The securities industry's compensation system welcomes comprehensive revision, with requirements for the content, deferred payment, and assessment period of compensation.

The latest revised "Guidelines for Establishing a Sound Compensation System for Securities Companies" has been issued by the China Securities Association (). It is applicable to all securities firms, and all levels of subsidiaries are required to refer to and implement it. It covers employees, as well as executives and supervisors receiving salaries. This revision focuses on optimizing principles and goals, strengthening internal governance, and refining basic norms in three main directions. Systemic revisions have been made in areas such as compensation boundaries, governance rights and responsibilities, assessment periods, deferred payments, recourse deductions, and function orientation. The core revolves around lengthening periods, strengthening constraints, expanding applicability, and solidifying responsibilities, to optimize and adjust the long-term incentive and constraint mechanisms for securities firms' compensation management. This revision represents a systematic upgrade of the supervision of securities firms' compensation and is the first comprehensive revision of the "Guidelines" since its initial release in 2022. The core objective is to embed long-term stability, compliant risk control, and functional positioning throughout the entire process of compensation management.