事关期货研报，中期协公开征求意见

Core Viewpoint - The newly published "Guidelines for Futures Companies to Release Futures Research Reports" aims to standardize the behavior of futures companies in releasing research reports, enhance research service capabilities, and address internal control deficiencies and irregular processes in the industry [1][2]. Group 1: Guidelines Overview - The guidelines focus on "standardizing professional behavior, preventing business risks, and improving service quality," addressing prominent issues in the current release of research reports [2]. - The guidelines consist of 32 articles that require futures companies to establish comprehensive internal control systems covering the entire process of research report production, review, release, and sales service [3]. - A dual mechanism for quality review and compliance checks is established, emphasizing the need for a centralized management approach to research reports [3]. Group 2: Public and Private Domain Management - The guidelines clearly delineate the boundaries between public and private domain operations, with public domain reports limited to educational content and private domain reports requiring specific contracts and risk disclosures [4]. - This separation aims to prevent misleading information dissemination and ensure that private domain services adhere to appropriate risk management practices [4]. Group 3: Conflict of Interest Prevention - The guidelines mandate the separation of research report production and sales functions to ensure research independence and prevent conflicts of interest [5][6]. - Companies are prohibited from using research reports for improper benefits, reinforcing ethical conduct among staff [5]. Group 4: Practical Implementation and Transition - The guidelines expand their applicability to include "information services" under research report management, preventing circumvention of regulatory requirements [6]. - A two-month transition period is provided for futures companies to prepare for the implementation of the guidelines, which includes revising existing systems and enhancing quality control measures [7][8].