Regulate the issuance and formulation of the consolidated financial statement risk control operation manual for securities firms. Six pilot securities firms shall report their consolidated annual reports before April 30.

Gelonghui March 31｜According to Caixin, the supervision of securities firms’ consolidation reporting has now entered the implementation stage. The latest research by the China Securities Practitioners Association has published and released the 《Securities Firms’ Consolidation Risk Control Indicators Calculation Operations Manual》 for industry reference and learning, to improve the standardization of the industry’s consolidation management. The 《Operations Manual》 clearly sets out six core calculation rules, with a focus on measuring derivatives risk and on penetration-based supervision. The manual calls for dynamic adjustments upon implementation, requiring securities firms to strengthen their risk measurement capabilities, and not to privately simplify the handling of risk exposures, to provide a unified operating standard for the industry’s consolidation risk control. According to earlier regulatory arrangements, six pilot securities firms, including CICC, China Merchants, CITIC, Huatai, CICCICPA Securities, and Guotai Junan, are required to submit their 2025 consolidation annual reports by April 30 this year. Securities firms that are not in the first batch of pilots need to advance preparation work; overall, the differentiated schedule is designed to fit the current state of the industry.