[Supervision details the cost management requirements for securities companies and fund research work: Disguised compensation, refund of excessive expenses, and excessive payment of excessive bills are prohibited] October 28th, at the beginning of October this year, the supervision centralized notified the inspection and handling of illegal overseas research activities of investment researchers of five securities companies and fund companies. The reporter learned that recent supervision has put forward detailed requirements for securities companies and fund companies to strengthen the regulations on the use of commissions. In the future, it is planned to include the use of commissions in the key points of annual on-site inspections. If there are violations, they will be dealt with strictly to highlight the supervision orientation. Based on the multi-party research, the regulatory focus is on the compliance control of the use of agency fees: in research activities, transaction commissions are not allowed to be used to transfer fees for expert consultation, research intermediaries, conferences, tickets, flights, and alcohol that should be paid by oneself; false names and other methods are not allowed to detour to provide financial support for excessive and illegal activities. At the same time, it is clarified that fund companies are not allowed to covertly compensate securities companies for relevant expenses by increasing commission distribution ratios, increasing allocation points, committing to trading volumes, etc. Supervision emphasizes that securities firms and fund companies should conscientiously implement self-examination and self-correction, refund excessive or inappropriate expenses, and strictly pursue internal accountability for related issues. At present, the research organization method of the sell-side research institute and the buyer's fee review process will be re-examined. (Reporter Lin Jian)