Core Viewpoint - The China Securities Association (CSRC) is seeking industry feedback on the draft guidelines for managing the investment behaviors of securities company personnel, aiming to strengthen management and prevent illegal activities such as insider trading [1][2] Group 1: Guidelines Overview - The guidelines aim to enhance the self-regulatory management framework for securities personnel, promoting a culture of compliance and ethical behavior within the industry [1] - The guidelines emphasize the direct responsibility of personnel for their investment behaviors, establishing mechanisms to ensure compliance and accountability [1] Group 2: Coverage and Management - The guidelines require comprehensive management of all securities company personnel, including those with access to insider information, ensuring full coverage of investment behavior management processes [2] - The guidelines stress the importance of managing key positions within securities companies, implementing measures such as increased reporting frequency and enhanced monitoring to improve the effectiveness of investment behavior management [2]

Core Viewpoint - The article highlights the increasing frequency of regulatory actions against securities industry professionals for illegal stock trading, emphasizing the financial losses incurred by these individuals and the penalties imposed by regulatory bodies [1][4][6]. Group 1: Regulatory Actions - The Hainan Securities Regulatory Bureau disclosed that Wang Pan Yi, the former general manager of the Haikou branch of Pacific Securities, was fined 50,000 yuan for illegal stock trading, with his account suffering a loss of approximately 405,100 yuan [2]. - In 2023, the China Securities Regulatory Commission reported that 38 industry professionals were penalized for illegal trading, with the largest fine amounting to 18 million yuan against a former president of Xiangcai Securities [4]. - Regulatory scrutiny has intensified, with 11 professionals penalized for illegal trading in 2025 alone, primarily from brokerage firms and securities investment consulting companies [4][5]. Group 2: Internal Management and Compliance - Since last year, both regulatory authorities and brokerage firms have strengthened oversight of employee trading behaviors, implementing stricter internal monitoring and compliance measures [6][7]. - The China Securities Association has proposed guidelines requiring comprehensive monitoring of employee trading activities, including tracking personal and office-related digital identifiers to prevent misuse of accounts [7]. - Future employment assessments for industry professionals will consider their trading behavior and any penalties received for violations, indicating a shift towards stricter compliance standards within the industry [7].

Core Viewpoint - The newly issued "Guidelines for the Management of Investment Behavior of Securities Company Directors, Supervisors, Senior Management Personnel, and Securities Practitioners (Trial) (Draft for Comments)" by the China Securities Association indicates a shift towards stricter regulation of investment behaviors among securities practitioners, rather than allowing them to engage in stock trading freely [2][5]. Summary by Sections Regulatory Framework - The guidelines encompass a comprehensive regulatory framework that includes not only securities but also various types of funds (excluding money market funds) and equity in unlisted companies [2][5]. - The scope of regulation extends to the immediate family members of securities practitioners, including parents, children, spouses, and other relatives who may have financial ties or influence over the practitioner's investment activities [2]. Prohibited Activities - The guidelines explicitly list 13 prohibited activities for securities practitioners, including: - Lending or borrowing securities accounts for trading [3][9]. - Accepting gifts of stocks or other equity securities [9]. - Engaging in private transactions or accepting client commissions for trading [10]. - Acquiring shares of companies through unfair means [10]. - A total of seven specific behaviors are highlighted as particularly concerning, emphasizing the need for strict adherence to these regulations [9][10]. Allowances for Stock Ownership - The guidelines allow securities practitioners and their spouses to hold or sell stocks as part of equity incentive plans or employee stock ownership plans, marking a nuanced approach to regulation [3][4][5]. - However, this allowance does not equate to a general permission for stock trading, as the overall regulatory environment remains stringent [4][9]. Reporting and Compliance - Securities practitioners are required to report their investment activities at least quarterly, detailing their investments in securities, private funds, and unlisted company equities [12]. - The reporting must include comprehensive information such as investment time, targets, and transaction details, linking compliance to performance evaluations and promotions within the firm [12][13]. New Employee Regulations - New hires are generally required to divest any existing stock holdings before joining, with provisions for exceptions based on specific circumstances [7]. - Background checks on investment behaviors will be conducted for new recruits, influencing hiring decisions [13].

近日，中国证券业协会组织起草了《证券公司董事、监事、高级管理人员及证券从业人员投资行为管理指引（试 行）（征求意见稿）》，向行业征求意见。这是中证协针对从业人员投资行为管理专门出台的规则，行业自律管 理"严"的氛围进一步加强。 对于证券从业人员投资行为管理，《证券业从业人员执业行为准则》明确，禁止从业人员直接或以化名、他人名义 持有、买卖股票或其他具有股权性质的证券；禁止从业人员利用内幕信息、未公开信息进行证券交易，或明示、暗 示他人从事相关交易。《证券经营机构及其工作人员廉洁从业实施细则》要求，证券经营机构建立从业人员投资行 为管理制度等。《指引》出台意味着对从业人员投资行为的管理将更加全面完整、更成体系，也更加严格。 如《指引》要求证券公司人员管理和行为管理全覆盖。在人员管理方面，即便是从事党务工作、辅助支持业务、综 合管理业务的相关人员含借调人员也要纳入管理。在行为管理方面，要求有效覆盖投资申报、登记、审查监测、核 查、处置、惩戒、报告、检查等全部流程和各个环节，实现全方位管理。 《指引》要求监管落实落细。券商应当明确监测的范围与标准，通过对从业人员的手机号码、办公电脑MAC地址、 公司网络IP地址等关 ...

Core Viewpoint - The China Securities Association has issued a draft guideline aimed at regulating the investment behavior of directors, supervisors, senior management, and securities practitioners to prevent illegal activities such as insider trading and market manipulation, thereby protecting investors' rights and maintaining market order [1][2][5]. Summary by Sections Guideline Purpose and Scope - The guideline is designed to guide securities companies in managing the investment behavior of their personnel, ensuring compliance with laws and regulations [1][2]. - It emphasizes the responsibility of securities companies in managing the investment behavior of their employees and aims to create a long-term mechanism to deter illegal trading practices [2][3]. Investment Behavior Management - The guideline specifies that securities practitioners are prohibited from directly or indirectly holding or trading stocks or other equity-like securities, with exceptions for stock incentive plans or employee stock ownership plans [1][2]. - Securities companies are encouraged to facilitate account opening for employees at their own or affiliated firms, and employees must report their investment activities regularly [3][4]. Reporting and Monitoring - Employees are required to report their investment information quarterly, including details about their spouses and related parties [4]. - The guideline allows for certain exemptions in reporting requirements under specific conditions, aiming to reduce the administrative burden on employees while enhancing monitoring capabilities [3][4]. Regulatory Context - The guideline comes amid increasing regulatory scrutiny and penalties for violations related to insider trading and other illegal activities by securities practitioners [5]. - Recent enforcement actions have included significant fines and bans for individuals found guilty of such violations, indicating a trend towards stricter compliance measures in the industry [5].

Core Viewpoint - The China Securities Association (CSA) has released a draft guideline for managing the investment behaviors of securities company personnel, aiming to prevent illegal activities such as insider trading and to promote a high-quality development of the capital market and securities industry [1][2]. Summary by Sections Basic Requirements and Management Scope - The draft guideline outlines the basic requirements for investment behaviors of personnel, including the need to declare personal and related parties' investment information [2]. - It emphasizes the importance of adhering to the core values of the securities industry and practicing the unique financial culture of China [2]. Responsibilities of Securities Companies - Securities companies are designated as the primary responsible entities for managing the investment behaviors of their personnel, requiring them to establish comprehensive management systems [2]. - The guideline mandates that companies must prevent conflicts of interest and ensure compliance throughout all investment activities [2]. Direct Responsibilities of Personnel - Personnel must declare their and their relatives' investment information accurately and completely, with a list of prohibited behaviors provided to guide compliance [2][3]. Stock Account Management - Securities companies are required to set clear rules for managing personnel's stock accounts, encouraging transactions through affiliated companies and mandating monthly transaction record submissions for non-affiliated accounts [3]. - Certain exemptions for reporting investment information may be granted under specific conditions to ease the reporting burden while enhancing monitoring accuracy [3]. Personal Information Protection - The guideline stresses the need for securities companies to handle personal information lawfully and securely, establishing mechanisms to protect data and prevent excessive processing [3]. Industry Self-Regulation - The CSA aims to strengthen self-regulation among personnel, imposing strict penalties for violations and fostering collaboration to combat illegal trading practices [3][4]. Key Position Monitoring - The guideline specifies that securities companies must conduct focused monitoring of key personnel based on their roles and access to sensitive information, ensuring compliance and preventing conflicts of interest [5][6]. - Various business areas, including investment banking, research report publication, and asset management, are highlighted for specific monitoring protocols to prevent misuse of insider information [6][7].

Group 1 - The core viewpoint of the article is that the China Securities Association is seeking opinions on new guidelines aimed at preventing violations of independent and objective principles by analysts when publishing research reports [1] - The new regulations require securities firms to conduct checks related to the publication of research reports to prevent analysts from violating independent and objective practices [1] - The guidelines specifically address issues such as insider trading and the improper disclosure of research report content to related parties for personal gain [1] Group 2 - The regulations highlight the need for analysts and related personnel to avoid making public evaluations, forecasts, or investment recommendations while engaging in reverse securities trading for improper benefits [1] - The initiative reflects a broader effort to enhance compliance and ethical standards within the securities industry [1]

Core Viewpoint - The China Securities Association is seeking opinions on new guidelines aimed at preventing illegal trading behaviors among securities industry professionals, encouraging them to open accounts with their own or affiliated brokerages [1] Group 1: Regulatory Changes - The new guidelines specify that securities professionals who need to open stock accounts should be encouraged to do so with their own company or affiliated brokerages [1] - If accounts are not opened with the designated brokerages, professionals must declare their stock accounts and provide monthly trading records [1] - Under certain conditions, brokerages may be exempt from requiring professionals to declare their investment information [1] Group 2: Personal Information Protection - The guidelines emphasize that brokerages must adhere to legal, legitimate, and necessary principles when collecting personal information [1] - There is a requirement for brokerages to establish robust information security and confidentiality mechanisms to protect personal information [1]

Core Viewpoint - The China Securities Association is seeking industry feedback on the draft guidelines for managing the investment behaviors of directors, supervisors, senior management, and securities practitioners in securities companies, aiming for comprehensive coverage of personnel management and behavior management [1] Group 1: Guidelines Overview - The draft guidelines encompass all personnel involved in securities business, including directors, supervisors, senior management, and other staff who may have access to insider or non-public information due to their job responsibilities [1] - The guidelines also extend to staff working in alternative investment subsidiaries and private equity fund subsidiaries of securities companies, establishing specific management regulations for these groups [1] Group 2: Management Process - The guidelines require effective coverage of the entire investment behavior management process, including investment declaration, registration, review monitoring, verification, disposal, punishment, reporting, and inspection [1]