Core Points - The China Securities Regulatory Commission (CSRC) has released a draft for the "Regulations on the Classification Evaluation of Futures Companies," marking the fourth revision since its establishment in 2009, with a focus on seven adjustments including two major deduction items and five addition items [1][6] Group 1: Key Signals - Signal One: Stricter penalties for violations, allowing for deductions based on regulatory measures taken outside the evaluation period if violations occurred during the evaluation period [1] - Signal Two: Support for the real economy, with new indicators for "average daily positions of industrial clients" and "average daily positions of medium- and long-term fund clients" [2] - Signal Three: Upgraded competitiveness evaluation system, with market competitiveness indicators adjusted to three categories and nine items covering business types, profitability, and capital strength [3] - Signal Four: Inclusion of "insurance + futures" and party building in the special evaluation, recognizing the importance of these initiatives in supporting national strategies [4] Group 2: Deduction Standards - The deduction standards have been adjusted to balance strictness and leniency, with clear definitions of deduction scenarios [5][8] - Direct deduction items related to daily risk control are specified, with a tiered deduction system based on the severity of regulatory measures [9] - The evaluation can reflect the latest compliance status by including violations that occurred during the evaluation period but were penalized afterward [9] Group 3: Addition Indicators - The revision optimizes five dimensions of addition indicators to support industry transformation [13] - Dimension One: Enhanced service capabilities for the real economy, with a focus on industrial and medium- to long-term fund clients [15] - Dimension Two: Restructured market competitiveness addition system, with new indicators for brokerage and trading consultation businesses [16] - Dimension Three: Removal of certain evaluation indicators to avoid redundancy and encourage larger-scale operations [17][18] - Dimension Four: Adjustments to special evaluations, including the integration of party building and cultural construction into the evaluation system [19] - Dimension Five: Special incentives for companies maintaining compliance and risk management without deductions over the last three evaluation periods [20]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has solicited public opinions on the draft of the "Regulations on the Classification Evaluation of Futures Companies," aiming to refine the evaluation standards and processes for futures companies in response to market and industry developments [1][4]. Summary by Sections Evaluation Standards - The draft regulations clarify and optimize the scoring standards for futures companies, establishing specific conditions under which points can be deducted without regulatory measures, such as failing risk supervision indicators and margin warnings [1][5]. - Points deduction varies from 0.5 to 10 based on the type of regulatory measures taken against the company [1]. Adjustments to Scoring - The minimum compliance score for market competitiveness has been removed, and serious violations or major risks will not earn points in the market competitiveness indicator [2]. - If a futures company is penalized for failing risk supervision indicators, it will not receive points for the average remaining net capital [2]. - Duplicate penalties for the same violation involving both the company and its employees have been eliminated, allowing only the more severe penalty to apply [2]. Optimization of Additional Scoring - The "average daily position of institutional clients" has been changed to "average daily position of industrial clients," with the addition of a new indicator for "average daily position of medium- and long-term capital clients" [3]. - The market competitiveness indicators have been restructured into three categories with nine specific indicators to evaluate the overall business performance, profitability, and capital strength of futures companies [3]. 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 included [4]. - Incentives for special circumstances have been adjusted to reward companies that cooperate with regulatory bodies in risk management and maintain compliance without penalties over the last three evaluation periods [4]. Overall Impact - The revisions aim to guide futures companies towards compliant and stable operations, enhancing their service capabilities to the real economy and aligning with national strategies [5]. - The evaluation process will reflect the compliance and risk management capabilities of futures companies more objectively and fairly, integrating various aspects of corporate governance and operational activities into the assessment [5].

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].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is revising the "Futures Company Classification Evaluation Regulations" to enhance the evaluation standards for futures companies, focusing on risk management and service to the real economy [1][2]. Group 1: Evaluation Standards - The revised regulations specify that certain objective and clear situations related to daily risk management of futures companies can incur penalties without regulatory measures, including failure to meet risk supervision indicators and margin warnings [2]. - The regulations remove the minimum compliance score for market competitiveness, stating that serious violations or major risks will not receive competitiveness points [2][3]. - The evaluation period can include regulatory measures taken outside the evaluation period if the violations occurred during the evaluation period [2]. Group 2: Adjustments to Indicators - The regulations split the original business income indicator into net income from brokerage and futures trading consulting, while adding indicators for market making and derivative trading [3]. - The evaluation of asset management business will now consider the average margin of futures asset management products instead of average derivative equity [3]. - Certain indicators have been deleted to avoid redundancy and encourage larger scale operations, such as the removal of "cost management capability" and "net asset return rate" [3]. Group 3: Special Evaluations - The regulations have adjusted special evaluations, moving "insurance + futures" to a special evaluation category as part of the national strategy [4]. - The document includes provisions for incentives for futures companies that cooperate with regulatory bodies in risk management and maintain compliance without penalties over the last three evaluation periods [4]. - Feedback on the proposed regulations is open until July 13, 2025, with the CSRC welcoming public input for further refinement [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced revisions to the "Regulations on the Classification Supervision of Futures Companies" to enhance regulatory efficiency and guide compliance in the futures industry, with a public consultation period ending on July 13, 2025 [1] Summary by Relevant Sections Key Points of the Revision - The revised draft includes 44 articles focusing on the recent developments in the futures market, clarifying the scoring standards for classification evaluation, optimizing the scoring system, and simplifying the evaluation process [1] - The CSRC aims to guide futures companies towards compliance and core business focus, stating that serious violations or major risks will not earn competitive advantage points [1] Adjustments to Scoring Mechanisms - Specific situations related to daily risk management that do not meet standards, such as risk regulatory indicators and margin warnings, can incur deductions without regulatory measures [2] - A detailed scoring deduction system is established, with penalties ranging from 0.5 points for warning letters to 10 points for criminal penalties [3] Evaluation Period Considerations - Regulatory measures taken outside the evaluation period can be included in the evaluation if the violations occurred during the evaluation period, ensuring timely reflection of a company's risk management status [4] Optimization of Scoring Standards - The scoring system for positive contributions has been optimized, including a shift from "institutional client daily positions" to "industrial client daily positions" and the introduction of "long-term fund client daily positions" [7] - The market competitiveness scoring system has been restructured into three categories with nine indicators, focusing on business performance, profitability, and capital strength [7] - Certain evaluation indicators have been removed to avoid redundancy and encourage larger-scale operations [8] Regulatory Environment - Since 2024, multiple futures companies have faced penalties, indicating a tightening regulatory environment, with issues primarily related to internal controls and trading system failures [9] - Specific cases include penalties against Huajin Futures for a software failure and Ruida Futures for accounting irregularities, highlighting ongoing compliance challenges within the industry [10][11][12]

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