Huatai Securities Xining Xinning Road Business Department Manager Fu Jie received a warning letter regarding inadequate management of financial reimbursement processes, among other issues.

Blue Whale News, April 8 — Recently, the Qinghai Securities Regulatory Bureau issued an administrative regulatory decision letter targeting Fu Jie, the person in charge of Huatai Securities Co., Ltd.'s Xining Xinning Road Securities Branch.

The decision letter states that Huatai Securities Co., Ltd.'s Xining Xinning Road Securities Branch has the following violations: First, inadequate management of the financial reimbursement process, entertainment expenses used without prior approval, and the reimbursement process did not specify the exact purpose of entertainment expenses, posing a risk of improper benefit transfer. Second, failure to effectively perform continuous identity verification for some investors and inadequate fulfillment of the real-name account usage responsibilities.

These actions violate the provisions of the “Regulations on the Integrity of Securities and Futures Business Institutions and Their Staff” and the “Measures for the Administration of Securities Brokerage Business.”

As the branch manager, Fu Jie bears management responsibility for the above issues. The Qinghai Securities Regulatory Bureau has decided to issue a warning letter to Fu Jie as a supervisory measure and record it in the integrity archive of the capital market.