连续三年遭监管“点名” 川财证券再因债券业务收警示函

Core Viewpoint - Sichuan Securities has received a warning letter from the Sichuan Securities Regulatory Bureau, marking the fifth time in three years that the company has faced regulatory scrutiny, primarily due to issues related to its bond underwriting business [1][3][7]. Regulatory Actions - The Sichuan Securities Regulatory Bureau issued a warning letter on August 12, citing deficiencies in internal controls, personnel management, information disclosure, and compliance review in Sichuan Securities' bond trading operations [3][11]. - Since 2022, Sichuan Securities has been issued three warning letters by the Sichuan Securities Regulatory Bureau and two written warnings by the Shanghai Stock Exchange, all related to its bond underwriting business [1][7]. Business Impact - Continuous regulatory scrutiny is likely to create a negative label effect for Sichuan Securities, leading to stricter reviews of its bond underwriting qualifications and a potential loss of competitive advantage in the market [11]. - In 2024, Sichuan Securities' total bond underwriting amount reached 29.595 billion, a year-on-year increase of 6.48%, but by August 13, 2025, its underwriting amount had dropped to 8.377 billion, a decrease of 39.5%, ranking it 59th among 91 securities firms [11][12]. Compliance Challenges - The frequent issuance of warning letters may result in reduced compliance scores for Sichuan Securities, affecting its bidding capabilities and increasing compliance costs due to higher risk premiums demanded by investors and rating agencies [11][12]. - The company has been criticized for prioritizing scale over compliance, with issues such as insufficient due diligence and ineffective internal controls being highlighted [12][13]. Recommendations for Improvement - Experts suggest that Sichuan Securities should focus on restructuring its internal control systems, leveraging technology for enhanced due diligence, and improving personnel qualifications to strengthen compliance [12][13]. - Establishing a dual mechanism of "negative lists + on-site inspections" and implementing a "compliance veto" system are recommended to ensure thorough compliance with regulatory requirements [12][13].