What Is a Compliance Professional?

In the Trial Provisions on Compliance Management of Securities Companies, the CSRC clearly stipulated that securities companies should set up a "compliance director", and the "compliance director" is the company's compliance officer, who is responsible for the management and operation of the company and its staff. Examine, supervise and inspect the legal compliance of the practice.

Compliance Director

Right!

In the Trial Provisions on Compliance Management of Securities Companies,

The specific work in the "Provisional Regulations on Compliance Management of Securities Companies" includes: issuing compliance review opinions on the company's internal management system, major decisions, new products and new business plans; supervising relevant departments to timely evaluate in accordance with changes in laws, regulations and standards Improve the company's internal management system and business processes; conduct in-process supervision of the legal compliance of the company's and its staff's business management and practice, and conduct regular and irregular inspections; handle complaints involving violations of laws and regulations by the company and staff Wait. According to the "Provisional Regulations on Compliance Management of Securities Companies", the "compliance director" shall not concurrently hold positions that conflict with compliance management responsibilities, and shall not manage departments that conflict with compliance management responsibilities. If the "compliance director" discovers that the company has illegal acts or risks of violations, it shall report to the internal organization stipulated in the company's articles of association in a timely manner, and at the same time report to the China Securities Regulatory Commission or the Securities Regulatory Bureau of the company's domicile. A securities company shall set up a compliance department or designate relevant departments to cooperate with the "compliance director" to carry out compliance management work according to its own situation. For securities companies that fail to effectively implement compliance management, have incomplete internal controls, or have violations of laws and regulations, the supervisory authority will take supervisory measures or hold administrative responsibility on the company and its responsible directors, supervisors, and senior management.

(1) Obtaining qualifications for senior management of securities companies;

(2) Familiar with securities business, proficient in securities laws, regulations, and standards, and possess the professional knowledge and skills required for competent compliance management; (3) engaged in securities work for more than 5 years, and passed relevant professional examinations or have more than 8 years of legal work Experience; or more than 8 years of professional supervision position in a securities regulatory agency.

The professional examination referred to in item (3) of the preceding paragraph refers to the competence examination of the compliance management personnel of securities companies organized by the China Securities Industry Association, the national judicial examination or the lawyer qualification examination.

(1) An independent securities company shall guarantee the independence of the compliance director and ensure that the compliance director can fully exercise the right to information and investigation necessary to perform his duties.

(2) Right to know. The compliance director has the right to attend or attend meetings related to the performance of his duties, read relevant documents and materials, and request relevant personnel of the company to explain relevant matters.

(3) Necessary working conditions. The securities company shall provide necessary human, material, financial and technical support for the compliance director to perform his duties.

When the compliance director deems it necessary, he can hire an external professional agency or personnel to assist him in the name of the company ^[1] .