A number of brokers have asked analysts to ＂close＂ personal WeChat official account, and some have stopped! Why？
Source: 21st century business herald.
Many brokers require analysts to close, stop or migrate their personal WeChat WeChat official account.
According to Cailian, recently, a number of brokers, including Shenwan Hongyuan Securities and CITIC Jiantou, have closed the personal WeChat account of analysts. It is understood that at present, many brokers are working to standardize the personal WeChat WeChat official account used by management analysts to publish research reports.
Why do brokers close analysts’ personal numbers? Some people in the industry said that, on the one hand, China Securities Industry Association has strict standards and requirements for the new media management of brokerage research business; On the other hand, brokers are exploring the closed-loop management of their own research business, so they gradually stop analysts from providing research content to the public through personal WeChat official account and realize research fees.
A number of brokers closed the analyst WeChat public account
Recently, a researcher in the securities industry revealed to reporters that a number of brokers are starting to shut down WeChat official account, the personal WeChat of securities analysts, and even demanded to stop publishing the content related to the research report.
The reporter found that Shen Juan, financial industry analyst of Huatai Securities, had closed his personal WeChat official account. Relevant persons of Huatai Securities told reporters that in order to serve customers more professionally, systematically and in compliance, the company’s research institute gradually moved some industry research products and services carried by WeChat WeChat official account to the company’s institutional customer service digital platform "Xingzhi".
Is it common for analysts’ personal accounts to be closed? The reporter interviewed a number of brokerage institutions.
The relevant person in charge of Shen Wan Hongyuan said that all analysts’ personal new media accounts have been closed. Relevant persons of China CITIC Construction Investment Co., Ltd. also said that analyst WeChat official account will be closed this year.
Relevant persons of Galaxy Securities told reporters that due to compliance considerations, analysts have not been authorized to open personal WeChat official account on behalf of the company.
It is not a common requirement of all brokers to ask analysts to stop, relocate or close their personal WeChat official account. The reporter saw through WeChat WeChat official account that the personal WeChat accounts of many brokerage analysts are still in normal operation.
Why should I close the analyst’s personal WeChat account? The above-mentioned industry people told the Cailian reporter that in general, it is based on the requirements of supervision and internal business operation. From the perspective of supervision, the China Securities Association has industry standard requirements for this; For brokers, this is the basic demand for copyright protection. Many reports have been illegally reproduced and infringed, and standardized management is the basic demand of brokers. In addition, many analysts WeChat official account push the full text for free, which is not conducive to closed-loop management of brokerage research and charging for research results.
"When business people talk about product sales with customers, the other party will say that they can see it for free, so why do you ask us to buy it?" The person said.
Research report self-discipline rules have been implemented.
Some brokers try first and ask analysts to stop, relocate or close personal WeChat official account. Regulatory requirements are an important reason.
On the evening of May 22, the revised draft of the self-discipline specification of the brokerage research report was released. The revised drafts of "Code of Practice for Issuing Securities Research Reports" and "Code of Practice for Securities Analysts" have been reviewed and approved by the China Securities Association and reported to the China Securities Regulatory Commission for the record. It will be implemented as of June 21, 2020. The Notice on Further Strengthening the Daily Management of Securities Analysts and Publishing Securities Research Reports issued in June 2014 was also abolished at the same time.
The revision further strengthens the quality control of research reports from the aspects of writing and compliance, and regulates the new investment and research services such as self-media research reports and invitations from external experts in recent years. The revised code also emphasizes the need to strengthen the construction of analysts’ professional ethics, standardize the reprinting of research reports, and include research reports of companies listed on the New Third Board and overseas listed companies in the scope of application.
Regarding the reprinting of standardized research reports, both the Code of Conduct for Securities Analysts and the Code of Practice for Publishing Securities Research Reports have made explicit provisions. Article 12 of the Code of Conduct for Securities Analysts stipulates that securities analysts should publish securities research reports through the system platform specified by the company. The Code of Practice for Publishing Securities Research Reports requires operating institutions to "formulate corresponding internal management standards by using new media tools for publishing securities research reports and reprinting, providing and interpreting securities research reports".
This revision specifically mentions that the ways, contents and channels for securities analysts to serve customers should be managed in a unified and standardized manner.
The revised draft will be supplemented by the research report service provided by Internet tools. As mentioned in the revised draft, analysts should record the chat groups, self-media accounts, cloud sharing platform accounts, etc. used by them in providing securities research report services to the company, and report the usage records and published contents related to the business; For those who serve customers in other ways, customer service records shall be kept and filed for inspection in time.
At the same time, securities companies should regularly arrange compliance auditors to enter the chat group of securities analysts to provide customer service, pay attention to their self-media platforms and cloud sharing platforms, and conduct spot checks on their published content.
The revised draft emphasizes that chief economists and analysts of securities companies should give full play to their important influence in the industry, focus on the research on the economic and financial situation, capital market and industry development, express their research opinions objectively, professionally and prudently, and play an active role in guiding market expectations and transmitting positive energy.
[News link] The most embarrassing research report: Two analysts were fined 200,000.
There are wonderful research reports every year, and now someone has paid a fine of 200 thousand real money for an inaccurate research report four years ago.
A few days ago, Jiangsu Securities Regulatory Bureau issued an administrative penalty decision. In 2016, Ma Haobo and Tang Weiliang, then soochow securities analysts, were fined 150,000 yuan and 50,000 yuan respectively for an inaccurate research report.
At that time, once the research report "Fucheng Deep Report II: Doubling the Market Value of Three 10 Billions Support" signed by two people was released, Fucheng shares clarified the speculation about the company involved in the research report only a few days later, pointing out that many speculations did not represent the current situation of the company, causing an uproar in the market. Although times have changed now, the accountability will not be absent.
In recent years, the regulatory work on the research business of securities firms has never stopped. Previously, on May 22nd, the revised draft of self-discipline specification for research reports was released. This revision not only further strengthened the quality control of research reports from the aspects of writing and compliance, but also made explicit specifications for new investment and research services such as self-media research reports and invitations from external experts.
The two analysts were fined after four years.
Back on October 14th, 2016, soochow securities released "Fucheng Depth Report II: Doubling the Market Value of Three 10 Billion Backups" (hereinafter referred to as "the Research Report") signed by Ma Haobo and Tang Weiliang as securities investment consulting analysts. The research report described Fucheng shares as "the absolute leader in the funeral industry in the future", saying that its "12 billion market value has a net profit of 14 billion", "10 billion funds acquire operating cemetery licenses in various places" and "10 billion cash in the hands of major shareholders", which aroused widespread concern in the market.
Who knows that only one week later, Fucheng shares issued a clarification announcement on the evening of October 24, 2016 to clarify the relevant contents of the research report.
According to the clarification announcement, as of October 2016, Fucheng Pagoda Cemetery planned to build about 125,000 graves, instead of 400,000 as stated in the research report; The scale of Fucheng Hehui Industrial M&A Fund is only 1 billion yuan, not 10 billion yuan; The major shareholder of the company has not made a decision on "10 billion cash"; Fucheng Co., Ltd. has not decided whether to divest its main business of animal husbandry and slaughter, food processing and catering services, and focus on funeral services.
According to reports, Ma Haobo and Tang Weiliang did not verify the facts and data related to the research report with Fucheng before releasing the research report. On October 14th, 2016, during the review process of soochow securities, it was considered that the research report lacked survey minutes, so it was rejected. Ma Haobo immediately supplemented the survey minutes and passed the internal review of soochow securities.
According to the investigation and trial results of Jiangsu Securities Regulatory Bureau, all the above reports were drafted by Ma Haobo. Tang Weiliang participated in the preliminary discussion, but did not actually participate in the drafting, review and release of the above report. Ma Haobo and Tang Weiliang made false statements and misleading information in the research report, which violated the provisions of the Securities Law of 2005.
Based on the above information, Jiangsu Securities Regulatory Bureau finally imposed a fine of 150,000 yuan on Ma Haobo and 50,000 yuan on Tang Weiliang according to Article 207 of the Securities Law in 2005.
Caution and diligence are the bounden duty of researchers.
According to what Ma Haobo said when he denied the investigation in his statement, defense materials and hearing, he reported to Fucheng Co., Ltd. twice on September 2 and September 10, 2016, and obtained relevant information; And before the release of the research report, send the research report to the relevant personnel of Fucheng Co., Ltd. for verification; I also used the computer to record the relevant research information, and sorted out the research minutes accordingly. I didn’t have the research minutes when I submitted the research, but I forgot to upload it myself, but I couldn’t provide the research papers recorded by the computer because I left my job.
Ma Haobo thinks that his behavior does not belong to the "securities trading activities" stipulated in the second paragraph of Article 78 of the Securities Law in 2005, so there is an error in the application of the law.
However, Jiangsu Securities Regulatory Bureau found that the relevant evidence provided by Ma Haobo, combined with the investigation and verification, could not confirm the information source of the research report. However, no matter what the information source, Ma Haobo failed to fulfill his due obligations of prudence, honesty and diligence, which led to false statements and misleading information in the content of the research report. According to the relevant evidence provided by Ma Haobo, after verification and verification, it is impossible to conclude that the relevant personnel of Fucheng Co., Ltd. have approved the relevant contents of the research report. And Ma Haobo’s statement and defense are inconsistent with the contents of the investigation summary.
Regarding Ma Haobo’s claim that he could not provide the research papers recorded by computer because of his resignation, Jiangsu Securities Regulatory Bureau held that even if there were corresponding research papers, Ma Haobo was still working in soochow securities during the investigation of this case, but he did not provide the above materials, so he should bear the corresponding consequences.
"The’ securities trading activities’ referred to in the second paragraph of Article 78 of the Securities Law of 2005 should not be narrowly understood as securities trading, but emphasize that the information released by relevant professional subjects has greater influence on market trading than that of general subjects based on the nature of their work, so such personnel are prohibited from making false statements and misleading information in securities trading activities." Jiangsu Securities Regulatory Bureau pointed out that Ma Haobo, as a securities practitioner, published professional research reports with false statements and misleading information, so it is not improper to punish his illegal acts by applying the Securities Law of 2005.
It is worth noting that the two analysts involved are relatively young. Ma Haobo was born in October 1983, and Tang Weiliang was born in September 1983. Both of them were only 33 years old when it happened. According to the public information of the China Securities Association, Ma Haobo left soochow securities in June 2018 to join New Era Securities in food and beverage research, and left New Era Securities in November of the same year; Tang Weiliang moved from soochow securities to Bank of China Securities in March 2017 and is still engaged in food and beverage research.
Had been supervised before.
China, a brokerage firm, also found that as early as November 23, 2016, two analysts involved, the then head of soochow securities Research Institute, and even soochow securities had been subjected to administrative supervision for this matter.
Jiangsu Securities Regulatory Bureau believes that soochow securities’s audit of the report is not in place, and there are serious problems in the quality of the report, and the relevant speculations and conclusions are not objective, which violates the Interim Provisions on Issuing Securities Research Reports, reflecting the company’s imperfect internal management and weak compliance awareness of employees.
Therefore, soochow securities should be ordered to make corrections within a time limit by administrative supervision measures, requiring it to strengthen internal management, improve internal control, raise employees’ awareness of compliance, and conduct internal accountability. At the same time, within 30 days after receiving this decision, it shall submit a written rectification report issued by the director of OECD to Jiangsu Securities Regulatory Bureau.
At the same time, Ding Wentao, as soochow securities’s then director of the institute, has the leadership responsibility; As the signed authors, Ma Haobo and Tang Weiliang are directly responsible for the quality of this research report. Therefore, the three people were required to bring valid identity documents to the Jiangsu Securities Regulatory Bureau for supervision talks at 15: 00 on November 29, 2016.
Supervision and strict investigation of the research report is inaccurate and illegal.
In recent years, with the development and fermentation of issues such as the selection of brokers and the reprinting of research reports, the supervision has paid more and more attention to the standardized management of the research reports of brokers.
On the evening of May 22nd, the revised drafts of "Code of Practice for Issuing Securities Research Reports" and "Code of Practice for Securities Analysts" were officially released, and will be implemented on June 21st, 2020. This is the first revision of the two self-discipline rules after eight years since they were introduced in 2012.
According to the China Securities Association, the revision aims to meet the development needs of publishing securities research reports, strengthen the quality control of research reports and investor protection, do a good job in reputation risk management of securities analysts, improve the professional ethics of securities analysts, and promote the healthy development of securities research business.
In the revised draft, it is emphasized that securities companies should establish a market impact assessment mechanism for securities research reports to be released, establish a clear review list and working papers, avoid the formality of review through reasonable process arrangements, and ensure that review opinions are responded and effectively implemented.
For example, in terms of personnel responsibilities, the operating institution should be equipped with sufficient quality control and compliance auditors according to the business scale to conduct full-time compliance audits (if the number of analysts is less than 10, the quality audit can be conducted by securities analysts other than the signed securities analysts), and the level of auditors should be improved.
As for quality control, the research report should not contain "vulgar" and "inflammatory" words, and the cited information and data sources should be verified and used cautiously. At the same time, the research report is required to focus on the macroeconomic situation, capital market trends, industry development and investment value of listed companies for in-depth analysis.
In addition, the revised norms also explicitly regulate new investment and research services such as self-media research reports and invitations from external experts, which have emerged in recent years, and also emphasize the need to strengthen the construction of analysts’ professional ethics, standardize the reprinting of research reports, and include research reports such as New Third Board listed companies and overseas listed companies in the scope of application.
【 Anti-fraud Raiders 】
Your brokerage APP and the analyst’s public number you are concerned about may be fake.
Internet fraud is changing with each passing day. In the past, the fraudulent activities of telephone stock recommendation and QQ group stock recommendation have fallen behind the times. Nowadays, fake brokers not only steal the identity of brokerage analysts, forge WeChat official account and QQ numbers, but even forge trading apps, which makes it difficult to distinguish between true and false at first glance.
The fraudulent means are constantly escalating, and the routines behind them are actually similar. To prevent scams, you may wish to restore the common fraud routines first.
Routine 1: inflammatory content or counterfeiting well-known institutions
Fraudsters will grab the points that investors are most interested in, such as "Big Gift of Leading Stocks", "science and technology innovation board Demon Stocks" and "Send Two Insider Stocks Every Day", which attract investors’ attention at first sight and induce them to click.
Or simply "copy" official website, a regular brokerage firm, to confuse investors.
Routine 2: Background program defrauds investors’ information.
When investors browse the website and are interested in some information, the website will start to extract your private information. Mobile phone number, WeChat, QQ number, whatever information you leave, will be recorded and transmitted to the background database.
If you frequently receive calls for stock recommendation for a while, and strangers constantly add WeChat and QQ in the name of the organization, then there is a high probability that you have been targeted by scammers.
Routine 3: Peer-to-peer communication, free sharing
These illegal organizations usually invite investors to join WeChat group or QQ group under the banner of "joining the group to share bull stocks" and "offering demon stocks in private chat".
Many investors instinctively think that there is no charge anyway, just adding a group. I will take a look first, and if it is not good, I will quit. So, driven by curiosity, I joined the WeChat group or QQ group. However, once you join this exchange group, you will be trapped by criminals.
Routine 4: Decentralize group building and insert "undercover"
Assuming that illegal organizations have obtained information about 100 customers, they will not put all 100 customers in one group, but will divide them into ten or even twenty small groups and invite investors separately.
After that, they will recommend stocks of different sectors in different groups, for example, liquor sector in group A, financial sector in group B and consumer sector in group C …
Every day, there will always be several sectors that perform brilliantly, and illegal institutions will use the probability to start to publicize their insider knowledge in the group with excellent stock recommendation performance and ask investors to pay high membership fees.
At the same time, there will be many "childcare" in the group to echo, so investors are likely to be deceived when their heads are hot.
How to prevent fake APP and fake WeChat official account?
Internet fraud is changing with each passing day, and illegal securities activities are emerging one after another. How should investors guard against such scams? Let’s take a look at the dialogue between investor Xiao Wang and investor Xiao Li.
Investor Xiao Wang: The fake brokerage routine is too deep. I didn’t expect WeChat official account, an analyst I have been paying attention to for several months, to be fake!
Visit Xiao Li: The purpose of fake brokerage WeChat official account is often to lead you to WeChat group or QQ group through WeChat official account, and then charge you. Therefore, we should be alert to WeChat official account’s behavior of calling you to join the group, and don’t believe the so-called internal training classes and stock trading secret classes.
The most important thing is, don’t trust any individual or organization to recommend stocks, promise returns, or conduct stock trading and entrusted wealth management for the public in any channel, which are illegal securities activities!
Investor Xiao Wang: The fake APP is terrible, and it will be gone in an instant when you turn in 10,000 yuan. How can I be sure that I am using the real APP?
Investing in Xiao Li: Criminals often pretend to be the staff of securities companies, promising investors so-called capital preservation and income protection on the phone or online, or promising to tailor the market trading software for investors. Many people were deceived and believed in the so-called brokerage staff and downloaded fake apps from private links.
When using the trading software of a securities company, we should look for the trading software of official website, a securities company, and conduct trading or business through formal channels such as official website of the securities company. Don’t trust any private links easily, and don’t use software from unknown sources to avoid losses caused by information leakage.
Investor Xiao Wang: I received a phone call, and the other party claimed to be a staff member of a securities firm. How can I identify the true and false?
Investing in Xiao Li: First of all, we should ask the relevant institutions and employees whether they are qualified for securities investment consulting business at the same time, and ask to see their qualification certificates. We can verify them according to the address, website address, telephone number, name and qualification number of the practitioners provided in the "Information Publicity" column of the website of the Securities Industry Association.
The legal institutions are as follows (can be copied to the browser for viewing)-
1, the securities company information publicity:
http://jg.sac.net.cn/pages/publicity/securities-list.html
2, the securities investment consulting company information publicity:
http://jg.sac.net.cn/pages/publicity/investment-list.html
3. Information inquiry of branches of securities companies:
http://jg.sac.net.cn/pages/publicity/mi-sales-branch-publicity-list.html
Second, it depends on the source. Don’t trust any suspicious websites, strange phone calls, investment consulting information and financial advertisements sent by SMS, and don’t disclose personal information such as family, identity and finance at will.
Investor Xiao Wang
What should I do if I have been cheated?
Investing in Xiao Li: After investors realize that they have been cheated, they should immediately contact the sales department of the securities company.
Attention should be paid to keeping relevant evidence, especially the relevant agreements and remittance documents signed when purchasing "stock recommendation software" and accepting securities investment consulting services, so as to recover losses through legal channels.
(Source: Comprehensive from Cailian, China, China Securities Network)
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