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证监会一日连发 9 张罚单，6 家券商投行业务“中枪”
On July 31, the CSRC disclosed 9 penalty notices in a batch, penalizing 6 brokerages for investment banking violations, with 3 ordered to rectify and 3 issued warning letters; inadequate quality control and internal review are prominent issues. Follow·
Yesterday·1205 words (about 5 min)
AI Summary & Key Points
Summary
The article reports that the CSRC disclosed 9 penalty notices on July 31, involving investment banking violations by 6 brokerages. Guoyuan Securities, Guorong Securities, and Yongxing Securities were ordered to take corrective measures, and 3 then-current investment banking business heads were issued warning letters; GF Securities, Century Securities, and Hongta Securities were issued warning letters. The penalties focus on issues such as insufficient due diligence, lax quality control and internal review, and non-standard compensation and fee management. The article also cites the 'three lines of defense' regulations for investment banking internal control, pointing out that regulators have maintained a high-pressure stance on brokerages' investment banking business in recent years, requiring brokerages to strengthen internal control management and implement internal accountability.
Main Points
* 1. CSRC disclosed 9 penalty notices in a batch, 6 brokerages were penalized for investment banking violations
Guoyuan Securities, Guorong Securities, and Yongxing Securities were ordered to make corrections, while GF Securities, Century Securities, and Hongta Securities were issued warning letters; the penalties directly target investment banking issues.
* 2. Inadequate quality control and internal review are common problems in this round of penalties
Multiple brokerages had problems such as insufficient due diligence, lax quality control and internal review, and non-standard compensation and fee management, indicating that the internal control 'three lines of defense' did not operate effectively.
* 3. Regulators maintain a high-pressure stance on investment banking and require brokerages to implement internal accountability
The CSRC requires the involved brokerages to strengthen internal control management for investment banking business and hold responsible personnel accountable internally, as industry compliance pressure continues to increase.
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苏可 2026-07-31 22:45 广东
券商中国微信公众号：quanshangcn
9张罚单——6家券商被追责。
7月31日，证监会集中披露9张罚单，其中国元证券、国融证券、甬兴证券3家券商被采取责令改正措施，3名相关投行业务负责人难辞其咎，也受到处罚。广发证券、世纪证券、红塔证券3家券商则被出具警示函。上述处罚均指向投行业务违规问题，其中质控环节的问题尤为突出。
具体来看，从处罚力度而言，国元证券、国融证券、甬兴证券受到的处罚最重，均被证监会采取责令改正的行政监督管理措施。三家券商的共性问题均是“承销保荐项目尽职调查不充分或不到位；质控、内核把关不严格”。此外，国元证券还存在“廉洁从业问题排查整改不到位”的问题；国融证券还存在“报送材料审批管理不到位”的现象；甬兴证券还存在“薪酬管理不规范”的情形。
上述券商时任投行业务负责人也同步被追责。国元证券李洲峰、国融证券柳萌、甬兴证券金勇熊分别被出具警示函。
广发证券、世纪证券、红塔证券则收到警示函。证监会指出，广发证券质控部门独立性不足、项目收费不规范；世纪证券质控、内核把关不严，薪酬管理不规范；红塔证券存在质控现场核查不到位、保荐工作报告披露不充分、底稿验收把关不严等问题。
证监会要求广发证券、世纪证券、红塔证券要加强对投资银行业务的内控管理，对相关责任人员进行内部问责。
根据《证券发行上市保荐业务管理办法》相关规定，保荐机构应当建立分工合理、权责明确、相互制衡、有效监督的内部控制组织体系，发挥项目承做、质量控制、内核合规风控等的全流程内部控制作用，形成科学、合理、有效的保荐业务决策、执行和监督等机制，确保保荐业务纳入公司整体合规管理和风险控制范围。
同时，《证券公司投资银行类业务内部控制指引》也提到，证券公司应当构建清晰、合理的投资银行类业务内部控制组织架构，建立分工合理、权责明确、相互制衡、有效监督的三道内部控制防线。其中，项目组、业务部门为内部控制的第一道防线；质量控制为内部控制的第二道防线；内核、合规、风险管理等部门或机构为内部控制的第三道防线。此外，证券公司应当建立内核意见的跟踪复核机制，内核机构应当对内核意见的答复、落实情况进行审核。
近年来，监管对券商投行业务保持高压态势。从项目执业质量到内控机制有效性，投行“三道防线”的执行情况一直以来为监管检查的重点。此次9张罚单为行业敲响警钟：投行内控不能形同虚设，合规底线不容突破。
## ## ## ## ## ## ## 责编：战术恒
排版：刘珺宇
## 校对：李凌锋
## ## 百万用户都在看
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