第一财经·2025-07-14 01:01Core Viewpoint - The article discusses the recent implementation of self-regulatory measures by the China Securities Association aimed at promoting high-quality development in the securities industry, emphasizing stricter regulations and oversight to combat issues like financial fraud and improper competition [1][2]. Group 1: Regulatory Measures - The "Implementation Opinions" outlines 28 measures across seven areas, including enhancing self-regulation in underwriting and sponsorship, improving compliance and risk management, and strengthening public opinion guidance [1][2]. - The China Interbank Market Dealers Association has initiated self-regulatory investigations against six major underwriters for low pricing practices, indicating a shift towards stricter enforcement of regulations [1][2][3]. Group 2: Focus on Underwriting Practices - The emphasis on regulating underwriting fees and prohibiting incremental pricing reflects the recognition of significant issues within the industry, particularly concerning fraudulent practices and market manipulation [2][3]. - The recent case involving Guangfa Bank's low-cost underwriting service, where the total service fee was only RMB 63,448, highlights the challenges in enforcing compliance with established norms [2][3]. Group 3: Quality of Pricing Reports - The "Implementation Opinions" also stresses the importance of the quality of pricing reports, proposing that the quality be included in the evaluation of investment banks' performance, which could lead to a reduction in substandard reports [3][4]. - There is a suggestion to hold firms accountable for inaccurate or collusive reports that result in investor losses, indicating a move towards greater accountability in the industry [3][4]. Group 4: Self-Regulation and External Oversight - The article emphasizes the need for a combination of self-regulation and external oversight to foster a culture of compliance within the securities industry [4][5]. - The China Securities Association reported disciplinary actions against 13 companies and 53 individuals in 2024, showcasing the ongoing efforts to enforce self-regulatory measures [5][6]. Group 5: Public Opinion and Accountability - The "Implementation Opinions" aims to enhance public opinion supervision, reducing response times to four hours and shortening the management cycle for violation lists to 30 days, which is intended to accelerate corrective actions [6][7]. - The article argues that public opinion plays a crucial role in exposing issues within the capital market and should be strengthened rather than weakened [6][7].