Many investors who bought Xinyuan Fund's one-year wealth management products received a phone call from Nanjing Bank and were told that its one-year Xinyuan Fund was opened in late April, but the loss was nearly 10%. Some investors responded that Xinyuan Fund was described by Nanjing Bank staff as a "risk-free wealth management product" for sale during the sales period, and said nothing about such a bond fund. In the face of the result that may eventually face losses, investors have expressed that they cannot accept it.
In fact, new progress has been made in the identification of Nanjing Bank's alleged false propaganda and other irregularities. On March 2 1, Jiangsu Securities Regulatory Bureau announced the Decision on Ordering Nanjing Bank to Take Rectification Measures (Administrative Regulatory Measures [2016] No.3), which identified four major irregularities in the fund sales business of Nanjing Bank and ordered Nanjing Bank to rectify.
Four major illegal sales behaviors
Jiangsu Securities Regulatory Bureau conducted an on-site inspection on the fund sales business of Nanjing Bank from February 23rd to March 4th this year, and found that there were four major problems in the fund sales business of Nanjing Bank. Among them, the false propaganda criticized by investors has also been put forward by the regulatory authorities, and there are irregularities in the propaganda and promotion materials of individual branches of Nanjing Bank.
According to the inspection results released by Jiangsu Securities Regulatory Bureau, the sales staff of Sunshine Plaza Sub-branch, Jiangnan Building Sub-branch and Dachang Sub-branch of Bank of Nanjing used materials that were not filed with the regulatory authorities and marked with the words "half-year absolute income 13%" when selling Xinyuan bond securities investment funds for half a year.
The above acts violate the provisions of Article 33 of the Measures for the Administration of Securities Investment Fund Sales: "The fund publicity and promotion materials of other fund sales institutions shall be inspected in advance by the senior managers in charge of fund sales and compliance of the fund sales institutions, and issued with compliance opinions, and shall be reported to the dispatched office of China Securities Regulatory Commission at the place of industrial and commercial registration for the record within 5 working days from the date of distribution or public release". And Article 35: "The publicity and promotion materials of the fund must be true and accurate, and conform to the stipulations of the fund contract and the fund prospectus, and there shall be no following circumstances: (5) exaggerating or unilaterally promoting the fund, illegally using statements such as safety, guarantee, commitment, insurance, hedging, safety, high expected annualized expected return, and risk-free, which may make investors think that there is no risk or unilaterally emphasize the centralized marketing period".
In addition to promotional materials, after verification by the regulatory authorities, some branches of Nanjing Bank produced and sent promotional messages of Xinyuan semi-annual open-ended bond securities investment fund to some customers that were not filed with the regulatory authorities. Including the "Xinyuan semi-annual fixed bond fund" used in the previous publicity, the first phase of operation from 20 14 to 20 12 to 20 15 realized the historical expected annualized expected return of 9.0%, and the new round continued its steady style, striving to improve the expected annualized expected return, and made a strong attack! Only June 2nd-10 can the subscription and redemption be opened. The quota is tight, so you need to make an appointment. "SMS content is suspected of violating the rules, which also violates the provisions of Article 33 of the Measures for the Administration of Sales of Securities Investment Funds.
At the same time, the implementation of Nanjing Bank's fund sales business norms was not in place, and it was also found out by the regulatory authorities. Through spot checks, some branches of Bank of Nanjing found that the Application Form for Fund Consignment Business of Bank of Nanjing lacked the customer's signature, and the relevant information about selling fund products was not kept completely. It is worth noting that individual sales staff of Nanjing Bank did not obtain the certificate of "Basic Knowledge Examination of Securities Market" and sold fund products without a license.
In addition, Jiangsu Securities Regulatory Bureau said that Nanjing Bank did not issue the supervision and audit report on the fund sales business in the previous year in the quarters ending 20 13 and 20 14, and two management systems on fund sales were not reported to the regulatory authorities.
In this regard, Jiangsu Securities Regulatory Bureau decided to take administrative supervision measures against Nanjing Bank and ordered it to correct the above violations. Jiangsu Securities Regulatory Bureau also stressed that Bank of Nanjing should further enhance compliance awareness, strengthen compliance management of fund sales business, strengthen personnel qualification management, and strengthen internal audit work to prevent violations from happening again.
Investors demanded a statement.
Jiangsu Securities Regulatory Bureau ordered Nanjing Bank to make corrections, but Nanjing Bank did not reply.