Core Insights - The classification evaluation results for securities companies in 2025 have been released, with 107 companies evaluated, including 53 classified as A, 43 as B, and 11 as C, with 14 companies rated as AA within the A category [1][2] Group 1: Evaluation Framework - The classification evaluation system has been a foundational regulatory arrangement since its inception in 2007, maintaining a stable distribution of A, B, and C category companies, approximately 50%, 40%, and 10% respectively [2] - The evaluation criteria are based on four main components: penalties for regulatory measures, performance indicators such as major business income and return on net assets, a set of 47 specific indicators across six categories, and evaluations of industry culture and social responsibility [3][4] Group 2: Regulatory Focus - The evaluation process emphasizes enhancing the service quality of securities companies to the real economy, aligning with the directives from the 20th National Congress and the Central Financial Work Conference [5][6] - New indicators have been introduced to encourage securities companies to attract long-term capital, enhance their professional capabilities, and support the financing of private and small enterprises [6][7] Group 3: Compliance and Risk Management - The evaluation underscores strict compliance and risk management, incorporating a comprehensive assessment of various entities and their adherence to regulations, with a zero-tolerance approach to violations [7] - Companies are encouraged to engage in self-assessment and correction, with provisions for reducing penalties for proactive identification and resolution of issues [7]

Core Viewpoint - The revised "Trust Company Management Measures" aims to enhance the regulation and risk management of the trust industry, focusing on the core responsibilities of trust companies and promoting high-quality development [1][3]. Group 1: Overview of the Revised Measures - The revised measures consist of 8 chapters and 75 articles, addressing various aspects such as company governance, risk management, and business scope [3][4]. - The previous measures were established in 2007 and have been in effect for 18 years, necessitating updates to align with recent regulatory changes and industry practices [2][3]. Group 2: Key Revisions - The revisions focus on four main areas: emphasizing core responsibilities, enhancing corporate governance, strengthening risk prevention, and clarifying regulatory requirements [5]. - Trust companies are required to adhere to the principle of "seller responsibility, buyer risk," breaking the rigid repayment structure [5]. Group 3: Adjustments to Business Scope - The revised measures reduce the business scope from five categories to three: asset service trusts, asset management trusts, and public welfare trusts [7]. - New provisions allow trust companies to provide liquidity support loans to shareholders and related parties, while eliminating certain unrelated intermediary services [8]. Group 4: Corporate Governance Enhancements - Trust companies must integrate party leadership with corporate governance, strengthen shareholder behavior management, and establish effective internal assessment and incentive mechanisms [10][27]. - The measures emphasize the protection of beneficiary rights and the establishment of a trust culture that prioritizes integrity and compliance [10][26]. Group 5: Risk Management and Regulatory Requirements - Trust companies are mandated to enhance comprehensive risk management, focusing on compliance and operational risks throughout the trust business process [29][30]. - The minimum registered capital for trust companies will be increased, and stricter capital and provisioning management will be enforced [5][10]. Group 6: Implementation Timeline - The revised measures will take effect on January 1, 2026, with existing trust companies required to develop rectification plans for non-compliant businesses [11][12].