China’s securities regulator has instructed domestic brokerages to defer a
larger share of staff bonuses to curb outsized payouts as market recovery boosts
compensation, people familiar with the matter said. The China Securities
Regulatory Commission has raised the deferral ratio for middle and senior
management and top investment bankers to 40% from 20%, they said. Some firms,
including Citic Securities, have already complied. The move comes as
top-performer bonuses at some brokers have risen as much as 50% year-on-year
after prior declines. The CSRC said it is strengthening long-cycle performance
assessment and deferred pay for key personnel.
