Another old broker was ordered to make corrections!

China Fund reporter Chen Xi

On June 29, the official website of the Jilin Securities Regulatory Bureau hung up a decision to order the old securities company Northeast Securities. Regulatory names are encountered due to issues such as investment consulting business income confirmation, such fines are relatively rare in the near future.

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For securities research departments that do not directly generate economic benefits, the income of split positions can be regarded as the largest source of income. On the one hand, the fund company accepts sales and research services provided by securities firms, on the other hand providing transaction volume support for brokers.

In recent years, when the "coupon knot" model of Xinfa Fund has prevailed and brokerage provides services to the fund's increasingly diverse services, how to clearly divide the internal income and become a problem that some securities firms need to be solved from the system.

Investment consulting business income confirmation of violations

After investigation, the Northeast Securities was named by supervision, mainly due to the two major matters:

First, when the rental agreement of some securities trading units does not clearly provides the obligation to provide research results, the lease income of some securities trading seats is confirmed as an investment consulting business income;

Second, the reasons why the income of investment consulting business was not disclosed in an annual report of 2021.

It is not difficult to find out from the origin of illegal things. The violations of the Northeast Securities are related to the income confirmation of the research business.

According to the "Notice on the Accounting of Securities Company", business income of the management fee, performance remuneration, seat commission and investment consulting of the customer asset management business of securities companies shall be based on the "handling fee and commission income" account according to the nature of income. Under the corresponding detailed subjects of "Trusted Customer Asset Management Business", "Securities Brokerage Business", and "Securities Consulting Business".

In addition, supervision also has requirements for the annual format of the brokerage firms. Among them, in addition to the "Corporate Accounting Guidelines -Application Guidelines", the net income of handling fees and commissions discloses the income and expenditure of securities underwriting business, securities brokerage business, and asset management business. Consultation business income and expenditure.

Regarding the above -mentioned issues of Northeast Securities, the Jilin Securities Regulatory Bureau finally took administrative supervision measures to be ordered to make corrections, requiring Northeast Securities to rectify the above issues, and submit a written rectification report within one month.

2021 Investment consultation net income of 236 million

Public information shows that Northeast Securities was formerly known as Jilin Province Securities Company. It was established in August 1988. It is the earliest batch of securities companies in the industry. In June 2000, with the approval of the China Securities Regulatory Commission, Northeast Securities was established after capital increase and share expansion. In August 2007, Northeast Securities was listed on the Shenzhen Stock Exchange. The registered place was Changchun City, Jilin Province, with a registered capital of 2.340 billion yuan.

At present, Northeast Securities owns Dongzhi Rongtong Private Equity Fund subsidiaries, Dongzhi Rongda Alternative Investment subsidiaries, Dongzhi Ronghui Securities Asset Management subsidiaries, holds Bohai Futures, Oriental Fund, and participates in Yinhua Fund; 38 are set up in the country; Brokerage business area branch, 100 securities business departments and 3 branches.

In this business involving regulatory naming, investment consulting income belongs to the investment and sales trading sector. According to reports, the Northeast Securities Division's investment and sales transaction business is based on the self -operated business and fixed income self -operating business of equity, and give play to the empowerment of research and consulting business, develop specialized derivatives transactions, quantitative transactions, market transactions and alternatives Investment Business.

According to the 2021 report, the rental income of the annual securities trading seat of Northeast Securities was 216 million yuan, and the net income of investment consulting business was 236 million yuan.

Sub -warehouse commission increased year -on -year

Wind data shows that in 2021, the stock transaction turnover of the brokerage company was about 28 trillion yuan, an increase of 59.53%year -on -year; the broker's realization of the fund split commission income was 22015 billion yuan, an increase of 59.75%year -on -year. Against the background of the rising commission in the industry, Northeast Securities has also increased the scale of sub -position commission.

Unlike the establishment of research institutes/research institutes in most securities firms in the industry, the research department of Northeast Securities was carried out through the Shanghai Securities Research Consultation Branch. According to the registration information of the China Securities Association employees, there are 50 employees who have the qualifications of securities investment consulting (analysts) in Northeast Securities.

In the 2021 annual report, Northeast Securities introduced that its research consulting branch completed 2714 research reports and published 332 in -depth research reports; developed 6676 analysts and expert online road show services, and through online live broadcast and offline exchange meeting There were 1133 various meetings; the number of customers increased by 59.43%year -on -year. It is clearly mentioned that "the income of split positions increased by 116.79%year -on -year."

Wind statistics show that according to the statistics of securities trading commissions, the total commission of Northeast Securities in 2021 was 350 million yuan, an increase of 88.55%year -on -year; Essence Among them, the "Yinhua Xinxin Enjoying one -year holding" commission from the Yinhua Fund, which participated in its own, was the highest, which was 11.1349 million yuan.

In addition, the recent disclosure of the Securities Association's securities company's operating performance index ranking in 2021 shows that Northeast Securities' 2021 securities investment consulting business revenue was 88.13 million yuan, while the indicator revenue in 2020 was 40.7 million yuan, which doubled year -on -year. Although the statistics are different, it is not difficult to see that in 2021, Northeast Securities has greatly improved in terms of research business and investment consulting income. However, regulatory names caused by income confirmation are still lost.

For securities research departments that do not directly generate economic benefits, the income of split positions can be regarded as the largest source of income. On the one hand, the fund company accepts sales and research services provided by securities firms, and provides transaction volume support for brokers on the one hand. Among them, with the investment director, fund manager, etc. Provide the most important criteria for warehouse commission.

In recent years, the "voucher" model of Xinfa Fund has prevailed, and brokers have provided services to funds. How to clearly divide the internal income and become a problem that some brokers need to be solved from the institutional level.

Edit: Captain

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