The three major requirements of China Securities Association regulate the study of business supervision spearheads clearly pointing to the recent high incident of public opinion

Regulating the practice of standardizing securities analysts, promoting the healthy development of research business, and making new requirements.

The latest "Notice" issued on the three aspects of the three aspects, one is to disclose the company's holding of the company's shareholding situation in the research report; the other is to further regulate the investigation of the minutes; the third is to strengthen the analysts participating in external selection. manage. Judging from the above three requirements, they are all related to the problems that have recently studied in sellers, which has caused public opinion attention.

In the first requirement, the specific situation of the disclosure of more than 1%of the shares of the company's holding of the relevant listed companies, including the category of holding business, shareholding, lock -up period, and so on. In addition to the municipal business, the shareholding and self -employed business holdings and alternative subsidiaries are included.

The second requirement clearly requires that "the investigation of listed companies must be used for internal archives or writing research reports, and shall not be published or provided to customers."

The third requirement is the external evaluation management of analysts, and it is also the focus of this document. When securities analysts are subject to regulatory punishment, regulatory measures, investigations or self -discipline punishment, etc., they should be terminated. Award.

Follow 1: If you hold more than 1%of the issued shares, you must disclose the holding of the holding in the research report

In the "Notice" of the Securities Association's latest securities research field, it involves the disclosure of the company's shares in the research report, strengthening the management of meeting minutes, and strengthening the external selection management of analysts. The China Securities Association stated that this move is to standardize the practice of securities analysts, prevent conflicts of interest, and promote the healthy development of securities research business.

In terms of research and report management, the “Interim Provisions on the Release of Securities Research Reports” revised by the CSRC in March 2020 mentioned the company's shareholding disclosure requirements, that is, securities companies issued a securities research report on specific stocks to clear valuations and investment rating. If the company holds the shares that have reached more than 1%of the relevant listed company issued shares, they should disclose the holding of the shares in the securities research report, and shall not conduct the opposite of the securities research report on the date of release and the second trading date on the research report release date and the second trading date. trade.

The "Notice" supplemented this provision, as follows:

一是明确了持股范围，即“包括在证券公司自有资金账户下，除做市业务外，包销、自营等业务持股以及另类子公司持股(主要为跟投)，且持股Types include listed companies A shares and H shares issued shares;

The second is to refine the content of the disclosure of the shareholding situation, "including the category of holding business, the amount of shareholding, the period of locking, etc.";

Third, it is required to disclose to customers in the research report that "the risk of issuing the potential interests of the research report business" is required.

The China Securities Association stated that the request will be further clarified in the revision of the research report business -related self -regulations.

Follow 2: Research minutes shall not be published or provided to the outside world

In terms of investigation minutes, the China Securities Association required brokers to strengthen analysts to conduct research and management of listed companies, and once again reiterated the specific requirements of the "Research Research Research Report and Practicing Specifications", that is, "the investigation of listed companies must be for internal archives or writing research reports Use, not be released or provided to customers. "

Different from the previous, China Securities Cooperation, if it is found that the investigating minister will be issued in violation of regulations, we will conduct serious investigation and punishment in accordance with relevant self -discipline regulations.

Follow 3: Strengthen analysts external participation management

In the end, the external participation management of the analyst is also the focus of this article. When the analyst is punished by regulators or self -discipline punishment, it should be terminated to continue the evaluation. The award -winning award must cancel the award of the year.

The first situation is that the analyst was punished by the Securities Regulatory Commission after the registration to the selection results after the registration was announced, the Securities Regulatory Commission was adopted by the CSRC, or was investigated by the CSRC, or the association was adopted by a written self -discipline management measure. The organizer should be informed on the day of the above situation, and the organizer should be proposed to the selection organizer to terminate the relevant analysts and its participating teams to continue the evaluation.

The second situation is that after the selection results were announced to the end of the year, the agency of the analyst should be informed by the institution of the analyst. And the award received by the participating team of the year.

In the "Securities Analysts Participating in the External Selection Specifications" released by CSI in October 2019, more lengths or regulations involve "no benefit transmission", "must not affect the selection results with improper means", "not to be drawn", etc. There are also relevant regulations involving regulatory punishment. This includes: "If the administrative punishment of the China Securities Regulatory Commission, it is not recommended to participate in the selection of the year and the next two years" "The administrative supervision measures by the China Securities Regulatory Commission or by the Chinese Securities Industry Association adopted written self -discipline measures. Selected.

It can be seen that the requirements of the "Notice" are more detailed and strict, and supplemented the situation of the award.

A similar situation happened last year's new wealth selection. In 2021, the first vacancies in the new wealth pharmaceutical industry, which was originally the first place by Xu Jiayu, the former chief analyst of Xingye Securities, won the first place. The first place in the 7th "New Fortune Best Analyst".

A deep research report in the medical beauty industry made him miss the award and honor. Xu Jiazheng's "Deeping of Medical Aesthetic Industry: If Light", Beauty and Fang "released last year, due to the lack of strict judgment or viewpoint discussions, and the error of individual content data, the Fujian Securities Regulatory Bureau issued a warning letter. In March of this year, Xu Jiayu transferred to the deputy general manager of the self -operated branch of Xingye Securities and was mainly responsible for the Securities Investment Department. Securities research business has always been a high incidence of securities firms. Earlier, a certain electronic analyst shouted 4,000 points in the circle of friends and claimed to be the first person in the entire network; and the chief analyst of a communications of a communications of the company's improper remarks, which was complied with the company's compliance and lift the labor contract. The Securities Regulatory Bureau also issued a ticket to it.

The regulatory authorities attach great importance to and strengthen the management of securities research. On April 29 this year, the Financial Association previously reported that the CSICS Civilization clearly demanded that securities analysts must not participate in the securities investment seminar of the non -qualified organizer. Practice unfair interests.

The China Securities Association mentioned at the time that securities firms should strengthen the reputation risk management of securities analysts and maintain the industry reputation. The improper words and deeds of individual securities analysts may trigger the reputation crisis of the institutions and even the entire industry.

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