catscrasharenaturbostarsdownload| The bond industry is heavy! This business rule is clear!

On May 24, the China Securities Industry Association issuedCatscrasharenaturbostarsdownloadThe "behavior guidelines for Securities companies to provide Investment value Research reports" (hereinafter referred to as "guidelines") to strengthen the self-discipline management of the practice of securities companies to provide investment value research reports.

The China Securities Industry Association said that it will interpret and publicize the guidelines by organizing business training and other forms, continuously improve the practice level of securities analysts, and continue to strengthen the self-discipline management of bid reports.

The bid report emphasizes independence and prevents conflicts of interest.

There are 23 articles in the guidelines, which stipulate the basic principles that securities companies should follow in making and providing bidding reports, and the establishment and improvement of corresponding internal management systems.

According to the requirements, the bid report should abide by the basic principles of independence, objectivity, professionalism, prudence, fairness and integrity, strengthen the compliance management of securities analysts and investment banking business departments, securities issuance and underwriting personnel, and issuers, and prevent conflicts of interest. Securities companies shall specify the relevant requirements of these guidelines in the special internal management system of bidding reports, so as to ensure the independence of securities analysts in writing bidding reports.

The guidelines also put forward normative requirements for entrusting parent companies or subsidiaries to write bidding reports, members of underwriting groups to write bidding reports, analysts' cross-wall management, and exchanges between securities analysts and investment banking personnel, securities issuance and underwriting personnel, and issuers. It is forbidden to influence or interfere with the independent judgment of analysts, so as to prevent conflicts of interest.

Specifically, the project underwritten by an underwriting syndicate is used as a sponsor other than the lead underwriter.CatscrasharenaturbostarsdownloadIf his members need to write a bid report, they shall decide independently and shall not be affected or disturbed by the stakeholders. If more than one company writes a bid report, when signing an underwriting agreement or an underwriting syndicate agreement, the member of the underwriting syndicate shall agree in writing whether the member of the underwriting syndicate will write the bid report and inform the lead underwriter who acts as the sponsor. The securities company that writes the bidding report shall independently complete the production of the bidding report, and shall forbid to discuss the contents of investment analysis such as profit forecast and valuation before providing it to offline investors.

The guidelines require that securities companies should designate at least one securities analyst to participate in the work related to writing the bidding report. After completing the cross-wall examination and approval procedures, securities analysts can communicate with securities companies' securities issuance and underwriting department personnel and investment banking business personnel on the cross-wall initial public offering project (hereinafter referred to as "the project"). Once the securities analysts involved in the cross-wall are confirmed, they shall not be adjusted at will. The securities analysts involved in the work related to writing the bidding report shall go through the formalities of returning to the wall in time after the cross-wall activities have been completed and the sensitive information learned has been made public or no longer has a significant impact.

At the same time, the securities issuance and underwriting departments of securities companies should provide securities analysts with information such as the draft letter of intent of the issuer after the securities analyst has completed the cross-wall examination and approval procedures, and can arrange securities analysts to conduct research on the issuer. The personnel of the investment banking business department shall not be present at the same time during the research of securities analysts. In the process of writing the bidding report, the personnel of the investment banking business department and the securities analyst can communicate with the securities analyst on the basic situation of the project that the securities analyst participates in across the wall. however, it is not allowed to exchange the contents of investment analysis such as profit forecast and valuation of the bidding report, as well as the scope of issuance pricing. In the process of writing the bidding report, it is forbidden for securities analysts and personnel of the investment banking business department, securities issuance and underwriting departments and issuers to discuss the contents of investment analysis such as profit forecast and valuation of the bidding report, as well as the scope of issuance pricing, by organizing individual or joint meetings, seminars, and other offline and online meetings.

The guidelines also make it clear that securities analysts communicate with personnel of investment banking departments, personnel of securities issuance and underwriting departments, and issuers, prohibit influencing or interfering with analysts' independent judgment, and forbid divulging the views and contents of bid reports, etc. further consolidate the principal responsibility of securities companies, standardize the practice of securities analysts and other personnel, and strengthen the quality control and compliance management of bid reports.

Standardize analysts' participation in roadshows

The guidelines put forward normative requirements on the risk hints and provision of the bidding report, the prohibition of divulging the views and contents of the bidding report, analysts participating in roadshows and inviting personnel of the proposed issuing company to attend expert exchange meetings.

For example, in the process of writing the bidding report, securities analysts should fully refer to the prospectus of the issuer and the examination opinions of the stock exchange, and make a good risk warning. Securities analysts are encouraged to strengthen the objective and comprehensive analysis of the development prospects of the industry in which the issuer is located from the demand side and the supply side, and try to focus on the specific impact on the issuer when analyzing the medium-and long-term development prospects of the industry.

After the bidding report has been written and the examination procedures such as quality control and compliance review have been completed, the research department shall provide it to the securities issuance and underwriting department, and then the securities issuance and underwriting department shall provide it to the offline investors in accordance with the requirements or procedures of the stock exchange. Securities analysts and personnel engaged in quality audit and compliance review of the bidding report shall not disclose the contents of the bidding report in the process of writing the bidding report. Prior to the publication of the letter of intent for the initial public offering of securities, securities analysts shall not promote the project roadshow to the investors who intend to participate in the strategic placement. If a securities analyst needs to enhance his understanding of the issuer and his industry, he or she may attend the roadshow by the issuer and the lead underwriter to promote the investors who intend to participate in the strategic placement, but shall not express their opinions and opinions, and the legal advice shall be provided by the witness lawyer employed by the lead underwriter.

For those who violate the guidelines, the China Securities Association may take self-regulatory measures or disciplinary actions according to the seriousness of the circumstances, which shall be recorded in the reputation database of the securities industry, and the relevant disciplinary information will be recorded in the integrity file database of the securities and futures market in accordance with the regulations.

The China Securities Industry Association said that in the course of daily business, the quality of bidding reports is not high, the prediction deviation of some bidding reports is relatively large, and the independence of analysts' practice is not enough. The "guidelines" are intended to further standardize the formation process of bidding reports, prevent conflicts of interest, strengthen analysts' professional independence, promote the improvement of the quality of bidding reports, and give full play to the important reference role of bidding reports in offering pricing.

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