The China Securities Regulatory Commission issued three fines to Shenwan Hongyuan Securities, on the grounds that the company did not independently carry out appropriate management when conducting online investment advisory business with Ant Wealth, and did not comprehensively Know the investor's situation, failing to obtain the customer's address, occupation, financial status, investment experience, integrity records, and other information, the operation of the relevant information system is not within the company's own control, failing to locally save customer information, appropriateness management, and related service records, etc. material.
Shenwan Hongyuan’s then-project leader Zhao Yao, then a member of the executive committee and general manager of the wealth management business department Fang Qingli were taken to supervisory talks, and then chief information officer Xie Chen was issued a warning letter.
According to the information, Shenwan Hongyuan Securities Co., Ltd. was established in 2015 and is wholly owned by Shenwan Hongyuan Group Co., Ltd. (Shenwan Hongyuan). The company has a total of 150 foreign investment enterprises.
It is worth mentioning that Shenwan Hongyuan Securities has been issued a warning letter before. Specifically, in November 2021, Shenwan Hongyuan Securities was issued a warning letter due to issues such as investing in securities underwritten by related parties without obtaining the prior consent of investors during the operation of individual private equity asset management plans.
According to the Shanghai Securities News, Shenwan Hongyuan Securities stated that this regulatory letter is a routine regulatory measure taken by the Shanghai Securities Regulatory Bureau against the company and relevant responsible persons. Independence of sex management, customer information, and data retention issues. At present, the company has basically completed the relevant rectification work in accordance with regulatory requirements. At present, the operation and management of the company are normal and running well. The company has always attached great importance to compliance and risk control and has always adhered to the business philosophy of stable operation and long-term stability. The company will further understand the guidance of regulatory policies, fully grasp the implementation of rectification, continuously improve internal management, strengthen the management of cooperative projects, adhere to legal compliance operations, adhere to customer-centricity, and better serve the development of the real economy.
According to Jiemian News, in response to Shenwan Hongyuan’s punishment, Ant Fortune stated that the matter involved was the online personal investment consulting business carried out by Shenwan Hongyuan Securities on the Ant Fortune platform. Ant Fortune will fully assist and cooperate with Shenwan Hongyuan Securities in its compliance development, ensuring that it is fully compliant and continuously optimized.
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