中证协发文，三年来首次修订

Core Viewpoint - The China Securities Association (CSA) has revised the "Management Measures for the Management of Securities Industry Practitioners' Reputation Information," marking the first adjustment since its implementation in 2022, aimed at enhancing the reputation management mechanism in the industry [1] Group 1: Changes in Regulations - The revision includes three major changes: first, bribery and other means that interfere with regulatory enforcement will be classified as illegal and dishonest behavior [2] - Second, it encourages securities firms to proactively compensate for losses caused by fraudulent issuance, allowing those who take the initiative to mitigate investor damages to avoid being recorded in the reputation information database [3] - Third, the source of integrity information has been improved, shifting from the China Securities Regulatory Commission's integrity archive database to self-reporting by members [2] Group 2: Implications for Market Conduct - The inclusion of bribery in the reputation management framework is seen as a significant step by regulators to purify the market environment and uphold enforcement authority [2] - The CSA maintains a strict stance against bribery among securities practitioners, with a "zero tolerance" approach to bribery in capital markets [2] - The new provisions are expected to guide securities firms to voluntarily compensate affected investors, thereby reducing the cost and duration of investor rights protection [3]