券商中国记者从相关渠道获悉，为进一步完善证券行业执业声誉信息管理机制，中证协近期对《证券行业 执业声誉信息管理办法》（下称《办法》）进行了修订，目前正在征求行业意见。据悉，这是《办法》发 布实施三年来的首次调整。 本次修订将干扰监管执法的行贿行为纳入违法失信范畴，同时明确券商通过先行赔付机制有效减轻或消除投资 者损害的，其相关处罚信息可免于记入执业声誉信息库。 先行赔付可豁免"污点" 所谓证券行业执业声誉信息管理，就是全面收集证券机构、从业者执业的正面、负面信息，且提供查询方式。 业内也将其称之为券业版的"征信系统"。 中证协表示，《办法》自2022年发布实施以来，为行业构建市场化的声誉约束机制奠定了制度基础，目前已初 步形成以执业声誉信息库为依托，覆盖行业执业声誉信息采集、管理、查询、应用、修复更正等全流程管理机 制。本次修订着眼于落实相关监管精神、结合执业声誉信息管理实践等情况。 相关新增条款为：发行人因欺诈发行、虚假陈述给投资者造成损失，相关证券公司主动与受到损失的投资者达 成协议予以先行赔付，积极减轻或消除投资者特别是中小投资者违法损害的，由其向中证协申请，对相关行政 处罚信息不予记入执业声誉信息库。 ...

Core Viewpoint - The China Securities Association (CSA) is revising the "Securities Industry Practitioner Reputation Information Management Measures" to enhance the management mechanism for the industry's reputation information, marking the first adjustment since its implementation three years ago [1][2]. Group 1: Revision Details - The revision includes the categorization of bribery-related interference in regulatory enforcement as a form of unlawful dishonesty, which will be recorded in the reputation information database [1][3]. - A new provision allows securities firms to avoid having penalty information recorded in the reputation database if they proactively compensate investors for losses through a preemptive compensation mechanism [3][4]. Group 2: Information Management System - The reputation information management system is designed to comprehensively collect both positive and negative information about securities institutions and practitioners, functioning similarly to a credit system for the industry [2][3]. - The system has established a full-process management mechanism covering the collection, management, inquiry, application, and correction of reputation information [2]. Group 3: Types of Information Recorded - The reputation information includes basic identification information, integrity information, and other reputation-related information [4][5]. - Integrity information consists of commendations and awards, as well as unlawful dishonesty records, including administrative penalties and disciplinary actions [5][6].

Core Viewpoint - The China Securities Association has revised the "Securities Industry Practitioner Reputation Information Management Measures" to enhance the management mechanism for industry reputation, focusing on discouraging bribery and encouraging proactive compensation for investor losses [1][2][3] Group 1: Revision Objectives - The revision aims to implement regulatory spirit by including bribery that interferes with regulatory enforcement in the category of illegal and untrustworthy behavior [1] - It encourages securities firms to proactively compensate investors for losses caused by fraudulent issuance, allowing them to apply for exemption from reputation records if they take responsibility [1][2] Group 2: Impact on Industry Practices - The new rules provide a "safe passage" for compliant firms, motivating them to take responsibility and mitigate risks without the fear of damaging their reputation [2] - The linkage between proactive compensation and the firm's reputation will compel firms to enhance risk control measures during due diligence and ongoing supervision [2][3] Group 3: Inclusion of Bribery in Reputation Management - The revision includes information on bribery that disrupts regulatory enforcement in the reputation management framework, leading to potential industry-wide penalties for involved institutions and individuals [3] - This move reflects the regulatory body's intention to use reputation capital as a pricing mechanism to hold "predators" accountable, thereby purifying the market environment [3] Group 4: Changes in Information Reporting - The revised measures formalize the requirement for members to self-report information to the reputation information database, a practice that has been trialed during a transition period [3]

记者了解到，此次修订的核心变化之一，直接回应了市场诉求和监管政策导向。此次修订明确写入一项 条款：发行人因欺诈发行、虚假陈述给投资者造成损失，相关券商主动与受到损失的投资者达成协议予 以先行赔付，积极减轻或消除投资者特别是中小投资者违法损害的，由其向协会申请，对相关行政处罚 信息不予记入执业声誉信息库。这为券商主动承担责任、化解风险提供了明确的"豁免通道"。 业内人士认为，中证协此举一方面进一步压实了中介责任，将赔付主动性纳入声誉评价，倒逼券商在项 目尽调、持续督导中更审慎履职，从源头降低欺诈风险；另一方面优化了投资者救济效率，缩短诉讼周 期，避免中小投资者因维权成本高而放弃索赔，从而提升市场信心。 与此同时，为了坚决贯彻证监会"坚持受贿行贿一起查"的部署，此次修订将"以贿赂等不正当手段干扰 中国证监会及其派出机构监管执法工作，被予以行政处罚、纪律处分，或者因情节较轻，未受到处罚处 理，但被纪律检查或行政监察机构认定的信息"纳入违法失信信息范畴。这意味着，无论是已被处以行 政处罚、纪律处分，还是情节虽轻未被上述方式处理但已被纪检监察机构认定的此类行为，都将清晰地 标记在券商及其从业人员的执业声誉记录上，其红线 ...