3家证券投资咨询机构被暂停新增客户

Core Viewpoint - Regulatory authorities are intensifying oversight of securities investment consulting firms to maintain market order and protect investors' rights, with a focus on eliminating false advertising and inadequate risk warnings [1][3] Group 1: Regulatory Actions - Three securities investment consulting firms have been penalized by local securities regulatory bureaus in early 2026, with measures including suspension of new client acquisition for varying periods [1] - As of the end of 2025, there were 76 securities investment consulting firms in China, with 17 subjected to client acquisition suspension measures [1] - In 2025, a total of 46 securities investment consulting firms faced 56 regulatory penalties, marking a year-on-year increase of 36.59% [3] Group 2: Common Violations - Common issues among penalized firms include false and misleading advertising, non-compliance in new media operations, lack of reasonable basis for investment advice, inadequate management of personnel qualifications, and insufficient internal controls [2][5] - Specific examples of violations include a firm being penalized for misleading marketing, unauthorized stock recommendations during live broadcasts, and inadequate management of investor suitability [2] Group 3: Industry Trends - The number of securities investment consulting firms has decreased from 83 at the end of 2021 to 76 by the end of 2025, primarily due to issues like false advertising and data fabrication [4] - Regulatory actions are seen as a necessary response to industry chaos, aiming to protect investors and ensure a fair competitive environment for compliant firms [3][5] Group 4: Recommendations for Improvement - Suggestions for enhancing regulation include refining rules for new media operations, improving record-keeping and information reporting requirements, and strengthening internal compliance systems within firms [6] - There is a call for stricter penalties for firms that repeatedly violate regulations, including suspension of operations and revocation of licenses [6]