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9moon20on the same day, the csrc issued the revised "regulations on the calculation standards of risk control indicators of securities companies" (hereinafter referred to as the "risk control indicators regulations").

the csrc stated that2020year1in june, the csrc revised and issued the "risk control index regulations". from the implementation situation, the risk resistance of the securities industry has been steadily improved, and the four core risk control indicators have been maintained at the regulatory standards for a long time.1.5-2.5the risk control indicator system plays an important role in improving the risk management level of securities companies and enhancing the industry's ability to resist risks. based on a full summary of practical experience and in light of the new situation and new requirements facing the current development of the securities industry, the csrc has revised the "risk control indicator regulations" to further play the role of risk control indicators as a "baton".

it is reported that this move is intended to support high-quality securities companies to moderately expand their capital space, and is expected to release nearly 100 billion yuan of funds. in addition, in order to ensure a smooth and orderly transition, the "risk control indicator regulations" set a certain transition period.2025year1moon1it will be officially implemented on this date.

all business activities are included in the scope of constraints

the csrc stated that the revision of the "risk control indicators regulations" is an important measure to implement the spirit of the central financial work conference and the "several opinions of the state council on strengthening supervision, preventing risks and promoting high-quality development of the capital market" and the "opinions on strengthening supervision of securities companies and public funds and accelerating the construction of first-class investment banks and investment institutions (trial)".

the revision of the risk control indicator regulations mainly reflects four aspects of regulatory orientation: first, it emphasizes comprehensive coverage. all business activities of securities companies are included in the scope of risk control indicator constraints, improving the completeness of the risk control indicator system and consolidating the foundation of risk control.

second, we will emphasize prudence and strictness. we will set strict risk control index calculation standards for innovative businesses and businesses with higher risks, and guide securities companies to follow the path of capital-intensive, professional and steady development.

third, strengthen risk management. according to the risk management level of securities companies, business risk characteristics and term matching, reasonably improve the calculation standards and enhance the scientificity and effectiveness of risk control indicators.

fourth, promote the function. guide securities companies to optimize business structure and asset allocation, increase efforts to serve the real economy and residents' wealth management, improve capital utilization efficiency, and become an important force in promoting the healthy, stable and high-quality development of the capital market.

some people believe that by improving the scientificity, effectiveness and orientation of risk control indicators, securities companies will be encouraged to increase their efforts to serve the real economy and residents' wealth management, enhance the initiative and effectiveness of comprehensive risk management, and lay a good foundation for enhancing investment banking service capabilities. at the same time, capital constraints on key businesses will be strengthened, reflecting the orientation of strict supervision and maintaining the bottom line of no systemic risks.

care for the securities firms that have been ranked top in classification evaluation for three consecutive years

specifically, the main contents of this revision are reflected in four aspects. the first is to improve business measurement standards and guide the function. give full play to the guiding role of risk control indicators, optimize the calculation standards of risk control indicators for securities companies investing in stocks and conducting market making and other businesses, further guide securities companies to exert their strength in investment, financing and trading, give full play to the role of long-term value investment, serve the financing of the real economy, serve the wealth management of residents, and provide high-quality financial services for economic and social development.

secondly, we will optimize classification measurement and guide the proactive strengthening of risk management. we will appropriately adjust the risk capital reserve adjustment coefficient and the conversion coefficient of total on- and off-balance sheet assets of securities companies that have been ranked at the top of the classification evaluation for three consecutive years, enrich available stable funds in a differentiated manner, set a transition period for securities companies to adapt to the new classification evaluation results, guide securities companies to proactively strengthen risk management, support compliant and sound high-quality securities companies to moderately improve capital utilization efficiency, and better provide comprehensive financial services for the real economy.

the second is to combine market practice and improve the completeness of the indicator system.REITsthe calculation standards for risk control indicators of new businesses such as securities companies providing services to regional equity markets and other businesses shall be clarified. the required stable funds for assets of different maturities shall be refined according to maturity matching.

finally, we need to strengthen capital constraints and strengthen risk prevention for key businesses. we need to improve the penetration requirements for securities companies investing in single products, and measure risk capital reserves based on the stricter of single or penetration. we need to appropriately raise the measurement standards for over-the-counter derivatives, strengthen the supervision of private equity non-standard asset management, custody and other businesses, improve the effectiveness of supervision, and maintain the stable operation of the market.

strict supervision of over-the-counter derivatives business

it is worth mentioning that the csrc2023year11moon3to12moon3on the same day, the csrc publicly solicited opinions on the "risk control indicator regulations" on its official website. during the period of soliciting opinions, some securities companies, industry self-regulatory organizations, and the public gave positive feedback and put forward some specific revision opinions. the csrc stated that most of the opinions have been fully absorbed, and the opinions that have not been fully absorbed are mainly suggestions to relax the measurement standards for innovative businesses such as over-the-counter derivatives.

"taking into account the previous regulatory practices, some securities companies have not implemented the business essence of derivatives service risk management, have not been prudent in carrying out innovative business, and have not truly played their functional role in serving the real economy and promoting the stable and healthy development of the capital market. therefore, it is necessary to guide securities companies to truly play their functional role by strengthening capital constraints. therefore, we have not fully absorbed the opinions on relaxing relevant indicators." the csrc further stated.

some people pointed out that strictly setting risk index calculation standards for securities companies to carry out over-the-counter derivatives and other businesses, strengthening capital constraints, and enhancing supervision are the implementation of the requirements of the central financial work conference on comprehensively strengthening institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision. at the same time, securities companies are required to adhere to the principle of prudence in calculating risk control indicators, reflecting the matching of business development and compliance risk control, consolidating the foundation of risk prevention and control, and laying a solid foundation for high-quality development.

the reporter noted that2023in 2018, with the slowdown in the macroeconomic recovery and the sluggish equity market, the risk exposure of securities firms in innovative business areas gradually emerged and intensified.2023end of the year2024at the beginning of the year, there were a lot of events such as snowball's concentrated entry,DMAthe frequent occurrence of risk events such as large product drawdowns has exposed many problems in the strategy and risk control of securities firms' innovative businesses.

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