Bei Ke Cai Jing·2026-02-14 02:09Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified regulatory actions against securities firms, issuing multiple penalties for compliance violations, particularly in brokerage operations [2][6]. Group 1: Regulatory Actions - On February 13, 2023, several securities firms, including Caitong Securities, Zhongtian Guofu Securities, and Pacific Securities, received warning letters for violations related to bond business [2][3]. - Tianfeng Securities was fined a total of 25 million yuan for serious violations, alongside its former major shareholder, Contemporary Group, which also faced penalties [2][4]. Group 2: Violations and Penalties - The violations cited include inadequate internal controls over bond issuance, improper due diligence in underwriting, and failure to fulfill responsibilities in entrusted management [4]. - Specific issues at Pacific Securities included insufficient responses to quality control feedback and inadequate monitoring of the financial health of bond issuers [4]. Group 3: Broader Impact - A total of 16 securities firms have been penalized in 2023, with brokerage business violations being the most common issue [6][7]. - Examples of violations include poor management of marketing expenses, improper commission collection, and failure to register personnel as investment advisors [8][9].