★券商分类评价制度再修订 监管评价体系全面升级

Core Viewpoint - The revision of the securities company classification evaluation system aims to optimize business development indicators, promote high-quality development, support the differentiated development of small and medium-sized institutions, and enhance the protection of small and medium investors [1][3]. Group 1: Regulatory Changes - The title of the regulation has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" to align with the focus on classification evaluation [1]. - The revised regulations emphasize the importance of securities companies in promoting the healthy development of the capital market and financial system, highlighting their role in facilitating investment and financing cycles [3]. Group 2: Evaluation Framework - The evaluation framework has been adjusted to focus on "risk management capability, compliance status, business development, and functional performance," encouraging securities companies to enhance their service to the real economy and national strategies [1][2]. - A new special evaluation for "functional performance" organized by the Securities Association will be incorporated into the classification evaluation, focusing on the effectiveness of securities companies in implementing key financial strategies [2]. Group 3: Support for Small and Medium Institutions - The regulations have been optimized to encourage differentiated and specialized operations among small and medium-sized institutions, removing the revenue-based evaluation indicator while increasing the emphasis on return on net assets [3][4]. - The revision aims to support small institutions in exploring development paths that align with their unique resources and capabilities, promoting a "small but refined" service model [5]. Group 4: Strengthening Investor Protection - The regulations enhance comprehensive penalties for serious violations, expanding the scope for downgrading evaluation results to include significant illegal activities [5][6]. - The revised rules encourage securities companies to apply for administrative commitments or initiate advance compensation to better protect investors' rights, reducing the cost and time of investor rights protection [7].