事关投行业务收费！中证协最新通报

Core Viewpoint - The China Securities Association (CSRC) has reported issues regarding the integrity and fee management practices of securities firms, highlighting the need for improved compliance and ethical standards in the industry [1][2]. Group 1: Integrity Management Issues - Some securities firms have not established clear standards for marketing expenses, leading to violations such as gifting clients during marketing activities [2]. - There are deficiencies in the management of third-party institutions, including inadequate qualification criteria and conflict of interest checks [2]. - Internal financial and procurement management systems are not effectively enforced, resulting in insufficient scrutiny of unusual cost expenditures [2]. - Annual integrity checks are often replaced with self-assessments, failing to cover high-risk departments and activities [2]. - There is a lack of sufficient integrity training for employees and inadequate promotion of integrity practices to clients and stakeholders [2]. Group 2: Fee Management in Investment Banking - The fee management system for investment banking services requires strengthening, as some firms have not clearly defined or agreed upon ongoing supervisory fee standards [2]. - Certain firms have failed to timely report sponsorship fee principles and project agreements to the association [2]. - There is a need for timely updates to internal fee structures to comply with regulations [2]. Group 3: Industry Response - A head of investment banking at a leading securities firm emphasized that issues such as third-party management and marketing expense regulations are long-standing challenges in the industry [3]. - The industry is encouraged to shift from "passive compliance" to "active prevention" to enhance integrity management and risk control [3].