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Story summary
- China’s securities regulator is moving to close compensation loopholes for brokerage management and staff.
- The Securities Association of China sent brokerages a draft of “clean practices” rules, requesting feedback by September 29.
- The draft extends integrity oversight to offshore operations for the first time.
- Brokerages must install clawback mechanisms to recover bonuses from employees who breach ethical standards.
- Brokerages must prepare an annual integrity management report reviewed by their board.
