中国证监会发布《关于修改<证券公司分类监管规定>的决定》

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Company Classification Regulation" to enhance the regulatory framework and support high-quality development in the capital market, effective from August 22, 2025 [2][3]. Summary by Sections Regulatory Framework - The revised regulation emphasizes a goal-oriented approach, aligning with risk prevention and high-quality development requirements, while maintaining overall stability in the existing classification evaluation system [2][3]. - The title of the regulation has been changed to "Securities Company Classification Evaluation Regulation" to better reflect its focus on classification evaluation [3]. Key Modifications - The evaluation framework has been adjusted to focus on "risk management capability, ongoing compliance status, business development, and functional performance," with an emphasis on enhancing the functions of securities companies [3]. - The regulation aims to guide securities companies towards high-quality development by improving business development scoring indicators and encouraging differentiated development paths for small and medium-sized institutions [3][4]. Enforcement and Penalties - The regulation strengthens comprehensive penalties by refining the criteria for direct downgrading of classification ratings and increasing the deterrent effect against serious misconduct [3][4]. - It introduces a principle of proportionality in penalties, adjusting the scoring for disciplinary actions and optimizing the penalty gradient to enhance the effectiveness of various regulatory measures [4]. Future Directions - The CSRC will continue to improve the industry classification regulatory system and promote the establishment of first-class investment banks and institutions to better serve the real economy and support high-quality development in the capital market [4].