本报记者 吴晓璐 据同花顺iFinD数据统计，截至11月25日，今年以来已有60家券商（含子公司、营业部、分公司）收到证监会、地方证监 局开出的105张罚单（含行政处罚、行政监管措施）。另外，已有132名证券从业人员收到证监会、地方证监局开出的罚单。 从违规业务类型来看，经纪业务、投行业务依旧是处罚重点区域。此外，部分券商还因资产管理业务、投资顾问业务、场 外衍生品业务存在问题收到罚单，而合规内控机制不健全成为被罚的主要原因。 市场人士认为，今年以来，监管部门对券商的处罚有三大特点。华商律师事务所执行合伙人齐梦林在接受《证券日报》记 者采访时表示，首先，全链条穿透监管，覆盖业务各环节；其次，"双罚"乃至"多罚"成为常态，既处罚个人又处罚机构；最 后，处罚趋向精细化与立体化，综合运用经济罚、资格罚、声誉罚等手段。监管部门通过穿透业务本质、压实各方责任、运用 多元工具，持续推动券商从"重业务扩张"向质量与合规并重的发展模式转型。 经纪业务合规短板突出 从处罚原因来看，上述105张罚单中，约一半罚单涉及券商经纪与合规管理，集中在券商营业部，包括营销宣传不规范、 投资者适当性管理不到位、违反廉洁从业规定、员工行为管理 ...

【导读】人员准入把关不严，浙商资管被出具警示函 中国基金报记者孙越 11月21日，浙江证监局官网发布两则行政监管措施决定，对浙江浙商证券资产管理有限公司（以下简称浙商资管）及其合规负责人均采取出 具警示函的监管措施，并将相关情形记入证券期货市场诚信档案。 9月30日，深圳证监局公布一则行政监管措施决定书，对英大证券采取责令改正措施。深圳证监局称，英大证券存在员工管理不到位、新媒体 管理内部控制不完善等问题。同日，深圳证监局采取的另一项行政监管措施指向了英大证券的石某。深圳证监局认为，石某作为分管经纪业 务的高级管理人员，对英大证券上述违规行为负有管理责任。为此，深圳证监局决定对其采取出具警示函的行政监管措施。 编辑：晨曦 校对：王玥 经查，2025年1月至7月，浙商资管对拟聘任董事尽调不充分、人员准入把关不严，所报送的监管信息存在错误，对人员管理存在合规漏洞。 上述情形，违反了《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》（证监会令第195号，证监会令第227号）第三 十五条、第四十八条第二款与《证券公司和证券投资基金管理公司合规管理办法》（证监会令第166号）第三条的规定。 根据相关规定 ...

Core Viewpoint - Regulatory authorities have issued an administrative warning to the Guangzhou Jinyu Second Street Securities Business Department of Founder Securities Co., Ltd. due to compliance issues [1][2]. Regulatory Measures Overview - The core content of the regulatory measure is the issuance of a "warning letter," a common administrative regulatory tool in the securities industry, typically addressing compliance issues or risk hazards during operations [2]. - Specific details regarding the violations and their severity have not yet been disclosed by the regulatory authorities, and Founder Securities has not released any supplementary announcements regarding the matter [2]. Industry Impact Observation - Securities business departments serve as the service terminals for brokerages, and their compliance operations are directly related to the protection of investor rights and the stability of market order [3]. - Regulatory bodies have been increasingly strengthening compliance inspections of brokerage branches, focusing on areas such as client suitability management, information system security, and anti-money laundering obligations [3]. - The issuance of the warning letter may indicate weaknesses in one of these areas at the business department in question [3]. Company Follow-up Response - In accordance with regulatory requirements, the Guangzhou Jinyu Second Street Securities Business Department of Founder Securities must complete rectification of the issues within a specified timeframe and submit a written rectification report to the regulatory authorities [4]. - Market participants note that the compliance management level of brokerage branches will directly impact the overall business operations and brand reputation of the company, necessitating that Founder Securities quickly identify the root causes of the issues and improve its internal risk control system [4].

近日，各地证监局披露多则罚单，涉及中信证券等3家券商。 浙江证监局决定对财通证券采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。浙江证监局要 求，公司应当深刻吸取教训，采取有效措施做好整改工作，并对相关责任人员进行追责问责。同时，公司要强 化合规意识，切实提升合规管理水平。 其中， 中信证券（山东）有限责任公司济南分公司因经纪业务违规被罚。 财通证券因境外子公司存在多项合 规问题，被浙江证监局出具警示函，财通证券总经理助理、财通证券（香港）有限公司时任董事长钱斌也领 罚。中信建投证券也被福建证监局出具警示函。 中信证券（山东）济南分公司被罚：有员工违规开展基金销售 9月24日，山东证监局也披露了两则罚单，剑指中信证券（山东）有限责任公司济南分公司及其时任员工魏某 凡。 罚单显示，中信证券（山东）济南分公司存在不具备基金从业资格的营销人员开展基金销售活动的情形，个别 员工向客户宣传推介基金产品时未使用公司统一制作的基金宣传推介材料，反映出该分公司未能严格规范员工 执业行为、合规管理不到位。 山东证监局决定对该分公司采取出具警示函的行政监管措施。要求该分公司加强基金销售合规内控管理，认真 整改，于30日 ...

今年以来市场行情火爆，券商经纪业务违规成了监管罚单的重灾区。 近日，多地证监局披露罚单，包括国融证券、联储证券、华安证券、华宝证券等机构相继被罚。 与此同时，该营业部的员工田某被四川证监局采取责令改正的行政监管措施。经查，田某在华安证券成都菱安路营业部 （现华安证券成都东大路营业部）工作期间，存在向客户推介虚假金融产品，谋取不正当利益，给客户造成重大损失的 行为。 9月19日，浙江证监局披露罚单，对国融证券义乌新科路证券营业部（原国融证券义乌工人北路证券营业部）以及国融证 券进行处罚。 经查，国融证券义乌新科路证券营业部（原国融证券义乌工人北路证券营业部）发现违法违规行为或者合规风险隐患 时，未主动及时向合规负责人报告，违反了相关规定。浙江证监局决定对该营业部采取责令改正的行政监管措施，并记 入证券期货市场诚信档案，要求该营业部应当深刻吸取教训，采取有效措施做好整改工作，切实加强员工合规意识，有 效提升合规管理水平。 同时，国融证券也因对所辖分支机构合规管理不到位，被浙江证监局采取出具警示函的行政监管措施，并记入证券期货 市场诚信档案。浙江证监局要求，国融证券应当深刻吸取教训，不断完善管理制度和内部控制举措， ...

Core Viewpoint - The recent administrative regulatory measures disclosed by the Hunan Securities Regulatory Bureau highlight ongoing compliance issues within the brokerage industry, signaling a need for improved regulatory adherence and risk management practices [1][6]. Group 1: Regulatory Actions - Hunan Securities Regulatory Bureau issued three administrative measures involving two brokerages, emphasizing the importance of compliance in the brokerage sector [1]. - Huabao Securities' Changsha branch received a warning letter for irregularities in client account solicitation and failure to cooperate with inspections, leading to accountability for the responsible person [2]. - Dong Zhimei, an investment advisor at Northeast Securities' Hunan branch, was warned for investing in external companies and facilitating individual investors in off-market stock options trading [5]. Group 2: Prevalence of Violations - Numerous violations have been reported in the brokerage industry this year, covering various aspects such as account opening, product sales, margin financing, and off-market options [6]. - Specific cases include Shen Gang Securities' failure to diligently verify investor materials during new three-board account openings and Southwest Securities' improper client solicitation practices [6]. - Violations in product sales are also notable, with instances of misleading statements and promotion of fraudulent financial products leading to significant investor losses [6]. Group 3: Underlying Issues - The low entry barriers for the securities industry contribute to a lack of professional competence and compliance awareness among some practitioners, exacerbated by high performance pressures [7]. - The number of new accounts opened reached approximately 17.21 million in the first eight months of the year, a year-on-year increase of about 48%, indicating a surge in brokerage activities and highlighting gaps in investor suitability management [7]. Group 4: Need for Enhanced Suitability Management - The legal obligation of "suitability" requires brokerage firms to ensure that the risk levels of financial products match the risk tolerance of investors [8]. - Previous cases have shown failures in conducting adequate financial status reviews and verifying professional investor qualifications, leading to potential legal repercussions for brokerages [8]. - Strengthening compliance management through staff training and process control is essential for mitigating risks and protecting both investor rights and the brokerage's reputation [8][9].

21世纪经济报道记者 易妍君 针对券商财富业务的严监管仍在延续。 9月以来，包括中山证券、西南证券、华宝证券在内，至少已有5家券商的分支机构因财富（经纪）业务 违规而被监管点名。 9月19日，浙江证监局同时公布了4份行政监管措施决定书，分别涉及联储证券、国融证券。 联储证券被出具警示函的原因是，监管查出：联储证券绍兴裕民路证券营业部存在未及时向监管部门报 告影响分支机构经营管理和客户权益重大事件的行为，联储证券对所辖分支机构合规管理不到位，违反 了《证券公司和证券投资基金管理公司合规管理办法》相关规定。 同时，联储证券绍兴裕民路证券营业部被责令改正，并记入证券期货市场诚信档案。 而国融证券义乌新科路证券营业部（原国融证券义乌工人北路证券营业部）存在发现违法违规行为或者 合规风险隐患时，未主动及时向合规负责人报告的行为。 对这一违规情形，浙江证监局决定对该营业部采取责令改正的行政监管措施，并记入证券期货市场诚信 档案。 并且，国融证券被同步出具了警示函，并记入证券期货市场诚信档案。监管认为，该券商对所辖分支机 构合规管理不到位，违反了相关规定。 21世纪经济报道记者梳理发现，违规揽客仍是券商营业部极易"踩到"的 ...

Core Viewpoint - The compliance issues in the securities industry, particularly regarding irregular client solicitation and violations by investment advisors in the over-the-counter options market, are becoming significant obstacles for brokerages in maintaining regulatory compliance [1][3]. Group 1: Compliance Violations - Hunan Securities Regulatory Bureau issued three warning letters to Hua Bao Securities and Northeast Securities for non-compliance in client solicitation and investment advisory practices [1][3]. - Hua Bao Securities' branch in Changsha was penalized for irregular client solicitation and inadequate compliance management, with the branch manager, Chen Yeli, held primarily responsible [3][5]. - Former investment advisor at Northeast Securities, Deng Zhimei, was found to have violated regulations by guiding personal investors to engage in unapproved over-the-counter options trading for profit [3][8]. Group 2: Regulatory Environment - The number of penalties related to client solicitation has increased significantly, with 20 penalties issued since the market recovery began in September 2022, compared to only 9 in the same period the previous year [8][9]. - The total number of penalties issued in 2023 has reached 224, affecting 78 brokerages, indicating a trend of heightened regulatory scrutiny [9]. - The regulatory environment is shifting towards a more stringent approach, emphasizing the need for brokerages to transform compliance from a formal requirement to a core competency [9]. Group 3: Market Trends - The surge in market activity since the September 2022 rally has led to a rise in irregular client solicitation and violations in promoting financial products [8]. - The over-the-counter options market has seen 22 penalties issued in 2024, highlighting the hidden nature of such violations [8][9]. - Recent regulatory changes have restricted individual investors from directly participating in over-the-counter options, requiring them to go through qualified institutions and meet asset thresholds [9].

9月12日，据新疆证监局披露，中邮证券新疆分公司和其负责人鱼某春双双被出具警示函。 罚单指出该分公司存在两项违规行为，其中之一是负责人鱼某春三年前曾因违规领取基金销售等奖励而受到公司党内警 告处分，但分公司未向地方证监局报送该内部惩戒信息。 近年，券商因未履行报告义务而被罚的案例常见诸报端，但因内部惩戒信息未及时报送而被警示的情况较为少见。值得 一提的是，关于券商如何充分完善信息报送机制，有地方证券业协会月前发布的推文中曾提出合规建议，包括健全重大 事件报告与应急响应流程等。 此举旨在强化监管与风险防控，推进行业文化建设，保护投资者权益。值得注意的是，近年来证券行业执业声誉管理机 制持续加强，覆盖自律、声誉、道德和诚信等多重约束维度。 双双被罚 据新疆证监局披露，中邮证券新疆分公司负责人鱼某春2020年、2021年违规领取基金销售等奖励，于2022年10月受到中 邮证券党内警告处分，但分公司未向该局报送该内部惩戒信息。除此之外，该分公司投资顾问业务存在业务推广、服务 提供等环节留痕不充分的情形。 新疆证监局认为，上述情形反映出中邮证券分公司合规管控不到位，对中邮证券新疆分公司和鱼某春采取出具警示函的 行政监管 ...

Core Viewpoint - The frequent regulatory issues faced by brokerage firms, particularly regarding compliance and sales practices, indicate systemic problems within the industry that need to be addressed to ensure proper governance and operational integrity [1][5][7]. Group 1: Regulatory Actions - On September 10, the Shandong Securities Regulatory Bureau issued a notice highlighting two violations by Tianfeng Securities' Weifang Dongfeng East Street Securities Office, including improper use of labor remuneration for marketing expenses and promoting non-Tianfeng private equity funds [4][5]. - This is not the first instance in 2023 where Tianfeng Securities has been "named," with three of its offices receiving regulatory warnings this year, indicating a pattern of compliance issues [4][5]. - Other brokerage firms, such as Changjiang Securities and Everbright Securities, have also faced regulatory scrutiny, with multiple offices being flagged for various compliance failures [5][6]. Group 2: Nature of Violations - The primary violations reported include selling non-company products, unauthorized sales of private equity products, and sales by unqualified personnel [6][7]. - The frequency of these violations suggests a trend where sales practices are prioritized over compliance, leading to a higher incidence of regulatory infractions [7]. Group 3: Industry Implications - The repeated regulatory actions against multiple offices within the same brokerage may reflect deeper issues in compliance management and internal governance, potentially harming the firm's brand image [7]. - Experts suggest that brokerage firms need to enhance vertical management from headquarters to branches, clarify compliance responsibilities, and improve internal audit mechanisms to mitigate these risks [7].