Securities And Advisory Services Specification

Supervision of securities investment consulting business is growing in depth. Yesterday evening, the CSRC promulgated the “Provisional Regulations on Securities Investment Advisory Business” and “equity research report issued Interim Provisions” of the draft. This is the July 20 paper SARFT issued a ban on all levels, radio and television programs run by the Securities and advisory bodies may not cooperate after the commercial, regulatory re-regulate the securities consulting business.

Draft Guiding, securities companies, securities investment consulting organizations shall establish and improve securities investment advisory business management and risk control mechanism, Fugai business promotion, Xieyiqianding, service providers, customers pay a return visit, complaint handling business links. And should be written with the client to enter into securities investment consultancy agreement.

Meanwhile, the draft for a software tool, terminal equipment for the carrier, to provide investment advice or services with similar functions have also been standardized, be required to fully demonstrate the software tools, the inherent defects in the terminal equipment and the use of the tool or equipment to bring De risks; securities companies, securities investment consulting agency issued securities research Bao Gao, has put forward fair sex, independence and compliance, etc. Yaoqiu.

Such as the draft regulations, publish equity research reports to be fair to stakeholders, not Insider dealing, manipulating the securities market Yijizhuanbo false, false, misleading information; Yingdang establish independent research department Huozhe Zigong Si, publication of equity research report and associated personnel actions, centralized management; in the securities before the release of the report by securities research quality management reports on the quality of equity research management, regulatory management by a research report on securities compliance issues related to compliance checking.

However, macroeconomic, policies and regulations, industry conditions, stock market analysis publication, comments or opinions, not related to specific securities and securities-related products, not a research report issued securities are not applicable to the provisions of the draft.

States Securities chief strategist, said researcher Zhang Xiang, the temporary regulations issued after the implementation of equity research fellow will not have much impact report. Because in the previous, in fact, many brokers on the researcher already has similar provisions.

However, the SFC said the responsible persons, securities investment consulting is still some practical problems. Interim Provisions on the two main securities investment advisory business to solve the lack of norms to address the securities firm announced the report highlighted the fact that the independence is not strong, practical issues such as conflict of interest. It will also further regulate the securities investment advisers through the media to comment on behavior, and regulate use of software tools to solve as the carrier to provide investment advice and other acts of reality.

According to the person in charge, the Commission has started since 2007 to conduct market research, tracking securities investment consulting erecting the study abroad experience in capital markets mature. In early 2009, formed a consulting business will be positioned as a securities investment securities investment advisory business and securities research report released two basic modes of thinking.

But recent research report researchers regarding plagiarism, the Commission relevant responsible person said, it involves the civil liability of copyright infringement, the provision can not standardized, self-regulation through Chinese Securities Association.

The person in charge to answer, “First Financial Daily” question also said that the standard of fair treatment of users of the Securities research report, not to advance a particular user provided content or opinion research report, but if a body custom report, does not involve the principle of fairness.

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