Strictest penalties in the investment advisory industry! A 28-year-old established institution has been delisted and has already received nearly 70 penalties within the year.

A fine of 3 million yuan and the revocation of the business license have declared the end of the main business of a 28-year-old veteran investment consulting institution, and also accelerated the industry's process of deep restructuring and standardized professional development. Recently, the official website of the China Securities Regulatory Commission disclosed an administrative penalty decision: Beijing Zhongfang Xinfu Investment Management Consulting Co., Ltd. was fined 3 million yuan and its securities investment consulting business license was revoked; its former legal representative and chairman Zhang Song was warned and fined 600,000 yuan, and a six-year ban on entering the securities market was imposed. The root cause of this heavy penalty is the company's repeated failure to uphold compliance standards. The penalty decision shows that Zhongfang Xinfu and Zhang Song mainly had two illegal facts: failure to keep relevant documents and materials as required; and submission of false statements in documents and materials provided to securities regulatory authorities. In fact, this "heavy attack" on Zhongfang Xinfu is just a microcosm of the increasingly strict supervision of the investment consulting industry in recent years. According to data from the iFinD platform of Tonghuashun, as of November 19th, regulatory authorities have issued 67 administrative penalties against 45 securities investment consulting institutions this year, including well-known licensed institutions such as Tianxiang Wealth, Qimingxing, and Bairuiying.