★证监会修订期货公司分类评价规则

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has solicited public opinions on the draft of the "Futures Company Classification Evaluation Regulations," aiming to refine the evaluation standards and processes for futures companies in response to market and industry developments [1][4]. Group 1: Evaluation Standards - The draft clarifies and optimizes the scoring criteria, establishing that, except for specific circumstances, deductions will generally be based on regulatory measures [1][5]. - Specific situations related to daily risk management that do not meet standards can incur deductions without regulatory measures, including failure to meet risk indicators and margin warnings [1]. - Deductions will vary from 0.5 to 10 points based on the type of regulatory action taken, including administrative and criminal penalties [1][5]. Group 2: Adjustments to Scoring - The minimum compliance score for market competitiveness has been removed, and serious violations or major risks will not earn corresponding points [2]. - If a futures company is penalized for failing to meet risk indicators, it will not receive points for average net capital [2]. - Duplicate deductions for the same violation involving both the company and its personnel have been eliminated, allowing only the more severe penalty to apply [2]. Group 3: Enhanced Scoring Criteria - The evaluation criteria for "institutional client average positions" have been changed to "industrial client average positions," with the addition of "long-term fund client average positions" [3]. - The market competitiveness indicators have been restructured into three categories with nine metrics to comprehensively assess the operational performance and capital strength of futures companies [3]. - The evaluation of asset management has shifted from average derivative equity to average margin for asset management products, and the net capital evaluation has been adjusted to a monthly average [3]. Group 4: Special Evaluations - The "insurance + futures" evaluation has been moved to a special evaluation category, and the evaluation of party building and cultural construction has been included [4]. - Incentives for special circumstances have been adjusted to reward companies that cooperate with regulatory bodies in risk management and maintain compliance without deductions over the last three evaluation periods [4]. Group 5: Regulatory Resource Allocation - The revisions aim to allocate regulatory resources to different categories of futures companies, guiding them towards compliant and stable operations while enhancing their service capabilities [5]. - The evaluation will objectively reflect compliance and risk management based on regulatory measures, with varying deduction values for different measures [5]. - The overall goal is to improve the comprehensive strength of futures companies and their ability to manage risks for real enterprises, thereby achieving high-quality development in the industry [5].