证监会，最新修订

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has solicited public opinions on the draft of the "Regulations on the Classification Evaluation of Futures Companies," aiming to refine the evaluation standards and processes for futures companies in response to market and industry developments [1][4]. Summary by Sections Evaluation Standards - The draft regulations clarify and optimize the scoring standards for futures companies, establishing specific conditions under which points can be deducted without regulatory measures, such as failing risk supervision indicators and margin warnings [1][5]. - Points deduction varies from 0.5 to 10 based on the type of regulatory measures taken against the company [1]. Adjustments to Scoring - The minimum compliance score for market competitiveness has been removed, and serious violations or major risks will not earn points in the market competitiveness indicator [2]. - If a futures company is penalized for failing risk supervision indicators, it will not receive points for the average remaining net capital [2]. - Duplicate penalties for the same violation involving both the company and its employees have been eliminated, allowing only the more severe penalty to apply [2]. Optimization of Additional Scoring - The "average daily position of institutional clients" has been changed to "average daily position of industrial clients," with the addition of a new indicator for "average daily position of medium- and long-term capital clients" [3]. - The market competitiveness indicators have been restructured into three categories with nine specific indicators to evaluate the overall business performance, profitability, and capital strength of futures companies [3]. Special Evaluations - The "insurance + futures" service for the real economy has been moved to a special evaluation category, and the evaluation of party building and cultural construction has been included [4]. - Incentives for special circumstances have been adjusted to reward companies that cooperate with regulatory bodies in risk management and maintain compliance without penalties over the last three evaluation periods [4]. Overall Impact - The revisions aim to guide futures companies towards compliant and stable operations, enhancing their service capabilities to the real economy and aligning with national strategies [5]. - The evaluation process will reflect the compliance and risk management capabilities of futures companies more objectively and fairly, integrating various aspects of corporate governance and operational activities into the assessment [5].