See also brokerage staff falsification of material.
Recently, a Chinese reporter from a brokerage company learned from a brokerage person that the Beijing Stock Exchange issued the latest issue of "Membership Newsletter" to the brokerage company, which mentioned that a securities company employee provided a fictitious letter of no objection to the termination of listing to a company on the New Third Board, and was punished by supervision. : Disciplinary action for 36 months for the relevant business documents issued by him will not be accepted for the time being.
The supervision warned the industry with this case that securities companies should strengthen personnel management and strictly prevent moral hazard; strengthen internal control and prevent business risks.
In addition, some securities companies did not perform their duties properly, resulting in violations of information disclosure.
The supervision stated that companies should be supervised to establish, improve and effectively implement information disclosure systems, and should continue to pay attention to company operations in various ways.
No objection letter for forging termination of listing
According to the latest "Members Newsletter" released by the Beijing Stock Exchange, a Chinese reporter from a brokerage firm has forged documents by the staff of the sponsoring brokerage firm, which constitutes continuous supervision and violation.
It is understood that Company A plans to delist from the New Third Board, hold an extraordinary general meeting of shareholders, review and approve the proposal to apply for termination of listing, and submit an announcement on the resolution of the shareholders meeting to Chen Mou, the continuous supervision commissioner designated by the sponsoring securities company.
However, Chen did not handle the relevant information in time and Company A took the initiative to apply for delisting, which made Company A lose the opportunity to take the initiative to delist.
In order to cover up the work mistakes, Chen provided Company A with a fictitious letter of no objection to the termination of the listing, and Company A submitted an announcement and disclosed it according to this letter.
The supervision pointed out that in this case, Chen, as a continuous supervisor, failed to perform relevant supervisory duties honestly, diligently and conscientiously. Thirty-six months of disciplinary action for relevant business documents, the disciplinary action of public condemnation for the person in charge of the supervision business department and the person in charge of the investment banking department with management responsibilities, and the disciplinary action of public criticism for the securities firm that Chen worked for, and a record of the disciplinary action. Enter the integrity file.
The regulator pointed out that the above cases have three warning effects on the industry:
First, strengthen personnel management and strictly prevent moral hazard.
The continuous supervisors are assigned by the sponsoring brokers to be specifically responsible for the continuous supervision of listed companies.
The sponsoring securities firm shall “gate the entrance” of good personnel, and employ honest, trustworthy, well-behaved and professionally competent personnel to conduct supervisory work; Perform various supervisory duties diligently and conscientiously; strengthen the professional ethics, compliance and professional training of supervisors, firmly establish the concept of respecting the law and abiding by regulations, prevent moral risks, and improve the level of practice.
The second is to strengthen internal control and prevent business risks.
The sponsoring securities firm should strengthen the internal management of the continuous supervision business, establish an internal control mechanism with reasonable division of labor, clear powers and responsibilities, mutual checks and balances, and effective supervision, and improve the unified management and management of the sending, reviewing, issuing, submitting, submitting, and disclosure of supervision documents. Supervise checks and balances, establish, improve and strictly implement relevant work procedures and operational norms, and ensure that relevant materials and documents comply with laws and regulations, relevant regulations of the China Securities Regulatory Commission, and relevant requirements of the self-discipline rules of the stock exchange system, and that the content is true, accurate and complete.
The third is to improve internal accountability and strengthen risk warnings.
The sponsoring securities firm shall establish and improve the internal accountability mechanism for the supervision business, clarify the scope of accountability, the form and type of accountability, the accountability procedures, etc.; for matters such as continuous supervision of persons who are not diligent and conscientious and internal management is out of control, accountability shall be implemented; Education and other forms are used to improve employees' awareness of risks in their employment and prevent similar risks from recurring.
Chinese reporters from brokerage firms have combed past fines, and there are not many cases of forgery of documents by brokerage employees who have been found by supervision.
At the beginning of this year, when an employee of a branch of a South China securities company served as a wealth manager, in the process of selling a collective asset management plan, he forged the customer's qualified investor certification materials, and his awareness of compliance was weak, and he was issued a warning letter by the local securities regulatory bureau.
Some securities companies did not perform their duties properly during continuous supervision
According to the aforementioned "Members' Newsletter", the Management Department of Listed Companies of the Beijing Stock Exchange proposed that the supervision of individual securities companies did not perform their duties properly, which led to information disclosure violations.
According to the regulatory notice, some securities companies failed to discover the company's information disclosure problems in a timely manner.
It is understood that the information disclosure of Company H was inaccurate and untimely. First, the shareholders' meeting convened did not pass the amendment to the articles of association corresponding to the change of registered address, resulting in the inconsistency between the registered address of the company and the registered address recorded in the Articles of Association disclosed; Second, the actual controller was requested by judicial authorities to assist in the investigation, and his personal freedom was restricted.
After the company became aware of the matter, it failed to perform its information disclosure obligations in a timely manner.
However, the relevant securities companies, as continuous supervision institutions, did not maintain continuous attention to the operation of the company, failed to timely discover that the company's information disclosure was inaccurate and untimely, and there was a problem that the continuous supervision responsibilities were not effectively performed.
Another case shows that at Company X’s annual report performance briefing, the sponsor representative of the securities firm responsible for continuous supervision leaked undisclosed sensitive information of Company X during the investor question and answer session. The information has not been reviewed by the company and there are major uncertainties. sex.
The response of the sponsor representative violated the principle of fairness in disclosure.
The regulator said that after sorting out the relevant rules in combination with the above cases, the following four points can be summarized for the reference of brokers:
First, companies should be supervised to establish, improve and effectively implement information disclosure systems.
The second is to continue to pay attention to the operation of the company in various ways.
The third is to perform reporting obligations in a timely manner and issue risk warnings.
Fourth, abide by the principle of fairness in information disclosure.
The supervision pointed out that intermediaries should pay attention to supervising and improving the level of information disclosure of companies, better grasp the relationship between the registration system and the improvement of the quality of listed companies, and effectively play the role of "gatekeeper".
(Broker China)