Core Viewpoint - The futures industry in China has faced intensified regulatory scrutiny since 2025, with over 110 regulatory measures and disciplinary actions issued this year alone, particularly in the area of internet marketing, highlighting a shift from "penalty-driven" to "function-driven" regulation [1][2][8]. Regulatory Environment - The regulatory landscape has seen a significant increase in penalties, with 114 regulatory measures reported by the China Securities Regulatory Commission and local agencies since 2025, covering a wide range of violations including internet marketing, asset management, and internal controls [2][3]. - Internet marketing has emerged as a high-risk area, with at least 14 futures companies penalized for violations related to this sector [2][3]. - The regulatory approach has evolved to include a three-dimensional penalty system focusing on qualification, behavioral norms, and reputational constraints [4]. Compliance Challenges - Many firms exhibit a short-sighted mentality, prioritizing business growth over compliance, which has led to frequent penalties and highlighted the need for a proactive governance system [1][5]. - The industry has been criticized for a persistent "heavy business, light compliance" mindset, particularly in asset management and intermediary cooperation, which has not adapted to new regulatory requirements [6][7]. Future Directions - Futures companies are encouraged to establish a "proactive governance" system, focusing on risk management and compliance training to align with regulatory expectations [9]. - The industry is expected to undergo a transformation, shifting from being mere service providers to becoming risk management partners embedded within the supply chain [9][10]. - Technological advancements are seen as a key direction for compliance management, enabling firms to integrate compliance requirements into business processes and enhance risk identification and management [10][11]. Long-term Trends - The future of compliance governance in the futures industry is anticipated to follow a path of standardization, differentiation, intelligence in risk prevention, and ecological development, aiming for high-quality growth [11][12]. - The core competitiveness of futures companies will increasingly depend on their ability to create value through compliance rather than merely meeting regulatory minimums [12].

2025年以来，期货行业持续加强监管。据中国证券报记者不完全统计，今年以来，行业累计收到超110 张监管措施和纪律惩戒函，其中互联网营销成为违规高发区，至少14家期货公司因此受罚，场外衍生品 交易业务、居间管理、公司治理与内部控制等领域问题也频发，甚至有公司被吊销期货业务许可证。 值得一提的是，中国证监会2月8日发布消息，依法吊销了和合期货有限公司的期货业务许可证。这一举 措是针对期货公司重大违法违规行为依法予以惩处的典型个案，具有极强的警示意义。 业内人士表示，期货行业罚单频出，暴露出个别机构重业务、轻合规的短视思维。当前行业监管已 从"罚单驱动"向"功能驱动"转型，期货公司需从调整业务方向、改善治理结构、加强人才建设等方面入 手，建立"主动治理"体系，从而助力行业迈向高质量发展。 ● 本报记者 马爽 互联网营销领域成处罚高发区 据中国证券报记者不完全统计，截至10月9日，2025年以来，中国证监会及各地派出机构、中国期货业 协会对外公示的期货行业相关监管措施函达到114张。这些处罚涉及的违规类型广泛，涵盖从事违规活 动（如配资、代客理财、违规交易）、开户及适当性管理、居间人管理、资产管理业务、互联网营销管 ...

互联网营销领域成处罚高发区 据中国证券报记者不完全统计，截至10月9日，2025年以来，中国证监会及各地派出机构、中国期货业 协会对外公示的期货行业相关监管措施函达到114张。这些处罚涉及的违规类型广泛，涵盖从事违规活 动（如配资、代客理财、违规交易）、开户及适当性管理、居间人管理、资产管理业务、互联网营销管 理、信息技术管理、关联交易管理、公司治理、信息报送管理、风险子公司管理等多方面。 2025年以来，期货行业持续加强监管。据中国证券报记者不完全统计，今年以来，行业累计收到超110 张监管措施和纪律惩戒函，其中互联网营销成为违规高发区，至少14家期货公司因此受罚，场外衍生品 交易业务、居间管理、公司治理与内部控制等领域问题也频发，甚至有公司被吊销期货业务许可证。 业内人士表示，期货行业罚单频出，暴露出个别机构重业务、轻合规的短视思维。当前行业监管已 从"罚单驱动"向"功能驱动"转型，期货公司需从调整业务方向、改善治理结构、加强人才建设等方面入 手，建立"主动治理"体系，从而助力行业迈向高质量发展。 ● 本报记者 马爽 互联网营销领域尤为突出。今年以来，至少有14家期货公司因互联网营销业务违规，收到了各地证 ...

Core Viewpoint - The recent implementation of the "Futures and Derivatives Law" and the improvement of supporting regulations signify a comprehensive upgrade of the regulatory framework in China's futures industry, shifting the focus towards "functional guidance" [1][3]. Regulatory Focus - Over 40 penalties have been issued by local securities regulatory bureaus this year, with violations primarily related to internal control and corporate governance [2]. - Key areas of concern include internet marketing management, asset management business irregularities, and information technology management deficiencies [2]. - The weak links in internal control and compliance management have become the focal point of regulatory scrutiny, particularly in areas such as branch management and abnormal trading monitoring [2]. Industry Transformation - The introduction of the "Futures and Derivatives Law" and the new "National Nine Articles" provides direction for high-quality development in the futures industry [4]. - Futures companies are encouraged to focus on their core business and establish compliance and risk management as a core competitive advantage [4]. - Systematic adjustments in compliance management strategies are necessary to enhance risk management capabilities and ensure alignment with regulatory requirements [4]. Future Outlook - The regulatory environment is expected to tighten over the next 3 to 5 years, with stricter oversight of futures companies [4]. - The industry is likely to adopt regulatory experiences from the securities and fund sectors while making localized improvements to achieve higher governance standards [4].