Liaoning Securities Regulatory Bureau has taken regulatory measures to issue warning letters to CICC. What are the details worthy of attention?

First of all, some matters involved in underwriting business have insufficient due diligence, such as failure to perform due diligence obligations. Haitong Securities violated relevant regulations, and the China Securities Regulatory Commission decided to take administrative supervision measures against the company and issued a warning letter. Due diligence on some matters involved in underwriting business is insufficient, such as failure to perform due diligence obligations. Haitong Securities and CICC received warning letters, both of which were related to violations of Brilliance Auto Bonds.

Secondly, the CSRC takes administrative supervision measures and gives warning letters to the above-mentioned institutions and individuals. Zhang Chong of CICC, as the person in charge of the above bond project, is responsible for the above violations. According to the Regulations on the Administration of Issuance and Trading of Corporate Bonds, Liaoning Securities Regulatory Bureau decided to issue a warning letter to Zhang Chong for administrative supervision. CICC and related personnel should carry out bond underwriting business in strict accordance with relevant laws and regulations to improve the quality of practice.

Furthermore, as the lead underwriter of bonds, securities companies cannot rely on other intermediaries to conduct due diligence, and should reasonably doubt and carefully check the materials provided by other intermediaries. Judging from the punishment cases of the regulatory authorities and the judgment cases of securities misrepresentation, the regulatory authorities are relatively strong in the scope, depth and breadth of project verification, and it is difficult for problematic projects to escape the verification of the regulatory authorities. It is indeed necessary to conduct comprehensive verification and due diligence on the project in strict accordance with regulatory rules and internal regulations of the company.

It should be noted that the CSRC also ordered CITIC Securities to take corrective measures. CITIC Securities has three violations, including the establishment of CITIC Securities Overseas Investment Co., Ltd. on 20 15, which was not reported to the China Securities Regulatory Commission for approval according to the provisions of the Securities Law at that time; The shareholding structure of overseas subsidiaries was not completed on time. In the adjustment work, there are some problems such as holding platform under holding platform, professional subsidiary under professional subsidiary and subsidiary under special purpose entity (SPV). , and the shareholding structure is as many as eight layers; There are overseas subsidiaries engaged in real estate fund management.