Zhi Tong Cai Jing·2025-08-28 01:29Core Viewpoint - The new regulations aim to enhance the classification and evaluation system for securities companies, promoting high-quality development in the industry and supporting differentiated growth for small and medium-sized firms [1][2]. Group 1: Regulatory Changes - The new regulations, officially titled "Securities Company Classification Evaluation Regulations," were released by the China Securities Regulatory Commission on August 22, 2023, and will take effect immediately [1]. - This marks the fourth revision since the original regulations were implemented in 2009, with adjustments made in 2010, 2017, and 2020 [2]. Group 2: Evaluation Criteria - The core logic of the new regulations is to evaluate securities companies based on their risk management capabilities and compliance status, alongside their business development and functional performance [2]. - The new regulations introduce an assessment of "functional performance," which was not included in the previous version, and authorize the China Securities Association to conduct specialized evaluations [2]. Group 3: Encouragement for Development - The new regulations eliminate the "operating income" bonus item and increase the value and coverage of the "return on net assets" bonus, guiding the industry towards a quality-focused development direction [3]. - The regulations expand the coverage for bonuses related to "agency trading," "sponsorship and underwriting," and "asset management," providing more opportunities for small and medium-sized firms to earn bonuses [3]. - New bonus indicators for proprietary investment in equity assets and wealth management are introduced to encourage securities companies to enhance their capabilities in serving the real economy and investors [3]. Group 4: Penalties for Violations - The new regulations increase the number of penalty items related to administrative punishments and disciplinary actions, emphasizing a regulatory approach that targets serious violations [4]. - The penalties are adjusted to maintain a balance between deductions and bonuses, with the maximum deduction for severe violations reduced from 10 points to 8 points [4].