Core Viewpoint - The Ministry of Finance and the China Securities Regulatory Commission have signed a memorandum of cooperation to enhance the management of accounting firms engaged in securities services [1] Group 1: Regulatory Framework - The memorandum aims to establish a joint working mechanism to implement various regulatory documents, including the State Council's opinions on regulating financial auditing and promoting the healthy development of the CPA industry [1] - It emphasizes the importance of regulatory collaboration to achieve system integration and data sharing among relevant authorities [1] Group 2: Implementation Measures - The parties will work on developing procedures for the filing management of accounting firms engaged in securities services, in line with the requirements set forth in the memorandum [1]

Core Viewpoint - The Ministry of Finance and the China Securities Regulatory Commission (CSRC) have revised the "Management Measures for the Record-Filing of Accounting Firms Engaging in Securities Services," aiming to enhance supervision and management of accounting firms in the securities sector, thereby improving their professional capabilities and service quality to better support capital market development [1][2]. Group 1: Regulatory Changes - The revised measures specify requirements for record-filing, documentation, and verification processes for accounting firms engaging in securities services [1]. - The measures emphasize the importance of quality management and integrated management within accounting firms, aiming to enhance their professional responsibility and risk management capabilities [1][2]. - The new regulations introduce a comprehensive management loop, focusing on continuous compliance with record-filing requirements and enhancing the effectiveness of supervision through joint verification [1][2]. Group 2: Major Events and Reporting - Accounting firms must report significant changes such as name changes, partner changes, and establishment or dissolution of branches to the Ministry of Finance, which will then relay this information to the CSRC [2]. - In cases of penalties or legal disputes involving accounting firms, they are required to report these incidents through the designated record-filing platforms [2]. Group 3: Future Directions - The Ministry of Finance and CSRC plan to enhance guidance for accounting firms to ensure they understand and effectively implement the new measures, thereby improving their competency in securities services [3]. - There will be a focus on improving record-filing platforms and facilitating information sharing to streamline the record-filing process for accounting firms [3].

Core Viewpoint - The Ministry of Finance and the China Securities Regulatory Commission (CSRC) have revised the "Management Measures for the Record-Filing of Accounting Firms Engaging in Securities Services" to enhance supervision and standardize the record-filing behavior of accounting firms in the securities services sector [1][4] Group 1: Strengthening Record-Filing Requirements - The revised measures strengthen the record-filing requirements for accounting firms engaging in securities services, including the requirements, materials, methods, and legal responsibilities [2] - The measures optimize the initial record-filing requirements, guiding firms to enhance integrated management and quality management, thereby improving their professional responsibility and credit constraints [2][3] Group 2: Enhancing Management and Supervision - The measures establish a complete regulatory loop, enhancing the supervision of accounting firms throughout the entire process of engaging in securities services [3] - Significant changes in firms, such as name changes or partner changes, must be reported to the relevant financial departments, with information shared between the Ministry of Finance and the CSRC [3] Group 3: Accountability of Intermediary Institutions - The measures emphasize the responsibility of accounting firms as gatekeepers in the capital market, ensuring they provide professional services for securities issuance, listing, and trading [4] - The measures aim to address issues of insufficient competence and low quality of practice among some accounting firms, promoting better internal management and quality control [4] Group 4: Implementation Timeline and Future Steps - The revised measures will take effect on April 14, 2025, with plans for increased guidance to ensure accounting firms understand and effectively implement the new requirements [5] - Future efforts will focus on enhancing record-filing guidance, improving related platform systems, and facilitating the record-filing process for accounting firms [5]