Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Classification Supervision of Securities Companies," which will take effect on August 22, 2025, changing the title to "Regulations on the Classification Evaluation of Securities Companies" to align with the focus on classification evaluation [1] Group 1: Overall Approach - The modification emphasizes a goal-oriented approach, aligning with risk prevention and high-quality development requirements, correcting industry positioning, enhancing governance, and reinforcing the regulatory "guiding role" [2] - The overall stability of the existing classification evaluation system is maintained, with the modifications focusing on partial improvements and moderate optimizations without major adjustments to the existing evaluation framework [2] Group 2: Key Modifications - The evaluation framework has been adjusted to highlight the functions of securities companies, focusing on "risk management capability, ongoing compliance status, business development, and functional performance" [4] - The modifications guide securities companies to focus on high-quality development by improving business development scoring indicators and encouraging better professional service capabilities in areas like long-term capital introduction and wealth management [4] - A "strike hard against major offenses" approach is emphasized, enhancing comprehensive penalties by refining the scope for direct classification rating reductions and increasing the penalty scores for serious violations [4] - The revisions summarize previous classification evaluation experiences and clarify rules for handling special issues, such as reducing penalty scores for companies that actively seek administrative enforcement commitments and undertake advance compensation [4] Group 3: Feedback and Consensus - The regulations were open for public consultation starting June 20, with general agreement on the modification approach and content from various stakeholders, and the CSRC has carefully considered feedback to refine the regulations [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised and implemented the "Securities Company Classification Evaluation Regulations," which aims to enhance the operational capabilities of securities firms, particularly benefiting small and medium-sized brokerages [1][2]. Summary by Relevant Sections Major Changes Compared to 2020 Version - Change One: Adjusted scoring rules to cover a broader range, allowing firms to reduce points by up to 1 for proactive measures like administrative commitments or advance compensation [2]. - Change Two: Emphasized strict regulation, with severe penalties for major violations leading to direct downgrades in ratings [3]. - Change Three: Shifted focus from purely operational metrics to functional capabilities, requiring firms to align with national strategies and support the real economy [4][13]. - Change Four: Supported differentiated development for small and medium-sized brokerages by removing total revenue ranking bonuses and expanding the income ranking bonus range from the top 20 to the top 30 [5][17]. Compliance Incentives - The revised regulations allow for point reductions if firms actively seek administrative commitments or conduct advance compensation during the evaluation period, potentially reducing the impact of penalties [6][12]. Regulatory Strengthening - The new regulations enhance the severity of penalties for significant violations, with direct downgrades for severe misconduct such as misappropriation of client assets or false financial reporting [3][12]. Functional Orientation - The regulations redefine the role of securities firms, emphasizing their responsibility to serve national strategies and the real economy rather than focusing solely on profit [13][14]. Support for Small and Medium-sized Brokerages - The removal of total revenue ranking as a scoring criterion and the expansion of income ranking bonuses are designed to help smaller firms compete more effectively [17][18]. - Recommendations for supporting small and medium-sized brokerages include establishing clear functional evaluation standards and providing financing support [18][19].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised and officially implemented the "Securities Company Classification Evaluation Regulations," with minor changes from the draft, focusing on enhancing support for small and medium-sized securities firms [1] Summary by Relevant Categories Regulatory Changes - The main adjustment in the revised regulations is the renaming of newly added special indicators, which now cover aspects such as proprietary investment in equity assets, asset management product investments in equity assets, distribution of equity mutual funds, and development of fund advisory services [1] Support for Small and Medium-sized Firms - The revision aims to optimize certain evaluation indicators to better support small and medium-sized securities firms, guiding them towards differentiated and specialized development paths [1] - The regulation removes the additional points for total operating revenue rankings and expands the income ranking bonus range for brokerage, investment banking, and asset management from the top 20 to the top 30 firms, with multiple policies favoring smaller firms [1]

21世纪经济报道 记者 崔文静 8月22日，证监会修订并正式实施《证券公司分类评价规定》（以下简称《规定》）。 该规定原为2009年推出的《证券公司分类监管规定》，此次是首次更名，距上一次修订已间隔五年。 今年6月20日至7月5日，《规定》曾面向社会公开征求意见。正式版与征求意见稿相比变动不大，最主 要调整是变更了新增专项指标的名称，涵盖券商自营投资权益类资产、资管产品投资权益类资产、代销 权益类基金产品、基金投顾发展等方面。 这些新增指标旨在推动证券公司加强引入中长期资金、发力财富管理、优化自营结构，全面提升服务实 体经济与投资者水平。 与2020年版相比，新《规定》主要有四大变化： 变化一：调整扣分规则，覆盖范围更广。 最具代表性的是，券商如积极申请行政执法当事人承诺、开展先行赔付等，可适度减少扣分，最多只扣 1分。这意味着券商在出现问题后若主动赔偿投资者，将大幅降低扣分压力。 变化二：突出"打大打恶"，严监管再升级。 出现重大违法违规行为的证券公司，可能被直接下调评级。 如发生挪用客户资产、违规委托理财、财务信息虚假、恶意规避监管、股东虚假出资或抽逃出资等情节 特别严重的行为，券商将直接被评定为D类。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented new classification evaluation regulations for securities companies, effective from August 22, 2023, aimed at enhancing the functionality of securities firms, promoting high-quality development, and strengthening investor protection [1][2]. Group 1: Regulatory Changes - The revised regulations emphasize three main directions: enhancing the functionality of securities companies, guiding them towards high-quality development, and reinforcing the protection of small and medium investors [1][2]. - The title of the regulations has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" to better reflect the focus on differentiated regulation based on classification evaluation [1][2]. Group 2: Evaluation Framework - The evaluation framework has been improved to promote the functionality of securities companies, with a focus on high-quality development and support for differentiated and specialized operations of small and medium-sized firms [2][3]. - The regulations have expanded the scoring criteria for major business income from the top 20 to the top 30 firms, allowing smaller firms to explore differentiated development paths [3]. Group 3: Investor Protection - The new regulations include mechanisms for downgrading evaluation results for firms involved in significant violations, thereby enhancing the overall accountability of securities companies [6][7]. - The regulations encourage firms to voluntarily compensate affected investors, reducing their costs and time in seeking redress, thus protecting the rights of small investors [7][8]. Group 4: Compliance and Risk Management - The regulations introduce stricter penalties for major violations, including direct downgrading of ratings for firms involved in severe misconduct, thereby increasing the cost of non-compliance [6][8]. - The updated penalty system includes higher deduction values for disciplinary actions and administrative penalties, promoting a more balanced evaluation system [6][8].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Company Classification Supervision Regulations" to enhance the regulatory framework and support high-quality development in the capital market, effective from August 22, 2025 [1][2]. Group 1: Regulatory Changes - The title of the regulation has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" to align with the focus on classification evaluation [2]. - The revised evaluation framework emphasizes "risk management capability, ongoing compliance status, business development, and functional performance," highlighting the importance of these areas in the evaluation process [2]. Group 2: Focus on High-Quality Development - The modifications aim to guide securities companies towards high-quality development by enhancing business development scoring indicators and encouraging better service capabilities in areas like long-term capital introduction and wealth management [2]. - There is an emphasis on encouraging small and medium-sized institutions to explore differentiated development paths based on their unique strengths [2]. Group 3: Enhanced Accountability and Penalties - The revisions strengthen the punitive measures against severe misconduct, maintaining a deterrent effect on major malicious cases by adjusting the scope for direct downgrading of classification ratings [2]. - The penalties will be adjusted to ensure proportionality, with increased point deductions for disciplinary actions and optimized administrative penalty scoring [2]. Group 4: Implementation and Future Steps - The CSRC will focus on the implementation of the revised regulations and continue to improve the industry classification regulatory system to better serve the real economy and promote high-quality development in the capital market [2].

Group 1 - The People's Bank of China and the State Administration of Foreign Exchange released the "Regulations on the Management of the Interbank Foreign Exchange Market (Draft for Comments)" to enhance regulation and promote the foreign exchange market's service to the real economy [1][5][13] - The interbank foreign exchange market is defined as the market for trading Renminbi and foreign currencies through the China Foreign Exchange Trading System [13][14] - The draft regulations aim to address the changes in the external and internal environment of the foreign exchange market due to ongoing economic and financial reforms [14][15] Group 2 - The main content of the draft regulations includes five aspects: strengthening market regulation, constructing a comprehensive regulatory system, improving infrastructure management, clarifying the business boundaries of participating institutions, and enhancing the forward-looking nature of market management [15][16] - The regulations emphasize the need to enrich trading varieties and currencies based on market demand, and to provide data services according to market principles [15][16] - Specific requirements include expanding trading varieties such as spot, forward, swaps, and options, as well as improving transaction time arrangements [16]

专题：证监会修改证券公司分类监管规定 引导证券公司聚焦高质量发展 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证监会发布实施证券公司分类评价规定 引导券商从规模导向转向价值创造 形成"合规—评级—业务"的良性循环 ◎记者 汤立斌 中国证监会8月22日发布实施《证券公司分类评价规定》（下称《规定》）。据介绍，调整后的评价办 法有利于校正行业定位，引导证券公司聚焦高质量发展，更加重视经营效率和质量，逐步从规模导向转 向价值创造。同时，通过增加违规成本，有效震慑证券公司重大违法违规行为，提升市场公平性，形 成"合规—评级—业务"的良性循环。 今年6月，证监会曾就修订《规定》向社会公开征求意见。其间，证监会通过座谈会等方式充分听取了 证券公司及中小投资者意见，各方总体赞成修订思路和内容，证监会对合理意见予以吸收采纳并正式发 布《规定》。 夯实券商监管基础性制度 突出证券公司功能发挥 证券公司分类评价制度是证券公司监管的基础性制度。监管部门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， ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented the "Securities Company Classification Evaluation Regulations" to shift the focus of securities firms from scale-oriented growth to value creation, promoting high-quality development and enhancing operational efficiency [1][4]. Group 1: Regulatory Changes - The revised regulations aim to correct industry positioning and encourage securities firms to prioritize high-quality development and operational efficiency over mere scale [1][4]. - The classification evaluation system serves as a foundational regulatory framework, allowing for differentiated supervision based on the classification results, thereby enhancing the effectiveness of regulatory measures [2][3]. Group 2: Emphasis on Functionality - The new regulations incorporate the functionality of securities firms into the evaluation framework, urging them to improve their professional capabilities and better serve the real economy and national strategies [3][4]. - A specialized evaluation of "functionality" will be conducted by the Securities Association, focusing on the effectiveness of firms in implementing key financial initiatives [3][4]. Group 3: Support for Smaller Firms - The regulations support differentiated and specialized development for smaller institutions, encouraging them to explore unique business paths while optimizing their operational indicators [4][5]. - Specific indicators have been added to promote the development of long-term capital and wealth management services, enhancing the service capabilities of securities firms [5][6]. Group 4: Compliance and Accountability - The regulations emphasize strict compliance and accountability, with increased penalties for major violations, thereby enhancing market fairness and protecting investor interests [6][7]. - The revised rules encourage firms to apply for administrative commitments or advance compensation in cases of suspected violations, with a structured penalty system to deter misconduct [7].

证监会发布实施证券公司分类评价规定 引导券商从规模导向转向价值创造 形成"合规—评级—业务"的良性循环 ◎记者 汤立斌 中国证监会8月22日发布实施《证券公司分类评价规定》（下称《规定》）。据介绍，调整后的评价办 法有利于校正行业定位，引导证券公司聚焦高质量发展，更加重视经营效率和质量，逐步从规模导向转 向价值创造。同时，通过增加违规成本，有效震慑证券公司重大违法违规行为，提升市场公平性，形 成"合规—评级—业务"的良性循环。 今年6月，证监会曾就修订《规定》向社会公开征求意见。其间，证监会通过座谈会等方式充分听取了 证券公司及中小投资者意见，各方总体赞成修订思路和内容，证监会对合理意见予以吸收采纳并正式发 布《规定》。 夯实券商监管基础性制度 突出证券公司功能发挥 证券公司分类评价制度是证券公司监管的基础性制度。监管部门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。 《规定》于2009年发布实施，并于2010年、2017年和2020年作了3次修订，已形成较为 ...