证监会，最新修订

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the "Classification Evaluation Regulations for Futures Companies," aiming to refine the evaluation standards and processes for futures companies in response to market and industry developments [1][4]. Group 1: Evaluation Standards - The draft clarifies and optimizes the scoring standards, specifying that, except for certain situations, deductions will generally be based on regulatory measures [1]. - Specific situations related to daily risk management that do not meet standards can incur deductions without regulatory measures, including failure to meet risk supervision indicators and margin warnings [1]. - Deductions vary from 0.5 to 10 points based on the type of regulatory measures taken against the company [1]. Group 2: Adjustments to Scoring - The minimum compliance score for market competitiveness has been removed, and serious violations or major risks will not earn corresponding market competitiveness points [2]. - If a company is penalized for failing to meet risk supervision indicators, it will not receive points for average remaining net capital [2]. - Duplicate deductions for the same violation involving both the company and its personnel have been eliminated, allowing only the more severe penalty to apply [2]. Group 3: Optimized Scoring Criteria - The "average daily position of institutional clients" has been changed to "average daily position of industrial clients," with the addition of a new metric for "average daily position of medium- and long-term capital clients" [3]. - The market competitiveness indicators have been restructured into three categories with nine metrics to comprehensively assess the operational performance, profitability, and capital strength of futures companies [3]. - The evaluation metrics for asset management have been adjusted to reflect average positions rather than average derivative equity, enhancing the focus on risk management [3]. Group 4: 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 integrated into this special evaluation [4]. - Incentives for special circumstances have been adjusted to reward companies that cooperate with regulatory bodies in risk management and maintain compliance over multiple evaluation periods [4]. Group 5: Regulatory Intent - The revisions aim to allocate regulatory resources more effectively across different types of futures companies, promoting compliance and enhancing service capabilities for the real economy [5]. - The evaluation process will objectively reflect the compliance and risk status of futures companies, with a focus on governance and operational activities [5]. - The overall goal is to improve the service capacity and competitiveness of the futures industry, aligning with high-quality development objectives [5].