news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

another fund sales company received a "fine" and its chairman was "blacklisted" for 3 years!

according to the hubei securities regulatory bureau, the decision was made to take administrative supervision measures against the fund agency bojia fund and its then legal representative, chairman and general manager jiang xiang, including suspending relevant business for 12 months and identifying him as an inappropriate candidate. within three years from the date of the decision on the supervision measures, jiang xiang shall not serve as a director, supervisor, or senior manager of a securities company, fund sales company, or securities investment consulting company, or actually perform the aforementioned duties.。

bojia fund was fined

recently, the hubei securities regulatory bureau disclosed that it has decided to take administrative supervision measures against the fund sales agency bojia fund and its then legal representative, chairman and general manager jiang xiang, including suspending the handling of relevant businesses (all businesses covered by article 54 of the "supervision and administration measures for publicly offered securities investment fund sales institutions") for 12 months and identifying them as inappropriate candidates.

specifically, within three years from the date on which the regulatory measures are decided, jiang xiang shall not serve as a director, supervisor, or senior manager of a securities company, fund sales company, or securities investment consulting company, or actually perform the aforementioned duties.

article 54 of the "regulations on the supervision and administration of public offering securities investment fund sales institutions" covers the following suspended businesses: accepting new investors' applications to open trading accounts; signing new sales agreements to increase sales of new products; handling public offering fund share subscriptions, applications or private fund share participation. if a fund sales institution is ordered to suspend relevant business, it may handle business such as account cancellation, redemption, transfer of custody and transfer.

upon investigation, it was found that bojia fund had committed four types of violations: the equity information submitted to the regulatory authorities was not true, accurate and complete; fund products were sold without a written sales agreement; jiang xiang held an operational position in other institutions and there was confusion with other companies in business operations and personnel management; and fourth, the net value of high-liquidity assets did not reach 20 million yuan.

the hubei securities regulatory bureau stated that the above-mentioned behavior violated the provisions of article 15, article 25, article 36, article 38 and article 50 of the "supervision and administration measures for publicly offered securities investment fund sales institutions" (csrc order no. 175, hereinafter referred to as the "sales measures").

public information shows that wuhan bojia fund sales co., ltd. is the first batch of independent fund sales institutions in hubei province approved by the china securities regulatory commission. in august 2015, the company obtained the approval of the china securities regulatory commission for the qualification of securities investment fund sales business. on september 10, 2015, the industrial and commercial changes were completed, and the company name was changed to "wuhan bojia fund sales co., ltd." on september 2, 2015, it obtained the "fund sales business qualification certificate" and became the first independent third-party financial product sales institution in hubei.

illegal equity holding

recently, two consecutive fines from the hubei securities regulatory bureau simultaneously pointed to bojia fund’s “concealment” of equity holding on behalf of others.

image source: hubei securities regulatory bureau

according to the relevant regulatory letter, between october 2022 and january 2023, bojia fund submitted materials related to equity changes and personnel changes to the hubei securities regulatory bureau three times. the hubei securities regulatory bureau found that these materials all contained "concealment" - they did not explain the equity holding situation and the actual owner of the equity after the company's equity change.

the above situation violates the second paragraph of article 50 of the "regulations on the supervision and administration of public offering securities investment fund sales institutions": fund sales-related institutions and their shareholders, actual controllers, practitioners, etc. shall cooperate with inspections and investigations, and the information and materials provided shall be timely, true, accurate and complete. for this reason, the hubei securities regulatory bureau has taken regulatory warning measures against the two persons directly responsible - tao jie and qiu haomin.