Speaking of the "crude oil treasure incident", everyone must be familiar with it. 1On February 5th, official website, the CBRC, announced that it would investigate and deal with the "crude oil treasure" product risk incident of Bank of China according to law. In fact, the announcement also stated that the China Banking Regulatory Commission had investigated the risk incident of "Crude Oil Treasure" products of Bank of China in accordance with the law, made an administrative punishment decision on the illegal acts involved, and adopted corresponding regulatory measures.

China Bank's "Crude Oil Treasure" product risk events related violations mainly include the following:

The first item is that the product management is not standardized, including the unclear contract terms related to the deposit, the evaluation of the product after independence, and the failure to carry out stress testing related work on the product;

Second, the risk management is not prudent, including the defects in setting the market risk limit, the irregular adjustment and over-limit operation of the market risk limit, and the failure to rectify the functional defects of the trading system in time as required;

Third, the internal control management is imperfect, including unreasonable performance appraisal and incentive mechanism, insufficient performance protection of consumers' rights and interests, and the internal control compliance inspection of the whole bank did not cover the sales management of private products by the Global Marketing Department.

The fourth item is non-compliance in sales management, including the age of individual customers who do not meet the access requirements, exaggerated or one-sided publicity in some promotional sales texts, and sales of products in the form of physical gifts.

As we know, the Bank of China has cancelled the contract with the customers of Crude Oil Treasure before, and the rate is above 80%. According to the settlement agreement, BOC will bear all negative price losses, and will compensate the difference for the losses below 20% of the compulsory liquidation margin according to the specific situation of customers. It is worth mentioning that if the customer fails to reach a settlement agreement with BOC, he can directly file a lawsuit through the local court. In fact, judging from the announcements issued by local courts, according to the amount of litigation, the definition of local customers, litigation methods, etc., the courts involved in centralized jurisdiction are clearly defined.

At the end of the announcement, the China Banking Regulatory Commission decided to impose a total fine of 50.5 million yuan on Bank of China and its branches in response to the illegal activities related to the "crude oil treasure" product risk event of Bank of China; At the same time, two general managers of the global marketing department of Bank of China were given a warning and fined 500,000 yuan, and two related deputy general managers and senior traders of the global marketing department of Bank of China were given a warning and fined 400,000 yuan. Moreover, the China Banking Regulatory Commission also suspended access to relevant businesses and branches of China Bank, and asked China Bank to comprehensively sort out the responsibilities of relevant personnel and seriously hold them accountable according to laws and regulations. At the same time, the China Banking Regulatory Commission also asked the Bank of China to take effective measures to rectify relevant problems and avoid making similar mistakes again.

In short, in this crude oil treasure incident, the relevant responsible person has also been fined.