券业“考纲”调整 奖优罚劣引导券商回归本源

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is revising the classification evaluation rules for securities companies to enhance the effectiveness of the evaluation system, encouraging differentiated development and specialized operations among smaller institutions [1][2] Group 1: Evaluation System Changes - The revision aims to better implement a "reward and punishment" system, guiding securities companies to focus on their core functions and encouraging smaller firms to explore differentiated development paths [1] - The updated rules will optimize and integrate scale indicators, increase the coverage of certain bonus indicators, and enhance the scoring for return on net assets [1] - The scoring for net asset return and major business income from brokerage, investment banking, and asset management will be elevated to the top 30, promoting a concentrated development approach [1] Group 2: New Indicators and Focus Areas - New specialized indicators for self-operated investment in equity assets and the scale of equity fund sales are introduced to encourage securities companies to attract long-term funds and enhance wealth management services [1] - The changes are designed to improve the investment structure and service capabilities for investors [1] Group 3: Regulatory Measures and Compliance - The revision includes stricter penalties for serious misconduct, increasing the deduction points for disciplinary actions, thus creating a comprehensive accountability system [2] - The regulatory approach is becoming increasingly stringent, compelling the industry to strengthen internal controls and compliance management [2] - Companies that align their business philosophy and enhance professional capabilities will likely perform well under the new evaluation criteria [2]