业内人士对新华财经表示，相比今年7月的征求意见稿，正式出台的《办法》在保持总体框架稳定的基 础上，对业务范围、人员资质、禁止性行为等关键条款进行了多处微调，体现出监管机构对市场反馈的 高度重视与制度设计的进一步优化。 新华财经北京11月14日电（王菁）"底线思维与包容审慎相结合，既防风险，也促发展，体现出金融监 管的成熟与前瞻。"11月14日，中国人民银行正式发布《银行间市场经纪业务管理办法》（简称《办 法》），这一备受市场关注的规章将自2026年1月1日起实施。 从征求意见到正式落地：制度更趋优化、重点更加聚焦 经过四个月的征求意见期，银行间市场经纪业务监管办法终于正式落地。对比七月份的征求意见稿，最 终发布的《办法》在章节结构上由26条调整为25条，内容上更显精炼与精准。 整体来看，《办法》共六章二十五条，从经纪业务范围、内控管理、委托方责任到监督管理等方面构建 起全面监管框架，标志着银行间市场经纪业务步入制度化、规范化的新阶段。 业务范围方面，《办法》明确经纪机构可向委托方提供货币市场、票据市场、黄金市场、银行间债券市 场及相关衍生品市场等经纪服务，但不得为金融机构参与债券发行业务提供经纪服务。 某货币 ...

这场监管深水作业的最终落脚点，不是惩罚而是重塑。保险行业的价值，不该建立在数据幻象上，而是 立足于长期信任。唯有真实的产品、透明的费用和合规的行为，才能构筑保险的信用壁垒。监管有精度 又强硬，是在倒逼行业去泡沫化、去伪存真。 可以预见，穿透式监管的时代已经到来。保险公司若仍沉迷于报表游戏和短期业绩，将被时代淘汰。真 正的竞争力，不在于谁更会包装，而在于谁能经得起监管放大镜的照射。当虚假繁荣被清零，保险业才 迎来可持续增长。 "真正的竞争力，不在于谁更会包装，而在于谁能经得起监管放大镜的照射。当虚假繁荣被清零，保险 业才迎来可持续增长。" □徐兵 近日，某人寿公司因"费用使用不真实"被罚34万元，并牵出个人问责。全国范围内，今年前三季度保险 业罚没金额已超3亿元，禁业人数达86人，几乎是去年的两倍。监管风暴正从治表走向治里，保险业的 虚火开始退去。 过去很长一段时间，保险业热衷于造势而非造血。虚列费用、虚假承保、虚挂保费、虚假理赔等"五 虚"操作，在部分机构眼中成了业绩增长的隐秘通道。一些公司把营销费用虚列成客户服务支出，把业 绩数据粉饰成增长奇迹。这类看似聪明的技巧，其实是自掘陷阱——一旦穿透核查，账面繁荣瞬 ...

Core Insights - Recent reports indicate that borrowers are facing exorbitant annualized interest rates exceeding 2000% through short-term online loans, with additional fees charged by multiple guarantee companies [1][2][3] - The phenomenon of "double guarantee" involving licensed financing guarantee companies has resurfaced, raising concerns about the legality and ethics of these lending practices [1][8] Group 1: Loan Characteristics - Borrowers are experiencing "high-interest" online loans with terms as short as 7 to 14 days, reminiscent of the previously exposed "714 high-interest loans" [2][12] - Specific cases reveal that borrowers like Zhao Ming and Qian Xiao received only a fraction of their loan amounts after immediate deductions by guarantee companies, leading to annualized interest rates of 1132.65% and 2200.86% respectively [3][5][12] Group 2: Guarantee Companies' Role - Financing guarantee companies such as Liaoning Guoxin Financing Guarantee Co. and Zhongrong Guoyuan Financing Guarantee Co. are involved in these transactions, often deducting significant amounts from the loan as "guarantee fees" [8][11] - These companies are licensed entities under local financial regulations, yet their practices raise questions about compliance with legal standards regarding loan interest and fees [11][12] Group 3: Regulatory Environment - The "Assisted Loan New Regulations" implemented in October 2025 aim to regulate the fees charged by guarantee companies, prohibiting disguised price increases and setting a cap on interest rates [30][31] - Complaints regarding financing guarantee companies have surged, with issues such as unauthorized deductions and high-interest rates being frequently reported [32][33] Group 4: Borrower Protections - Borrowers are advised to preserve evidence of their loan agreements and transaction records, and to report any irregularities to financial regulatory authorities [34] - Legal avenues are available for borrowers to challenge excessive interest rates, as stipulated by the Civil Code of the People's Republic of China [34][35]

对比三个季度的罚单情况来看，一季度处罚力度不小，二季度金额有所回落，三季度处罚力度再次大 增。今年7月至9月，国家金融监督管理总局开出的罚单金额高达5.38亿元，相较二季度明显上升，成为 截至目前的年内处罚金额"高峰季"。 第三季度处罚金额明显提高的主要原因是多张"天价罚单"的出现。而这些"天价罚单"集中于股份制银 行，导致从被处罚银行类型来看，股份制银行超越农商行，一改以往农商行稳居罚单金额首位的局面。 2025年，金融监管依然严字当头。《金融时报》记者梳理同花顺（300033）iFinD数据发现，在刚刚过 去的第三季度，金融机构共收到金融管理部门开出2133张罚单，罚没金额达10.24亿元，分别环比大增 36.12%、190.91%。其中，银行机构在第三季度收到罚单1448张，同比增长18.3%；罚没金额8.29亿元， 同比大增84.63%。 从被罚原因来看，信贷业务违规依然是"重灾区"，贷前尽职调查不到位、贷中审查不审慎、贷后资金被 挪用、违规发放流动资金贷款等问题尤为突出。值得关注的是，贷后资金被挪用的违规行为表现出一些 新特点，以往贷款挪用多指向房地产，而第三季度部分银行被查出贷款被挪用于归还他行不 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated a crackdown on the dissemination of false information in the capital market, particularly targeting the phenomenon of "small essays" that distort market information and mislead investors [1][2][3]. Group 1: Impact of "Small Essays" - "Small essays" directly distort asset pricing and mislead investment decisions, contaminating the price discovery mechanism in the capital market [1][2]. - They erode the foundational trust in the market, as institutions that should be reliable sources of information become sources of misinformation [2]. - These false narratives provide a breeding ground for illegal activities such as insider trading and market manipulation, harming individual investors and undermining market integrity [2][3]. Group 2: Regulatory Response - The CSRC's recent announcements reflect a shift towards more detailed and penetrating regulatory practices, holding not only individual offenders accountable but also the institutions and their management [3][4]. - The CSRC has introduced 23 systematic measures aimed at creating a fairer, more transparent, and safer investment environment for small investors, emphasizing the importance of a healthy information environment for a healthy capital market [3][4]. - The regulatory approach includes enhancing institutional responsibility and leveraging technology, such as big data and artificial intelligence, to monitor and analyze market information effectively [4].

Core Viewpoint - The regulatory scrutiny in the insurance industry is intensifying, with a significant increase in penalties and a focus on financial data authenticity [1][3][4] Group 1: Regulatory Actions - The Shanghai branch of Guohua Life Insurance was fined 340,000 yuan for "unrealistic expense usage," and its director received a warning and a 50,000 yuan fine [1] - In the first three quarters of 2025, the total fines in the insurance industry exceeded 300 million yuan, marking a year-on-year increase of 9.64% [1] - The number of industry professionals banned from practice increased significantly, with 86 individuals facing bans ranging from one year to lifetime, more than double the 38 from the same period in 2024 [1][3] Group 2: Penalty Statistics - In Q3 2025, the insurance industry saw 632 penalties totaling 134 million yuan, affecting 369 institutions and 696 individuals [3] - September alone accounted for 30.91 million yuan in fines, a staggering year-on-year increase of 136.9% [3] - The most common violations were related to "five false" issues, including false expenses and claims, which are now a regulatory focus [3][4] Group 3: Individual Accountability - The regulatory approach has shifted to a dual penalty system targeting both institutions and individuals, with personal fines reaching 64.72 million yuan, accounting for 20.94% of total fines [4] - The number of bans and revocations of qualifications for individuals has increased, particularly for mid-to-senior management [4] - The structure of penalties has become pyramid-like, covering all levels from executives to frontline employees [4] Group 4: Regulatory Framework and Technology - The new "National Ten Articles" emphasizes strict market access, continuous supervision, and serious rectification of illegal activities in the insurance sector [5] - Regulatory technology is advancing, with systems like EAST and real-time monitoring tools being implemented to enhance oversight efficiency [5] - Shanghai has established a digital regulatory system capable of real-time monitoring of abnormal indicators, facilitating rapid inspections [5]

Core Insights - The regulatory scrutiny in the insurance industry is intensifying, with penalties being imposed on both institutions and individuals for various violations [1][5][6] Regulatory Penalties - In the first three quarters of 2025, the total fines in the insurance sector exceeded 300 million yuan, marking a year-on-year increase of 9.64% [1] - The number of penalties issued in Q3 2025 reached 632, with a total amount of 134 million yuan, affecting 369 institutions and 696 individuals [3] - The fines in September alone amounted to 30.91 million yuan, representing a significant year-on-year increase of 136.9% [3] Common Violations - The most prevalent violations include "Five Falsifications" (虚列费用, 虚假承保, 虚假退保, 虚挂保费, and 虚假理赔), with financial data inaccuracies being the leading cause of penalties, accounting for 33.94% of all violations [3][4] Individual Accountability - The regulatory approach has shifted to a dual penalty system, holding both institutions and individuals accountable, with personal fines amounting to 64.73 million yuan, which is 20.94% of the total fines [5] - The number of individuals banned from the industry has significantly increased, particularly among mid-to-senior management [5] Regulatory Framework and Technology - The new regulatory framework emphasizes strict oversight, as outlined in the "New National Ten Articles," which focuses on stringent market entry, continuous supervision, and effective risk prevention [6] - Technological advancements in regulatory practices include the use of systems like EAST and real-time monitoring tools, enhancing the efficiency of regulatory oversight [6]

Industry Overview - The private equity industry in China is transitioning from rapid growth to high-quality development, with increasing regulatory scrutiny and a focus on supporting high-quality firms while limiting weaker ones [1][2] - A significant trend in the industry is the dual movement towards "centralization" and "normalization of liquidation," where resources are concentrating on quality management institutions, and the need for market-based exit mechanisms is becoming more pronounced [2] Role of Professional Institutions - Professional third-party service institutions are emerging as essential players in creating a healthy private equity ecosystem by providing standardized and professional market services [1][2] - These institutions act as independent third parties, ensuring fairness and transparency during the liquidation process, particularly for complex problem funds, thereby protecting investors' rights [2] Company Practices - The company focuses on the end of the fund lifecycle, specializing in three main areas: regular fund liquidation, risk management of problematic private equity funds, and professional debt recovery services [3] - The handling of problematic private equity funds showcases the company's expertise, especially when original managers are absent or negligent, requiring legal and financial strategies for effective resolution [3] - The company's competitive edge lies in its experienced team, with core members having nearly a decade of industry experience and a track record of successfully managing complex fund liquidation cases [3] Industry Contributions - The company defines its role not just as a service provider but as a risk mitigator and value restorer, contributing to the long-term health of the private equity industry [3] - A collaborative research report on problematic fund management, co-authored with other professional institutions, is set to be released, highlighting the company's commitment to industry risk governance [3]

Core Insights - The private equity industry in China is transitioning from rapid growth to high-quality development, driven by stricter regulations and a focus on excellence [1][2] - Professional third-party service institutions are emerging as essential players in creating a healthy private equity ecosystem [1][2] Industry Trends - The private equity sector is undergoing a "high-quality revolution," with an increasingly refined regulatory framework and enhanced oversight [2] - "Penetrative regulation" has become the norm, raising compliance expectations for fund managers [2] - There is a dual trend of "centralization" of resources towards quality management institutions and a growing need for the liquidation and resolution of problematic funds [2] Role of Professional Institutions - Professional clearing institutions play a critical role in protecting investor interests and ensuring the healthy development of the industry [1][2] - These institutions act as independent third parties, ensuring fairness and transparency during the liquidation process, especially for complex problematic funds [2] Company Practices - The company focuses on the end of the fund lifecycle, specializing in regular fund liquidation, risk resolution for problematic private equity funds, and professional recovery services [3] - The handling of problematic private equity funds showcases the company's professional value, particularly when original managers are unresponsive or negligent [3] - The company's core competitiveness stems from a team with nearly ten years of industry experience, having successfully managed numerous complex fund liquidation cases [3] Collaborative Efforts - The company collaborates with other professional institutions to enhance industry risk governance, exemplified by the upcoming release of a research report on problematic fund resolution [3] - Through these efforts, professional clearing institutions are positioned to be significant market forces in ensuring the sustainable development of the private equity industry [3]

Core Viewpoint - The rapid growth of private domain e-commerce is accompanied by significant challenges in regulation and sustainability, particularly due to issues like false advertising and lack of standards [1][3][4]. Group 1: Regulatory Challenges - The Market Supervision Administration reported that false marketing and counterfeit goods are the most prominent issues in the live e-commerce sector [3]. - New marketing scams targeting elderly consumers have emerged, exploiting their health concerns and limited information discernment [4]. - A complete marketing chain has been identified, involving offline lead generation, targeted customer outreach, and interactive live streaming [6]. Group 2: Legal Developments - The revised Anti-Unfair Competition Law of the People's Republic of China, effective October 15, 2025, provides more detailed regulations on online unfair competition [6]. - The "New Consumption Model and Platform Economy Risk Analysis Report" has been initiated to identify risks in business operations through expert evaluations [6][12]. Group 3: Compliance and Best Practices - Three private domain e-commerce companies have successfully increased their repurchase rates by 30% through compliant operational strategies [8]. - Non-compliance can lead to severe consequences, as demonstrated by a case where a company attempted to evade regulatory scrutiny but ultimately faced administrative penalties and reputational damage [8]. - The upcoming "Live E-commerce Supervision Management Measures" aims to strengthen governance and address issues in the live e-commerce sector [8]. Group 4: Industry Insights - Experts emphasize that private domain e-commerce is not exempt from legal regulations, and all commercial promotions through private channels must comply with existing laws [10][12]. - The focus is shifting from reactive compliance to proactive compliance, integrating compliance requirements into corporate culture to foster sustainable industry growth [12].