规范期货公司经纪业务不正当竞争行为，中期协发文

Core Viewpoint - The China Futures Association has issued a draft regulation to standardize improper competition behaviors in futures brokerage, aiming to maintain a fair competitive environment and protect traders' rights [1][2]. Group 1: Background and Context - Futures brokerage is a fundamental business for futures companies and a major source of revenue. However, the industry faces severe market saturation and intense homogenized competition, leading to aggressive price wars among firms [1]. - Some futures companies have resorted to illegal and improper competition methods, such as "zero commission" offers and misleading promotions, disrupting market order and harming the trading experience for clients [1]. Group 2: Key Provisions of the Draft Regulation - The draft regulation consists of 19 articles focusing on four main areas: defining improper competition behaviors, regulating brokerage fee management, outlining prohibited activities, and enhancing complaint mechanisms [2]. - It specifies that brokerage fees must be scientifically priced, transparently disclosed, and strictly adhered to, while also emphasizing the importance of risk prevention through client follow-ups [2]. Group 3: Implementation and Transition Period - To ensure smooth implementation of the regulation, a one-month preparation period is provided for futures companies to establish internal control systems and assess service costs before the regulation takes effect [3]. - A two-month transition period will follow the regulation's implementation, during which new clients must comply with the rules, and existing clients must rectify any non-compliance [3].