Core Viewpoint - The recent revision of the "Securities Company Classification Evaluation Regulations" aims to optimize the classification evaluation system, emphasizing functional orientation and promoting differentiated development for small and medium-sized securities firms, aligning with the new "National Nine Articles" and the financial "Five Major Articles" requirements [1] Group 1: Functional Orientation - The revised regulations prioritize guiding securities firms to better perform their functional roles and enhance professional capabilities, incorporating the evaluation of "functional performance" into the existing framework [2][3] - The new evaluation framework shifts from traditional pillars of "risk management + compliance + business development" to a new system that includes "risk management capability + sustained compliance + business development and functional performance" [3] Group 2: Differentiated Development - The regulations eliminate the revenue-based bonus points, reducing repetitive scale-based incentives, while increasing the emphasis on return on equity (ROE) to encourage firms to focus on operational efficiency rather than mere scale expansion [5][6] - The adjustment in evaluation criteria encourages small and medium-sized firms to explore differentiated paths based on their resource endowments, reinforcing the orientation towards specialized operations [7][8] Group 3: Regulatory Enhancements - The revised regulations enhance the punitive measures and risk mitigation strategies, expanding the scope for rating downgrades to include significant violations, and optimizing the penalty mechanisms [9][10] - The introduction of a self-rescue incentive mechanism allows for reduced penalties for firms that proactively rectify issues, thereby encouraging responsible behavior [10]
ROE重要性提升！券商分类评价规则修订，最新解读！