Ruida Futures(SZ:002961) Zhong Guo Zheng Quan Bao·2025-10-10 23:45Core Viewpoint - The futures industry in China has faced intensified regulatory scrutiny since 2025, with over 110 regulatory measures and disciplinary actions issued this year alone, particularly in the area of internet marketing, highlighting a shift from "penalty-driven" to "function-driven" regulation [1][2][8]. Regulatory Environment - The regulatory landscape has seen a significant increase in penalties, with 114 regulatory measures reported by the China Securities Regulatory Commission and local agencies since 2025, covering a wide range of violations including internet marketing, asset management, and internal controls [2][3]. - Internet marketing has emerged as a high-risk area, with at least 14 futures companies penalized for violations related to this sector [2][3]. - The regulatory approach has evolved to include a three-dimensional penalty system focusing on qualification, behavioral norms, and reputational constraints [4]. Compliance Challenges - Many firms exhibit a short-sighted mentality, prioritizing business growth over compliance, which has led to frequent penalties and highlighted the need for a proactive governance system [1][5]. - The industry has been criticized for a persistent "heavy business, light compliance" mindset, particularly in asset management and intermediary cooperation, which has not adapted to new regulatory requirements [6][7]. Future Directions - Futures companies are encouraged to establish a "proactive governance" system, focusing on risk management and compliance training to align with regulatory expectations [9]. - The industry is expected to undergo a transformation, shifting from being mere service providers to becoming risk management partners embedded within the supply chain [9][10]. - Technological advancements are seen as a key direction for compliance management, enabling firms to integrate compliance requirements into business processes and enhance risk identification and management [10][11]. Long-term Trends - The future of compliance governance in the futures industry is anticipated to follow a path of standardization, differentiation, intelligence in risk prevention, and ecological development, aiming for high-quality growth [11][12]. - The core competitiveness of futures companies will increasingly depend on their ability to create value through compliance rather than merely meeting regulatory minimums [12].