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]