证监会：拟进一步明确期货公司分类评价扣分标准

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is revising the "Futures Company Classification Evaluation Regulations" to enhance the evaluation standards for futures companies, focusing on risk management and service to the real economy [1][2]. Group 1: Evaluation Standards - The revised regulations specify that certain objective and clear situations related to daily risk management of futures companies can incur penalties without regulatory measures, including failure to meet risk supervision indicators and margin warnings [2]. - The regulations remove the minimum compliance score for market competitiveness, stating that serious violations or major risks will not receive competitiveness points [2][3]. - The evaluation period can include regulatory measures taken outside the evaluation period if the violations occurred during the evaluation period [2]. Group 2: Adjustments to Indicators - The regulations split the original business income indicator into net income from brokerage and futures trading consulting, while adding indicators for market making and derivative trading [3]. - The evaluation of asset management business will now consider the average margin of futures asset management products instead of average derivative equity [3]. - Certain indicators have been deleted to avoid redundancy and encourage larger scale operations, such as the removal of "cost management capability" and "net asset return rate" [3]. Group 3: Special Evaluations - The regulations have adjusted special evaluations, moving "insurance + futures" to a special evaluation category as part of the national strategy [4]. - The document includes provisions for incentives for futures companies that cooperate with regulatory bodies in risk management and maintain compliance without penalties over the last three evaluation periods [4]. - Feedback on the proposed regulations is open until July 13, 2025, with the CSRC welcoming public input for further refinement [4].