期货公司分类评价被视为期货公司一年一度的"大考"，是期货公司监管的基础性制度。近期，该制 度迎来修订完善。9月12日，中国证监会对《期货公司分类监管规定》进行修订，形成了《期货公司分 类评价规定》（以下简称《规定》），《规定》自2025年9月12日起施行。 本次修订完善了以下五方面内容：一是完善扣分机制。明确原则上以生效监管措施为依据实施扣 分，消除重复扣分情形，合理设置扣分梯度，促进发挥多种监管手段的综合惩治效果。二是优化加分体 系。完善服务实体经济能力指标，将市场竞争力指标调整为三大类9项指标，全面评价期货公司各项业 务开展情况、整体盈利水平和资本实力。三是删除部分指标。删除"加权调整后日均机构客户权益总 额""成本管理能力""净资产收益率"等指标，适应行业发展现状。四是调整专项评价。将专项评价整合 和优化为3项，分别为服务国家战略、党建与文化建设、信息技术建设。五是调整特殊激励。对配合监 管部门开展风险处置、连续3个评价期内持续合规状况和风险管理能力无扣分、与其他期货公司合并等 情形予以加分激励。 业内人士认为，新规能够更全面、精准地评价期货经营机构各项业务开展情况，强化行业服务实体 经济的定位，同时也 ...

Core Viewpoint - The revised "Futures Company Classification Evaluation Regulations" aims to provide a more comprehensive and precise evaluation of futures companies, enhancing their service to the real economy and promoting high-quality, differentiated development within the industry [1][2]. Regulatory Foundation - The classification evaluation system is a foundational regulatory framework for futures companies, having undergone multiple revisions since its initial release in 2009. The recent changes address shortcomings revealed by evolving market conditions [2]. - The title of the regulations has been changed from "Futures Company Classification Supervision Regulations" to "Futures Company Classification Evaluation Regulations" to better reflect the updated focus [2]. Key Improvements - The revised regulations include a refined scoring mechanism, optimizing the addition and deletion of specific evaluation indicators to better align with industry development [2][3]. - The addition of new indicators, such as "daily average positions of industrial clients," emphasizes the importance of serving industrial and institutional clients over retail clients [6][7]. Market Competitiveness - The new evaluation system categorizes market competitiveness into three main categories with nine indicators, allowing for a more holistic assessment of a futures company's overall performance and capital strength [4][5]. - The removal of certain indicators, such as "cost management ability" and "return on net assets," encourages futures companies to invest more in their operations and pursue differentiated business strategies [5][6]. Service to the Real Economy - The regulations reinforce the commitment to serving the real economy by adjusting evaluation criteria to prioritize the development of services for industrial and institutional clients [6][8]. - The focus on enhancing service capabilities is expected to shift futures companies' attention from retail clients to more strategic partnerships with industrial clients [6][9]. Regulatory Enforcement - The updated regulations clarify the deduction mechanism, ensuring that penalties are based on effective regulatory measures and eliminating redundant penalties [7]. - Incentives for compliance and risk management are introduced, promoting a culture of proactive risk control within futures companies [7][8]. Future Industry Trends - The new regulations are anticipated to shift the focus of futures companies from mere scale and profit to enhancing the quality of services provided to the real economy [8][9]. - The potential for mergers and acquisitions is highlighted, as companies can gain evaluation points through strategic partnerships, thereby improving their market position and capital strength [9].

9月12日，中国证监会发布《期货公司分类评价规定》(以下简称《规定》)，并自发布之日起施行。 期货公司分类评价制度是期货公司监管的基础性制度。2009年，中国证监会发布《期货公司分类监管规 定(试行)》，历经2011年、2019年和2022年三次修订，本次是第四次修订，旨在通过完善分类评价制 度，更好地反映期货公司合规风控能力，提高对期货公司监管效能，引导期货公司合规稳健经营。 期货公司积极响应 优化完善加分扣分标准 多位受访业内人士表示，《规定》高度贴合行业现实，精准把握了当下行业高质量发展脉搏。 本次修订将标题由《期货公司分类监管规定》调整为《期货公司分类评价规定》，同时重点完善扣分标 准和优化加分标准。 任志华表示，《规定》是推动行业从"规模竞争"转向"质量竞争"的关键一步，核心影响在于：一是引导 行业发展回归本源，比如，通过新增"产业客户日均持仓"等指标强力引导期货公司深耕产业客户服务， 聚焦风险管理和期现结合，而非单纯追逐经纪业务量，从而更精准地服务实体经济；二是强化合规风 控，为行业长远健康发展奠定基础；三是鼓励差异化发展，为中小公司在特定领域做精做专提供了空 间，有助于形成多层次、良性健康的行业 ...

期货公司分类评价被视为期货公司一年一度的"大考"，是期货公司监管的基础性制度，备受行业关注。 9月12日，中国证监会对《期货公司分类监管规定》进行修订，形成了《期货公司分类评价规定》，自2025年9月12日起 施行。 此次修改，将规则标题由《期货公司分类监管规定》调整为《期货公司分类评价规定》，进一步完善期货行业分类监管 体系，明确扣分标准、优化加分标准，删除和简化部分评价指标，调整专项评价，压降专项评价指标，减轻行业负担， 推动期货公司合规稳健经营和高质量发展。 调整为"分类评价" 证监会自2009年8月发布了《期货公司分类监管规定》，并于2011年、2019年、2022年进行了三次修订。分类评价制度实 施以来，在促进期货公司合规经营、稳健发展等方面发挥了重要的引领和导向作用。 近年来，随着市场形势和行业状况的发展变化，分类评价制度的一些不足逐渐显现。为更好发挥分类评价作用，证监会 对《期货公司分类监管规定》进行修订。 本次修订遵循三个基本原则：一是坚持目标导向。通过完善分类评价制度，更好反映期货公司合规风控能力，提高对期 货公司监管效能，引导期货公司合规稳健经营。二是坚持协调统一。统一扣分指标的评价标准和 ...

Core Viewpoint - The revised "Futures Company Classification Evaluation Regulations" aims to provide a more comprehensive and precise evaluation of futures companies, enhancing their service to the real economy and promoting high-quality, differentiated development within the industry [1][3]. Group 1: Regulatory Changes - The new regulations will take effect on September 12, 2025, and are designed to address the shortcomings of the previous classification system, which has been in place since 2009 and has undergone multiple revisions [1][3]. - The title of the regulations has been changed from "Futures Company Classification Supervision Regulations" to "Futures Company Classification Evaluation Regulations" to better reflect the focus on evaluation [3]. - The revised regulations include a refined scoring mechanism, an optimized scoring system for market competitiveness, and the removal of certain outdated indicators [3][4]. Group 2: Evaluation Mechanism - The new scoring system for market competitiveness has been adjusted to include three categories and nine indicators, allowing for a more comprehensive assessment of a futures company's business performance, profitability, and capital strength [6][7]. - The regulations emphasize the importance of service to the real economy by introducing new indicators such as "average daily positions of industrial clients" and adjusting existing ones to better reflect the service capabilities towards institutional clients [9][12]. Group 3: Industry Development - The revisions are expected to shift the focus of futures companies from merely achieving scale and profit to enhancing the quality of service provided to the real economy, thereby fostering a more professional and specialized industry landscape [14]. - The regulations encourage futures companies to develop high-margin, high-tech businesses, moving away from low-fee competition towards a focus on professional capabilities [7][12]. - The new rules are anticipated to lead to a restructuring of business models within futures companies, with a greater emphasis on developing core competencies and enhancing service effectiveness for industrial clients [14].

◎记者 汤立斌 据中国证监会9月12日发布的消息，证监会修订《期货公司分类监管规定》，并将标题调整为《期货公 司分类评价规定》（下称《规定》）予以发布。《规定》进一步完善期货公司分类评价扣分机制，明确 原则上以生效监管措施为依据实施扣分，消除重复扣分情形，合理设置扣分梯度，并将股东、实控人违 规行为纳入对公司的评价。 期货公司分类评价制度是期货公司监管的基础性制度。近年来，随着市场形势和行业发展发生变化，分 类评价制度的一些不足逐渐显现。为更好发挥分类评价作用，证监会对《期货公司分类监管规定》进行 了修订。此次修订重点突出完善扣分标准和优化加分标准两个方面的内容： 在完善扣分标准方面，《规定》明确扣分依据，对期货公司扣分，原则上均需以生效的监管措施等法律 文件为依据，按照措施扣分；完善监管措施类型和对应分值，详细梳理现有期货公司监管法律法规包含 的监管措施、行政处罚类型，根据措施轻重程度，分门别类赋予不同的扣分分值。 在优化加分标准方面，《规定》优化完善服务实体经济能力指标，增加"产业客户日均持仓"指标，调 整"机构客户日均持仓"指标，对评价期内期货公司服务产业客户、机构客户情况进行评价，突出对产业 客户参与 ...

同时，坚持协调统一。统一扣分指标的评价标准和扣分逻辑，统一市场竞争力等指标的加分逻辑；简化指标流程。删除和简化部分指标，优化评价流程，压 降专项评价指标，减轻行业负担。 具体来看，本次修订将标题由《期货公司分类监管规定》调整为《期货公司分类评价规定》。主要修订内容包括：一是完善扣分机制。明确原则上以生效监 管措施为依据实施扣分，消除重复扣分情形，合理设置扣分梯度，促进发挥多种监管手段的综合惩治效果。二是优化加分体系。完善服务实体经济能力指 标，将市场竞争力指标调整为三大类9项指标，全面评价期货公司各项业务开展情况、整体盈利水平和资本实力。 三是删除部分指标。删除"加权调整后日均机构客户权益总额""成本管理能力""净资产收益率"等指标，适应行业发展现状。四是调整专项评价。将专项评价 整合和优化为3项，分别为服务国家战略、党建与文化建设、信息技术建设。五是调整特殊激励。对配合监管部门开展风险处置、连续3个评价期内持续合规 状况和风险管理能力无扣分、与其他期货公司合并等情形予以加分激励。 （文章来源：北京商报） 北京商报讯（记者郝彦）9月12日，中国证监会宣布，修订《期货公司分类监管规定》（以下简称《规定》）。 本 ...

9月12日，证监会发布修订后的《期货公司分类评价规定》（简称《规定》），完善扣分标准，优化加 分标准，进一步完善期货行业分类监管体系，更好分配监管资源。证监会表示，后续将做好《规定》落 地实施工作。 （文章来源：证券时报） 同时，重塑市场竞争力加分体系。《规定》将市场竞争力指标调整为三大类9项指标，全面评价期货公 司各项业务开展情况、整体盈利水平和资本实力。除净利润指标保持不变外，将原业务收入指标按具体 业务类型拆分为经纪业务净收入和期货交易咨询业务净收入指标，并增加期货做市、衍生品交易业务等 指标；将对资产管理业务的评价指标由期货资产管理产品日均衍生品权益调整为期货资产管理产品日均 持仓保证金，将年末剩余净资本指标调整为月均净资本指标，作为市场竞争力评价的一部分。 《规定》还删除了部分评价指标。删除"成本管理能力""净资产收益率"两项指标，鼓励期货公司加大投 入，规模化经营；删除 "期货公司加权调整后日均客户权益总额排名行业中位数以下的，不得评为A 类"等限制性条件，以适应期货公司业务范围的增加。 另外，《规定》还调整专项评价。将"保险+期货"由服务实体经济评价移至专项评价，作为服务国家战 略专项评价的一部 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released revised regulations for the classification and evaluation of futures companies, aiming to enhance the regulatory framework and resource allocation in the futures industry [1][4]. Summary by Sections Revision of Deduction Mechanism - The revision clarifies the basis for deductions, requiring that penalties for futures companies be based on effective regulatory measures [2] - It categorizes regulatory measures and assigns different deduction values based on the severity of violations, eliminating duplicate deductions for the same violation [2] - Violations by shareholders and actual controllers are now included in the evaluation of companies, promoting compliance with regulatory laws [2] Optimization of the Addition System - The new regulations strengthen indicators related to the ability to serve the real economy, introducing metrics such as "average daily positions of industrial clients" [2] - Adjustments have been made to the "average daily positions of institutional clients" to better evaluate the service provided to both industrial and institutional clients [2] Restructuring of Market Competitiveness Indicators - The market competitiveness indicators have been restructured into three categories with nine specific metrics, evaluating various business operations, profitability, and capital strength [3] - The net profit metric remains unchanged, while the business income metric has been split into brokerage and futures trading consulting income [3] - Certain evaluation indicators have been removed to encourage larger-scale operations and investment by futures companies [3] Adjustments to Special Evaluations - The "insurance + futures" evaluation has been moved to a special evaluation category, aligning it with national strategy assessments [4] - The regulations now include evaluations of party building and cultural construction, integrating trader education into this category [4] - Additional incentives are provided for companies that cooperate with regulatory bodies in risk management and maintain compliance without deductions over three evaluation periods [4]

Core Viewpoint - The revised "Futures Company Classification Evaluation Regulations" aims to enhance the classification supervision system of the futures industry, optimize regulatory resource allocation, and improve compliance and risk management among futures companies [1][4]. Summary by Sections Revision of Deduction Mechanism - The revision clarifies the basis for deductions, requiring that penalties for futures companies be based on effective regulatory measures and legal documents [2]. - It categorizes regulatory measures and assigns different deduction values based on the severity of violations, eliminating duplicate deductions for the same violation [2]. - Violations by shareholders and actual controllers are now included in the evaluation of companies, promoting adherence to regulatory laws [2]. Optimization of the Addition System - The new regulations strengthen indicators related to the ability to serve the real economy, adding metrics for "average daily positions of industrial clients" and adjusting those for institutional clients [2]. - The addition system is restructured to evaluate the participation of industrial clients in commodity futures and institutional clients in financial futures [2]. Restructuring of Market Competitiveness Indicators - The market competitiveness indicators are divided into three categories with nine specific metrics, assessing various business operations, profitability, and capital strength of futures companies [3]. - The net profit metric remains unchanged, while the business income metric is split into brokerage and futures trading consulting income [3]. - Certain evaluation indicators, such as "cost management ability" and "return on equity," have been removed to encourage investment and scaling [3]. Adjustment of Special Evaluations - The "insurance + futures" evaluation has been moved to a special evaluation category, aligning it with national strategic services [4]. - The regulations now include assessments of party building and cultural construction, integrating trader education into this category [4]. - Special circumstances that warrant additional incentives include compliance with regulatory risk management and mergers with other futures companies [4]. Overall Intent of the Revision - The revisions aim to better reflect the compliance and risk management capabilities of futures companies, enhance regulatory efficiency, and guide companies towards compliant and stable operations [4].