Core Viewpoint - The China Securities Association (中证协) has revised the "Management Measures for the Management of Practicing Reputation Information in the Securities Industry" to enhance the reputation management mechanism in the industry after three years of implementation [1]. Group 1: Inclusion of Bribery in Misconduct - Bribery and other improper means to interfere with regulatory enforcement will now be classified as misconduct [2][3]. - This revision aligns with the China Securities Regulatory Commission's (证监会) directive to investigate both bribery and receiving bribes, aiming to purify the market environment and uphold regulatory authority [3]. Group 2: Encouragement of Advance Compensation - The revised measures encourage securities firms to proactively compensate investors for losses caused by fraudulent issuance or false statements, allowing them to avoid negative entries in the reputation information database if they take such actions [4][5]. - This initiative is expected to lower the cost and duration of investor rights protection, particularly benefiting small and medium investors [5]. Group 3: Improvement of Integrity Information Sources - The integrity information source has been refined, shifting from reliance on the China Securities Regulatory Commission's database to a self-reporting mechanism by members [3].