CSRC disclosed the typical cases of the third batch of self-discipline penalties this year, targeting violations of the proficiency test by practitioners.

On November 24, it was exclusively learned from industry insiders that the China Securities Association recently notified its member units of the third batch of typical cases of industry self-discipline sanctions in 2025, detailing four cases of violations in the assessment of the level of securities industry practitioners. The violations involved investment advisory companies organizing external personnel to refer, individuals taking exams under false identities, using mobile phones to take pictures of test questions, and practitioners participating in organized cheating. The practitioners involved were disciplined by the China Securities Association and deemed unfit for all securities business for 36 months, while the relevant institutions were disciplined with industry warnings. In the industry's view, this notification not only sends a clear signal of the strengthening of examination discipline and integrity building in the industry by the China Securities Association, but also sets a "red line" for compliance management of securities firms, investment advisory companies, and other industry institutions. According to brokerage professionals, the four violations reported by the China Securities Association this time have exposed the mentality of some institutions and individuals in the securities industry's "entrance examination" process and compliance loopholes.