Di Yi Cai Jing·2025-07-13 12:54Core Viewpoint - The recent implementation opinions by the China Securities Association emphasize the need for stricter self-regulation and external regulation to promote high-quality development in the securities industry [1][4]. Group 1: Self-Regulation Measures - The implementation opinions outline 28 measures across seven areas, including enhancing self-regulation in sponsorship and underwriting, improving compliance and risk control systems, and strengthening public opinion guidance [1][2]. - The focus on self-regulation is highlighted by the investigation into six main underwriters for their low underwriting fees, indicating a stricter monitoring of potential violations [2][3]. - The association plans to incorporate the quality of pricing reports into the evaluation system for investment banks, aiming to improve the quality of these reports and reduce the occurrence of non-compliant reports [3]. Group 2: External Regulation and Oversight - The China Interbank Market Dealers Association has initiated self-regulatory investigations against institutions involved in low-price underwriting, signaling a commitment to enforce stricter regulations [2][5]. - The implementation opinions stress the importance of public opinion supervision, with a commitment to respond to public sentiment within four hours and manage violation lists dynamically within 30 days [6]. - The association's self-regulatory measures for 2024 included disciplinary actions against 13 companies and 53 individuals, reflecting a proactive approach to maintaining industry standards [5].