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The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Nothing can be generalized with rhetoric and rational analysis in order to get the truth
The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Nothing can be generalized with rhetoric and rational analysis in order to get the truth
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The Case of "Investor Protection · Clear Rules and Knowledge of Risks" —— Nothing can be generalized with rhetoric and rational analysis in order to get the truth


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Guangdong Securities Regulatory Bureau press releases and typical cases

Guangdong Securities Regulatory Bureau press releases and typical cases

  • Categories:Fairness
  • Author:
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  • Time of issue:2015-06-03 14:31
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(Summary description)

Guangdong Securities Regulatory Bureau press releases and typical cases

(Summary description)

  • Categories:Fairness
  • Author:
  • Origin:
  • Time of issue:2015-06-03 14:31
  • Views:
Appendix 1: Press Release of Guangdong Securities Regulatory Bureau
 Actively exert appeal processing efficiency
 Continuously improve the level of investor services
    In recent years, the Guangdong Securities Regulatory Bureau (hereinafter referred to as the Guangdong Bureau) has taken appeal handling as an important measure for investor protection, adhered to the work orientation of “due to investor rights and dedication, and served the investors with warm and meticulous service”, by improving the standardization of appeal handling Level, constructing diversified resolution channels for securities and futures disputes, deepening the service functions of appeals processing windows, and strengthening investor publicity and education, etc., actively implement investor protection duties, and be a gatekeeper and guardian of investors' legitimate rights and interests.
Keep improving and strictly control the quality of appeal processing
    The processing of appeals is in the vital interests of investors. The Guangdong Bureau insists that the quality of appeal processing is the first priority, and strives for excellence to ensure that the processing results can stand the test of time and the weight of the people.
In order to improve the standardization and refinement of appeal processing, the Guangdong Bureau has developed an electronic petition processing system with functions of inquiry, statistics, analysis, and trace retention to ensure that each complaint and inquiry is handled in strict accordance with the prescribed procedures and deadlines.
    The Guangdong Bureau implements a “dual-core and dual-review” mechanism for investor appeals, that is, the investor ’s reply is cross-checked by the Legal Affairs Office and the relevant business department, and is reviewed and approved by the head of the sub-bureau and the main leader of the bureau to ensure that the investor ’s reply is in accordance with the law. Compliance and reasonableness make it easy for investors to understand and accept.
    The Guangdong Provincial Bureau of Handling of Requests compiles a Daily Report of Complaints and Reports to the business office on the day of the complaints reported by investors, and draws their attention in daily supervision. The leaders of the reporting bureau have personally reviewed, supervised, and checked major and complex appeals. In the past three years, the chief person in charge of the Guangdong Bureau has issued more than 100 instructions, asking the relevant departments to carefully check and deal with them properly according to law.
    For the common complaint and consultation questions, the Guangdong Bureau, based on its continuous summing up of experience, has formulated standardized response calibrators involving more than 60 types of questions in 17 businesses, and repeatedly discussed and carefully considered each response calibre, in order to ensure that policies are in place, The guidelines are clear and clear, and provide helpful assistance to investors.
        Warm service, actively solving problems for small and medium investors
    "Yan Zhai lying listening to Xiao Xiaozhu, it is suspected to be the bitter voice of the people." The person in charge of the Guangdong Bureau often emphasizes that in order to implement the party ’s mass line in securities supervision, it is necessary to completely change the style and strengthen the public servants ’consciousness, so as to“ treat investors as family members and treat investors ’difficulties as family affairs”. In daily interviews, the Guangdong Bureau requires staff to receive investors in accordance with the criteria of “a smile, a greeting, a cup of hot tea, and a hot stool”, so that investors really feel the warmth and care of the regulatory authorities.
    In the daily interviews, the Guangdong Bureau has established the "zero rejection" working principle, that is, all types of complaints and consultations of investors cannot be simply rejected. For reasonable claims that fall within the scope of responsibility, it is required to "handle, explain, and help in place"; for matters that are not within the scope of responsibility, investors must also provide clear guidance. To this end, the Guangdong Bureau has collected and organized nearly 70 Relevant department's complaint report phone for investors' inquiry.
    At present, there are 14 million investors in Guangdong, accounting for about one-tenth of the country's total. Investors are active in securities trading, and there are also many problems and disputes encountered during trading. For the various difficulties of small and medium investors, the Guangdong Bureau sympathizes with them and actively reaches out to help.
    If an investor Bi Mo gave a securities certificate worth thousands of yuan to an institution in Jinzhou, Liaoning 20 years ago, he would request the coordination and verification and payment of a securities company in the jurisdiction that is the receiver of the institution. Despite many difficulties such as long history and incomplete historical data, the bureau actively coordinated relevant securities companies to carefully verify account information and finally complete payment.
    Another example is investor Hu, who reported that he opened an account in a securities sales department in Guangzhou many years ago, and has now returned to Ningxia's place of origin and has difficulty moving. Cancellation.
    The working philosophy of "urgently urging people to serve the people" has been integrated into the daily work of the Guangdong Bureau and into the conscious actions of every supervisory cadre. The sincere efforts made the distance between investors and Guangdong Bureau close. In 2014 alone, the Bureau received investors' gratitude for hundreds of phone calls, and some investors also made special trips to present pennants.
   Innovate mechanisms and develop diversified dispute resolution mechanisms
    In today's complex capital market interest structure and increasingly diversified investor demands, it is difficult to effectively deal with investors' massive demands with limited administrative resources. The Guangdong Bureau took advantage of the situation and actively transmitted pressure to market operating entities, "borrowing power" from industry organizations, arbitration agencies, and judicial departments, and strived to build a diversified settlement mechanism for securities and futures disputes.
    According to incomplete statistics, in 2014, under the supervision of the Guangdong Bureau, only securities fund and futures operating agencies in the jurisdiction compensated more than 900 investors for losses of nearly 5 million yuan through negotiation, mediation, and other methods; through lawsuits and arbitration, investors were compensated for losses of 1,600 yuan. More than ten thousand yuan.
    As early as the beginning of 2014, the Guangdong Bureau issued a notice to listed companies and securities fund futures operating agencies in the jurisdiction, requesting to further improve the complaint handling mechanism in accordance with the spirit of the State Council issued [2013] No. 110, to effectively assume the responsibility of the main body of complaint handling, and to contradict Hidden dangers are resolved at the source and complaints and disputes are handled at the grassroots level.
    The Guangdong Bureau instructed the Guangdong Securities and Futures Industry Association to establish the Guangdong CSI Investor Service and Dispute Mediation Center, and selected 45 mediators familiar with the securities and futures business and related laws to use a combination of simple mediation and ordinary mediation to resolve various disputes. Mediation was conducted, and a total of 293 securities and futures disputes were successfully mediated throughout the year. In addition, the center has also set up an investor dispute handling hotline as a dedicated line for accepting investor consultations and handling dispute mediation, arranging special persons to answer, record and answer. The Guangdong Bureau also signed a memorandum of action and mediation with the Guangzhou Intermediate People's Court to make arrangements for matters such as judicial confirmation of the mediation agreement to ensure that the mediation agreement can be effectively implemented.
    In the first half of 2013, the Guangdong Bureau appeal processing window suddenly received an intensive call from investors to focus on inquiries regarding Foshan Lighting's false statement of civil compensation claims. After learning about this situation, the Guangdong Bureau immediately organized personnel to formulate relevant rights protection guidelines, answer the questions raised by hundreds of investors, and guide them to appoint lawyers or sue for claims in court. During the trial of the case, the Guangdong Bureau exerted its professional advantages and provided the court with relevant loss calculation solutions for reference. At the same time, it also interviewed Foshan Lighting executives and asked the company to actively cooperate with the court to promote the smooth conclusion of the case. With the strong promotion of the Guangdong Bureau, in November 2014, the relevant court made a first-instance judgment on the case and ordered Foshan Lighting to compensate the first batch of 930 investors for a total of 59.31 million yuan. The claim was finally finalized.
 Take precautions, and deal with the linkage of investor education and investor education
    Information asymmetry, especially the lack of knowledge and information of small and medium investors, is an important source of the high incidence of illegal securities and futures activities. Since 2013, the Guangdong Bureau has established a regular analysis mechanism for investor appeals, sorting out relevant risk items collected during the processing of appeals on a monthly basis, forming public interest reminders, and passing SMS, WeChat and trading software systems of more than 800 securities and futures operating agencies in the jurisdiction. , And simultaneously send public welfare tips to investors.
    According to statistics, in 2014 alone, the Guangdong Bureau released 9 public welfare information concerning the risks of illegal securities and 6 public welfare information concerning the significant risks of market business. Investors received a total of 75 million person-times.
    Through this information, the Guangdong Bureau pointed out the manifestations and dangers of illegal acts such as illegal securities consulting, securities practitioners' valet trading, etc., reminded investors to purchase legal risks such as private equity funds, wealth management products, etc. The list of illegal consulting agencies was directly made public, enabling investors to capture and understand the market's major risk information for the first time, and formed a "rat crossing the street and everyone shouting" attitude to illegal securities activities.
    In order to adapt to the reading habits of investors in the information age, the Guangdong Bureau controls mobile phone non-profit text messages to less than 80 words and transaction terminal non-profit information to less than 150 words. To increase acceptance. Judging from the random interviews with investors, up to 90% of investors said that they "impressed" or "followed" relevant public welfare information.
    The working mechanism of “Demand Handling-Investor Education Linkage” has brought good results. For example, in terms of non-complaints related to complaints, the number of related complaints received by the Guangdong Bureau in 2014 decreased by 84.7% year-on-year, and investors identified illegal securities activities. Ability and self-protection ability have been significantly improved.
(Contributed by Guangdong Securities Regulatory Bureau)
Appendix 2: Typical Cases of Securities and Futures Claim Processing in Guangdong
Case 1:
  Ask for multiple overlay puzzles to solve one by one
    The listed company in Guangdong area A plans to provide hundreds of millions of yuan in entrusted loans to participating companies with interest rates not lower than the benchmark interest rate of 115% over the same period. A related announcement was issued on May 24, 2014, and an extraordinary shareholder meeting was scheduled to be held on June 10. Relevant bills were considered through on-site meeting voting.
    After the announcement, small and medium investors generally believe that the return on the transaction is too low and there is suspicion of benefit transmission. At the same time, Company A still has some outstanding bank loans with higher interest rates, which affects the earnings of listed companies. Therefore, many investors have asked Company A to open an online voting to facilitate the majority of small and medium shareholders to exercise their voting rights. Company A refused to open it on the grounds that the relevant regulatory requirements did not explicitly require this. Subsequently, multiple investors successively called the Guangdong Securities Regulatory Bureau to raise the same demands.
    The bureau immediately urged Company A to assume the primary responsibility for handling complaints, and pointed out to the company that although regulatory regulations do not explicitly require such matters to open online voting, the State Council's "On Further Strengthening the Legal Rights and Interests of Small and Medium Investors in the Capital Market" The Opinions on Protection Work clearly encourages listed companies to fully use the online voting method to convene shareholders' meetings and hopes that the company will re-examine the matter. Under the guidance of this bureau, Company A supplemented the announcement on May 29 to increase the voting method to provide online voting, and small and medium-sized investors' demands were responded.
    The wave was flat and the wave started again. Investors called the regulator again to make two demands, hoping that Company A would disclose the details of the borrower in this proposal, and also hoped that the company's major shareholders avoided voting on the proposal. Company A issued an announcement on June 6 in accordance with the requirements of the regulatory authority, supplementing the disclosure of the borrower's financial and equity structure and other issues that were not disclosed in detail.
    In order to establish a harmonious shareholder relationship, on the day of voting at the general meeting of shareholders, the company's major shareholders voluntarily avoided voting in the absence of compulsory laws and regulations. The relevant proposal was rejected by 93.68% of the votes when the minority shareholders actively voted against it.
    At this point, small and medium-sized investors have effectively participated in the company's major investment decisions, fully exerted their active role in modern corporate governance, and all their appeals have been responded to, and conflicts with major shareholders have been alleviated.
    This case gives us at least two enlightenments: (1) Small and medium investors are increasingly concerned about the exercise of their rights to vote, participate, and monitor. As a public company, a listed company should patiently listen to the demands of small and medium investors in respect of decision-making on major issues and respect the right of small and medium investors to express their opinions. (2) Practice has proved that unblocking online voting channels is conducive to ensuring that small and medium investors can exercise their rights in accordance with the law. The Rules of the Shareholders' General Meeting of Listed Companies subsequently issued by the Securities Regulatory Commission clearly clarified the use of online voting and other methods for shareholders' general meetings of listed companies in accordance with the law to guarantee the convenient and efficient exercise of shareholders' rights by small and medium investors. Investors should also actively participate in voting, express their will and voice rationally and orderly, and protect their rights and interests in a legal and compliant manner.
(Contributed by Guangdong Securities Regulatory Bureau)
Case 2:
Risk mismatch should not be proactive
    In June 2014, the Guangdong Securities Regulatory Bureau received an anonymous complaint from investors, reflecting the existence of an exaggerated return, concealment of risks, and investment in non-corresponding risk tolerance capacity in the sales department of a securities company's business department in the jurisdiction. Investors recommend and sell the fund, and eventually cause investors to lose money in a large area.
    After receiving the complaint, the bureau immediately dispatched staff to the securities business department for on-site inspection, and during the verification process, informed the headquarters of the securities company about the situation. The company attaches great importance to it and acts proactively. On the one hand, it appeases investors and makes emergency compensation to relevant branches for risk compensation; on the other hand, it is appropriate to sell the product, especially product ratings, promotional content and caliber, and customer risk matching. Perform a comprehensive self-examination.
    Through self-examination, it was found that the fund product was rated as "lower risk" in the company's internal risk rating, and the sales target should be customers with risk tolerance of "cautious" and above. However, in actual sales, there are hundreds of customers below the "cautious" risk level and no risk confirmation has been made, and the subscription amount is large.
    The company further analyzed that there were such serious mismatches due to the following reasons: First, when the company's wealth management headquarters issued the fund sales notice, it did not clearly inform the business departments of the fund's risk level. Second, the information system is defective. The company provides both off-site and on-site methods for investors to subscribe to the fund, but the client on the company's on-site subscription does not have the function of automatically matching and prompting investors to confirm risks, resulting in subscription through on-site channels. Investors in the fund can only perform appropriate matching and confirmation manually through the sales department. Due to incomplete information and inadequate process implementation, some sales departments have not carefully matched investors and products, and have not performed sufficient risk prompting and confirmation. Duties. Third, some business departments violated the company's regulations and hired unqualified personnel to sell fund products, which reduced the standardization of sales behavior.
    Based on the above factors, the company believes that there are omissions in the management and control of various processes and links of its own sales suitability system, which collectively lead to the consequences of the mismatch of suitability, and should bear the main responsibility.
    According to the conclusion of the self-examination, the company provided risk reminders and assessment downgrades to the internal responsible department, and punished the relevant responsible persons with the criticism and penalty penalty.
    At the same time, in order to make up for investors ’losses and protect their legitimate rights and interests, the company proactively provided a variety of remedies for investors to choose from, including successively issuing three-phase collective asset management plans to dock with the original fund; Customers, the company directly gives economic compensation according to the customer's loss situation, so far has accumulatively compensated 120 customers with a total amount of 1.05 million yuan. The company said that for the subsequent complaints of the same cause, compensation will be paid in accordance with the same standard to ensure that compensation for investors with damaged equity is in place.
    Although the company has certain problems in the appropriateness of management, the company's initiative to take responsibility afterwards should still be affirmed. At the same time, this case tells us: (1) Securities companies and their employees must sell "appropriate products"

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