China Securities Industry Association actively implements the fee reduction policy and effectively reduces the operating burden of member units.
In recent years, China Securities Industry Association (hereinafter referred to as "the Association") actively responded to the call of the CPC Central Committee and the State Council for fee reduction policy, continued to deepen the implementation of the "streamline administration, delegate power, strengthen regulation and improve services" reform requirements, and actively reduced membership fees and training fees for member units and employees in accordance with the arrangements made by the regulatory authorities, thus reducing the operating burden of industry institutions.
First, formulate and implement charging standards in strict accordance with laws and regulations.
In accordance with the provisions of laws, regulations and articles of association, the association sets reasonable charging standards, improves charging methods, standardizes charging behavior, and continuously improves the transparency of charging.
First, strictly abide by the standards and procedures for collecting membership fees. According to the Articles of Association of China Securities Industry Association (hereinafter referred to as the Articles of Association), membership dues are the main source of funds for the association, and members have the obligation to pay membership dues as required. On the basis of comprehensive consideration of the economic situation, market environment, members’ operating conditions and affordability, scope of responsibilities, and their own operating costs, the association strictly implements the prescribed procedures, reasonably sets the membership fee standards, and scientifically sets the membership fee grades. At present, the collection method of membership fees has been publicized on the website of Credit China and the official website of the Association as required, and the annual financial revenue and expenditure has been regularly publicized to members and observers, consciously accepting the supervision of member units and society, and continuously improving the standardization and transparency of fees. The current collection standard of membership dues is: (1) The membership dues of legal members are divided into three grades: 100,000 yuan, 500,000 yuan and 1 million yuan, and the calculation basis is 1.5% of the audited net assets of the previous year. (2) Ordinary members and observers shall pay the membership fee of 10,000 yuan per family, and special members shall be exempted from paying the membership fee. (3) Due to special circumstances, the president’s office may reduce or exempt the membership fees of members and observers.
Second, the cost is strict.Make training fees..According to the Securities Law and Articles of Association, the Association is responsible for organizing business training for employees, providing membership services and organizing industry exchanges. At present, the Association provides distance training and face-to-face training. The training fee standards are filed with the education authorities in Xicheng District, Beijing according to regulations, and publicized on the official website of the Association, so as to continuously promote the disclosure of fee information. The current charging standards for training are: (1) The charging standard for face-to-face training is 800-2,000 yuan/day, and training fees are exempted if member units are required to participate or involve major policy interpretation. (2) Since August 2018, the charging standard for distance training has been reduced from 20 yuan/class hour to 15 yuan/class hour; Since July 2020, the charging standard has been reduced from 15 yuan/class hour to 13 yuan/class hour.
Second, actively respond to the requirements of implementing the fee reduction policy
In recent years, the association has taken the initiative to take effective measures to reduce membership fees and training fees for its member units and their employees, effectively reduce the operating costs of industry institutions, optimize the industry development environment, and enhance the awareness of law-abiding and compliance and professional professionalism of employees.
First, we will continue to reduce membership fees and ease the operating burden of members from a practical point of view. In 2017, in order to adapt to the adjustment of the membership attribute and membership fee standard of observers made by the Sixth General Meeting, the Association reduced the annual membership fee for observers by 7.68 million yuan. In 2018, according to the "Opinions on Further Regulating the Charge Management of Trade Associations" (Development and Reform Economic Body [2017] No.1999), on the basis of comprehensive consideration of the members’ operating conditions, affordability, industry development level and other factors, the collection method of membership fees was revised, the standard and grade of membership fees were reasonably set, and the amount of each file was clarified. It is estimated that the newly revised and implemented membership fee collection method in that year reduced the fees for members and observers by 10.44 million yuan. At the same time, the association also exempted members and observers with operational difficulties from annual membership fees of 1.44 million yuan, with a total membership fee reduction of 11.88 million yuan. In 2020, in order to alleviate the operating pressure of the first-line member units against the epidemic, the new members and observers in 2020 and all members and observers in Hubei will be exempted from membership fees, with a total reduction of 2.79 million yuan. According to statistics, from 2017 to 2020, the membership fees for members and observers were reduced or reduced by a total of 22.35 million yuan.
The second is to strictly calculate the cost and continuously reduce the training fees. In terms of face-to-face training, from 2017 to the end of June 2021, 116 free training courses and 15 free live classes were held, and the fees for 24 training courses were reduced, resulting in a total fee reduction of 23.67 million yuan for the industry. In terms of distance training, on the one hand, the charging standard is continuously adjusted. In August 2018, it was reduced from 20 yuan/class hour to 15 yuan/class hour, and in July 2020, it was reduced from 15 yuan/class hour to 13 yuan/class hour. On the other hand, it continues to provide free training services. By the end of 2020, there will be about 150 online free courses, accounting for one-fifth of the total number of courses. In addition, in May, 2020, under the epidemic situation, the Association also launched the "Easy Learning" service in time, which enabled students (institutions) to enjoy more learning courses while reducing their learning expenses, and opened the "Easy Learning" service in 2020 to 17,000 employees in Hubei for free. According to statistics, in 2020, the fee for distance training will be reduced by about 22.595 million yuan.
Third, improve the quality and efficiency of services and effectively reduce the burden on the industry
In addition to vigorously promoting fee reduction measures, the Association has continuously improved its ability to serve its members, relieved the operating burden of the industry during the epidemic, and continuously enhanced its members’ sense of acquisition and satisfaction by focusing on improving its membership services, timely reflecting their demands, and pragmatically solving their problems.
The first is to mobilize the industry to fight the epidemic. The association immediately organized the securities industry to donate money and materials to help areas with serious epidemic situation, and gave full play to its professional advantages to support the real economy to accelerate its recovery and development. By the end of 2020, 96 member units had donated more than 530 million yuan, some member units had donated more than 40 million yuan to poor counties, and 65 securities companies had underwritten 170 "epidemic prevention and control bonds", helping 142 issuers to complete financing of 165.1 billion yuan, providing financial support for the economic development of epidemic areas.
The second is to actively reflect the demands of members. In view of the difficulties faced by member units during the epidemic, the Association further improved the normalized working mechanism reflecting industry demands and suggestions, collected industry demands in time and gave regular feedback to the regulatory authorities through special research, investigation and soliciting opinions, which promoted the regulatory authorities to reduce the proportion of securities investor protection funds paid by securities companies in Hubei in 2019, reducing the operating burden of member institutions; It allows the account opening agency to choose the off-site account opening mode of single and two-way video witness independently, which provides convenience for the business development of member units.
The third is to reduce the burden of industry data reporting. In order to further strengthen the "streamline administration, delegate power, strengthen regulation and improve services" reform, the Association actively appealed to the regulatory authorities to exempt monthly reports and abolish redundant statements, and urged the regulatory authorities to abolish 48 statements, accounting for 19% of the total number of existing statements, according to the principles of simplicity, waste and avoid repeated submission, and canceled the disclosure requirements of monthly operating data and interim reports of securities companies covering classified results, effectively reducing the pressure on data submission of industry operating institutions.
The fourth is to promote the digital transformation of the industry. During the epidemic, the Association made great efforts to guide the industry to prevent the spread of the epidemic and protect the health of investors, strengthen the empowerment of financial technology, increase investment in cutting-edge technologies such as artificial intelligence, cloud computing, big data and blockchain, and promote the industry to actively use financial technology to optimize services such as remote account opening, online trading, intelligent investment and intelligent customer service. During the epidemic, online transactions reached more than 90%, effectively resisting the impact of the epidemic on the capital market and securities business and ensuring the smooth operation of the market.
In the next step, the Association will actively perform the statutory duties entrusted by the new Securities Law, give full play to the role of industry self-regulatory organizations, conscientiously implement the deployment arrangements for reducing burdens and fees, further strengthen the awareness of active service, continue to pay attention to the operating conditions of member units, actively reflect the development demands of members, respond to market concerns, pragmatically solve the development problems of the industry, stimulate the vitality of the industry, and promote industry institutions to provide higher quality securities financial services to the real economy and the general residents.
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