金融监管总局发布《货币经纪公司管理办法》，8月1日起施行

Core Viewpoint - The National Financial Regulatory Administration has issued the "Management Measures for Currency Brokerage Companies," which will take effect on August 1, 2025, aiming to regulate the establishment and operation of currency brokerage companies in China [1][4]. Group 1: Establishment and Requirements - Currency brokerage companies must have a registered capital of at least 100 million RMB or its equivalent in freely convertible currency [3][5]. - At least 60% of the employees must have prior experience in financial or related economic work [3][5]. - Companies must establish a governance structure, internal control, and risk management system that meets regulatory requirements [3][5]. Group 2: Business Scope - Currency brokerage companies can engage in brokerage services for domestic and foreign currency markets, foreign exchange markets, bond markets, gold markets, and over-the-counter financial derivatives markets [8][12]. - They are prohibited from engaging in any proprietary trading of financial products [9][12]. Group 3: Operational Guidelines - Companies must maintain cash assets sufficient to cover at least three months of operational expenses [16]. - They are required to establish a comprehensive risk management system that aligns with their business scale and risk profile [13][16]. - Companies must adhere to principles of honesty, fairness, and confidentiality in their operations [9][10]. Group 4: Supervision and Compliance - The National Financial Regulatory Administration will oversee the operations of currency brokerage companies, ensuring compliance with relevant laws and regulations [20][21]. - Companies must undergo regular external audits and submit annual audit reports to the regulatory authority [20][21]. - Violations of the management measures may result in penalties, including suspension of certain business activities [20][21].