Bank of China's "Crude Oil Treasure" has come to its finale, and the final result has also made investors very satisfied.

Speaking of the "Crude Oil Treasure Incident", everyone must be familiar with it.

On December 5, the China Banking and Insurance Regulatory Commission issued an announcement on its official website stating that it would investigate and deal with the Bank of China’s “Crude Oil Treasure” product risk incident in accordance with the law.

In fact, this announcement also stated that the China Banking and Insurance Regulatory Commission will conduct investigations into the Bank of China's "Crude Oil Treasure" product risk incident in accordance with the law, make administrative penalty decisions on the violations involved, and take corresponding regulatory measures.

Regarding the illegal activities related to the Bank of China's "Crude Oil Treasure" product risk incident, it mainly includes the following items: The first item is irregular product management, including unclear contract terms related to margins, lack of independence in product post-evaluation work, and failure to carry out pressure on the product.

Testing related work, etc.; the second item is imprudent risk management, including defects in market risk limit setting, irregular market risk limit adjustments and over-limit operations, and defects in trading system functions that are not rectified in a timely manner as required; the third item is internal control

Imperfect management, including unreasonable performance appraisal and incentive mechanisms, insufficient performance of consumer rights protection duties, bank-wide internal control compliance inspections not covering private product sales management by the global marketing department, etc.; the fourth item is non-compliance in sales management, including

The age of individual customers does not meet the access requirements, the contents of some promotional and sales texts are exaggerated or one-sided, and products are sold by means of giving away physical goods, etc.

We know that in the past, Bank of China has terminated contracts with more than 80% of its "Crude Oil Treasure" customers.

According to the settlement agreement, Bank of China will bear all negative price losses, and will also provide differentiated compensation for losses of less than 20% of the forced liquidation margin based on the specific circumstances of the customer.

It is worth mentioning that if the customer does not reach a settlement agreement with Bank of China, he can directly litigate through local courts.

In fact, judging from the announcements issued by local courts, it is clear that the courts involved in centralized jurisdiction based on the subject matter of litigation, the definition of customers in different jurisdictions, and the litigation methods.

At the end of the announcement, the China Banking and Insurance Regulatory Commission decided to fine Bank of China and its branches a total of 50.5 million yuan for violations related to the Bank of China’s “Crude Oil Treasure” product risk incident; at the same time, the two presidents of the Global Markets Department of Bank of China were fined 50.5 million yuan.

The manager was given a warning and fined 500,000 yuan, and the relevant deputy general manager and senior trader of Bank of China's Global Markets Department were both given a warning and fined 400,000 yuan.

Not only that, the China Banking and Insurance Regulatory Commission also suspended relevant business and access to relevant branches of the Bank of China, and required the Bank of China to comprehensively sort out the responsibilities of relevant personnel in accordance with laws and regulations and seriously hold them accountable.

At the same time, the China Banking and Insurance Regulatory Commission also required the Bank of China to take effective measures to effectively rectify relevant issues to avoid making similar mistakes again.

All in all, the China Banking and Insurance Regulatory Commission’s handling of this matter is still very reasonable.