投行收费制度待加强！中证协最新通报

Core Viewpoint - The China Securities Association (CSRC) has issued a notice highlighting the need for improvement in the integrity and fee charging practices of securities firms in their investment banking operations [1][2]. Group 1: Fee Charging Practices - The notice indicates that some securities firms have not clearly defined or agreed upon the standards for ongoing supervision fee collection [2]. - Certain firms failed to timely report their fee principles and project sponsorship agreements to the CSRC [2]. - There are instances where firms did not update their internal fee structures as required [2]. Group 2: Integrity and Compliance Issues - The notice points out that the integrity-related systems and mechanisms need further enhancement, with some firms not executing requirements adequately [3]. - Some companies have not clearly defined the specific standards for marketing expenses in their marketing systems [3]. - There are violations where firms have improperly given gifts to clients during brokerage marketing activities [3]. Group 3: Internal Management and Training - Several firms have not effectively implemented internal financial and procurement management systems, failing to scrutinize unusual cost expenditures [3]. - Some companies have replaced annual integrity checks with self-assessments, neglecting high-risk departments and business areas [3]. - There is insufficient promotion of integrity practices to clients and stakeholders, and inadequate training for all employees on integrity-related requirements [3]. Group 4: Regulatory Developments - The CSRC has mandated that securities firms enhance their internal control mechanisms for integrity and ensure compliance with integrity requirements in their business activities [4]. - The importance of integrity in the industry is increasing, with new regulations emphasizing integrity as a key component in personnel assessment and promotion [4]. - In November of the previous year, a securities firm was penalized for integrity violations, highlighting the need for deep reforms and enhanced integrity education and internal control [4].