券业分类评价重磅新规落地：扶优限劣导向不变，中小券商差异化发展获支持

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented new classification evaluation regulations for securities companies, effective from August 22, 2023, aimed at enhancing the functionality of securities firms, promoting high-quality development, and strengthening investor protection [1][2]. Group 1: Regulatory Changes - The revised regulations emphasize three main directions: enhancing the functionality of securities companies, guiding them towards high-quality development, and reinforcing the protection of small and medium investors [1][2]. - The title of the regulations has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" to better reflect the focus on differentiated regulation based on classification evaluation [1][2]. Group 2: Evaluation Framework - The evaluation framework has been improved to promote the functionality of securities companies, with a focus on high-quality development and support for differentiated and specialized operations of small and medium-sized firms [2][3]. - The regulations have expanded the scoring criteria for major business income from the top 20 to the top 30 firms, allowing smaller firms to explore differentiated development paths [3]. Group 3: Investor Protection - The new regulations include mechanisms for downgrading evaluation results for firms involved in significant violations, thereby enhancing the overall accountability of securities companies [6][7]. - The regulations encourage firms to voluntarily compensate affected investors, reducing their costs and time in seeking redress, thus protecting the rights of small investors [7][8]. Group 4: Compliance and Risk Management - The regulations introduce stricter penalties for major violations, including direct downgrading of ratings for firms involved in severe misconduct, thereby increasing the cost of non-compliance [6][8]. - The updated penalty system includes higher deduction values for disciplinary actions and administrative penalties, promoting a more balanced evaluation system [6][8].