In recent times, regulatory authorities have penalized three securities firms for their violations, a move that underscores the intensified regulatory efforts towards the end of the year. The firms penalized are Guoxin Securities, Caisheng Securities, and Hengtai Securities, all of which faced penalties from their respective regional securities regulatory bureaus due to severe issues in information system management and internal controls.
Caisheng Securities faced issues primarily with incomplete access control over information system permissions and the failure of data quality control mechanisms. The Zhejiang Securities Regulatory Bureau noted that Caisheng Securities failed to implement effective access monitoring over key information systems and had flaws in data quality management, failing to fulfill management responsibilities adequately. As a result, the bureau demanded that Caisheng Securities take immediate measures to strengthen information system and data management, enhance internal control levels, and submit a rectification report within the specified time.
Hengtai Securities encountered more complex issues, including an inadequate internal control system, lenient employee behavior management, inadequate customer management, and a lack of suitability management. The Inner Mongolia Securities Regulatory Bureau pointed out that some branches of Hengtai Securities granted improper permissions to investment consultants, cashiers participated in marketing activities, employee behavior monitoring was inadequate, warnings of abnormal customer transactions were not handled in a timely manner, and the investor assessment database was not updated in a timely fashion. Hengtai Securities was required to adopt effective rectification measures to strengthen compliance risk management and enhance the effectiveness of internal controls.
Guoxin Securities also faced significant issues, including unclear division of compliance management responsibilities in brokerage and over-the-counter derivative business, insufficient verification of real-name accounts, and insufficient risk control in third-party cooperation. The Shenzhen Securities Regulatory Bureau has taken corrective measures against Guoxin Securities, demanding enhanced compliance management to ensure the compliance and risk controllability of business operations.
It is noteworthy that this is not the first time this year that securities firms have been penalized for issues related to information systems and internal controls. Previously, several firms have been penalized by regulatory authorities for similar problems. For instance, the Shenzhen Securities Regulatory Bureau had taken corrective measures against another violation of Guoxin Securities involving improper management of system permissions for investment banking working papers; the Securities Regulatory Commission also penalized Haitong Securities for imperfect information system construction. These cases indicate that regulatory authorities are stepping up their oversight of securities firms' information systems and internal controls to ensure market stability and investor rights.
For securities firms, information systems and internal controls are crucial foundations for compliant operations. Any issues in these areas can severely impact the firm's operations and potentially cause losses to investors. Therefore, securities firms must attach great importance to information system security and internal control management, ensuring that key information systems operate within control, strengthening compliance risk management, and enhancing the effectiveness of internal controls. Only in this way can they gain the trust and support of investors and achieve sustainable development.
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