Nan Fang Du Shi Bao·2025-10-21 15:49Core Insights - The securities industry continues to play a significant role in the financial market, with regulatory scrutiny on compliance operations remaining stringent [2][9] - A total of 68 securities firms received 126 penalties from the China Securities Regulatory Commission (CSRC) in the first three quarters of 2025, highlighting the focus on compliance management as a core competitive advantage [3][4] Regulatory Focus - The CSRC has intensified its oversight on the investment banking business, emphasizing the responsibility of intermediary institutions [3][9] - Among the firms, CITIC Securities received the highest number of penalties, with 5 instances, indicating the compliance pressures faced by leading firms during business expansion [3][4] Penalty Statistics - The distribution of penalties shows that CITIC Securities leads with 5 penalties, followed by several firms with 4 penalties each, including CITIC Construction Investment Securities and Changjiang Securities [4][5] - A total of 85 warnings were issued, making it the most common regulatory measure, while 31 instances of orders for correction were also noted [8][9] Compliance Management - Compliance management is increasingly viewed as a cornerstone for the development of securities firms, transitioning from a cost center to a business enabler [9] - Effective compliance systems can help firms avoid regulatory risks and enhance market reputation, while frequent penalties can damage market image and impact operational performance [9]