本报记者 方凌晨 付建表示："监管部门不断出台新的法规和自律规则，对私募基金管理人的合规运营提出了更高的要求，机构合规运营成 本相应上升。不过，私募基金管理人构建全面合规体系，及时、准确地披露信息，有利于提高投资者的满意度和忠诚度。" 纵览近年来注销私募基金管理人数量，自2021年以来，每年注销的私募基金管理人数量均超1000家。2022年和2023年，注 销数量分别冲高至2210家和2537家，2024年注销数量有所减少，回落至1502家。 河南泽槿律师事务所主任付建在接受《证券日报》记者采访时表示："私募基金管理人注销速度放缓，说明行业已度过大 规模的集中出清阶段，大量不合规或经营不善的机构已基本退出市场，行业发展趋于稳定，正走向规范发展轨道。" 在"协会注销"之外，不少私募基金管理人选择"主动离场"。2021年至2024年，"主动注销"类型注销数量占比分别为 49.27%、61.36%、23.05%和38.02%。 在北京格上富信基金销售有限公司研究员蒋睿看来，私募基金行业的规范发展将带来多方面积极影响。对行业而言，规范 发展有利于加速"伪劣乱"私募机构出清，优化竞争格局，从而降低系统性风险；对机构而言 ...

Core Viewpoint - The regulatory authorities in China have initiated the classification evaluation of securities companies for 2025, with 107 firms participating in the assessment process [1][2]. Group 1: Evaluation Process - The self-assessment work papers have been completed by the participating securities firms [1]. - The evaluation criteria have been adjusted according to the revised regulations published on August 22, 2023, marking the fourth adjustment since the system's implementation in 2009 [1]. Group 2: Assessment Criteria - The self-assessment work papers consist of two main parts: add-on items and deduction items [1]. - There are 17 add-on indicators, which include rankings of the previous year's main business income, the proportion of equity assets in proprietary investments, and the growth of equity fund sales [1]. - Deduction items focus on capital adequacy, corporate governance, risk management effectiveness, information technology management, customer rights protection, disclosure quality, and any penalties from regulatory bodies [1]. Group 3: Regulatory Changes - The new regulations have removed the "operating income" add-on item, increased the emphasis on Return on Equity (ROE), and expanded the coverage of main business rankings from the top 20 to the top 30 [2]. - New indicators for equity investments have been introduced, emphasizing the regulatory direction of "supporting the strong and limiting the weak" and promoting differentiated development for small and medium-sized securities firms [2]. - Companies with significant violations will see a direct reduction in their evaluation results, while those that proactively correct issues may have their deduction scores reduced [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented the "Securities Company Classification Evaluation Regulations" to enhance the regulatory framework for the industry, emphasizing the importance of evaluating and guiding the development of securities companies towards high-quality growth [1][2]. Group 1: Regulatory Changes - The title of the regulations has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations," reflecting a shift from pure regulation to a combination of evaluation and regulation [1]. - The revised regulations aim to promote the functional capabilities of securities companies, guiding them to focus on high-quality development and addressing significant issues within the industry [2]. Group 2: Evaluation Framework - The evaluation framework has been adjusted to include "risk management capability, ongoing compliance status, business development, and functional performance," with a new special evaluation for functional performance organized by the Securities Association [2][3]. - The regulations encourage differentiated development and specialized operations for smaller institutions, expanding the scoring criteria for major business income from the top 20 to the top 30 [3]. Group 3: Investor Protection and Compliance - The regulations enhance comprehensive penalties to protect the rights of small investors, allowing for direct downgrading of evaluation results for companies with significant legal violations [4]. - The CSRC aims to utilize various regulatory measures, including self-regulation and administrative penalties, to effectively combat illegal activities in the securities market and ensure that evaluation results accurately reflect compliance and functional performance [4]. Group 4: Industry Impact - The revised regulations are expected to accelerate the differentiation of the industry landscape, shifting the focus of securities companies from scale expansion to improving operational efficiency [5]. - Companies with comprehensive strengths and balanced business layouts, as well as smaller firms with distinctive competitive advantages, are likely to benefit in the high-quality development environment of the industry [5].

Group 1 - The core viewpoint of the articles highlights the ongoing reshuffling in the private equity fund industry, with a significant number of fund managers voluntarily deregistering due to increased regulatory pressures and operational costs [1][2][3] - In August alone, 93 private fund managers deregistered, with 67% of these being voluntary deregistrations, indicating a trend towards "survival of the fittest" in the industry [2] - The deregistration of "Shiwangqijia" reflects a broader trend where the number of deregistered private fund managers has exceeded 1,000 annually since 2019, with a record high of 2,537 in 2023 [1][2] Group 2 - The introduction of new regulations, such as the "Private Investment Fund Registration and Filing Measures," has clarified the development direction of the private equity fund industry, promoting a more standardized operational environment [3] - Enhanced regulatory requirements for private fund managers, including capital and management experience, are expected to reduce industry irregularities and boost investor confidence, thereby attracting more long-term capital [3] - The shift towards a more regulated environment is anticipated to improve risk management, compliance awareness, and professional capabilities among private fund managers, ultimately enhancing the industry's image and stability [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised and officially implemented the "Securities Company Classification Evaluation Regulations," marking the fourth modification since its introduction in 2009, with a focus on promoting high-quality development and enhancing regulatory measures [1][2][3]. Group 1: Key Modifications - The revised regulations emphasize the promotion of the functional roles of securities companies, guiding them towards high-quality development and focusing on the "big and bad" orientation [1][2]. - The evaluation framework has been improved to integrate and optimize business development indicators, supporting differentiated and specialized operations for small and medium-sized institutions [2][4]. - The regulations now include a clearer incentive and constraint mechanism, combining positive incentives with negative constraints to enhance the evaluation process [3][7]. Group 2: Support for Small and Medium-sized Firms - The regulations have increased the weight of net asset return (ROE) in the evaluation, while removing total operating income ranking as a scoring basis, thus reducing the emphasis on scale [4][5]. - The scoring range for major business income has been expanded from the top 20 to the top 30, allowing small and medium-sized firms to achieve better scores in niche markets [4][5]. - New specialized indicators have been introduced to encourage securities companies to focus on long-term funding and wealth management, enhancing their service capabilities [4][5]. Group 3: Regulatory Measures - The regulations enhance the mechanisms for downgrading evaluation results, particularly for companies with significant legal violations, allowing for a more substantial assessment of overall compliance and risk management [6][7]. - The adjustments in penalty scoring and the emphasis on self-regulatory measures aim to strengthen the deterrent against market violations, thereby protecting the interests of small investors [7]. - The overall goal of the revised regulations is to refine the classification regulatory system, support differentiated development for small institutions, and promote high-quality growth in the securities industry [7].

Core Viewpoint - The private equity industry is undergoing increased regulatory scrutiny, leading to enhanced compliance standards and a stronger emphasis on the head effect among top firms [1][5]. Group 1: Regulatory Developments - Shanghai and Zhejiang have initiated self-inspection processes for private fund managers, focusing on compliance and operational standards [1][2]. - The Shanghai Securities Regulatory Bureau issued a notice mandating private fund managers to conduct self-assessments by mid-June, covering various operational aspects [2]. - The self-assessment includes specific requirements for quantitative strategies, such as ensuring beta exposure is fully covered and conducting stress tests for model risks [2][3]. Group 2: Compliance and Industry Standards - The self-assessment questionnaire includes six key areas: basic requirements, fundraising, investment transactions, internal control and risk management, information disclosure, and investor suitability [3]. - Regulatory focus is on preventing "pooling" of funds, ensuring clear asset allocation, and maintaining independent accounting for fund products [3]. Group 3: Industry Trends - The regulatory approach emphasizes "supporting the strong and limiting the weak," pushing top private equity firms to enhance their compliance capabilities [4]. - The China Securities Regulatory Commission has released an action plan aimed at promoting high-quality development in the public fund sector, which has garnered attention from private equity firms [4]. Group 4: Market Statistics - As of March 2025, there are 19,951 registered private fund managers managing 142,278 funds with a total scale of 19.97 trillion yuan [6]. - In 2023, 469 private fund management institutions have been deregistered, with a total of 1,971 deregistrations since the beginning of last year [6].

Core Viewpoint - The recent revision of the "Securities Company Classification Evaluation Regulations" aims to optimize the classification evaluation system, emphasizing functional orientation and promoting differentiated development for small and medium-sized securities firms, aligning with the new "National Nine Articles" and the financial "Five Major Articles" requirements [1] Group 1: Functional Orientation - The revised regulations prioritize guiding securities firms to better perform their functional roles and enhance professional capabilities, incorporating the evaluation of "functional performance" into the existing framework [2][3] - The new evaluation framework shifts from traditional pillars of "risk management + compliance + business development" to a new system that includes "risk management capability + sustained compliance + business development and functional performance" [3] Group 2: Differentiated Development - The regulations eliminate the revenue-based bonus points, reducing repetitive scale-based incentives, while increasing the emphasis on return on equity (ROE) to encourage firms to focus on operational efficiency rather than mere scale expansion [5][6] - The adjustment in evaluation criteria encourages small and medium-sized firms to explore differentiated paths based on their resource endowments, reinforcing the orientation towards specialized operations [7][8] Group 3: Regulatory Enhancements - The revised regulations enhance the punitive measures and risk mitigation strategies, expanding the scope for rating downgrades to include significant violations, and optimizing the penalty mechanisms [9][10] - The introduction of a self-rescue incentive mechanism allows for reduced penalties for firms that proactively rectify issues, thereby encouraging responsible behavior [10]

Core Insights - The private equity fund industry is experiencing a trend of "supporting the strong and limiting the weak," leading to an increase in the number of fund managers deregistering [1] - As of May 20, 475 private fund managers have deregistered in 2023, indicating a significant acceleration in the industry's process of elimination [1] - Industry experts believe that this trend will optimize the industry ecosystem, promote high-quality development, and protect investors' legal rights [1] - The ongoing "supporting the strong and limiting the weak" approach is expected to concentrate resources among high-quality large private equity firms, further increasing industry concentration [1]