The 2020 annual report shows that Tongyu’s main business is communication antennas and radio frequency devices, optical communications, and new energy electrical cabinets, accounting for 79.37%, 15.53%, and 5.1% of revenue respectively.

The chairman of Tongyu Communication is Wu Zhonglin, male, 54 years old, Chinese nationality, no permanent overseas residency, master degree, engineer, assistant engineer, professor, former assistant engineer of Guangdong Sanshui Southwest Communication Equipment Factory, Zhongshan Post and Telecommunications Bureau, Guangdong Province Mobile branch engineer, visiting professor of Zhongshan Vocational and Technical College, etc.

Daoda (1997) “Individual Stock Trend” reminder:

1. In the past 30 days, Tongyu Communication’s holdings of northbound funds have decreased by 530,200 shares, and the proportion of shares in circulation decreased by 0.32%;

2. No organization has conducted research on Tongyu Communication in the past 30 days.For more key information, please search for “Dao Dahao”.

   Every Jing Toutiao (nbdtoutiao)——You lose 200,000 yuan if you get out of the column! How long will the low price of the pig cycle go sideways in the second half?The industry predicts that the turning point will come at this time

   (Reporter Zeng Jianhui)

   Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before use. According to this operation, at your own risk.

   Daily economic news

From the Financial Association (Shenzhen, reporter Zou Chenhui), Dongxing Securities has ushered in the latest progress in its fixed increase in fundraising, and this is also the 15th listed securities firm to launch a fixed increase since last year. In addition, there are already 11 brokerages that have refinanced through allotment.

The latest announcement of Dongxing Securities stated that the fixed increase application has been reviewed and approved by the China Securities Regulatory Commission, and the company will make another announcement after receiving the official documents reviewed by the China Securities Regulatory Commission.

In February of this year, Dongxing Securities issued a fixed increase plan, which plans to issue no more than 474 million additional shares, and the total amount of funds raised is expected to not exceed 7 billion yuan. In May of this year, Dongxing Securities’ fixed increase application was accepted by the China Securities Regulatory Commission.

Behind the fixed growth of Dongxing Securities is closely related to the current capital market development entering a period of strategic opportunities. Regulatory authorities clearly support securities companies in multiple channels and forms to enhance their capital strength, encourage market-oriented mergers and acquisitions and reorganization, and support the securities industry to become better and stronger. At present, the 8.5 billion fixed increase of Guohai Securities and the 8 billion fixed increase of Huachuang Yangan are on the way. The parent company of Zhongshan Securities also launched the latest fixed increase plan earlier this month.

Dongxing Securities will increase by RMB 7 billion, and invest RMB 6 billion in investment and trading business and expand the business of financing and financing

Dongxing Securities’ previously announced fixed-increasing plan announcement shows that the number of non-public issuance of A shares does not exceed 474 million shares, and the capital raised does not exceed 7 billion yuan. After deducting issuance costs, all will be used to increase the company’s capital and supplement the company’s operations. Capital, expand the company’s business scale, and enhance the company’s market competitiveness.

Specifically, no more than 3 billion yuan is used to expand the scale of investment transaction business; no more than 3 billion yuan is used to expand the scale of margin financing and securities lending business; no more than 500 million yuan is used to increase investment in subsidiaries; no more than 500 million yuan For other working capital arrangements.

Dongxing Securities said that through this fixed increase, the company’s equity capital will be enriched, total assets and net assets will increase correspondingly, and the asset-liability ratio will correspondingly decrease, the company’s capital structure will be further optimized, and the financial structure will become more stable. In addition. The company will increase the scale of net capital, accelerate the development of related businesses, and enhance the company’s overall profitability and risk resistance.

Net profit attributable to the parent in the first quarter fell nearly 20% year-on-year

As the first domestic AMC brokerage listed on A-shares, Dongxing Securities’ controlling shareholder, Orient Asset Management Co., Ltd. (holding 52.74% of the shares), is strong, and the actual controller is the Ministry of Finance.

From the perspective of recent performance, Dongxing Securities in the first quarter of this year showed that during the reporting period, the company achieved revenue of 886 million yuan, a year-on-year increase of 0.71%; realized net profit of 250 million yuan, a year-on-year decrease of 19.01%.

Last year’s annual report showed that the company achieved revenue of 5.687 billion yuan, a year-on-year increase of 27.10%; realized net profit of 1.54 billion yuan, a year-on-year increase of 26.13%. Among them, securities brokerage business accounted for 34.77%; securities investment business accounted for 24.07%; investment banking business accounted for 19.35%; other businesses accounted for 12.53%; asset management business accounted for 9.28%.

According to the ranking data of various securities firms in 2020 released by the China Securities Association, Dongxing Securities ranked 22nd in the industry last year in total assets, 25th in net assets, 23rd in operating income, 22nd in net profit, and 22nd in brokerage business income. Ranked 28th, investment banking income ranked 13th, asset management business income ranked 19th, overseas subsidiary securities business income ranked 22nd, and self-operated business income ranked 57th.

As of June 15, Dongxing Securities’ stock price closed at 10.67 yuan, with a total market value of 29.4 billion yuan.

Many small and medium-sized securities companies are trying to increase their capital strength through fixed increase

According to a reporter from the Cailian News Agency, in recent years, regulators have implemented risk control index management for securities companies with net capital and liquidity as the core. The China Securities Regulatory Commission has successively revised the Measures for the Management of Risk Control Indexes for Securities Companies and the Risk Control Indexes for Securities Companies. The Regulations on Calculation Standards have further improved the risk control index system of securities companies with net capital and liquidity as the core, and has put forward higher standards for the risk management of securities companies.

In the face of liquidity pressure and changes in the operating environment, many securities firms are increasing their capital strength through further fixed increases, reducing liquidity risks, and improving the company’s overall risk management capabilities and risk resistance capabilities.

On June 4, Zhongshan Securities’ parent company Jinlong shares issued a fixed increase plan. This time the proposed additional issuance of no more than 264 million shares (including the number), the issue price is 12.59 yuan, and it is planned to raise no more than 3.324 billion yuan.

In March of this year, Huachuang Yang’an disclosed the fixed increase plan stated that the planned number of non-public issuance of A shares will not exceed 522 million shares, and the raised funds will not exceed RMB 8 billion (including the number). After deducting the issuance costs, it will be used for all Increase capital to Huachuang Securities to increase the capital of Huachuang Securities, supplement its working capital, optimize business structure, expand business scale, and enhance market competitiveness and risk resistance.

In January this year, Guohai Securities announced that the company’s 8.5 billion fixed increase has been approved by the board of directors. The issuance still needs to be approved by the state-owned asset management unit, the company’s shareholders meeting, and the China Securities Regulatory Commission. The 8.5 billion fixed increase, China Sea Securities plans to invest 4 billion yuan in investment and trading business.

It is worth noting that whether securities firms can successfully raise funds in full is also attracting market attention. A reporter from the Financial Associated Press previously reported that many brokerages have seen a decline in their planned additional funds raised.

On May 21, Zheshang Securities announced that after the completion of this non-public offering, the company has added approximately 264 million new shares, and the total amount of funds raised is approximately 2.805 billion yuan. Last year, Zheshang Securities announced that it planned to raise 10 billion yuan.

On April 29, Tianfeng Securities issued a fixed increase announcement stating that the company’s final fundraising amount was 8.18 billion yuan (including issuance costs). Prior to this, the company announced that it planned to raise a total of no more than 12.8 billion yuan.

On December 29 last year, China Securities Construction announced that the company had issued 110 million A shares, raising a total of 3.883 billion yuan. Prior to this, China Securities Construction Investment announced that it planned to raise 13 billion yuan in additional funds.

According to a reporter from the Financial Associated Press, some of the securities firms’ fixed increase and decrease are related to the company’s own stock price changes and capital replenishment. China Securities Investment Corporation previously stated that there are two reasons for the company’s fixed growth and shrinkage: one is that the company’s A-share share price in 2020 has risen sharply compared with January 2019, and the forecast basis has changed; the second is that the company has achieved a certain amount of profit through rollover in the past two years. Capital replenishment.

Large brokerages have also raised funds through refinancing

In addition, large securities companies have also raised funds through fixed increase, allotment and other methods. On the evening of February 26 this year, CITIC Securities announced a 28 billion yuan allotment plan, which is to be used for the development of capital intermediary business, subsidiaries, and information system construction.

In August last year, Haitong Securities planned to raise 20 billion yuan in additional funds. Specifically, Haitong Securities’ fixed increase of 20 billion this time, of which no more than 6 billion will be used to develop capital intermediary business and further enhance financial service capabilities; not more than 10 billion will be used to expand the scale of FICC investment and optimize the asset-liability structure.

Also in August last year, Guosen Securities raised an additional 15 billion yuan. The net proceeds raised this time will be used to supplement the company’s capital, working capital and repay debts to expand the business scale and enhance the company’s ability to resist risks and market competitiveness.

The situation of overloaded watercraft is common, but the handling of the functional forces is not easy Heart attack with “beam train” In the early days of June 2021, at the post to regulate water traffic at Chuong Duong – Long Bien bridge cluster on the Red River, due to the start of the rainy season, the water level often changes rapidly. However, the situation of overloaded watercraft, especially sand, gravel and construction materials is very common. Many ships carry heavy loads, the hull is deeply sunken, causing water to overflow on the deck on both sides of the ship, feeling like a big wave or storm, the ship can sink at any time. “Every day there are several hundred ships carrying sand and gravel passing through here, there is no ship carrying a load. Every ship carries “beams”. Looking at the ships flooded with water on the floor made my heart flutter. Any train that goes near or recklessly passes when crossing the bridge to create a big wave, I don’t know what the consequences will be,” an employee of the regulation station said. The leader of the Water Traffic Regulatory Station at Duong Bridge said that from the beginning of the year until now, 5-6 cases of cargo ships having problems and being rescued by the rescue station at the above location are overloaded ships. “The stream over the Duong bridge flows fast and round, if the ship is weak and overloaded, the risk of accidents is very high. In the recent cases, if they were not saved in time and crashed into the bridge pier, I don’t know what the consequences would be,” said Mr. Tran Duc Hai, commander of the Duong bridge’s traffic regulation station. Mr. Tran Xuan Khoi, Director of the No. 1 Inland Waterway Management and Maintenance Joint Stock Company, also informed that most of the cases of vehicles having accidents ran aground or sunk at black spots such as Duc Bac reef, Van Lang bridge … are overloaded vehicles. Overloaded ships when traveling through complicated points and channel positions are easily passive and dangerous when avoiding each other or being pushed across by water. Through the camera, we discovered that the overloaded ship was the main “culprit” of flattening and drifting buoys in some dangerous channel locations”, Mr. Crew members of some construction material ships on the Lo River – Red River route admit that overloading is very dangerous, but for the sake of profit, they still have to take risks. “The owner of the sand mine when selling goods only measures the volume, not the size of the container, so he has to load the beams. I know it’s risky, but I have to take the risk,” said Tuan and the owner of the ship VP-xx35, saying that now every ship is overloaded, because carrying the right load, the right registration is not “racing”. with other ships. Hard to deal with Representatives of the above-mentioned waterway maintenance management units said that from the end of June to October every year, waterway traffic in the northern region is often more complicated due to entering the rainy and stormy season. Therefore, functional forces need to strengthen control and strictly handle overloaded watercraft to reduce the risk of traffic accidents and protect the lives of crew members. Mr. Khuong Kim Tao, former deputy chief of the Office of the National Traffic Safety Committee, said that overloading is also a direct cause of traffic accidents and incidents of watercraft when participating in traffic. Therefore, this situation needs to be dealt with immediately. “The regulations on the management and handling of violations of the load of watercraft are quite complete, but why is the violation of overloading still common?”, Mr. Tao questioned and said, the most inadequate today. is the handling of the unresolved authorities. Also, because it has not been implemented to force ships to unload, or to temporarily seize overloaded watercraft according to regulations, it leads to violation of the law. At this point, it is necessary to have a progressive sanction solution for violating watercraft carrying too many times, deducting fines from the account, income of enterprises and owners of violating means instead of having to “follow” the method. facilities for temporary detention,” suggested Mr. Tao. Mr. Luu Xuan Binh, former deputy head of the Office of Traffic Safety Committee in Hanoi shared, having directly surveyed the handling of water traffic violations many times, he witnessed the functional forces facing many difficulties. That is when sanctioning or suspending overloaded vehicles, it is not easy to organize unloading, while there is also no parking lot for vehicles to keep. “The control and handling of violations of overloading on waterways needs to be synchronized at all relevant stages, from the source of goods, ports, receiving terminals and means of transport. If only focusing on handling on the transportation journey will not be effective, “said Mr. Binh. According to Colonel Nguyen Vinh Giang, Head of the Department of Guidance on Traffic Control and the fight and prevention of crimes on waterways (Department of Traffic Police), it is necessary to increase the level of penalties to strictly handle violations of overloading. However, the current limitation is that the system of anchoring and keeping vehicles has been suspended from operation. “So, along with raising the level of fines, localities need to organize the anchoring and keeping areas of suspended watercraft in order to completely handle this situation,” Colonel Giang said. Increase the fine to 15 million According to a representative of the Vietnam Inland Waterway Administration, the current fine for overloaded vehicles is only 12 million VND. In the Draft Decree on handling of administrative violations in the field of waterway traffic (replacing Decree 132/2015), the highest fine level is set at 15 million VND.

“Global Financial Supervision News” aims to provide insights into global financial supervision policy trends by regularly collecting and sorting out public information, providing the latest financial policy information of international and various countries and regions.

China

Measures of the People’s Bank of China on the Supervision and Administration of Anti-money Laundering and Anti-terrorist Financing of Financial Institutions-People’s Bank of China Order (2021) No. 3

Regulator: People’s Bank of China

Applicable objects: financial institutions

According to the development status of my country’s financial industry, the “Measures” increase the number of anti-money laundering obligations such as online microfinance companies and bank wealth management subsidiaries. At the same time, it further clarified the internal control and risk management requirements of financial institutions against money laundering. With reference to internationally accepted rules, financial institutions are required to conduct self-assessment of money laundering and terrorist financing risks, and establish internal control systems and corresponding risk management policies based on risk status and scale of operations, and further clarify financial institutions’ anti-money laundering organizations, human resources guarantees, and anti-money laundering Money laundering information system, anti-money laundering audit mechanism and other requirements.

China Securities Regulatory Commission on amendmentsDecision-China Securities Regulatory Commission Announcement (2021) No. 8

Regulatory agency: China Securities Regulatory Commission

The Guidelines restrict financial technology and model innovation companies from listing on the Sci-tech Innovation Board; real estate and companies mainly engaged in financial and investment businesses are prohibited from listing on the Sci-Tech Innovation Board.

India

The Reserve Bank of India Announces Extension of the Interest Equalization Plan for Rupee Export Credits Before and After Shipment

Regulator: Reserve Bank of India (RBI)

The Reserve Bank of India announced that the Indian government has approved the extension of the interest balance plan for export credits of rupee before and after shipment. This expansion will include the same scope and coverage as the original plan, and will be extended for another three months (that is, until June 30, 2021).

United Kingdom

Policy Statement on Emerging and Growing Unsystematic British Banks 8/21

Regulator: UK Prudential Regulation Authority (PRA)

The UK Prudential Regulation Authority issued a policy statement 8/21, expounding its attitude towards emerging and growing unsystematic UK banks. The policy statement is mainly related to emerging and growing unsystematic UK registered banks, although certain banks in this category will have sufficient experience and resources to quickly meet the expected standards of most established banks. This decision will depend on several factors, in particular: (i) whether the bank is part of an established domestic or international banking group; (ii) the scale and complexity of its activities; (iii) its available finances And the scope of non-financial resources.

Letter on obtaining deposits through deposit collection service providers

Regulator: Financial Conduct Authority UK Prudential Regulation Authority (FCA, PRA)

The Financial Conduct Authority and the UK Prudential Regulation Authority issued a letter on obtaining deposits through deposit pooling service providers. This letter clarified the authorities’ view of the risks associated with the increase in the number of deposits deposited into institutions through deposit-aggregation service providers and how to mitigate these risks. It also outlines some of the company’s key responsibilities, such as depositor protection, financial promotions and customer awareness.

“Financial Services and Markets: Solvency 2 (Credit Risk Adjustment) Regulations 2021”

Regulator: UK Ministry of Finance (HMT)

Applicable objects: insurance and reinsurance companies

The UK Ministry of Finance issued the “Financial Services and Markets: Solvency Standard 2 (Credit Risk Adjustment) Regulations 2021.” The regulations provide a new method for credit risk adjustment, which can be used for insurance and reinsurance companies to discount the basic risk-free interest rate term structure used by their liabilities. Given that LIBOR is being phased out, these regulations allow for appropriate adjustments to credit risk based on other benchmarks, such as the British Pound Overnight Average Index (SONIA).

Europe

Final report on the “European Market Infrastructure Regulation (EMIR) and Securitization Finance Transaction Regulation (SFTR) Data Quality”

Regulator: European Securities Regulatory Commission (ESMA)

The European Securities and Markets Authority (ESMA) released the final report on the “Data Quality of the European Market Infrastructure Regulation (EMIR) and the Securitization Financing Transaction Regulation (SFTR)”. The report covers the progress made so far in improving the quality of EMIR data used for supervision and supervision, and concludes that despite good progress, national authorities and ESMA need to make further efforts to further improve the quality of EMIR data. This report is the first review of data quality since the introduction of the EMIR and SFTR reporting systems. It also reviewed the data quality reported by the transaction database and outlined measures taken by ESMA and NCA to improve data quality.

The final draft of the regulatory technical standards for the prudential merger approach under the Capital Requirements Regulations

Regulator: European Banking Authority (EBA)

The European Banking Regulatory Authority (EBA) released the final draft of its regulatory technical standards (RTS). The main changes to the draft involve the newly introduced Capital Requirements Regulation (CRR) Article 18, paragraph 8, allowing the competent authority to substantively intervene In the case of risks, the prudential merger will be extended to certain non-financial companies. The final draft of the RTS has been revised to reflect the amendments introduced as part of a package of risk reduction measures.

ECB Annual Report 2020

Regulator: European Central Bank (ECB)

The European Central Bank (ECB) released its 2020 annual report. The annual report covers:

• Increased risks from the European financial industry and Covid-19;
• Innovation and integration of market infrastructure and payment;
• Digital euro; and
• climate change.

Consultation on the treatment framework for EU unit linked market currency value risk

Regulator: European Insurance and Occupational Pension Administration (EIOPA)

The European Insurance and Occupational Pension Administration (EIOPA) has published a consultation on the framework for resolving the risk of the market currency value of EU units linked to the market. The consultation document proposes a framework that sets out how to assess whether unit-linked and hybrid products are cost-effective, and takes into account the needs, goals and characteristics of the target market.

Use of distributed ledger technology in the post-transaction process

Regulator: European Central Bank (ECB)

The European Central Bank (ECB) issued a document on the use of distributed ledger technology (DLT) in the post-transaction process. The document considers:

• Regulatory, governance and interoperability considerations in the DLT environment;
• Issuance or recording of securities and post-transaction processing in the DLT environment; and
• The main functions of using DLT for issuance, custody and settlement.

Report of the Ministry of Financial Stability and Capital Markets on the exemption of EMIR liquidation obligations

Regulatory agency: European Commission (EUC))

The European Commission (EC)’s Department of Financial Stability and Capital Markets (DG FISMA) issued a report that considers possible post-trade risk reduction (PTRR) services that may lead to exemption from EU market infrastructure supervision (EU EMIR) for direct transactions Required liquidation obligations. The European Commission’s assessment considers:

• To what extent has the PTRR service reduced risks, especially counterparty credit risk and operational risk;
• If an exemption is granted, it is possible to evade liquidation obligations;
• Whether the exemption is granted may have an adverse effect on Central Clearing; and
• Quantitative evidence on the benefits of PTRR services and whether the use of this exemption may cause any new risks.

United States

A government agency issues a statement and requests information about bank secrecy laws/anti-money laundering compliance

Regulatory agency: Federal Deposit Insurance Corporation Financial Crime Enforcement Network, National Credit Union Administration Office of Currency Supervision (FED, FDIC, FinCEN, NCUA, OCC)

The Federal Reserve, the Federal Deposit Insurance Corporation, the Financial Crime Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a joint statement. The joint statement sets out the relationship between the risk management principles described in the “Model Risk Management Regulatory Guide” and the systems or models used by banks to assist in compliance with the Bank Secrecy Act (BSA) laws and regulations. The statement further stated that it will not change existing bank secrecy laws or anti-money laundering (AML) laws or regulations, nor will it establish new regulatory expectations, and does not require a specific model risk management framework.

Credit loss provision: new supervision manual

Regulator: Office of the Comptroller of Currency (OCC)

The Office of the Comptroller of the Currency (OCC) has issued a new supervision manual-the “Credit Loss Preparation” manual, which is used by OCC inspectors to inspect and supervise national banks, the Federal Savings Association, and federal branches and foreign banking organizations (collectively referred to as banks). Used in institutions. This manual provides inspectors with information on credit loss allowances (ACL) and review procedures. It is applicable to banks that adopt the current expected credit loss (CECL) method when subject to 326.1 of the Accounting Standards Collection (ASC). OCC supervision. The “Loan and Lease Loss Reserves” sub-volume of the Supervision Manual continues to apply to the OCC’s supervision of banks that have not adopted CECL.

2020 Fair Loan Report

Regulator: Consumer Financial Protection Bureau (CFPB)

The Consumer Financial Protection Bureau (CFPB) released the 2020 annual fair loan report. The report highlights the work carried out by the CFPB in 2020 to promote the bureau’s fair lending mission, which is to ensure fair, equal and non-discriminatory access to credit, while also in the COVID-19 epidemic and the resulting economic consequences Protect consumers. The Consumer Financial Protection Bureau (CFPB) released the 2020 annual fair loan report. The report highlights the work carried out by the CFPB in 2020 to promote the bureau’s fair lending mission, which is to ensure fair, equal and non-discriminatory access to credit, while also in the COVID-19 epidemic and the resulting economic consequences Protect consumers.

International

Basel Committee releases work plan and strategic priorities for 2021-22

Regulator: Basel Committee (BCBS)

The Basel Committee (BCBS) has issued a work plan for 2021/22, which sets out the strategic priorities for the coming year and reflects the results of its recent strategic review. The work plan focuses on three key themes:

• Covid-19 resilience and resilience;
• Comprehensively scan and mitigate mid-term risks and trends; and
• Strengthen supervision and coordination and practice.

Climate-related risk drivers and their communication channels

Regulator: Basel Committee (BCBS)

The Basel Committee released a report on climate-related risk drivers and their communication channels. The report explores climate-related risk drivers, including how physical risks and transitional risks are generated through micro and macroeconomic transmission and affect banks and the banking system.

Climate-related financial risks-measurement methods

Regulator: Basel Committee (BCBS)

The Basel Committee released a report on climate-related financial risks-measurement methods. The report outlines conceptual issues related to climate-related financial risk measurement and methods, as well as the actual implementation of banks and bank supervisory agencies. According to the report:

• Climate-related financial risks have unique characteristics, which means that sufficiently fine-grained data and forward-looking measurement methods are required to solve these problems.
• So far, the measurement of climate-related financial risks has focused on mapping recent transition risk drivers to bank risk exposures. Credit risk measurement has attracted the most energy investment, while other risk categories have received less attention. In many cases, initial program analysis and stress testing focused on specific investment portfolios or risk exposures for transformational risks, and specific hazards for physical risks.

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eZubao, Zhongjin Assets, Group Loan, Wanglibao, Youyi.com, Love Investment, Love Money Jin······

They have invited celebrities to endorse, involving Huang Xiaoming, Lang Lang, Zhao Yazhi, Tang Yan, Wang Baoqiang, Tang Guoqiang, Zhang Tielin, Wang Han, Du Haitao, Yang Di and many other celebrities. Under the aura of celebrity endorsements, ordinary people believe in these platforms, blindly “go into the pit”, put their savings and even pension money into it, and finally have accidents one by one, and they have lost their money.

Earlier, the Financial Dispute Resolution Center of Chaoyang District, Beijing issued an announcement in which the celebrities who had endorsed P2P should do their responsibilities for their endorsements.

On April 22, in response to the problems of some financial products endorsed by celebrities, the China Banking and Insurance Regulatory Commission issued a reminder on being alert to the risks of celebrities endorsing financial products. The endorsements of celebrities and other public figures shall abide by laws and regulations such as the Advertising Law of the People’s Republic of China. For recommendation and certification of unused commodities or unreceived services, before accepting endorsements, it should be checked whether the endorsement agency has legal qualifications, and whether the endorsed products and services are true in content and meet regulatory requirements.

In other words, celebrities can only endorse the goods they have used or services they have received. Once celebrities do not reflect the truth to the public, they are suspected of false advertising, and they must bear joint and several liability with advertisers.

At the same time, on May 1 this year, the “Regulations on the Prevention and Treatment of Illegal Fund Raising” will be officially implemented, with special reference to the relevant responsible entities such as illegal fund-raising persons, illegal fund-raising facilitators, Internet information service providers, advertising operators and publishers. Administrative and criminal penalties. This is tantamount to intensifying the punishment of celebrity endorsement responsibilities.

Of course, no matter how you will be held accountable afterwards, for the common people, precautions are the most important, especially investment-related, we need to be cautious and then cautious.

Image source: Visual China Reporter Cui Puyu Reporter Cui Puyu The European Union on Wednesday announced a series of strict regulations governing the use of artificial intelligence, including restrictions on the use of facial recognition software by the police in public places. This has become one of the most extensive actions in this regard so far. According to the proposal published by the European Commission (the EU executive agency), the use of artificial intelligence in a series of activities will be restricted, including autonomous vehicles, bank loan applications, university admissions, and examination scoring. It will also cover the use of artificial intelligence by law enforcement systems and courts, an area that is often regarded as “high risk” because it may threaten people’s safety or basic rights. Some uses will be completely banned, including real-time facial recognition in public places. However, for national security or other purposes, there may be some exemptions, such as to prevent terrorist attacks, find missing children, or resolve other public safety emergencies. If the 108-page proposal is passed, it will not only have a profound impact on large technology companies such as Amazon, Google, Facebook, and Microsoft. These companies have invested a lot of resources in the development of artificial intelligence; at the same time, they will also invest in the use of this technology for research and development. Drugs, underwriting insurance, and other companies that judge creditworthiness have had an impact. According to this proposal, companies that violate the new regulations will face fines of up to 6% of their global sales.

Over the past ten years, the EU has been the most active in the world in terms of technology industry regulation, and its regulatory policies are often used as templates by other countries. The 27-nation group has promulgated the world’s most influential data privacy bill, and is discussing other antitrust and content review regulations.

European Commission Executive Vice President Margrethe Vestager said that the regulatory regulations address the risks that artificial intelligence poses to humans and society in certain special applications. “We think this is an emergency, and we are the first on this planet to propose this legal framework.”

Some digital rights activists welcomed some of the regulations, but pointed out that some other factors seemed too vague, and there were too many loopholes to be drilled. Some people in the industry believe that EU regulations will benefit Chinese companies because the latter do not have to face the constraints of similar regulations.

Benjamin Mueller, a senior policy analyst at the Center for Data Innovation, a technology think tank, pointed out that regulations will make the cost of research and development of artificial intelligence in Europe too high, or even technically infeasible. “When the European Union suppresses its own start-ups, the United States and China will watch happily on the sidelines.”

However, some lobbyists in the technology industry believe that the proposal is not so harsh and feel relieved. They praised some clauses, such as strictly regulating only certain types of so-called high-risk artificial intelligence applications.

Christian Borggreen, vice chairman of the Computer & Communications Industry Association, pointed out that the European Commission has adopted a risk-based approach, which is good. The association represents a number of technology giants including Amazon, Facebook and Google.

However, Wednesday’s proposal still has a long way to go before it becomes law and may be adjusted. In the European Union, such laws must be approved by the European Council, which represents the governments of the EU’s 27 countries, and the directly elected European Parliament. The entire process may take several years.

On April 15, the Consumer Protection Bureau of the China Banking and Insurance Regulatory Commission issued the “Notice on Consumer Complaints in the Fourth Quarter of 2020” (hereinafter referred to as the “Notice”), which notified the banking industry that the China Banking and Insurance Regulatory Commission and its dispatched agencies received and transferred. Consumer complaints.

The “Notice” pointed out that in the fourth quarter of 2020, the China Banking and Insurance Regulatory Commission and its dispatched offices received and forwarded 76,224 consumer complaints from the banking industry, a decrease of 10.4% from the previous quarter.

Among them, there were 25,873 cases involving large state-owned commercial banks, a decrease of 5.2% from the previous month, accounting for 33.9% of the total number of complaints; 31,849 cases of joint-stock commercial banks, a decrease of 15.0% from the previous month, accounting for 41.8% of the total number of complaints.

The “Notice” stated that the median number of complaints from large state-owned commercial banks was 4376. The number of complaints from China Construction Bank and Industrial and Commercial Bank of China ranks among the top two large state-owned commercial banks.

The median number of complaints from joint-stock commercial banks was 2,959. China Merchants Bank, Ping An Bank, and China CITIC Bank ranked the top three joint-stock commercial banks in terms of complaints.

In terms of the number of complaints, the Bank of Communications ranked first in the number of large state-owned commercial banks in terms of complaints per 1,000 business outlets, and the Bank of Communications ranked first in the number of large state-owned commercial banks in terms of complaints per tens of millions of individual customers. Ping An Bank ranks first in the number of joint-stock commercial banks in terms of complaints per 1,000 business outlets, and Hua Xia Bank, Industrial Bank, and Ping An Bank ranks among the top three joint-stock commercial banks in terms of complaints per tens of millions of individual customers.

In addition, in the fourth quarter of 2020, there were 44,621 complaints involving credit card business, a decrease of 7.8% from the previous quarter, accounting for 58.5% of the total number of complaints.

Among the complaints involving large state-owned commercial banks, there were 15,043 complaints about credit card business, a month-on-month increase of 2.8%, accounting for 58.1% of the total complaints of large state-owned commercial banks; among the complaints involving joint-stock commercial banks, there were 26,800 credit card business complaints, a decrease from the previous month. 13.2%, accounting for 84.1% of the total number of complaints from joint-stock commercial banks.

The number of credit card business complaints from China Construction Bank and Bank of Communications ranks among the top two large state-owned commercial banks. China Merchants Bank, China CITIC Bank, and Ping An Bank ranked the top three joint-stock commercial banks in terms of credit card business complaints.

There were 18,102 complaints involving personal loan business, a decrease of 10.5% from the previous month, accounting for 23.7% of the total number of complaints. The personal loan business complaints of Industrial and Commercial Bank of China and Agricultural Bank of China rank among the top two large state-owned commercial banks. Ping An Bank ranked first in the number of joint-stock commercial banks in terms of complaints regarding personal loan business.

In the fourth quarter of 2020, there were 3338 complaints involving wealth management businesses, a decrease of 23.0% from the previous quarter, accounting for 4.4% of the total number of complaints. Postal Savings Bank of China ranked first in the number of large state-owned commercial banks in terms of complaints concerning wealth management services. Ping An Bank, China Merchants Bank, and Shanghai Pudong Development Bank ranked the top three joint-stock commercial banks in terms of complaints about wealth management services.