The person in charge of a sales department of Hengtai Securities received a warning letter and engaged in other business activities

Source: China Economic Network

Beijing, 20 Jan (China Economic Net) -- The website of the China Securities Regulatory Commission (CSRC) today announced the decision of the Dalian Securities Regulatory Bureau to issue a warning letter to Wang Yu.

After investigation, Wang Yu engaged in other business activities during his tenure as the person in charge of the Securities Business Department of Dalian Galaxy 2nd Street Securities (formerly Dalian Southwest Road Securities Business Department) and the former Dalian Huizhan Road Securities Business Department of Hengtai Securities Co., Ltd. (stock abbreviation: Hengtou Securities Stock Code: HK.01476).

The above conduct violates Article 37 of the Measures for the Supervision of the Qualifications of Directors, Supervisors and Senior Managers of Securities Companies and Article 10 of the Provisions on the Honest Practice of Securities and Futures Business Institutions and Their Staff. In accordance with Article 18 of the Provisions on the Honest Practice of Securities and Futures Business Institutions and Their Staff, the Dalian Securities Regulatory Bureau decided to take supervision and management measures against Wang Yu by issuing a warning letter.

Relevant regulations:

Article 37 of the Measures for the Supervision of the Qualifications of Directors, Supervisors and Senior Managers of Securities Companies: Senior executives and responsible persons of branches of securities companies may concurrently serve as directors and supervisors in up to two companies in which the securities company participates, but they may not concurrently hold positions other than directors or supervisors in the above-mentioned companies, and may not work part-time in other for-profit institutions or engage in other business activities.

Senior executives of securities companies who work part-time in wholly-owned or controlled subsidiaries of securities companies shall not be subject to the above restrictions, but shall comply with the relevant provisions of the Csrc.

The responsible person of a branch of a securities company shall not concurrently serve as the responsible person of other branches of the same kind.

Any person can serve as an independent director in up to 2 securities companies.

Where directors, supervisors, senior executives and branch heads of securities companies work part-time, they shall report to the relevant dispatch agencies within 5 days from the date of occurrence of the relevant circumstances.

Article 10 of the Provisions on the Honest Practice of Securities and Futures Business Institutions and Their Staff: The staff of securities and futures business institutions shall not seek improper benefits in the following ways:

(1) Directly or indirectly accepting or soliciting property or benefits from others in the form listed in Article 9;

(2) Directly or indirectly using insider information, undisclosed information, trade secrets, and customer information provided or proactively obtained by others to seek benefits;

(3) Seeking benefits by inducing customers to engage in unnecessary transactions, using customers' entrusted assets to conduct unnecessary transactions, etc.;

(4) Engaging in for-profit business activities in violation of regulations, concurrently holding positions that may affect their independence in violation of regulations, or engaging in activities that conflict with the legitimate interests of their institutions or investors;

(5) Illegally using authority to provide facilitation conditions for close relatives or other interested parties to engage in for-profit business activities;

(6) Other situations of seeking improper benefits.

Article 18 of the Provisions on the Honest Practice of Securities and Futures Business Institutions and Their Staff: Where securities and futures business institutions and their staff violate these Provisions, the CSRC may take administrative supervision measures such as issuing a warning letter, ordering participation in training, ordering periodic reports, ordering corrections, supervising conversations, identifying inappropriate candidates, and temporarily not accepting documents related to administrative licenses.

The following is the original text:

Decision on the measures of issuing a warning letter to Wang Yu

Wang Yu:

After investigation, you engaged in other business activities during your tenure as the person in charge of the Dalian Galaxy 2nd Street Securities Business Department of Hengtai Securities Co., Ltd. (formerly dalian Southwest Road Securities Business Department) and the former Dalian Huizhan Road Securities Business Department.

The above conduct violates Article 37 of the Measures for the Supervision of the Qualifications of Directors, Supervisors and Senior Managers of Securities Companies and Article 10 of the Provisions on the Honest Practice of Securities and Futures Business Institutions and Their Staff. In accordance with the provisions of Article 18 of the Regulations on the Honest Practice of Securities and Futures Business Institutions and Their Staff, our bureau has decided to take supervision and management measures of issuing a warning letter to you.

If you are dissatisfied with these supervision and management measures, you may submit an application for administrative reconsideration to the China Securities Regulatory Commission within 60 days of receiving this decision, or you may file a lawsuit with a people's court with jurisdiction within 6 months from the date of receipt of this decision. During the period of reconsideration and litigation, the implementation of the above-mentioned supervision and management measures shall not be stopped.

Dalian Securities Regulatory Bureau

January 14, 2022