央广网北京2月14日消息（记者 樊瑞）近日，中国证券业协会向券商发布发布《关于2025年度证券公司 廉洁从业和投行业务收费自律检查情况的通报》，剑指券商在廉洁从业有关制度机制建设需进完善和投 行业务收费制度机制有待加强两大行为，要求各大券商对照检视并及时整改规范，防控廉洁从业风险， 在保荐承销业务中合理收费。 南开大学金融发展研究院院长田利辉在接受央广财经采访时指出，这份通报标志着资本市场治理从"业 务合规"深入至"收入逻辑"与"文化根基"的监管深水区。这次通报的深层信号显示，证券行业的供给侧 改革已从"禁止做什么"深入至"凭什么收费、靠什么发展"的底层逻辑。未来券商的护城河，不再是承揽 项目的"狼性"，而是在强监管下实现合规化、透明化运营的精细治理能力。 分析原因，田利辉指出，其一，部分券商在营销费用、第三方聘用上故意留白，实为在合规底线与获客 效率间寻求"缓冲地带"。其二，廉洁从业是"软约束"，业绩是"硬考核"。以自查代专项检查、培训走过 场，根源在于合规部门话语权仍弱于业务条线。其三，廉洁文化未从"内部管控"延伸至"生态共建"。向 客户宣传不足，说明行业尚未意识到：廉洁是中介机构提供的"准公共产品"，是 ...

Core Viewpoint - In 2024, the China Securities Regulatory Commission (CSRC) significantly intensified its enforcement efforts against securities and futures violations, handling 739 cases and imposing penalties on 592 entities, marking a 10% year-on-year increase in penalties [1] Enforcement Actions - The CSRC's enforcement actions included 249 cases of information disclosure violations, 95 cases involving intermediary institutions failing to perform due diligence, and 178 insider trading cases, with the latter two categories showing a continuous increase [1][2] - A total of 178 cases were referred to public security for suspected criminal activities, representing a 51% increase from the previous year [1] Key Areas of Focus - The CSRC concentrated on critical areas such as issuance and listing, information disclosure, mergers and acquisitions, and delisting, aiming to combat fraudulent issuance and financial fraud [1][2] - In 2024, the CSRC conducted on-site inspections or guidance for 87 companies intending to go public, resulting in the investigation of five fraudulent issuance cases [1] Financial Fraud and Mergers - The CSRC identified 128 cases of financial fraud through various channels, targeting behaviors such as fictitious business operations and abuse of accounting policies [2] - The commission also addressed 35 cases of insider trading related to "stealth" restructuring stocks, enhancing monitoring of stock price fluctuations [2] Delisting and Accountability - The CSRC enforced a strict "delist if necessary" policy, leading to the delisting of 55 companies in 2024, while pursuing accountability for 35 delisted companies and their responsible parties [2][3] - The commission emphasized the importance of holding key individuals accountable, with 989 individuals penalized for misconduct, reflecting a 21% increase [3] Systematic Governance - The CSRC implemented a comprehensive prevention and punishment system for financial fraud, collaborating with other government departments to establish a long-term mechanism for addressing financial misconduct [4][5] - In 2024, the CSRC issued 61 administrative penalties totaling 5.157 billion yuan, with 426 individuals held accountable and 65 banned from the securities market [4] Regulatory Standardization - The CSRC enhanced the standardization of enforcement practices by publishing guidelines on administrative penalty discretion, aiming to ensure fair and consistent enforcement [5] - The commission focused on improving the quality of case investigations and management throughout the enforcement process, thereby strengthening the regulatory framework [5]