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证监会大招落地,券商评价迎大洗牌
21世纪经济报道·2025-08-24 04:21

Core Viewpoint - The revised "Securities Company Classification Evaluation Regulations" aims to enhance the role of securities firms in serving the real economy and investors, with a focus on long-term capital introduction and wealth management [1][6]. Summary by Sections Changes in Regulations - Change One: Adjusted scoring rules with broader coverage, allowing firms to reduce points by up to 1 for proactive measures like administrative commitments or advance compensation [1][6]. - Change Two: Emphasized strict regulation, with firms committing serious violations facing direct downgrades to D-class ratings [2][9]. - Change Three: Shifted focus from purely operational metrics to functional roles, requiring firms to align with national strategies and the real economy [3][11]. - Change Four: Supported differentiated development for small and medium-sized firms by expanding the scoring range for various business income metrics [4][14]. Compliance and Incentives - The new regulations increase compliance incentives, allowing firms to mitigate penalties through proactive compensation efforts, significantly reducing the impact of violations [5][6]. Functional Role of Securities Firms - The regulations redefine the role of securities firms, emphasizing their functional contributions over mere profit generation, thus aligning with national economic goals [10][12]. Support for Small and Medium-sized Firms - The revised regulations aim to reduce the weight of revenue-based metrics, encouraging small and medium-sized firms to focus on efficiency and specialized services [14][16]. - Specific adjustments include removing total revenue rankings from scoring and expanding the scoring range for net asset return metrics [14][16]. Recommendations for Support - Suggestions for supporting small and medium-sized firms include establishing clear functional evaluation standards, simplifying approval processes for innovative business trials, and providing liquidity support mechanisms [16].