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 regulatory environment for the futures industry is tightening, with a significant increase in penalties issued to futures companies in the first half of 2025 compared to the same period in 2024, highlighting a shift in focus towards asset management business risk isolation issues [1][2]. Regulatory Penalties - In the first half of 2025, a total of 55 penalties were issued to 34 futures companies, a notable increase from 21 penalties issued to 19 companies in the same period of 2024, indicating a broader regulatory coverage [2]. - The Shanghai Securities Regulatory Bureau alone issued 26 penalties, surpassing the total number of penalties issued nationwide in the previous year, reflecting enhanced local regulatory efforts [2]. - The focus of penalties has shifted from information technology risks, which accounted for over 50% of penalties in 2024, to asset management business risk isolation issues in 2025 [2]. Specific Cases - Dongya Futures faced severe penalties for mismanagement of asset management business, including a 12-month suspension of new asset management business due to allowing unauthorized personnel to issue trading instructions and poor personnel management [2]. - Zijin Tianfeng Futures received a warning letter for its research department's improper involvement in asset management subsidiary investment operations, affecting three senior executives [5]. Broader Industry Trends - The increase in penalties is not limited to smaller firms; major brokerage firms' futures subsidiaries have also faced regulatory actions, indicating that compliance issues are widespread across the industry [8]. - Common areas of violations include network information security, information technology risks, internet marketing, and internal control compliance, with specific companies like Huajin Futures and Jintong Futures being penalized for various compliance failures [8]. - Despite the increase in penalties, the overall performance of the futures industry has shown significant improvement compared to the previous year, suggesting a healthy upward trend in the industry [11].

Core Viewpoint - Recently, Ruida Futures, the only listed futures company in Fujian, received a warning letter from the Xiamen Securities Regulatory Bureau, affecting four senior executives including Chairman Lin Zhibin, highlighting ongoing compliance issues within the company [2][11]. Company Background - Ruida Futures is the second listed futures company in A-shares, originally established as Chengdu Ruida Futures Brokerage Company in 1993. Lin Zhibin has been a significant figure in the company since 1999 [4]. - Lin Zhibin took control of Ruida Futures during a challenging period for the domestic futures industry, successfully relocating the company's headquarters to Xiamen and focusing on smaller cities to reduce operational costs [7][9]. Strategic Decisions - Lin Zhibin's strategy involved withdrawing from major cities and establishing a presence in smaller cities, which ultimately helped the company survive and thrive during industry recovery [9]. - After relocating to Fujian, Ruida Futures expanded its operations to 44 cities and went public in 2019, achieving a market value close to 20 billion yuan at its peak [9][11]. Compliance Issues - In April 2023, Ruida Futures disclosed that its risk management subsidiary had inaccurately recognized revenue, leading to a restatement of 2022 revenue down by over 77 million yuan, resulting in regulatory penalties [13]. - The company faced previous compliance issues, including a reprimand in August 2022 for inadequate internal controls in its internet marketing business, which led to warnings for senior management [14]. - Earlier, in April 2024, the Hainan branch received penalties for poor customer information management and other internal control failures, resulting in a downgrade of the company's information disclosure rating [16]. Industry Context - The futures industry is currently under increased regulatory scrutiny, with several firms facing penalties for internal control issues, positioning Ruida Futures as a case study in the ongoing industry reform [16].