引导期货公司更加注重合规、服务实体

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the classification evaluation of futures companies, marking the fourth revision since the establishment of the classification supervision system in 2009. The revision aims to enhance the competitiveness of futures companies and their service to the real economy while reflecting their compliance and risk status objectively [1]. Regulatory Changes - The most significant change in the draft is the elevation of "continuous compliance status" to a foundational status alongside risk management capability, indicating a shift in regulatory focus from "risk outcomes" to the entire operational process [2]. - The draft reduces the penalty points for minor violations significantly, such as lowering the deduction for receiving a warning letter from 2 points to 0.5 points, and for being ordered to rectify from 2 points to 1 point. Conversely, penalties for systemic violations are increased, with double deductions for omissions or concealments during self-assessments [2]. - A new shareholder responsibility mechanism is introduced, where penalties are imposed on futures companies if their shareholders face restrictions or are ordered to transfer shares, thereby compelling companies to enhance shareholder qualification reviews [2]. Business Focus Adjustment - The regulatory framework encourages futures companies to shift their business focus from "scale competition" to "service depth." The draft removes indicators related to "cost management ability" and "return on net assets," promoting investment in service quality over cost-cutting [3]. - The draft prohibits aggressive price competition, stating that if a company's fee rate is below 50% of the industry average, their market competitiveness score will be halved, aiming to curb commission wars [3]. - New service depth indicators are introduced, such as changing "average daily positions of institutional clients" to "average daily positions of industrial clients," and adding "average daily positions of medium- and long-term fund clients," which will enhance the efficiency of fund usage [3]. Strategic Response for Futures Companies - Futures companies are advised to establish a "compliance-service" dual-track strategy. This includes creating mechanisms to monitor shareholder behavior and upgrading IT systems to meet data governance requirements [4]. - Companies should focus on deepening services for industrial clients, developing customized hedging solutions for sectors like agriculture and steel, and designing low-volatility derivative strategies for financial institutions [4]. - The compliance of trading advisory services needs improvement, with companies required to manage qualifications strictly to prevent unqualified personnel from providing trading advice through informal channels [4]. Policy Incentives - The draft offers strategic opportunities for futures companies, such as additional points for mergers and acquisitions and exemptions from penalties for proactive corrections, indicating a favorable window for strategic adjustments [5]. - The revision of the classification evaluation regulations is not merely a rule adjustment but a reorientation by regulators towards a path of high-quality development for the futures industry, emphasizing compliance, service to the real economy, and professional capabilities as key factors for future success [5].