大消息！监管出手 券商“大考”规则要变了

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the revised "Securities Company Classification Evaluation Regulations," with feedback due by July 5, 2025 [1][2]. Group 1: Changes in Evaluation Regulations - The name of the regulations has changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" [4]. - The revised regulations aim to optimize business development indicators, encouraging high-quality development and supporting differentiated and specialized operations for small and medium-sized institutions [4][9]. - The evaluation results will reflect the comprehensive strength of securities companies and influence business operations and regulatory resource allocation [4]. Group 2: Adjustments in Scoring Criteria - The adjustments include a shift in the scoring system, where the total operating income will no longer be ranked for additional points, and the emphasis on net asset return has been increased [5]. - The coverage for additional points has been expanded from the top 20 to the top 30 companies based on net asset return and major business income, allowing smaller institutions to explore differentiated development paths [5]. - New specific indicators have been added to encourage securities companies to enhance their capabilities in wealth management and optimize their investment structures [5]. Group 3: Regulatory Focus and Penalties - The revised regulations emphasize a "punish the large and the malicious" approach, allowing for direct downgrading of evaluation results for companies involved in significant violations [6]. - The scoring for penalties has been adjusted to ensure a balance between punitive measures and additional scoring, enhancing the effectiveness of self-regulatory and administrative measures [6]. - New rules have been established for handling special issues, such as reducing penalty points for companies that actively seek administrative commitments during the evaluation period [7]. Group 4: Historical Context and Future Implications - The classification evaluation system is a foundational regulatory framework for institutions, with the last revision occurring nearly five years ago [8]. - The evaluation process occurs annually, with the results impacting investor protection fund contributions, core regulatory metrics, and the frequency of inspections [8]. - The revisions are expected to promote the strengthening of leading companies while also supporting the differentiated development of smaller institutions, thereby enhancing the regulatory framework's effectiveness [9].