Core Viewpoint - The Financial Regulatory Bureau has revised the "Management Measures for Currency Brokerage Companies" to enhance supervision, standardize brokerage behavior, prevent financial risks, and promote high-quality development in the industry [1] Group 1: Regulatory Changes - The minimum registered capital requirement for currency brokerage companies has been increased from 20 million RMB to 100 million RMB [2] - The revised measures optimize the qualifications of investors and set stricter entry standards for small and medium-sized financial institutions [2] Group 2: Business Scope Adjustments - Currency brokerage companies are now allowed to provide brokerage services for transactions involving currency, bonds, foreign exchange, gold, and derivatives, while still prohibited from engaging in self-operated financial products [3] - The measures also permit brokerage companies to offer data services to recognized financial infrastructure operators and institutions [3] Group 3: Operational Standards - The revised measures emphasize the need for currency brokerage companies to confirm that financial institutions have obtained the necessary market access qualifications before providing brokerage services [4] - Enhanced management of the entire business process is mandated, including due diligence, service agreements, anonymous matching, transaction confirmations, and fee management [5] Group 4: Personnel Management - A dedicated chapter on "Broker Management" has been added, requiring currency brokerage companies to implement compliance training, incentive mechanisms, and supervision for brokers [6] - The measures outline fourteen prohibited activities for brokers to prevent damage to client rights and market order, such as providing services beyond their business scope and transmitting false trading information [6]

Core Viewpoint - The revised "Management Measures for Currency Brokerage Companies" aims to enhance the operational scope and risk management of currency brokerage companies, effective from August 1, 2025, while increasing the minimum registered capital requirement to strengthen their risk resilience [1][3]. Group 1: Business Scope Expansion - The revised measures allow currency brokerage companies to provide matching services for transactions in currencies, bonds, foreign exchange, gold, and derivatives among financial institutions, while explicitly excluding equity and commodity derivatives from their brokerage services [3][4]. - The measures also permit brokerage companies to utilize market data generated during brokerage activities to offer data services to clients [3]. Group 2: Capital Requirements - The minimum registered capital requirement for currency brokerage companies has been raised from 20 million RMB to 100 million RMB or its equivalent in freely convertible currency [4]. - The measures specify that the investment must come from the broker's own funds, prohibiting the use of entrusted or debt funds for investment, and limit equity investments to no more than 50% of the company's net assets [4]. Group 3: Regulatory Enhancements - The revised measures include stricter compliance management, operational risk management, and information technology risk management requirements, with a focus on data security [6]. - A dedicated chapter on "Broker Management" has been added to strengthen the regulation of broker behavior, emphasizing the management of suspicious transactions and the ethical conduct of brokers [6]. - The measures highlight the importance of inter-departmental regulatory collaboration among financial regulatory bodies to ensure comprehensive oversight of brokerage activities in various markets [6].