时隔5年，证券公司分类评价制度再一次迎来修订。 6月20日，证监会就《证券公司分类评价规定（修订草案）》（以下简称《规定》）公开征求意见，突 出促进功能发挥、提升专业能力，优化业务发展加分指标，引导经营机构聚焦高质量发展，支持中小机 构特色化、差异化发展，突出"打大打恶"导向，强化综合惩戒，切实加强中小投资者保护。 将规则标题由《证券公司分类监管规定》调整为《证券公司分类评价规定》，与以分类评价为主要内容 的制度框架相适应。业内人士指出，证券公司分类评价制度是证券公司监管的基础性制度，证监会根据 证券公司分类结果，在风险控制指标标准、风险资本准备计算比例、监管资源分配、现场检查和非现场 检查频率等方面，对不同类别的公司实施差异化的监管政策，发挥其"奖优罚劣"和监管"指挥棒"的重要 作用。 更加突出券业功能发挥 注重专业能力 此次《规定》修改，在总结经验基础上，将"引导证券公司更好发挥功能作用，提升专业能力"写入总 则，并将现有评价框架调整为"风险管理能力、持续合规状况、业务发展和功能发挥状况"，突出督促证 券公司端正经营理念、发挥功能作用、提高专业能力的鲜明导向，引导证券公司加大服务实体经济和国 家战略的力度 ...

Core Viewpoint - The revised classification evaluation system for securities companies aims to enhance functionality, professional capabilities, and support high-quality development while protecting the interests of small and medium investors [2][4][10]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has publicly solicited opinions on the revised "Securities Company Classification Evaluation Regulations," emphasizing the importance of functionality and professional capability [2]. - The title of the regulations has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" to align with the new focus on evaluation [2]. - The revised regulations will implement differentiated supervision policies based on the classification results of securities companies, affecting risk control indicators, capital preparation ratios, and inspection frequencies [2][15]. Group 2: Focus on Functionality and Professional Capability - The revision emphasizes guiding securities companies to better fulfill their functional roles and enhance professional capabilities, with a new evaluation framework focusing on risk management, compliance, business development, and functionality [4][5]. - A special evaluation for "functionality" will be organized by the Securities Association, with results incorporated into the classification evaluation, promoting better service to the real economy and national strategies [4][5]. Group 3: Support for Small and Medium Institutions - The revised regulations optimize and integrate scoring indicators to encourage differentiated and specialized operations, removing the revenue-based scoring while increasing the emphasis on return on net assets [8][9]. - The regulations will support small and medium institutions in exploring differentiated development paths, allowing them to achieve better performance in specific business areas [8][9]. Group 4: Strengthening Investor Protection - The revised regulations enhance punitive measures against major violations, expanding the scope for downgrading evaluation results for companies involved in significant illegal activities [11]. - The regulations encourage securities companies to apply for administrative commitments or advance compensation to better protect investors' rights, reducing their costs and time in seeking redress [12][10]. Group 5: Historical Context and Future Implications - The classification evaluation system has undergone multiple revisions since its introduction in 2009, reflecting the evolving regulatory landscape and the need for alignment with national financial strategies [15]. - The recent changes are expected to significantly impact the development landscape of securities companies, reinforcing the connection between regulatory evaluations and company growth [15].

Group 1 - The core viewpoint of the article is the revision of the "Securities Company Classification Evaluation Regulations (Draft for Public Consultation)" to enhance the classification evaluation system for securities companies, aiming to support differentiated development and specialized operations of small and medium-sized institutions [1][3]. - The public is invited to provide feedback on the draft regulations through specified channels, including email and postal address [1]. - The deadline for submitting feedback is set for July 5, 2025 [2].