Regulators have issued a risk control operations manual for securities firms to implement consolidated supervision. Six pilot securities firms are required to submit their annual reports by April 30th.

Sina Finance reported on March 31st that the regulation of consolidated financial statements by securities firms has now entered the implementation phase. The China Securities Association has recently conducted research and released the "Operating Manual for Calculating Risk Control Indicators for Securities Firms' Consolidated Statements" for industry reference, in order to enhance the standardization level of industry consolidated management. The manual specifies six core calculation rules, with derivative risk measurement and penetration supervision as key points. The manual will be dynamically adjusted for implementation, requiring securities firms to strengthen their risk measurement capabilities and not privately simplify the handling of risk exposures, in order to provide a unified operational standard for industry consolidated risk control. According to previous regulatory arrangements, six pilot securities firms including China International Capital Corporation, China Merchants Securities, CITIC Securities, Huatai Securities, China CITIC Securities, and Guotai Junan Securities are required to submit their consolidated annual reports for 2025 before April 30 this year, while non-first-tier securities firms need to advance their preparations, with overall differentiated arrangements tailored to the industry's current situation.