监管火力全开 28天16张罚单砸向7家券商 严打“两融绕标”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying its regulatory efforts on securities firms, emphasizing the responsibility of these firms as gatekeepers in the capital market, with a notable increase in penalties issued in 2026 [1][11]. Group 1: Regulatory Actions - As of January 28, 2026, a total of 16 penalties have been issued by local securities regulatory authorities against securities firms and their employees, averaging one penalty every two days [1][11]. - The majority of penalties have been directed at small and medium-sized securities firms, with no major firms penalized for company-level issues, indicating stricter compliance and risk management among larger firms [1][11]. - Notable firms receiving penalties include Jianghai Securities and Xinda Securities, with issues related to third-party involvement in investor solicitation and failure to prevent insider trading [1][11]. Group 2: Individual Violations - Among the 16 penalties, five were specifically directed at individuals rather than their firms, indicating that the violations were personal rather than systemic [3][12]. - Common violations included improper operation of client accounts, using one's position for personal gain, promoting non-company products for profit, and borrowing others' accounts for trading [12][13]. Group 3: Specific Firm Issues - Jianghai Securities faced significant issues, including inadequate execution of client follow-up procedures and failure to prevent employees from trading on undisclosed information [6][15]. - Xinda Securities received three warnings, primarily for insufficient control over margin trading and inadequate monitoring of abnormal trading behaviors [6][15][16]. - Other firms like Huajin Securities and Jin Yuan Unified Securities also faced penalties, with issues ranging from operational errors to inadequate supervision of client transactions [17][18]. Group 4: Broader Regulatory Trends - The regulatory environment is characterized by a high-pressure, detailed, and ongoing scrutiny of intermediary institutions, with a focus on both major violations and minor internal control lapses [10][18]. - The trend indicates a shift from mere compliance to substantive responsibility, requiring intermediaries to effectively perform their roles in ensuring market integrity [10][18].