重大负面扣分近乎归零!券商投行评价办法升级“红线”

Core Viewpoint - The China Securities Association has revised the "Evaluation Method for the Quality of Securities Company Investment Banking Business," marking a significant adjustment in the evaluation system for investment banking services, focusing on stricter compliance and quality standards [1][2]. Group 1: Evaluation Framework - The revised evaluation framework maintains the overall structure and classification of evaluation results, with a total score of 100 points, divided into internal control evaluation (25 points), practice quality evaluation (75 points), and evaluation adjustments (up to 15 points) [1]. - The revision emphasizes the stock underwriting business, which has the highest score allocation of 35 points within the practice quality evaluation, clarifying the project scope and handling rules for cross-year projects [6]. Group 2: Stricter Penalties - The revised evaluation scheme tightens standards, implementing a "zeroing" penalty for major compliance violations, with increased penalties for termination of reviews and regulatory actions [2][5]. - Specific penalties for major negative events in stock underwriting projects include a direct deduction of 100 points for criminal penalties or severe harm to investor interests, and 80 points for investigations by regulatory authorities [6][7]. Group 3: Internal Control and Incentives - The internal control evaluation has been enhanced by introducing stricter project fee constraints and a negative public opinion deduction mechanism, promoting accountability in internal controls [3][12]. - The evaluation system now includes positive incentives, such as additional points for supporting national strategies and enhancing professional capabilities, encouraging healthy competition among securities firms [3][14]. Group 4: Detailed Adjustments - The penalties for terminating reviews have been significantly upgraded, with new indicators for failing to respond to inquiries on time resulting in a 60-point deduction [9][10]. - The deduction standards for administrative and self-regulatory measures have been clarified, with penalties for regulatory actions against personnel increasing [10][11]. - The deduction limits for general quality issues have been reduced, with a maximum of 10 points for negative behavior records [11]. Group 5: New Evaluation Indicators - The revised evaluation includes new indicators for project fees and negative public opinion, with specific deductions for each occurrence of negative public sentiment [13][14]. - New evaluation criteria have been introduced to assess the ability to support mergers and acquisitions, as well as the quality of new stock pricing and investment value research reports, with potential additional points for each [14][15].