Regulators circulated an internal notice to securities firms identifying four nascent problems in recent branch setups: insufficient necessity, unclear business‑scope delineation, separation of registered address from operating office, and weak implementation of centralized management. The notice sets explicit rules for branch establishment, filing and centralized management and orders three corrective actions: fully assess necessity and establish branches lawfully and orderly; enforce centraliz

Regulators circulated an internal notice to securities firms identifying four nascent problems in recent branch setups: insufficient necessity, unclear business‑scope delineation, separation of registered address from operating office, and weak implementation of centralized management. The notice sets explicit rules for branch establishment, filing and centralized management and orders three corrective actions: fully assess necessity and establish branches lawfully and orderly; enforce centralized, unified management, operations and controls; and clearly define business scopes to prevent intra‑industry competition and conflicts of interest.