CSRC: Support the securities fund industry to implement a variety of long -term incentive constraint mechanisms

Reporter Wu Xiaolu

In response to recent reports on the remuneration details of the China Securities Regulatory Commission's request for foreign investment banks, and proposing not to give the executives too high salary, the person in charge of the relevant departments of the Securities Regulatory Commission clarified when answering the reporter on June 14 that the above reports were not whether the above report was not Real news, the Securities Regulatory Commission, the relevant Securities Regulatory Bureau and the Industry Association have not held relevant meetings.

At the same time, the person in charge of the above -mentioned departments stated that supporting the implementation of a variety of long -term incentives and restraint mechanisms to exploration and implementation of the securities fund industry, weakening the proportion of assessment of indicators such as scale rankings, short -term performance, and income profits.

In May and June of this year, the China Securities Industry Association and China Securities Investment Fund Industry Association issued a salary management guidance. "Securities Daily" reporter interviewed a number of securities firms and fund companies from being informed that before the head securities firms have been implemented in accordance with the requirements of salary management guidelines, some small and medium -sized brokers need to be further improved; Some details such as speculation will be further improved according to the requirements.

Preventing excessive incentives cause financial risks

The person in charge of the above departments stated that the salary system is an important part of corporate governance. Building a scientific and reasonable compensation system is the basis for maintaining the core competitiveness of the industry and the basis for maintaining the steady and sustainable development of the industry. The global regulatory authorities have paid more attention to the relevant system of compensation incentives in recent years in order to prevent financial risks caused by excessive speculation and excessive incentives.

It is reported that Europe and the United States and other countries and international organizations have formulated the relevant systems and rules of compensation management in the financial industry, such as the Financial Stability Forum (FSF). "Enterprise remuneration policy supervision plan" shall supervise the salary of financial practitioners to avoid excessive speculative behaviors to obtain high salaries.

From a domestic perspective, in the near future, the regulatory authorities will be the industry associations to fully listen to the industry's opinions and suggestions, and the China Securities Association and the China -Foundation Association have issued the remuneration management guidelines respectively, reflecting the respect of the basic laws of the market, based on the actual situation of the industry, and compacting. The basic idea of ​​the main body of the institution and the prevention of short -term excessive incentives aims to consolidate the foundation, risk control foundation, compliance foundation, cultural foundation, and talent foundation of the development of the industry, better serve the real economy and prevent financial risks. The limit does not involve the total salary and specific operation methods.

The person in charge of the above department said that in recent years, in accordance with the unified deployment of the national financial industry to the outside world, the CSRC adheres to the principles of marketization, rule of law, and internationalization, relaxation and cancel the restrictions on foreign -funded stocks of securities fund operation institutions, and 11 foreign -funded holdings have been approved. Securities Fund Company, the overall business development of the Chinese institution is good, and the CSRC is uniformly supervised according to laws and regulations, and fully respects the autonomy of the institutional operating decision -making autonomy.

Small and medium securities firms need to be further standardized

On May 13, the China Securities Association issued the "Guidelines for Establishing a Steady Salary System for the Establishment of a Stable Salary System"; on June 10, the China -Foundation Association issued the "Guidelines for the Performance Assessment and Salary Management of Fund Management Companies" (collectively referred to as "salary management guidelines").

According to the person in charge of the above departments, the relevant core system includes: strengthening long -term incentives and constraints, and implementing deferred payment arrangements. It is clear that it is not allowed to carry out business through drying and personnel, and the salary income of the employees will not be directly linked to the project income they undertake or contract. Establish and improve core employee bonuses and investment mechanisms such as business management and fund managers, and implement a system for recovery and deduction of illegal responsible personnel. Support the securities fund industry to explore the implementation of a variety of long -term incentives and constraints, and weaken the proportion of assessment of indicators such as scale ranking, short -term performance, income profit and other indicators.

"The guidelines issued by the regulatory authorities are mainly to prevent financial risks caused by excessive speculation. From the perspective of investment banking, if the packaging company is listed, the bonus will be shared immediately after listing. Once the problem occurs, the relevant person in charge of the company may have resigned, and the securities company must have The 'back pot' is more serious about risks or spill the capital market. "A small and medium -sized brokerage investment bank person told reporters.

From the perspective of front -line staff, the small and medium -sized brokerage investment banks said that paying in stages and deferred payment is more appropriate and it is necessary. "In fact, as early as a few years ago, when the internal control guidance of the brokerage firms was introduced, it was required that the salary could not be linked to the projects that were not connected directly."

"At present, there are still many small and medium -sized securities companies adopting a dry model, but there are fewer personnel on -the -staff, because only the real entry can integrate into the company and carry out business normally. To ensure the effectiveness of the implementation of the implementation, the regulatory authorities need to be strengthened and refined. Supervision. "Said the above -mentioned SME investment banks.

Public funds will further improve the details

From the perspective of public fundraising, the two large public fund -raising relevant persons told reporters that the company's salary system was basically the same as the direction of salary management guidance.

Relevant sources of Boshi Fund told reporters that "the company's salary system is consistent with the generous needle of guidance, and the details may be further improved in accordance with the latest regulations, such as follow -up mechanisms."

Relevant sources of Huaxia Fund told reporters that "the company basically implemented this standard before, and followed by the guidelines strictly."

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