期货业年度“大考”迎新规

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the "Classification Evaluation Regulations for Futures Companies," marking a significant revision aimed at optimizing the evaluation system and enhancing the ability of futures companies to serve the real economy [1][2]. Group 1: Key Changes in Evaluation Mechanism - The new regulations consist of 44 articles focusing on "adjusting the deduction arrangements" and "optimizing the addition standards," while simplifying the evaluation process [1]. - Deduction standards have been refined, with penalties for business license revocation and branch closure reduced from 20 points to 7 points, and fines from 15 points to 5 points [1][2]. - The regulations allow for the inclusion of regulatory measures for violations occurring outside the evaluation period if they are relevant to the evaluation, ensuring a more timely reflection of a company's risk control and compliance status [1]. Group 2: Optimized Addition Standards - The addition standards emphasize support for the real economy and market competitiveness, with the "average daily position of institutional clients" replaced by "average daily position of industrial clients," and a new metric for "average daily position of medium- and long-term fund clients" introduced [2]. - The market competitiveness indicators have been expanded to three categories and nine items, providing a more comprehensive evaluation of a company's business operations, profitability, and capital strength [2]. - Several restrictive or redundant indicators have been removed, encouraging futures companies to increase investment and scale operations, while new incentives for ranking based on derivative trading services for real enterprises have been added [2]. Group 3: Regulatory Intent and Framework - The revisions aim to guide futures companies in enhancing their business capabilities and aligning with national strategies by adjusting regulatory resource allocation based on classification evaluation results [2]. - The CSRC also released the "Regulations on Programmatic Trading Management in the Futures Market (Trial)," which, along with the new evaluation regulations, establishes a new framework for the standardized development of the futures market [2][3].