证监会发布实施券商分类评价规定：引导证券公司聚焦高质量发展 从规模导向转向价值创造

Core Viewpoint - The revised "Securities Company Classification Evaluation Regulations" by the China Securities Regulatory Commission (CSRC) aims to shift the focus of securities firms from scale-oriented growth to high-quality development, emphasizing operational efficiency and compliance [1][2][3]. Group 1: Regulatory Framework - The classification evaluation system is a foundational regulatory framework for securities companies, allowing for differentiated supervision based on classification results [2]. - The regulations have undergone multiple revisions since their initial implementation in 2009, with the latest changes reflecting the need to align with new national policies aimed at enhancing the service to the real economy [2][3]. Group 2: Focus on Functionality and Quality - The revised regulations emphasize the importance of securities firms enhancing their functional roles and professional capabilities, integrating these aspects into the evaluation framework [3][4]. - The regulations encourage firms to prioritize service to the real economy and national strategies, moving away from a focus solely on profitability [3][5]. Group 3: Support for Small and Medium-sized Institutions - The regulations promote high-quality development by optimizing business development indicators, supporting differentiated and specialized operations for small and medium-sized institutions [4][5]. - Specific adjustments include the cancellation of certain revenue-based incentives and an increased focus on net asset return rates, encouraging firms to adopt a more efficient operational model [4][5]. Group 4: Compliance and Accountability - The revised regulations enhance the accountability measures for securities firms, increasing penalties for major violations and ensuring a more stringent evaluation process [6][7]. - The regulations aim to create a virtuous cycle of compliance, rating, and business performance, thereby improving the overall integrity of the securities market [6][7].