After a lapse of three years, the regulations on the classification supervision of securities companies will usher in overhaul again.

On the afternoon of May 22, the China Securities Regulatory Commission announced that it would solicit opinions for the “Decision on Amending the” Regulations on the Classification of Securities Companies “”. There are 35 drafts for comments, which are divided into seven chapters, including general rules, evaluation indicators, evaluation methods, classification, organization and implementation, use of classification results, and supplementary rules, as well as the appendix “Evaluation Indicators and Standards for Risk Management Capability of Securities Companies”.

The “Regulations on the Classification of Securities Companies” was first introduced in May 2009 and has since established a classification evaluation index system in the securities industry. Afterwards, the CSRC revised the document twice in May 2010 and July 2017. In the brokerage industry, the annual rating is equivalent to a big test. The result will not only affect the company’s reputation, but also be directly linked to the qualification of the exhibition industry. Therefore, all institutions in the industry attach great importance to it.

The CSRC said in an article published on May 22 that the classified regulatory system is a basic regulatory system in the securities industry. In recent years, the classified supervision system has played a positive and positive role in promoting securities companies to strengthen compliance risk control and enhance core competitiveness, which has been recognized by the industry and the market. In order to optimize the classification and supervision system of securities companies, promote securities companies to enhance their risk management capabilities, and guide the differentiated development of the securities industry.

On April 1st, Peng Mei News reported that the local securities regulatory bureaus had issued to the securities companies in their jurisdictions about the “Regulations on the Classification of Securities Companies (for comments) Draft) “Notice for comments. Judging from the content of the solicitation draft formally released, the rules for bonus points and deduction items are basically the same as the ideas for soliciting opinions from brokers, but specific terms have also been changed and some amendments have been added.

The surging news reporter compared the draft for comments with the current rules and found that this revision mainly involves 12 of them, with a total of 18 changes. Among them, Articles 9 and 13 list the possible deductions and bonus points of securities firms, respectively, which are also the two items that have undergone major changes in this revision.

It is worth mentioning that, according to Article 29 of the current rules, the results of the classification of securities companies will be used as securities companies ’applications to increase business types, establish new business outlets, and issue Prudential conditions for listing and other matters. In the consultation draft, “newly established business outlets” have been deleted. This may mean that in the future, the results of the classified evaluation of brokers will no longer have any impact on the newly established sales department of brokers.


The revision has three main directions

According to the introduction of the China Securities Regulatory Commission, the main contents of this revision include three aspects.

First, maintain the current classification evaluation system and effective practices of securities companies that focus on risk management capabilities and continuous compliance, focusing on optimizing relevant evaluation indicators and focusing on solving them Outstanding problems encountered in practice.

The second is to further strengthen compliance and prudent business orientation. Focus on making the classification evaluation results more accurately reflect the compliance risk control situation of the securities company, improve the deduction rules for the punishment measures taken by the securities company and its personnel, and clearly reduce the classification level of the company’s governance and internal control serious failure The basis for comprehensive review of evaluation indicators and standards for strengthening risk management capabilities. Optimize risk management capabilities and add sub-items, guide securities companies to strengthen capital constraints, improve the effectiveness of comprehensive risk management, and effectively achieve full coverage of risk management.

The third is to further strengthen the orientation of professional service capabilities. Adapting to the development of the industry, optimizing market competitiveness evaluation indicators in terms of operating income, securities brokerage, investment banking, asset management, institutional customer service and transactions, wealth management, and information technology investment, reflecting both the comprehensive strength of securities companies Its special business capability guides securities companies to highlight their main businesses, make them better and stronger, and at the same time guides the differentiated development of the securities industry.


A total of 18 amendments were made, involving 12 regulations.

Peng Mei journalists compared the current rules with the content of the consultation draft and sorted out the amendments as follows.


Modification 1:

The risk management capabilities of securities companies are mainly based on capital adequacy, corporate governance and compliance management, comprehensive risk management, information system security, Six types of evaluation indicators such as customer rights protection and information disclosure. In this revision, “Information System Security” was modified to “Information Technology Management”.

Article 5, paragraph 1 (4) is amended as: “Information technology management. It mainly reflects the information technology governance, information technology security, and data governance of securities companies. Reflect its technical risk management capabilities. “


Edit 2:

Article 9, paragraph 1 (1) is amended to read: “The company or its directors, supervisors, senior management personnel Because he is responsible for the company ’s violations of laws and regulations, he is issued a warning letter, ordered to make a public statement, and ordered to report regularly, deducting 0.5 points every time

As a comparison, the current rules are only for companies, excluding senior supervisors and supervisors.


Modification 3:

Article 9, paragraph 1 (b) is amended to read: “The company was ordered to correct and increase internal cooperation 1 point for each inspection.

The current requirement of this clause is: “The company is taken to issue a warning letter and notify it within the jurisdiction, order to correct it, order to increase the number of internal compliance checks, each time 1 point deduction “.


Edit 4:

Article 9, paragraph 1 (4) is amended to read: “The company was ordered to replace the directors, supervisors, senior If the management personnel restrict their rights, limit the rights of shareholders or order the transfer of equity, 2 points will be deducted each time “.

The current “restricted conditions for” being issued a warning letter and notified throughout the industry, ordering suspension of power or dismissal “have been removed.


Amendment 5:

Article 9, paragraph 1 (f) is amended as: “The company has been publicly condemned to restrict business activities 6 Within one month (inclusive), temporarily refusing to accept the documents related to the administrative license, or the directors, supervisors, and senior management personnel are deemed to be inappropriate candidates within one year (inclusive) or publicly condemned because they are responsible for the company ’s violations 2.5 points each time. ”

In contrast, the current regulations are: “The company is publicly condemned, restricting business activities, temporarily not accepting documents related to administrative licenses, suspending approval of new businesses or additions, acquisitions For business branches, 2.5 points will be deducted each time. ”


Edit 6:

Article 9, paragraph 1 (6) is amended as: “The company is restricted from business activities for more than 6 months, Or if the directors, supervisors, and senior management personnel are deemed to be inappropriate candidates for more than 1 year because they are responsible for the company ’s violations of laws and regulations, 3 points shall be deducted each time ”.

A simple understanding is that if you limit your business activities for more than 6 months, you will receive more deductions. The time period for Dong Jiangao to be deemed as an unsuitable person is also required to be more than 1 year. The current regulations do not require a time limit. In addition, such deductions for Dong Jiangao ’s disqualification from office are eliminated.


Modification 7:

The second paragraph of Article 9 is amended as: “Securities company holding subsidiaries are included in the merger evaluation of the parent company and the subsidiary is taken The above measures shall be deducted according to the above principles; if the branches of the securities company, branches and other branches are directly taken the above measures, the points shall be deducted by half according to the above principles, and the cumulative maximum deduction shall be 5 points; the management personnel and main business of the securities company Personnel and directors, supervisors and senior management personnel of the holding subsidiaries included in the merger evaluation who are directly responsible for the violations of the company, its subsidiaries and branches by taking the above measures shall be halved and deducted points in accordance with the above principles, with the highest cumulative 5 points deduction. “

Compared with current regulations, subsidiaries will no longer halve the deduction points, but will directly deduct points according to the regulations, directly included in the parent company ’s merger evaluation .


Amendment 8:

Add a paragraph as Article 9, paragraph 3: “Securities companies are outside the evaluation period by the China Securities Regulatory Commission and its If the dispatched agency makes administrative punishment or adopts major administrative supervision measures such as restricting business activities, which cause serious impact, the full deduction shall be based on the above principles. “


Amendment 9:

Article 10 reads: “If a securities company is taken by a securities and futures industry self-regulatory organization to take written self-regulatory measures, each 0.25 points; if disciplinary action is taken, 0.5 points will be deducted each time; the securities company is authorized by the China Securities Regulatory Commission to perform measures, Follow the instructions. “

On this basis, the revised version adds a lot of content:” Directors, supervisors and senior managers of securities companies have violated the company ’s self-regulation due to violation Those responsible for the conduct of the rules are directly charged with written self-regulatory measures or disciplinary action, and deduct points according to the above principles. The management personnel, main business personnel and directors, supervisors and senior management personnel of the holding subsidiaries included in the merger evaluation of the securities company are directly responsible for the violations of the self-regulatory regulations of the company or the subsidiary, and are directly subject to written self-regulatory measures or In case of disciplinary action, the points shall be reduced by half according to the above principles. ”


Amendment 10:

Article 11 is amended to read: “Implement multiple administrations on securities companies and those responsible for the same matter Penalties, supervisory measures, disciplinary sanctions, and self-disciplinary supervisory measures shall be deducted according to the highest score, without repeated deductions, except for administrative penalties, supervisory measures, disciplinary sanctions, and self-disciplinary supervisory measures that have been implemented again due to inadequate rectification within the deadline. If the same administrative punishment, regulatory measures, disciplinary sanctions, and self-disciplinary regulatory measures are implemented on different matters, the points shall be calculated and deducted separately.

Securities companies and their responsible personnel If administrative penalties, supervisory measures, disciplinary sanctions, and self-disciplinary supervisory measures are applied to the same matter in different evaluation periods, the highest score will be deducted; if the same matter has been deducted in the previous evaluation period but has not reached the highest score , Deduct points according to the difference between the highest point value and the deducted points value. “

Among them,” and its responsible persons “are new content.


Amendment 11:

The second paragraph of Article 12 is amended as: “The securities company was dispatched by the China Securities Regulatory Commission and its dispatch during the evaluation period Institutions were notified of administrative punishment in advance or were investigated due to suspected securities violations and the facts were clear, and were notified in advance by the China Securities Regulatory Commission and its agencies to implement administrative punishment or restricted business activities outside the evaluation period, reflecting the company ’s above-mentioned evaluation indicators. If there is a problem, the corresponding specific evaluation criteria shall be deducted according to the provisions of the preceding paragraph of this article, with a total of not less than 2 points. “

For comparison, the content of the current regulations Yes: “The securities company was notified of the administrative punishment in advance or was investigated for suspected securities violations.The occurrence of a risk event that has caused serious impact and reflects the company’s problems with the above evaluation indicators shall be deducted from the corresponding specific evaluation criteria in accordance with the provisions of the preceding paragraph of this article. ”

In addition, the draft for comments has added a third paragraph to this article:“ The securities company was imposed administrative penalties by other regulatory authorities or administrative agencies, and related matters involved The securities business reflects the company’s problems with the above evaluation indicators, and deducts points for the corresponding specific evaluation indicators according to the first paragraph of this article. The specific deduction criteria are determined by the China Securities Regulatory Commission depending on the circumstances. ”


Modification 12:

According to the revised requirements of Article 13, if the securities company ’s market competitiveness meets the following conditions, the corresponding principles shall be given in accordance Bonus points:

(1) If the securities company ’s operating income in the previous year was in the top 5, top 10, or top 20 of the industry, 2 points and 1 point will be added respectively , 0.5 points;

(2) If the securities company ’s income from agency sales of securities in the previous year was in the top 5, top 10, or top 20 of the industry, add 2 respectively Points, 1 point, 0.5 points.

In this article, the conditional requirement of “and the average sales income of the agency sales and purchase of securities business is above the industry median” is removed. In addition, another category The bonus points are also deleted, that is, “the securities company’s average annual sales income of agency sales of securities business in the top 5, top 10, and top 20 of the industry in the previous year’s business department is deleted by 2 points, 1 point, and 0.5 points, The above two items are added according to the higher score value.

(3) The securities company ’s underwriting and sponsoring income in the previous year were in the top 5 and top 10 , The top 20, add 2 points, 1 point, 0.5 points respectively.

The current regulations also include income from the financial advisory business, which is separately classified as a category in the consultation draft, namely (4) below.

(4) If the income of the financial consulting business of the securities company in the previous year was in the top 10 or top 20 of the industry, 1 point and 0.5 point respectively.

(5) If the securities company’s asset management business income in the previous year was in the top 5, top 10, or top 20 of the industry, 2 points, 1 point, and 0.5 points will be added respectively.

(6) The scale of asset management business of securities companies is above the industry median, and the proportion of asset management product investment equity assets to the scale of asset management business is located in the industry For the top 10 and top 20, 1 point and 0.5 point respectively.

This article is new.

(7) The securities trading volume of securities clients of securities companies in the previous year was above the industry median, and the securities trading volume of agency clients accounted for all the clients ’trading If the ratio of securities trading volume is in the top 10 and top 20 of the industry, add 1 point and 0.5 points respectively, or if the revenue from counter transactions with institutional client counterparties is in the top 5 and top 10 of the industry, add 1 point respectively , 0.5 points, the previous two points will be added according to the higher one.

This article is also new.

(8) If the securities company ’s investment consulting business income in the previous year is in the top 10 or top 20 of the industry, add 1 point and 0.5 points respectively, or sell financial products on behalf of If the business income is among the top 10 and top 20 in the industry, 1 point and 0.5 point will be added respectively, and the above two points will be added according to the higher one.

This article is new.

(9) The securities company ’s overseas subsidiary ’s securities business income accounted for 40%, 30%, and 20% of its operating income in the previous year, and the operating income is in the industry If the number of digits is higher, 2 points, 1 point and 0.5 point will be added respectively.

The bonus points for the overseas subsidiary ’s securities business income to meet the standards have been reduced, and the line limit is to add 4 points, 3 points, and 2 points, respectively.

(10) If the securities company ’s net profit in the previous year is above the industry median and the net asset return is among the top 10 and top 20 in the industry, add 1 respectively Points, 0.5 points.

This article is new.

(11) If the investment amount of the securities company’s information technology is above the industry average, and the proportion of the investment amount in the operating income is among the top 5, top 10, and top 20 in the industry, add 2 points, 1 point, 0.5 points. The specific indicators and calculation calibers shall be determined by the Securities Industry Association according to the industry development.

The current regulations are aimed at “investment indicators for new business market competitiveness or information system construction.”


Amendment 13:

Article 14 is amended to read: “If a securities company meets the following conditions, additional points shall be awarded according to the following principles:

“(1) If the major risk control indicators of the securities company’s most recent three and four evaluation periods continue to meet the standard, 2 points and 3 points will be added respectively; For three years, but the main risk control indicators continue to meet the standard, refer to the last three evaluation periods to continue to meet the standard for additional points;

“(2) Risk coverage of securities companies during the evaluation period If the rate reaches 150%, the net capital is more than 20 billion yuan, and the risk coverage rate reaches 150%, add 2 points and 1 point respectively;

“(3) Realization by securities companies Consolidated management of risk control indicators, comprehensive coverage of domestic and foreign subsidiaries, the same business and the same customer credit risk management, systematic collection of various business data, various types of risk control indicators T + 1 daily measurement and reporting, plus 2 points; consolidated management in the last 2 evaluation periods continues to meet regulatory requirements And implements the use of internal models of risk measurement method, add 3 points. ”


Modification 14:

The second paragraph of Article 16 is modified as: “The CSRC may entrust the China Securities Industry Association Make special evaluations on risk management capabilities, corporate culture construction, and social responsibility performance. “

Among them,” corporate culture construction “is new and deleted at the same time “Compliance Management Capability”.


Edit 15: