On May 28, the Securities Regulatory Commission announced the first batch of "whitelist" of securities companies, including 29 securities companies. The "whitelist" will be adjusted continuously and dynamically, announced month by month, and companies that meet the requirements will be included in time, and those that do not meet the requirements will be transferred out in a timely manner.
The CSRC cancels some of the requirements for regulatory opinions on securities companies that are included in the whitelist, and at the same time simplifies the work process for those regulatory opinions that are really necessary to retain, and turns to strict supervision and inspection before and after work, and companies that innovate pilot business must be generated from the whitelist.
At the same time, the CSRC stressed that in order to effectively increase the sense of achievement of "whitelist" companies, the CSRC will gradually incorporate more regulatory matters into "whitelist" management on the basis of summarizing and evaluating regulatory submissions and implementing "whitelist" management. concentrate limited regulatory resources on key areas, further enhance regulatory effectiveness, and effectively promote the high-quality development of the industry.
The few head and "quasi-head" brokerages that failed to be selected this time have their own special reasons. generally speaking, those involving penalties or filing projects are not on the whitelist.
The Securities Regulatory Commission announced the whitelist of the first batch of 29 securities firms, and all large, small, medium and small securities firms had finalists.
In order to implement the requirements of the State Council for deepening the reform of "release, management and service", consolidate the responsibilities of the main body of internal control and compliance of securities companies, concentrate on the use of limited regulatory resources, improve the effectiveness of institutional supervision, and promote the high-quality development of the industry, the CSRC announced the "whitelist" of the first batch of 29 securities companies.
The 29 brokers are: Anxin Securities, Gaohua Securities, Northeast Securities, Soochow Securities, Dongxing Securities, Goldman Sachs Gao Hua Securities, Everbright Securities, Guojin Securities, Guotai Junan Securities, Guoxin Securities, Huabao Securities, Huatai Securities, Huaxi Securities, Huaxin Securities, Nanjing Securities, Ping an Securities, UBS Securities, Shenwan Hongyuan Securities, Western Securities, Southwest Securities, China Merchants Securities, Zhejiang Merchants Securities, China International Capital Corporation, Galaxy Securities, AVIC Securities, Zhongtai Securities, CITIC Construction Investment, CITIC Securities, Central Plains Securities.
From the point of view of the size of the company, the "whitelist" includes not only the head securities firms, but also some small and medium-sized securities firms with a high level of compliance risk control, which shows the consideration of regulatory balance.
From the list of the first batch of 29 brokerages, it is consistent with the classification and rating of brokerages. In 2020, all the brokerages rated AA were selected except Haitong Securities. Among the securities firms rated as An in 2020, Hengtai Securities, Shanxi Securities, Minmetals Securities, first Entrepreneurship, Huajing Securities, Yintai Securities, Yangtze River Securities, Dongguan Securities, Tianfeng Securities, Bohai Securities, Caitong Securities, Oriental Wealth, founder Securities, Guokai Securities, Guolian Securities, Huaxi Securities, Xinda Securities, Societe Generale Securities, Zhongtian Guofu Securities, Bank of China International Securities all failed to enter the whitelist.
It is reported that the CSRC will make continuous and dynamic adjustments to the "whitelist" according to the compliance risk control of securities companies, publish the list month by month under the organization department of the CSRC's official website, and include companies that meet the requirements in a timely manner. companies that do not meet the requirements will be transferred in a timely manner.
Generally speaking, for the "whitelist" of the first batch of securities companies, the CSRC implements the "whitelist" system for securities companies that are effective in corporate governance and compliance risk control in accordance with the train of thought of "classified supervision, release and management". To the securities companies that are included in the whitelist, cancel some of the requirements of supervision opinions, at the same time, it is really necessary to keep the supervision opinions, simplify the work flow, and turn to strict supervision and inspection after the event.
Enjoy the four "rights and interests", innovative business companies will be created from the whitelist
To be able to enter the "whitelist" is mainly the level of corporate governance and compliance risk control of securities companies. The securities firms that enter the "whitelist" will get a lot of convenience in business process, supervision and management. It includes the following four aspects:
First, if it can be reduced, it will be reduced. For the securities companies on the whitelist, the regulatory opinion requirements of issuing sustainable subordinated debt and providing guarantee for overseas subsidiaries, increasing capital or providing financing for overseas subsidiaries shall be cancelled.
Second, it can be simple. Simplify the process of issuing some regulatory opinions. Applications for initial offering, additional issuance, rights issue, issuance of convertible bonds, short-term financing bonds and financial bonds will no longer solicit opinions from dispatched offices and the Shanghai and Shenzhen exchanges in accordance with previous procedures, and will directly issue regulatory opinions after confirming that they meet the legal conditions.
It is worth noting that the simplification of IPO, additional issuance, rights issue, issuance of convertible bonds, short-term financing bonds and other businesses will improve the efficiency of securities firms' investment banking business and enhance the competitiveness of investment banks to a certain extent.
Third, companies with innovative pilot business shall be generated from the whitelist and will not accept applications for innovative pilot business of companies that are not included in the whitelist. In accordance with the principle of law and prudence, whitelisted companies continue to apply for regulatory opinions on innovative business in accordance with the existing rules and procedures.
Companies that innovate pilot businesses have to be generated from the whitelist, a rule that is highly valued by the industry. The traditional business of securities firms, represented by bond underwriting, has entered the "Red Sea". Securities firms have increased their market share by means of price war, and the competition in the industry has actually become white-hot. In order to find new revenue growth points, the focus of securities firms is gradually towards derivatives trading, fund investment and other innovative business. If innovative pilot businesses such as fund investment business and over-the-counter options primary dealers can only be generated from the whitelist, then the development of "non-whitelist" securities firms will be restricted.
Fourth, securities companies that are not included in the whitelist do not apply regulatory opinions or simplify procedures, and continue to apply for all kinds of regulatory opinions in accordance with the existing process.
The CSRC said that in accordance with the requirement that "the declaration is the promise and the promise is the responsibility", the securities companies submitted an application to the regulatory authorities according to the standard of the "whitelist" system, promising that the declaration materials were true, accurate and complete. After the initial evaluation of the Securities Regulatory Bureau, review by the relevant departments at the meeting, and public consultation within the industry, it was finally decided that the first batch of 29 securities companies would be included in the "whitelist".
![Platinum Prices Dipped Slightly Intraday, Spot Market Premiums Held Steady with Limited Trading [SMM Daily Review]](https://imgqn.smm.cn/usercenter/gpWpd20251217171734.jpeg)
![Silver Prices Declined Intraday, Spot Cargo Negotiation Margins Continued to Edge Lower [SMM Daily Review]](https://imgqn.smm.cn/usercenter/JYbQQ20251217171736.jpg)
