搭建创新业务发展“防护网”

Core Viewpoint - The regulatory environment for the futures industry is becoming increasingly stringent, with a focus on compliance management as a critical threshold for the survival and development of futures companies [1][2][6]. Regulatory Environment - The new "National Nine Articles" and the opinions on strengthening regulation and preventing risks have provided a core policy framework for the regulation of futures companies [1][2]. - In the first four months of 2025, the China Securities Regulatory Commission (CSRC) issued 17 administrative regulatory measures related to futures companies, involving 16 companies and 6 responsible personnel [1][2]. - The number of regulatory measures issued in the same period in 2024 was consistent, indicating a sustained level of regulatory scrutiny [2]. Focus Areas of Regulation - Internet financial services remain a key area of regulatory focus, with 5 out of 17 administrative measures in early 2025 highlighting issues in this domain [2][3]. - Common violations in internet financial services include misleading advertising, inadequate risk warnings, and insufficient compliance monitoring [2][3]. Compliance Challenges - Some futures companies have not adapted to the new requirements for internet financial services, leading to frequent violations [3][6]. - The competitive nature of the futures industry and the varying quality of personnel contribute to compliance challenges [3][6]. Future Prospects - Despite compliance challenges, the futures industry's internet financial services have significant growth potential due to the removal of geographical barriers and the increasing acceptance of financial products by younger generations [6][7]. - The integration of AI technology is expected to reshape the business model of futures companies, allowing for the expansion into institutional clients and enhancing service efficiency [6][7]. Internal Management and Compliance - Futures companies are advised to improve internal management systems, enhance investor protection, and closely monitor regulatory changes to strengthen compliance capabilities [7][8]. - The establishment of a robust compliance team and the use of technology for compliance monitoring are essential for managing risks in internet financial services [7][8]. Asset Management Business - The asset management business of futures companies is also under regulatory scrutiny, with issues such as inadequate risk management and compliance failures being highlighted [8]. - A specific case involved a futures company being ordered to rectify violations but failing to do so, resulting in a suspension of new asset management business [8].