Brokerage days to the?-CFE - ChineseMicroNews

Brokerage days to the?

Brokerage day capital reform

huanqiulaohucaijing· 2016-07-27 02:03:00

remember last year that a brokerage staff envy others payroll? Don't envy, because from the current form of view, the brokerage has to the bitter day.

since 2016, for the broker's supervision, regulators clearly showing a trend of strict trend. From the revision of the securities company risk control measures, to the Commission Vice Chairman Li Chao tighten brokerage industry regulation, the remarks, and no one is not on the brokerage industry pressure.

securities risk control system of

remodeling of securities companies should play a role in the A shares, either from the IPO company as a sponsor, or for financing major shareholders of the listed companies, or to open a securities account, securities firms have played the role of "risk control".

however, the current view, the brokerage is not very good to assume the risk of the control of the responsibility. According to the time from the near to the distant view, "* Xintai the issue of fraud", "Bao Wan dispute a be struck dumb information management plan", and even lead to "crash last year with a capital" the culprit, this series of events are confirmed by the broker is not perfect risk control system.

therefore, to reshape the security system has become one of the urgent reform of the task of Liu chairman liu.

6 mid month, the Commission formally issued the revised Securities Company risk control measures (hereinafter referred to as the "measures"), and will be implemented in October 1st.

recently, in the "measures" internal training meeting, commission vice chairman Li Chao said, "for the securities regulation for the past often trivialize ones, now dare to move really tough action, found the problem not vague, to take resolute measures against illegal acts violated the bottom line supervision, major problems should be transferred to the inspection.

in addition, Li Chao also bluntly said the industry issues, some institutions design more complex, opaque products, regulatory arbitrage, arbitrage policy, not to create social value, instead of leading financial distortions; some institutions also relates to non licensed business, even non financial business. "

has poor investor protection phenomenon in the criticism mechanism, Li Chao more bluntly pointed out that" some institutions investment bank sponsors, in order to seize the market and even forged working papers, some even with the issue of collusion. "

Li Chao stressed that in the past regulators are more concerned about the individual risk, the risk of the various agencies to focus on the spillover is not enough. In the past institutional regulators are more concerned about the brokerage business, self business, etc., is not concerned about the investment banking business, after the investment bank must manage.

: "the first cut contraction of the brokerage channel business

Zhengbao according to reports, the future will shrink the non active securities brokerage business oriented information management plan to invest in non-standard asset based (commonly known as channel business scale).

a broker who said that the momentum of the brokerage business contraction channel first from the new air control system forced. Revised "securities company risk control index management approach" to the small and medium sized brokerage net capital to bring greater pressure.

according to the new regulations since October implementation of the new regulations, the provision of risk capital to finance the business needs of the channel will be fully up. According to the file with the current brokers classification rating results follow the risk reserve calculation table compared to continuous AAA brokerage channel business required for the provision of risk capital reserve ratio increased from 0.2% to 0.63%, a brokerage increased from 0.3% to 0.72%, B increased from 0.4% to 0.81% types of securities. Visually, the provision ratio is at least doubled, while others are quadruple.

on the non active management of the brokerage business is concerned, often moving is on the scale of hundreds of billions. This time doubled to raise the proportion of the increase, meaning that each broker needs to improve the risk of capital reserves of hundreds of millions or even billions of dollars.

for example, look at CITIC securities. According to the securities industry association data, CITIC Securities at the end of the non active management and information management scale is 664 billion 400 million yuan, according to the revised measures required for the provision of risk reserve is 1 billion 330 million yuan, but according to the new approach, will be increased to 5 billion 380 million yuan, a difference of up to 4 billion 50 million yuan.

plans to raise the risk of a reduction in the core net capital, which means that the broker to carry out other types of capital business, the "right" contraction. Due to the channel business rates generally low, when it occupies the scale of net capital will affect the development of other high income business, the brokerage will be how to decide the obvious.

a paragraph, in the latest round of broker rating, up to 51 brokerage rating declined this year, and from 2011 to 2015, the annual decline in brokerage rating were 27 and 19, 23, 16, 5. Obviously, the unprecedented downgrade makes the impact of the new regulations for the brokerage even more.

brokerage channel business for the future, Li Chao said, channel business risk responsibility is difficult to define, although the contract agreed to return, but the actual operation of the risk is not completely avoided. At this stage to give a certain period of time, not to stop the channel business, to gradually compress the size of the channel business, channel business is going to die sooner or later, not the focus of asset management business. "

second knife: be careful to be revoked license sponsor

* Xintai issued a burst of fraud, as a sponsor in Societe Generale Securities default, people also raised doubts about the reliability of the broker sponsor.

but as mentioned above, regulators have begun to increase the supervision of brokerage investment banking supervision. It is reported that the sponsor in the IPO session, "careful verification, professional checks issued by the recommendation is not enough, the existence of false records, misleading statements or major omissions and other acts, the regulatory authorities are considering the whole business into the securities company risk control system, penalties will be upgraded to revoke the business sponsor licence".

an industry source said, this time is not a threat, but seriously. Currently, the regulatory authorities for the sponsor compliance risk control is not perfect, the investment banking department since the phenomenon is extremely dissatisfied. The person at the same time, the future regulatory authorities from the following five aspects to strengthen the management of the sponsor:

first: to promote the brokerage business to accelerate the introduction of the overall system of compliance risk control system construction.

second: the establishment of a mechanism for regular information exchange and sharing, and the issue of the Department to establish a mechanism for regular information exchange and sharing. Issued regularly to the Department of shared practice evaluation records intermediary institutions problems found in the audit business as the mechanism making institutions supervision policy, implement classification examination, screening mechanism, making important risk examination papers and other work.

third: increase the strength of the sponsor's handling. currently, regulators have to 13 the sponsor of special on-site inspection, a comprehensive inspection includes two aspects: one is the compliance risk control system, the implementation of the two checks have been withdrawn or not, the IPO project, compliance on securities company practice. focus on the issue of the quality of the practice of many sponsors, found a serious violation of the law will be transferred to the Inspection Bureau for investigation. Next will be a new group of sponsors on-site inspection.

fourth: the establishment of investment banking joint inspection mechanism. In the Department to carry out special inspection agency, to determine whether the sponsor due diligence, inevitably carries on the inspection to the issuer, considering their business expertise, will establish a joint inspection mechanism, regulatory coordination.

fifth: the establishment of the case transfer punishment mechanism. Business regulatory authorities in the audit process, found that the issue of fraud and letter Phi violation, will be concerned about the situation of the sponsor's diligence, will be submitted to the relevant authorities to conduct a survey. Requires local authority to the securities company's sponsor business into the regulatory scope.

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