The China Securities Association has circulated a draft titled Demonstrative Practice No.7 — Securities-firm M&A to brokerages for comment, framing M&A work in three stages: preparatory, transaction and post-deal integration. In the integration phase the association urges tighter project management for major tasks — legal/entity and IT/system cutovers, client migration and subsidiary consolidation — to ensure timely, error-free completion; stronger external and internal coordination, including proactive engagement with regulators to resolve integration bottlenecks and cross-unit coordination to clear issues promptly; and enhanced oversight through special task forces, regular reporting and dedicated meetings to dynamically track progress and secure orderly, end-to-end integration.(金十数据)