Financial Associated Press, July 12 (Reporter Feng Qijuan) Under the effect of making money, the "Matthew effect" of fund sales is obvious. Under strong supervision, more fund sales companies are shuffled or face the risk of being out of the game. .
On July 11, the Beijing Supervision Bureau issued regulatory fines to two fund sales companies and their general managers at the same time.According to the decision, due to a number of violations, the Beijing Regulatory Bureau ordered PCCW Fund and Main Road Fund to suspend related businesses for 12 months and 3 months, respectively. Qu Xinyue and Dong Yunwei, general managers of the two companies, were both issued warning letters.
The development of the industry is superimposed with stricter supervision, and it is not uncommon for fund agency agencies to be fined for violations.Third-party fund sales companies have become "hardest-hit areas", and the actual controllers or executives cannot escape punishment, and the punishment will be strengthened.
Just last week, Magpie Fortune and its chairman Wang Zhengfeng received a fine from the Tibet Supervision Bureau at the same time.The Tibet Supervision Bureau listed a total of 9 violations of Magpie Wealth in three major areas: operation management, internal control, and information technology.At the same time, the Tibet Supervision Bureau ordered Magpie Fortune to suspend related businesses for 6 months.
Currently, fund companies have increasingly higher compliance requirements for third-party sales agencies.A number of fund companies have suspended the agency sales business with Magpie Wealth.Just in June this year, Ping An Fund and Oriental Fund issued an announcement to suspend business cooperation with Magpie Fortune.At the beginning of 2021 and at the end of 2020, Beixin Ruifeng Fund, CCB Fund, and Tianye Fund have successively suspended their agency sales cooperation with Magpie Fortune.
In addition to the suspension of business, some fund sales agencies have even had their fund sales licenses cancelled due to violations.
Among the third-party fund agency agencies, there is a category of wealth companies.Generally speaking, negative-ridden agency agencies tend to come from such wealth platforms.In order to sell the fund, the agency sales agency did everything possible in marketing, and did not hesitate to step over the red line of supervision.With the exposure of a large number of violation cases, the usual marketing methods of fund sales agencies have gradually surfaced, mainly manifested in two types of "induction" methods.
Several fund agencies and general managers were punished
After preliminary on-site inspection, PCCW Fund had five violations in the fund sales business.Accordingly, the Beijing Supervision Bureau decided to take administrative supervision measures ordering it to suspend the relevant business for 12 months.
The decision disclosed five problems that PCCW Fund had in the process of conducting fund sales agency business:
(1) Failing to report to the Beijing Regulatory Bureau that the actual controller is suspected of a criminal offense and that all the shares have been frozen, and has concealed for a long time the fact that the company has been unable to operate normally;
(2) The actual number of employees who have obtained the fund qualification is only 1, and the requirement of 20 people has not been met for a long time;
(3) Failing to ensure the safe and efficient operation of the fund sales information management platform, and failing to establish a disaster backup system and emergency response plan in compliance with regulations;
(4) The financial status is poor and the net assets are negative, which cannot meet the needs of daily operations and risk prevention;
(5) Failing to file the change of office address with the Beijing Supervision Bureau in a timely manner.
At the same time, there was also a warning letter stating that Qu Xinyue, as the general manager of the company, was responsible for the above problems.
On the same day, the Beijing Regulatory Bureau issued a fine to another third-party fund sales company, Gandao Fund, and its general manager Dong Yunwei.
According to the decision on the administrative supervision measures, the Beijing Supervision Bureau ordered Qiandao Fund to suspend the relevant business for 3 months.
After a preliminary on-site inspection, the Beijing Supervision Bureau found that there are eight problems in the fund sales business of Qiandao Fund:
(1) The information on some pages of the mobile APP is displayed incorrectly, and it does not have the functions of disclosing the information of fund practitioners, and does not meet the relevant requirements of the fund sales business information management platform;
(2) There are less than 20 persons who have obtained the qualifications for fund practitioners;
(3) There is a lack of necessary physical isolation and staffing between business departments, the internal control is not perfect, and the relevant systems are not updated in a timely manner;
(4) Failing to incorporate the scale of fund sales and investors' long-term investment returns into the assessment and evaluation system;
(5) It has not established a special compliance and risk control management department;
(6) The independence of business development is insufficient, and there is confusion with related parties Gandao Investment Fund Management Co., Ltd. and Qiandao Investment Holding Group Co., Ltd., and senior executives hold operating positions in the related party Qiandao Investment Holding Group Co., Ltd.;
(7) The financial status is poor, and the net value invested in high-liquidity assets is less than 20 million yuan;
(8) Failure to file changes in senior management with the regulatory authorities in a timely manner.
As the general manager, Dong Yunwei was responsible for the above-mentioned problems and was taken by the Beijing Supervision Bureau to issue a warning letter for administrative supervision.
On the previous trading day, Magpie Fortune and its chairman Wang Zhengfeng received a fine from the Tibet Supervision Bureau at the same time.
The Tibet Supervision Bureau pointed out that Magpie Wealth has 5 types of violations in operation and management, and 4 types of violations in internal control and information technology.Based on this, the Tibet Supervision Bureau ordered Magpie Wealth to suspend related businesses for 6 months.
In fact, for a number of third-party fund sales companies, including PCCW Fund and Main Road Fund, the violations involved are basically included in the above-mentioned business management, internal control, and information technology.
The third-party fund sales company has become the "hardest hit area" for punishment
The development of the industry is superimposed with stricter supervision, and it is not uncommon for fund agency agencies to be fined for violations.Third-party fund sales companies are already "hardest hit", and the actual controllers or executives cannot escape punishment, and the punishment is strengthened.
Among them, the Zhejiang Regulatory Bureau will impose severe administrative penalties on the actual controller and chairman of the private equity fund agency Jin Guancheng in 2021.
On June 7 last year, the Zhejiang Supervision Bureau issued two administrative penalty decisions against Jin Guancheng.According to the Zhejiang Supervision Bureau, Jin Guancheng has two major illegal facts:
First, Jin Guancheng directly or indirectly promotes and promotes to unspecified objects through unfamiliar phone calls, sending information, organizing customer referrals, and signing contracts with third-party channels to promote potential customers.According to Jinguancheng CRM system data, there are more than 3.5 million phone records for all the company's customers.From February to June 2018, Jin Guancheng raised a total of 314.1 million yuan through referrals from old customers.From January 2017 to May 2018, 12 third-party institutions introduced 32 clients to Jinguancheng, raising a total of 997 million yuan and paying channel fees of 11.9777 million yuan.
Second, as a fund sales agency, Jinguancheng directly promises to guarantee the principal and returns during the fund raising process, or guides investors to form the relevant products by promoting the payment of the previous products according to the agreed rate of return, emphasizing that the raised products have fixed income and local government background, etc. Guaranteed earnings expectations.
Accordingly, the Zhejiang Securities Regulatory Bureau ordered Jin Guancheng to make corrections, gave him a warning, and imposed a fine of 30,000 yuan.
Wei Jie, as the honest controller of Jinguancheng, has the final decision-making power in the investment, fundraising, sales, management and other aspects of the relevant private equity funds, is responsible for the overall affairs of Jinguancheng, and is the person in charge directly responsible for this case.As the chairman and general manager of Jin Guancheng, Jiang Xueqi is responsible for the daily fund raising of Jin Guancheng, and is the person in charge directly responsible for this case.
According to relevant regulations, the Zhejiang Securities Regulatory Bureau decided to issue a warning to Wei Jie, impose a fine of 30,000 yuan, and take measures to prohibit entry into the securities market for 10 years. measure.
In the past few years, Jin Guancheng has received many fines.Throughout 2018, Jin Guancheng received 3 regulatory fines.In April of that year, Xu Liyun, then legal representative of Jin Guancheng, was asked to accept a regulatory interview because he did not cooperate with the Zhejiang Securities Regulatory Bureau to carry out on-site inspections.
It should be noted that the parent company of Jinguancheng is Jincheng Group.In 2019, Jincheng Group was investigated for suspected illegal fundraising, and 52 people, including the actual controller, were subject to criminal coercive measures.
Illegal practices of third-party agency agencies surfaced
Under the effect of making money, the "Matthew effect" of fund sales in the arena is obvious.When the supervision is strengthened and the entry threshold is raised, the "reshuffle" of third-party agency sales is accelerating.
According to the official website of the China Association for Fundraising, there are currently 101 independent third-party sales agencies that have obtained institutional membership, and Magpie Fortune is the only third-party agency that has obtained a fund sales license within the jurisdiction of Tibet.
Up to now, many fund companies have suspended the agency sales business with Magpie Wealth.Just in June this year, Ping An Fund and Oriental Fund issued an announcement to suspend business cooperation with Magpie Fortune.At the beginning of 2021 and at the end of 2020, Beixin Ruifeng Fund, CCB Fund, and Tianye Fund have successively suspended their agency sales cooperation with Magpie Fortune.
In addition to the suspension of business, some fund sales agencies have even had their fund sales licenses cancelled due to violations.
According to media statistics, since November 2021, 12 third-party sales agencies, including Datai Jinshi, Cailu Fund, Changchun Development Rural Commercial Bank, and Shandong Shouguang Rural Commercial Bank, have been canceled their agency sales licenses.
Third-party fund agency agencies are mainly divided into three categories: one is the Internet category, that is, Internet platforms that include payment and special agency fund sales; the second category is financial institutions, including banks, brokerages, etc.; the third category is some wealth companies.Generally speaking, negative-ridden agency agencies tend to come from such wealth platforms.
The reason for the frequent violations is that, first, the operating costs of such wealth companies are relatively high, and it is difficult to make profits from just selling funds on an agency basis; second, wealth companies themselves serve the group, and the task of raising is heavier. In order to achieve performance goals, excessive publicity, false publicity, etc. Violations are hard to stop; third, some companies operate in a group mode, which are both sales agencies and private equity fund managers.There is a point of view that such institutions "although they have been separated at the time of registration, they are still the same set of teams and one office. Such behaviors often lead to violations."
In order to sell the fund, the agency sales agency did everything possible in marketing, and did not hesitate to step over the red line of supervision.With the exposure of a large number of violation cases, the usual marketing methods of fund sales agencies have gradually surfaced. The meaning of "induction" is obvious. There are mainly two methods:
First of all, the most direct and common way is to show past performance, but past performance does not represent future performance.
According to the "Administrative Measures for the Sales of Securities Investment Funds", fund promotion materials can publish the past performance of the fund and other funds managed by the fund manager, but they must meet certain requirements and regulations, and it should be specially stated that the past performance of the fund does not The performance of other funds managed by the fund manager is not indicative of its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund.
Secondly, in the sales process, "profit" investors, including rebates, red envelopes, lottery draws, gifts, etc.
The above-mentioned "Measures" clearly pointed out that fund sales institutions engaged in fund sales activities shall not sell funds by means of lottery, rebate, or sending in kind, insurance, fund shares, etc.
