northeast Securities Co.Ltd(000686) \ \ Central China Securities Co.Ltd(601375) and China Securities Co.Ltd(601066) (in no order).
The CSRC pointed out that this is a dynamic adjustment mechanism based on the “white list”, combined with the compliance risk control and business risk of securities companies, which has been preliminarily evaluated by the CSRC and reviewed by relevant departments in the Commission. The “white list” is mainly used by securities regulatory authorities, and securities companies shall not use it for commercial purposes such as advertising, publicity and marketing.
Last May, the CSRC disclosed the “white list” of 29 securities companies for the first time. It is understood that according to the idea of “combination of classified supervision and release management”, the CSRC implements the “white list” system for securities companies with effective corporate governance and compliance risk control. In addition, the classified rating system is also the classified supervision of securities companies. Securities companies shortlisted in the “white list” or securities companies with high classification and rating of securities companies will enjoy many preferential policies.
The interface news reporter found that since the first announcement, the CSRC has published the “white list” six times, but the previous adjustments have not changed much. Only CDB securities was added to the “white list” in September 2021. Therefore, the “white list” in March 2022 is the largest dynamic adjustment change so far.
This time, Huabao securities, Western Securities Co.Ltd(002673) and Zheshang Securities Co.Ltd(601878) are also the first securities companies to be kicked out since the implementation of the “white list” system.
Some analysts pointed out that “the list will be adjusted according to the regulatory indicators, so it is normal to be kicked out after receiving a ticket, and it is normal to get in and out.”
Why did the above securities companies disappear from the “white list” this time? The specific details have not been released by the CSRC.
Judging from the number of fines collected, Zheshang Securities Co.Ltd(601878) among the three securities companies that withdrew, the problem is more prominent, and the remaining two securities companies have not received regulatory fines since this year. As the only new list, Guokai securities, after frequently receiving fines in the first half of 2021, has not received fines since September 2021.
Since 2022, Zhejiang securities regulatory bureau has issued 11 fines and taken regulatory measures to order corrections and restrict business activities against Zheshang asset management and relevant business personnel of Zheshang Securities Co.Ltd(601878) wholly-owned holding subsidiary. Among them, Zheshang asset management was suspended from the filing of private asset management products for 6 months (except for newly established products to continue the unexpired assets held by stock expired products, but no new investment is allowed; the filing of special asset support plans is not limited).
Zhejiang securities regulatory bureau said that the internal control of Zheshang asset management is imperfect and the operation and management is chaotic, and asked the company to comprehensively and deeply rectify the asset management business, take practical and effective measures, and establish, improve and strictly implement the internal control system of asset management business.
It is worth noting that some leading securities companies have been “absent” and “white list”, namely Gf Securities Co.Ltd(000776) , Orient Securities Company Limited(600958) , China Industrial Securities Co.Ltd(601377) , Haitong Securities Company Limited(600837) , etc.
