及时遏制破窗效应 2025年交易商协会自律处分涉及机构108家

Core Viewpoint - In 2025, under the guidance of the People's Bank, the Trading Association will comprehensively investigate various violations, focusing on new typical cases, non-market-based issuance, and illegal trading, while continuously improving the self-regulatory rule system and promoting the mutual enhancement of business norms and self-regulatory enforcement [1] Group 1: Self-Regulatory Disciplinary Actions - In 2025, the Trading Association imposed self-regulatory penalties on 143 instances involving 108 institutions, with 79 institutions receiving measures for minor violations [1] - The self-regulatory penalties exhibited five characteristics, including the timely curtailment of new types of violations to prevent a "broken window" effect [1] Group 2: Focus on Structured Issuance Violations - A total of 44 institutions involved in structured issuance violations were penalized, accounting for 41% of the total penalized institutions, with 12 smaller institutions receiving self-regulatory measures [2] - The involved institutions included issuers, private equity funds, trust companies, and securities firms, with some issuers and private institutions facing severe penalties for rebates exceeding ten million [2] Group 3: Trading Violations - 32 institutions were penalized for trading violations, representing 30% of the total penalized institutions, including 9 rural commercial banks and 7 asset management companies [2] - Violations included price manipulation, benefit transfer, account lending, profit and loss adjustment, trading defaults, and illegal trading participation [2] Group 4: Information Disclosure and Fund Management - There was a sustained focus on information disclosure and fundraising compliance, with special investigations into platform companies misusing raised funds and other irregularities [2] - 20 institutions were penalized for issues related to fundraising and asset transfer violations, covering issuers, accounting firms, credit enhancement institutions, and fund supervision banks [2] Group 5: Improvement of Self-Regulatory Rules - The self-regulatory rules were continuously improved, with three specific notices issued to regulate issues such as distorted pricing, non-market-based issuance, and low-price underwriting [3] - The trading process was enhanced with revised self-regulatory rules, detailed transaction information retention guidelines, and valuation business directives [3]