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 fee structure and integrity practices of securities firms, emphasizing the importance of compliance and ethical conduct in the industry [1][2]. Group 1: Fee Structure and Compliance - The notice indicates that some securities firms have not clearly defined or agreed upon the standards for ongoing supervision fees, and some have failed to report fee principles and agreements in a timely manner [1][2]. - The CSRC has initiated a joint on-site inspection for the 2025 annual review of integrity practices and fee structures in the investment banking sector to ensure compliance with regulations and promote a culture of integrity [1][2]. Group 2: Integrity Practices - Issues related to integrity practices include inadequate internal mechanisms, insufficient training for employees, and failure to conduct annual integrity checks, with some firms substituting self-assessments for comprehensive reviews [2][3]. - The importance of integrity in the industry is underscored by recent regulatory changes, including the revision of evaluation indicators for securities firms, which now include integrity as a critical assessment criterion [3][4]. Group 3: Regulatory Actions - The CSRC has noted that last year, certain firms faced penalties for integrity violations, highlighting the need for enhanced education and internal control measures within these organizations [3][4].