期货行业应"以合规为基，以创新为翼" 9月12日，中国证监会发布修订后的《期货公司分类评价规定》（下称《规定》）。《规定》的出台， 旨在引导期货行业转向高质量发展。《规定》在指标设计上显著强化了对服务产业客户、服务国家战略 目标的引导。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》，标志着 监管核心从刚性的外部约束转向科学的综合评价与正向激励，其目的是推动期货公司由"被动守规"的底 线思维转变为"主动争优"的价值创造思维，将监管要求内化为提升综合竞争力的自觉行动。 扣分机制更清晰、更合理。《规定》明确了扣分原则上以生效的监管措施等法律文件为依据，减少了主 观判断空间，使扣分标准更加客观、透明。同时，消除了重复扣分的情形，对于因同一违规事项分别对 期货公司和人员采取监管措施的，《规定》将"择其重者扣分"，而非叠加扣分。此外，还合理设置了扣 分梯度，并根据监管措施的轻重程度赋予不同分值。这些调整使得合规监管的标准更为统一，减轻了期 货公司的合规负担。 《规定》对加分体系进行了结构性重塑。其中，突出服务实体经济本源，显著增强了服务实体经济能力 的指标权重，特别是新增了"产业客户日均持仓"指标 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Interim Regulations on Internet Marketing Management of Futures Companies," which will take effect on October 9. This new regulation marks the beginning of comprehensive standardized management of internet marketing activities in the futures industry [1]. Group 1: Regulation Overview - The new regulations consist of eighteen articles aimed at addressing issues and risks associated with internet marketing activities of futures companies, establishing a systematic regulatory framework [1]. - The definition of internet marketing activities has been expanded to include commercial promotion of futures brokerage or trading consulting services via the internet, thus bringing trading consulting services under regulatory oversight [4]. Group 2: Internal Management Requirements - Futures companies are required to establish and improve internal management systems for internet marketing, integrating them into their compliance management framework. A designated department must be established at the headquarters to manage these activities uniformly [4]. - Branch offices must conduct internet marketing activities under the authorization and unified management of the headquarters, prohibiting independent use of third-party services for marketing [4]. Group 3: Content Management and Compliance - Marketing content must be uniformly reviewed to ensure legality and compliance, with key information such as company name and risk warnings prominently displayed. There is a requirement for enhanced monitoring of live broadcast content [4]. - All marketing activities must be documented, with records retained for no less than twenty years [4]. Group 4: Third-Party Cooperation Management - Strict requirements are imposed on futures companies regarding cooperation with third-party institutions. A pre-evaluation mechanism must be established to assess the service quality and compliance of third-party providers [5]. - Written agreements must be signed, clearly outlining the rights and obligations of both parties, and prohibiting third parties from engaging in illegal activities such as unauthorized client information acquisition [5]. Group 5: Prohibited Marketing Practices - Futures companies and their personnel are prohibited from using false or misleading marketing content, making exaggerated claims about returns, or implying guaranteed returns [5]. - The regulations also prohibit the use of deceptive practices to undermine competitors or manipulate search results, thereby promoting a fair and honest market environment [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Interim Regulations on Internet Marketing Management for Futures Companies," which will take effect on October 9, 2025, aiming to enhance the regulation of internet marketing activities by futures companies and protect the legitimate rights and interests of futures traders [1][2]. Summary by Sections Regulatory Framework - The "Interim Regulations" consist of 18 articles focusing on issues and risks associated with internet marketing activities of futures companies, including defining the scope of internet marketing, strengthening content review, clarifying marketing systems, and enhancing customer protection [2][4]. - Internet marketing activities are defined as commercial promotion of futures brokerage or trading consulting services via the internet, including brand promotion and trader education [2][3]. Marketing Management - The regulations specify that branch offices of futures companies must conduct internet marketing under the authorization and unified management of the headquarters, prohibiting independent use of third-party services for marketing [3]. - New requirements mandate that marketing content must prominently display the company name and risk warnings, enhancing the regulation of marketing materials [3]. Third-Party Management - Futures companies utilizing third-party services for internet marketing must sign written agreements outlining rights and obligations, and report to the local CSRC office [3]. - The regulations aim to strengthen the crackdown on illegal activities such as unauthorized brokerage and misleading trading consulting services [3][4]. Customer Protection - The regulations require futures companies to enhance risk warnings and follow-up with clients, ensuring that fees do not exceed publicized standards and addressing unusual trading behaviors promptly [4]. - Fair competition is emphasized, prohibiting the use of false information to discredit competitors and other unfair marketing practices [4]. Supervision and Transparency - The CSRC, along with industry associations, will establish an information-sharing mechanism for monitoring internet marketing activities of futures companies, enhancing transparency and regulatory coordination [5]. - The increasing regulatory scrutiny has led to penalties for futures companies engaging in misleading marketing practices, indicating a trend towards stricter enforcement [5]. Long-term Implications - In the short term, futures companies may face an adjustment period, but clear regulatory guidance is expected to encourage improved service quality and differentiated development paths in the long run [6]. - The regulations are anticipated to standardize internet marketing activities across the industry, providing protection for both traders and futures companies, fostering a stable operational environment [6].

Core Viewpoint - The "Interim Regulations on Internet Marketing Management for Futures Companies" aims to enhance the regulation of internet marketing activities by futures companies, ensuring compliance and protecting the rights of futures traders, effective from October 9, 2025 [1][2]. Summary by Relevant Sections Regulatory Framework - The regulations consist of 18 articles focusing on issues and risks in internet marketing activities of futures companies, including defining the scope of internet marketing, strengthening content review, clarifying marketing systems, and enhancing customer protection [2][5]. Definition and Scope - Internet marketing activities are defined as commercial promotion of futures brokerage or trading consulting services via the internet, including brand promotion and trader education, which must comply with the regulations [2][3]. Marketing Management - The regulations specify that branch offices of futures companies must conduct internet marketing under the authorization and unified management of the headquarters, prohibiting independent use of third-party services [3][4]. Content Regulation - Marketing content must prominently display the company name and risk warnings, reinforcing the need for compliance in marketing practices [3][4]. Third-Party Management - Futures companies must sign written agreements with third-party service providers for internet marketing, clearly defining rights and obligations, and report to the regulatory authority [3][4]. Customer Protection - Companies are required to enhance risk warnings and follow-up with clients, ensuring fees do not exceed publicized standards and addressing unusual trading behaviors promptly [4][5]. Fair Competition - The regulations prohibit deceptive practices such as spreading false information about competitors and engaging in unfair marketing tactics [5][6]. Supervision and Transparency - Regulatory bodies are to establish an information-sharing mechanism for monitoring internet marketing activities, which will enhance transparency and reduce compliance burdens for futures companies [5][6]. Industry Impact - The implementation of these regulations is expected to reduce violations in internet marketing, promote healthy development in the futures industry, and encourage companies to improve service quality and explore differentiated development paths [6][7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced interim regulations for internet marketing activities of futures companies to enhance supervision and protect the rights of traders, effective from October 9 [1][2]. Group 1: Regulatory Framework - The interim regulations consist of eighteen articles aimed at strengthening the oversight of internet marketing activities by futures companies [1][3]. - The regulations define internet marketing activities as commercial promotion of futures brokerage or trading consulting services via the internet [3]. Group 2: Key Requirements - Futures companies are required to conduct unified content audits for marketing materials to ensure compliance and legality [3]. - Companies must establish internal management systems for internet marketing and designate specific departments for unified management [3]. - Marketing personnel must be authorized and managed by the futures company, with a focus on training and supervision [3]. Group 3: Third-Party Management and Customer Protection - Futures companies must conduct prior evaluations and enter written agreements with third-party institutions, clearly outlining prohibited behaviors [3]. - Enhanced customer protection measures include risk warnings, transparent fee disclosures, and monitoring of unusual trading activities [3][4]. Group 4: Prohibited Practices - The regulations explicitly prohibit fraudulent or misleading marketing practices by futures companies and their employees [4]. - Companies are also barred from engaging in marketing practices that undermine fair competition [5]. Group 5: Supervision and Enforcement - The CSRC and its local agencies are empowered to conduct both off-site and on-site inspections of internet marketing activities [5]. - A mechanism for sharing regulatory information is established to promptly report and address illegal activities in the futures market [5].