SHANGHAI : China's securities association is urging the country's brokerages to set up a sound remuneration system, warning that excessive, or short-term incentives could trigger compliance risks.
The guidelines come amid rising competition for bankers and wealth managers, among others, as Wall Street banks aggressively hire to expand in China, which has fully opened up its securities industry. Goldman Sachs and JPMorgan are among western banks moving toward full ownership of their China securities businesses.
China's securities association said that a sound pay system would"enable securities firms to enjoy stable operation and sustainable development, and better take social responsibility."
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