银行间市场经纪业务迎“最强监管”

Core Viewpoint - The People's Bank of China has officially released the "Interbank Market Brokerage Business Management Measures," which will take effect on January 1, 2026, marking a new phase of institutionalization and standardization in interbank market brokerage business [1] Group 1: Regulatory Framework - The Measures consist of six chapters and twenty-five articles, establishing a comprehensive regulatory framework covering brokerage business scope, internal control management, client responsibilities, and supervisory management [1] - The Measures aim to effectively curb illegal operations by interbank brokerage institutions, requiring financial institutions to cooperate with brokers in handling relevant procedures and managing risks [1][2] Group 2: Key Provisions - The Measures clarify the scope of brokerage services that institutions can provide, including services in the money market, bill market, gold market, and interbank bond market, while prohibiting brokerage services for financial institutions participating in bond issuance [2] - Brokerage institutions are required to strengthen internal controls and manage the entire business process, ensuring compliance with client due diligence and service agreements [2][4] - The Measures introduce a unified regulatory approach for "other financial institutions," filling a gap that previously focused only on monetary brokerage companies [2] Group 3: Compliance Requirements - Financial institutions must meet compliance requirements such as institutional access, business isolation, client due diligence, agreement signing, pricing and matching standards, information disclosure, data reporting, communication retention, and adherence to a prohibited list [4] - The Measures delineate 13 prohibited behaviors, including "false record-keeping" and "non-compliant communication management," to mitigate risks related to market manipulation and benefit transfer [5] Group 4: Implementation and Transition - Financial institutions may need to reassess their existing list of brokerage partners to ensure compliance with the new regulations, potentially leading to a unified update and selection process for brokerage institutions [6] - It is recommended that some brokerage institutions sign service agreements and enhance internal control processes during the transition period to adapt to the upgraded regulatory requirements [7]