The China Securities Industry Association revised and issued the "Measures for the Management of Reputation Information in Securities Industry Practice"

People’s Finance News, March 27 - In order to further strengthen the construction of reputation information in the securities industry and improve the reputation constraint mechanism, the Securities Association has revised the “Administrative Measures for Practicing Reputation Information in the Securities Industry” (hereinafter referred to as the “Measures”), which will take effect from the date of publication. The “Measures” consist of six chapters and twenty-five articles, with revisions including the following four aspects: First, implement the requirements for advancing the preliminary compensation work. According to the requirements of the China Securities Regulatory Commission (CSRC) for legally promoting preliminary compensation work, it is clarified that related penalty information can be exempted from being recorded in the practicing reputation information database for those who reduce or eliminate illegal damages to investors through the preliminary compensation mechanism. Second, improve the sources of integrity information. Based on the management practices since the launch of the practicing reputation information database, the information sourced from the CSRC’s integrity archives database has been adjusted to be submitted by members themselves, transforming the transitional arrangements into formal requirements. Third, improve the content of integrity information, clarifying the relevant circumstances of improper interference with regulatory enforcement work. Fourth, other corresponding revisions. During the revision process of the “Measures,” the association collected a total of 19 opinions from regulatory authorities and industry institutions through written consultations and accepted reasonable suggestions. Next, the association will solidly promote the implementation of the “Measures,” continuously improve the construction and management of the practicing reputation information database, effectively play the role of industry reputation constraints in normative guidance and punitive deterrence, and promote the formation of a good cultural ecology in the industry characterized by honesty and trustworthiness, profit through righteousness, prudent and stable practices, innovation while adhering to principles, and compliance with laws and regulations.