证券行业重磅消息来了！ 6月20日，证监会于官网发布《证券公司分类评价规定（修订草案征求意见稿）》（以下简称《规定》），意见反馈截止时间为2025年7月5日。 | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | | 请输入关键字 | O | | --- | --- | --- | --- | --- | --- | --- | | 八首页 国 政务信息 | 价 机构概况 | 同 新闻发布 | 吕. 办事服务 | 曰 互动交流 | 000 统计信息 | 目 专题专栏 | | > 当前位置:首页 > 政务信息 > 政府信息公开 > 主动公开目录 > 按体裁文种查看 > 其他 > 征求意见 | | | | | | | | 索 | bm56000001/2025-00007548 | | | ਜੋ क्रेंड | 征求意见;证券经营机构相关规定 | | | 发布机构 | 证监会 | | | 发文日期 | 2025年06月20日 | | | 名 称 中国证监会就《证券公司分类评价规定(修订草案征求意见稿)》公开征求意见的通知 | | | | | | ...

此次最为直观的调整是规则名称的变化， 由此前的《证券公司分类监管规定》调整为《证券 公司分类评价规定》 。同时，《规定》适当整合、优化了业务发展指标，引导行业机构聚焦 高质量发展，支持中小机构差异化发展、特色化经营；突出 " 打大打恶 " 导向，优化评价结 果下调手段；适当调整扣分分值设置，提升评价的合理性。 整合、优化业务发展指标 【导读】证监会就《证券公司分类评价规定（修订草案征求意见稿）》公开征求意见 中国基金报记者 晨曦 证券行业重磅消息来了！ 6 月 20 日，证监会于官网发布 《证券公司分类评价规定（修订草案征求意见稿）》（以下 简称《规定》） ，意见反馈截止时间为 2025 年 7 月 5 日。 对于证券公司来说，分类评价是每年最为重要的 " 大考 " 。评价结果不仅反映证券公司的综 合实力，而且涉及相关业务的开展及监管资源分配等情况。 支持差异化发展、特色化经营 首先来看加分项的调整。 《规定》第三章 " 评价方法 " 的第十三条是最主要的加分项，共有 十一款内容，涉及证券公司的多项业务指标，包括代理买卖证券业务收入、承销与保荐业务 收入、财务顾问业务收入等。 修订后，《规定》不再对总的营业收 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has proposed revisions to the classification evaluation system for securities companies, focusing on enhancing their functional roles, optimizing business development indicators, and emphasizing the crackdown on major violations [1][2]. Group 1: Business Development Indicators - The revised regulations eliminate the revenue-based scoring system while increasing the emphasis on return on equity (ROE), raising the maximum score from 1 to 2 points [4]. - The coverage of scoring indicators for major business revenues, including brokerage, investment banking, and asset management, has been expanded from the top 20 to the top 30, with scores ranging from 0.25 to 2 points based on rankings [4]. - The adjustments aim to guide securities companies towards a more efficient and differentiated development approach, encouraging smaller firms to explore unique paths in specific business segments [4][5]. Group 2: Functional Role Enhancement - The revisions stress the importance of securities companies in serving as direct financing facilitators and gatekeepers of the capital market, with specialized evaluations being conducted to assess their capabilities in mergers and acquisitions [2][3]. - The evaluation framework has been updated to include risk management, compliance status, business development, and functional performance, with a new focus on functional performance evaluations organized by the Securities Association [2][3]. Group 3: Regulatory Measures - The revised regulations enhance the penalties for securities companies involved in major violations, expanding the scope of rating downgrades to include significant illegal activities [6]. - The scoring system for disciplinary actions has been adjusted to increase the penalties for "qualification penalties," thereby strengthening self-regulatory measures [6]. - Companies under investigation for violations will incur a minimum score deduction of 1.5 points, while those that voluntarily compensate affected investors may receive a score reduction of up to 1 point, promoting timely remediation and protecting investors' rights [6].

Core Insights - The article highlights a significant increase in stamp duty revenue from securities trading, which rose to 66.8 billion yuan in the first five months of the year, a year-on-year increase of 52.4%, despite a declining stock market [1][3]. Market Analysis - The A-share market experienced a decline from around 3,400 points at the beginning of the year to over 3,200 points by June, indicating a challenging environment for investors [3]. - The increase in stamp duty suggests that retail investors are trading more frequently, often engaging in a cycle of buying high and selling low, leading to increased transaction costs and losses [3][4]. Trading Behavior - Retail investors are heavily influenced by market emotions, leading to impulsive trading decisions that result in higher costs and missed long-term opportunities [3][4]. - The article emphasizes that frequent trading can exacerbate losses, as seen in the example of an investor who changed stocks multiple times within the year, incurring significant transaction costs [3]. Comparison with US Market - In contrast to the A-share market, the US stock market does not impose a stamp duty but utilizes capital gains tax, which is capped at 20% for long-term holdings, encouraging investors to hold stocks for longer periods [4]. - The absence of stamp duty in the US market does not eliminate trading costs, as platform fees, commissions, and currency exchange losses can still accumulate, making long-term holding potentially more cost-effective [4]. Investment Strategy - The article advocates for a shift in investment strategy from frequent trading to a focus on long-term value, suggesting that investors should concentrate on companies with sustainable competitive advantages and hold their investments patiently [5]. - The increase in stamp duty is framed as a "tax on market emotions," urging investors to overcome impulsive trading behaviors and adopt a more rational approach to investing [5].

Core Points - The China Securities Regulatory Commission (CSRC) released the "Guidelines for the Record Filing of Accounting Firms Engaging in Securities Services (2025)" to facilitate the record filing process for accounting firms [1][2] - The Ministry of Finance and CSRC have established a unified regulatory platform for accounting firms to streamline the submission of record filing information [3] Group 1: Record Filing Process - The guidelines clarify the record filing channels, timelines, verification processes, and procedures for cancellation and re-filing [2] - Accounting firms are required to submit their record filing information through the Ministry of Finance's platform and confirm it on the CSRC's system, eliminating the need for duplicate submissions [3] Group 2: Types of Record Filing - The record filing includes initial filings, major event filings, and annual filings for accounting firms providing services such as financial statement audits and internal control audits [3][4] - Initial filings must be completed according to the guidelines, with firms required to verify and submit their information through the designated platforms [4] Group 3: Verification Process - The verification process consists of non-on-site and on-site verifications, with firms able to track their verification progress through the respective platforms [5][6] - Non-on-site verification involves reviewing submitted materials and may require firms to correct any deficiencies within a specified timeframe [6] Group 4: Ongoing Compliance and Rectification - Accounting firms must undergo continuous supervision and are required to rectify any non-compliance issues within six months if they fail to meet the established requirements [7] - Firms that have their record filings canceled must reapply following the initial filing requirements [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft revision of the "Securities Company Classification Evaluation Regulations," which aims to enhance the regulatory framework and promote high-quality development in the securities industry [3] Group 1 - The classification evaluation system is a fundamental regulatory framework for institutions, with the current regulations having been in place since 2009 and revised three times previously [3] - The revision is necessary as it has been nearly five years since the last update, and it aims to improve the existing evaluation system [3] - The title of the regulations will be changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" to better align with the focus on classification evaluation [3] Group 2 - The revision will focus on four main areas: enhancing the functional orientation of securities companies, optimizing business development indicators, improving evaluation results for misconduct, and clarifying rules for handling special issues [3] - The evaluation framework will be refined to support differentiated development and specialized operations for small and medium-sized institutions [3] Group 3 - The new regulations will expand the coverage for additional points, increasing the number of companies eligible for points based on net asset return rates and major business income from 20 to 30 [4] - This change aims to encourage small and medium-sized institutions to explore differentiated development paths and improve their competitiveness in specific business areas [4]

NEW YORK, June 20, 2025 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Organon & Co. ("Organon" or the "Company") (NYSE: OGN) of a class action securities lawsuit.CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Organon investors who were adversely affected by alleged securities fraud between October 31, 2024 and April 30, 2025. Follow the link below to get more information and be contacted by a member of our team:https://zlk.com/pslra-1/organon-co-lawsuit-submission-form?prid ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the revised "Regulations on the Classification Evaluation of Securities Companies," aimed at optimizing the classification evaluation system for securities firms and supporting the differentiated development of small and medium-sized institutions [1]. Group 1 - The revision is in line with the spirit of the Central Financial Work Conference and the State Council's opinions on enhancing regulation and preventing risks while promoting high-quality development in the capital market [1]. - The new regulations emphasize the importance of enhancing the functional roles of securities companies [1]. - The draft aims to support the differentiated development and specialized operations of small and medium-sized securities firms [1].

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 ...

证监会：证券公司分类评价每年进行一次，评价期为上一 年度5月1日至本年度4月30日 金十数据6月20日讯，证监会发布《证券公司分类评价规定（修订草案征求意见稿）》，规定明确，证 券公司分类评价每年进行一次，评价期为上一年度5月1日至本年度4月30日，涉及的财务数据、业务数 据原则上以上一年度经审计报表，以及证券公司报送中国证监会及其派出机构、证券期货行业自律组织 的信息为准。 ...