Securities Firms Consolidated Supervision Enters Execution Phase - 6 Firms Required to Submit 2025 Consolidated Annual Reports by April 30

Since the pilot work began in 2020, the supervision of securities firms’ consolidated reports has officially entered the substantive implementation stage. According to reports, the China Securities Association recently launched the first batch of consolidated management reports and risk control indicator submissions for securities firms. The initial participants include China International Capital Corporation, China Merchants Securities, CITIC Securities, Huatai Securities, CITIC Construction Investment, Guotai Haitong, and five other pilot firms. They are required to submit the 2025 consolidated management annual report by April 30 this year, with subsequent years following the same schedule; and to submit the Q1 2026 risk control indicator data by April 29, with subsequent quarters following the same schedule. The China Securities Association clarified that securities firms should report consolidated risk control indicators quarterly, within 20 trading days after the end of each quarter. Differentiated arrangements are made to adapt to industry conditions. Industry-wide consolidated supervision is steadily advancing. Non-initial firms are required to prepare accordingly, with reporting arrangements to be announced separately. (Cailian Press)