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on september 2, the china securities association issued the "code of professional ethics for securities practitioners" (hereinafter referred to as the "code"). the "code" proposed six industry ethical standards that practitioners should abide by, including "honesty and trustworthiness, professional due diligence", "profit with justice, cherish reputation", "soundness and prudence, and long-term commitment", "upholding integrity and innovation, benefiting the country and the people", "compliance with the law, integrity and self-discipline", and "respect and tolerance, common development". it vigorously promotes the excellent traditional chinese culture, guides practitioners to practice the "five musts and five don'ts", and establish a good social image.

the china securities association requires that all securities companies and their subsidiaries should strengthen the management of personnel selection and employment, strictly control the "entry, promotion and exit" of personnel, and strengthen the inspection of personnel's political quality, moral character and honest employment. companies should carefully hire and appoint personnel with negative reputation information. personnel who violate laws and regulations and behave unethically and unethically should be resolutely cleared out to continuously purify the workforce.

six requirements are clearly defined

the "guidelines" put forward six requirements for securities practitioners.

first, in terms of honesty, trustworthiness and professional due diligence, the "guidelines" require practitioners to adhere to the spirit of the contract, abide by fiduciary obligations, consciously protect the legitimate rights and interests of investors, especially small and medium-sized investors, fully perform due diligence, suitability management and other duties, disclose relevant information truthfully, accurately and completely, uphold the spirit of craftsmanship, give full play to professional advantages, serve the development of the real economy, provide quality services to customers, be loyal to their institutions, do their jobs conscientiously, consciously resist fraud, misleading and deceiving, not neglect their duties, and not cross the bottom line.

second, in terms of pursuing profit through righteousness and cherishing reputation, the "code" clearly states that practitioners should establish a correct view of righteousness and interests, adhere to a people-centered value orientation, correctly handle the relationship between functionality and profitability, overall interests and individual interests, customer interests and institutional interests, strengthen their sense of mission and responsibility, consciously safeguard national interests and national security, abide by public order and good customs, regulate their personal professional behavior, cherish industry reputation and professional reputation, consciously practice social responsibilities, establish a good social image, and not forget righteousness when seeing profit or be profit-driven.

third, in terms of being prudent and committed to the long term, the "guidelines" propose that practitioners should establish a correct view of business operations, performance, and risk, grasp the relationship between development and safety, the current and the long-term, seek progress in stability, practice prudently, actively learn from useful experiences, continuously improve the ability to identify, respond to and resolve risks, actively fulfill risk reporting obligations, strictly prevent all kinds of business risks caused by improper behavior in the course of practice, consciously resist fluke mentality and short-sighted behavior, and not advance blindly or seek quick success.

fourth, in terms of upholding the truth and innovating, benefiting the country and the people, the "guidelines" require practitioners to fully, accurately and comprehensively implement the new development concept, adhere to the essence of securities business, promote innovation on the premise of upholding the truth, actively participate in the five major areas of science and technology finance, green finance, inclusive finance, pension finance, and digital finance, help meet the people's growing wealth management needs, continuously improve their professional capabilities, not be complacent, and not deviate from reality.

fifth, in terms of compliance with laws and regulations, and integrity and self-discipline, the "code" clearly states that practitioners should establish the concept of compliance with laws and regulations, abide by ethics in business development, respect laws and regulations, respect the constitution, strictly abide by laws and regulations, regulatory requirements, industry self-discipline rules, and the rules and regulations of their institutions, consciously accept supervision and self-discipline management, always adhere to honest practices, maintain clean and orderly working relationships, customer relationships, and government-business relationships in the conduct of business and related commercial activities, consciously resist the direct or indirect transfer of and pursuit of improper benefits to others, and do not violate laws and regulations or act arbitrarily.

sixth, in terms of respect, tolerance and common development, the "code" proposes that practitioners should abide by professional ethics, do things according to the rules and be down-to-earth, respect customers, partners, competitors, the general public and other stakeholders, be impartial, objective and fair, respect and tolerate different opinions and differences in culture, language, profession and other backgrounds, jointly create an industry development environment without discrimination and prejudice, and become practitioners with vision, responsibility and respect.

practitioners should regulate their words and deeds and cherish the reputation of the industry

the china securities association requires that all securities companies and their subsidiaries, securities investment consulting companies, securities credit rating agencies and other relevant securities operating institutions should effectively improve their political stance, enhance their awareness of the overall situation, adhere to the people-centered approach, accurately grasp the profound connotation of the "five musts and five nos", do a good job in the "five major articles" of finance, actively fulfill the main responsibility of the professional ethics construction of practitioners, strengthen the management of practitioners, and resolutely clear out those who violate laws and regulations and behave unethically and normatively, and continuously purify the ranks of practitioners. practitioners should follow the requirements of the "code", regulate their words and deeds, cherish the reputation of the industry, the company and their personal reputation, resolutely resist bad behaviors that are contrary to social morality, chinese traditional virtues and professional ethics, actively practice the "five musts and five nos" financial culture with chinese characteristics, protect the legitimate rights and interests of investors, and show the good style of practitioners.

the "five musts and five don'ts" originated from the opening ceremony of the special seminar for provincial and ministerial-level leading cadres on promoting high-quality financial development in january this year. the meeting pointed out that to promote high-quality financial development and build a financial powerhouse, we must adhere to the combination of rule of law and rule of virtue, and actively cultivate a financial culture with chinese characteristics, and do the following: be honest and trustworthy, and don't cross the bottom line; make profits in a righteous way, and don't be profit-driven; be steady and prudent, and don't seek quick success and instant benefits; adhere to the truth and innovate, and don't deviate from reality; comply with the law and regulations, and don't act arbitrarily.

according to the regulations, all securities companies should strengthen the construction of personnel management systems, update and improve relevant system documents before march 31, 2025 in accordance with the requirements of the code, and organize at least one professional ethics promotion activity for all employees. a positive incentive mechanism for the formation of moral models and advanced models should be established in the relevant systems, and warning and disciplinary measures for violations of the code should be clearly stated. at the same time, it is necessary to report to the china securities association in a timely, accurate and complete manner the positive information such as the commendation of personnel and the negative information such as the punishment, so as to form an effective reputation constraint, and it is not allowed to evade the responsibility of reporting reputation information on the grounds that the relevant personnel have resigned. all securities companies and related subsidiaries should also refer to the code to improve and refine the indicators of professional ethics and honest employment in employee assessment, and promote the implementation of cultural construction assessment content, so as not to become a formality. the implementation of the code and this notice by securities companies should be included in the annual report on the practice of corporate culture construction for public display.

in terms of reputation risk prevention, the china securities association requires that all securities firms should attach great importance to reputation incidents caused by improper behavior of company personnel, promptly summarize and sort out risk drivers that may affect the company's reputation, improve risk management plans, establish and improve a rapid response, safe and effective reputation risk management mechanism, actively maintain, consolidate and enhance the company's reputation, and demonstrate the good style of practitioners and the good image of the industry.

the china securities association stated that the "code" respects the characteristics of the industry while being consistent with china's unique financial culture, forming ethical standards with securities industry characteristics and specific business requirements for securities practitioners, guiding practitioners to cherish their professional reputation, abide by professional ethics, and promote the cultivation of a high-quality professional talent team with both moral integrity and professional competence.

china securities journal reporters learned that the china securities association will strengthen practitioners' understanding of the "code" by drafting a "professional ethics handbook for securities practitioners", organizing industry training and exchanges, and showcasing advanced individuals and moral models in the industry, so as to promote practitioners to have a deep understanding of the importance of professional ethics construction and enhance practitioners' awareness of practicing the "five do's and five don'ts" financial culture with chinese characteristics and the "code".