券商分类评价规则发生重要调整 突出“高质量发展”与“功能发挥”

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised and officially implemented the "Securities Company Classification Evaluation Regulations," marking the fourth modification since its introduction in 2009, with a focus on promoting high-quality development and enhancing regulatory measures [1][2][3]. Group 1: Key Modifications - The revised regulations emphasize the promotion of the functional roles of securities companies, guiding them towards high-quality development and focusing on the "big and bad" orientation [1][2]. - The evaluation framework has been improved to integrate and optimize business development indicators, supporting differentiated and specialized operations for small and medium-sized institutions [2][4]. - The regulations now include a clearer incentive and constraint mechanism, combining positive incentives with negative constraints to enhance the evaluation process [3][7]. Group 2: Support for Small and Medium-sized Firms - The regulations have increased the weight of net asset return (ROE) in the evaluation, while removing total operating income ranking as a scoring basis, thus reducing the emphasis on scale [4][5]. - The scoring range for major business income has been expanded from the top 20 to the top 30, allowing small and medium-sized firms to achieve better scores in niche markets [4][5]. - New specialized indicators have been introduced to encourage securities companies to focus on long-term funding and wealth management, enhancing their service capabilities [4][5]. Group 3: Regulatory Measures - The regulations enhance the mechanisms for downgrading evaluation results, particularly for companies with significant legal violations, allowing for a more substantial assessment of overall compliance and risk management [6][7]. - The adjustments in penalty scoring and the emphasis on self-regulatory measures aim to strengthen the deterrent against market violations, thereby protecting the interests of small investors [7]. - The overall goal of the revised regulations is to refine the classification regulatory system, support differentiated development for small institutions, and promote high-quality growth in the securities industry [7].