海问金融资管月刊（双语）（2025年8月）

引言
为便于业界及时了解金融资管行业热点，海问每月发布《海问金融资管月刊》，介绍并简评监管新规及行业动态。
2025年8月，监管新规方面，中国证券监督管理委员会（“中国证监会”）修订《证券公司分类监管规定》；中国人民银行（“人民银行”）、国家金融监督管理总局（“金融监管总局”）、中国证监会发布《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法（征求意见稿）》；金融监管总局发布《商业银行并购贷款管理办法（征求意见稿）》；中国证监会发布《期货公司互联网营销管理暂行规定》；中国期货业务协会发布《期货公司经纪业务不正当竞争行为管理规则（征求意见稿）》。
行业动态方面，上海金融法院发布《证券虚假陈述责任纠纷法律风险防范报告》；金融监管总局发布《关于部分规范性文件废止和宣布失效的通知》。
一、新规速递
1. 中国证监会修订《证券公司分类监管规定》
为了优化行业机构分类监管，中国证监会将《证券公司分类监管规定》修订为《证券公司分类评价规定》（“《分类评价规定》”），自2025年8月22日起正式施行，本次修订的主要内容包括：
(1) 强化证券公司功能：将现行评价体系调整为“风险管理能力、持续合规状况、业务发展及功能发挥状况”的多维框架。
(2) 推动证券公司高质量发展：通过优化业务发展类加分指标，引导企业提升综合经营质量，增强在中长期资金引入、财富管理等领域的专业服务能力。
(3) 贯彻“打大打恶”原则，增强综合惩戒：完善适用直接下调分类评级的情形，保持对重大恶性案件的高压态势。依照“过罚相当”原则，提高“资格罚”类纪律处分的扣分，完善行政处罚扣分规则，并合理设定梯度扣分标准。
(4) 基于对既往分类监管实践经验的总结，明确特殊情形的处理规则：例如，对涉嫌违法违规但主动申请行政执法当事人承诺或开展先行赔付的机构，酌情减少扣分。
海问简评
《分类评价规定》的修订贯彻中央金融工作会议精神，进一步完善了行业分类监管机制，有利于推动一流投资银行与投资机构的建设。
2. 人民银行、金融监管总局、中国证监会发布《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法（征求意见稿）》
新修订的《反洗钱法》自2025年1月1日起正式施行，为了贯彻《反洗钱法》所提出的各项规定，人民银行、金融监管总局、中国证监会于2025年8月4日共同发布《金融机构客户尽职调查和客户身份资料及交易记录保存管理办法（征求意见稿）》（“《管理办法》”）。其主要内容有：
(1) 确立客户尽职调查的总体要求：明确客户尽职调查应以风险为基础，强调金融机构应确保其尽职调查工作符合风险水平，不得进行与客户实际风险状况显著不符的方式。
(2) 细化客户尽职调查的具体要求：首先，基于当前金融行业发展与实践特征，对不同金融领域的客户尽职调查情形与方法予以更新；其次，在法律既有规范框架内进一步明确金融机构在与客户业务存续期间需履行的持续尽职调查义务；最后，借鉴国际标准，系统规定了针对受益所有人、高风险或需加强监控的国家（地区）、外国政要与国际组织高级管理人员、代理行与汇款业务等特殊情形的尽职调查标准。
(3) 完善《管理办法》的适用范围：确保《管理办法》与《反洗钱法》中特别预防措施的规定相衔接。
海问简评
《管理办法》是对《反洗钱法》相关规定的有效贯彻落实，向反洗钱国际评估标准靠拢，有利于系统性规范金融机构客户尽职调查、客户身份信息及相关交易记录的保存管理。
3. 金融监管总局发布《商业银行并购贷款管理办法（征求意见稿）》
2025年8月20日金融监管总局对《商业银行并购贷款风险管理指引》（“《管理指引》”）进行修订，形成了《商业银行并购贷款管理办法（征求意见稿）》（“《并购贷款管理办法》”）。《并购贷款管理办法》的主要修订内容如下：
(1) 扩大并购贷款适用范围：除《管理指引》原本涵盖的控制型并购交易外，《并购贷款管理办法》进一步允许商业银行在符合特定条件时为参股型并购交易提供并购贷款。
(2) 确立差异化的展业资质要求：针对从事控股型与参股型并购贷款业务的商业银行，在监管评级良好、关键审慎监管指标符合规定等基本条件的前提下，进一步设置了差异化的资产规模门槛。
(3) 优化贷款条件：为更好契合企业实际融资需要，《并购贷款管理办法》适度提升了并购贷款在并购交易价款中的比例上限，同时延长了贷款最长期限。
(4) 强调偿债能力评估：商业银行需在全面考量并购交易风险的前提下，将并购方偿债能力作为核心评估要素。
海问简评
《并购贷款管理办法》有利于支持现代化产业体系建设与新质生产力发展，促进并购贷款业务规范、可持续发展，进而推动产业结构优化升级。
4. 中国证监会发布《期货公司互联网营销管理暂行规定》
2025年8月22日，中国证监会发布《期货公司互联网营销管理暂行规定》（“《互联网营销管理暂行规定》”），其主要内容如下：
(1) 界定营销范围：《互联网营销管理暂行规定》所界定的互联网营销活动，是指借助互联网平台，对期货公司所提供的期货经纪服务及交易咨询服务进行商业推广的行为。
(2) 强化营销内容审核：期货公司须统一审核管理营销内容，确保其符合相关法律法规及行业规范。
(3) 明确营销制度与部门：明确期货公司应制定并完善互联网营销内部管理机制，并将其纳入公司整体合规管理框架之中。
(4) 加强营销人员与账号管理：从事互联网营销工作的人员需作为期货从业人员获得期货公司授权并纳入统一管理体系。
(5) 加强对第三方机构的管理：期货公司应强化事前评估，依法依规遴选第三方机构并签订书面协议，明确规定合作内容及禁止行为，同时加强第三方服务费用支付的规范化。
(6) 加大客户保护力度：期货公司须强化风险提示与回访，公开披露手续费收费标准，并确保实际收费不得超出该标准。
(7) 欺诈或者误导客户：要求期货公司及其从业人员在开展互联网营销过程中不得进行欺诈性宣传或传递误导性信息，对构成欺诈或误导客户的具体行为予以界定。
(8) 禁止损害公平竞争：期货公司及其从业人员不得实施任何破坏公平竞争秩序的互联网营销行为。
(9) 强化监督管理：中国证监会及其派出机构有权通过非现场监管与现场检查等途径，对期货公司的互联网营销业务进行监督。
海问简评
《互联网营销管理暂行规定》基于当前期货公司在互联网营销过程中存在的违法违规行为及潜在风险，系统提出了一系列监管措施，旨在进一步规范期货公司互联网营销行为，推动期货公司合规有序经营。
5. 中国期货业务协会发布《期货公司经纪业务不正当竞争行为管理规则（征求意见稿）》
2025年8月1日，中国期货业务协会发布《期货公司经纪业务不正当竞争行为管理规则（征求意见稿）》（“《管理规则》”），其主要内容有：
(1) 明确经纪业务不正当竞争行为的内涵：期货公司或其业务人员在从事期货经纪业务过程中所实施的行为，若背离相关法律法规及《管理规则》的要求，破坏市场正常竞争秩序，对其他期货公司的合法利益造成损害，即构成不正当竞争。
(2) 规范期货经纪业务手续费管理：《管理规则》通过5个主要措施起到规范手续费管理的目的：一是建立健全管理制度；二是制定科学合理的收费标准；三是通过多种渠道按客户类型公示手续费最高标准，保障信息透明。四是与客户明确约定费率或金额，严格依约执行。五是强化回访机制，重点关注线上开户、交易频繁、手续费高或亏损较大的客户。
(3) 明确期货经纪业务活动的禁止性行为：（i）严禁以低于经纪业务服务成本的手续费收取标准进行恶性竞争；（ii）不得擅自变更与客户约定的手续费标准，或收取低于交易所公示标准的费用；（iii）禁止在宣传中片面强调收益、隐瞒风险，或宣传虚假信息及误导性信息；（iv）不得通过诋毁同业机构招揽客户；（v）禁止以其他任何违法违规方式谋取交易机会、竞争优势，或实施损害交易者权益、扰乱市场秩序的行为。
(4) 强化投诉举报和自律管理：任何发现期货公司或其从业人员违反《管理规则》的主体，均可向中国期货业务协会进行投诉或举报。中国期货业务协会将对涉事主体作出纪律处分或采取其他自律处置措施。
海问简评
《管理规则》通过明确行为边界、细化费用标准与强化自律监管，系统性地构建了期货经纪业务的公平竞争框架。其对手续费管理的精细化规范及禁止性行为的清晰界定，尤为凸显监管的精准性与前瞻性。
二、行业动态
1. 上海金融法院发布《证券虚假陈述责任纠纷法律风险防范报告》
2025年8月20日，上海金融法院发布《证券虚假陈述责任纠纷法律风险防范报告》（“《风险防范报告》”）。《风险防范报告》梳理了上海法院2018至2024年受理的证券虚假陈述责任纠纷案件，总结出当前此类案件的几大特点。
（i）首先，从案件主体来看，原告以自然人为主，被诉发行主体覆盖多层次资本市场板块；（ii）其次，在虚假陈述行为类型方面，其中财务信息类虚假陈述占比超过三分之一；（iii）第三，除发行主体外，投资者起诉控股股东、实际控制人、董监高、中介机构及其他帮助造假者的情况显著增加；（iv）第四，从诉讼请求来看，多数投资者的诉请集中于赔偿投资差额、佣金及印花税损失等；（v）第五，民事诉讼与行政处罚、刑事追责之间的衔接机制仍有待进一步完善。
2. 人民银行发布《人民币跨境支付系统业务规则（征求意见稿）》
2025年8月25日，金融监管总局颁布《关于部分规范性文件废止和宣布失效的通知》（“《通知》”），对44件规范性文件予以废止，宣布7件规范性文件失效。未来，国家金融监督管理总局将继续重视制度体系的整体协调性，并依循既定程序持续推进规范性文件的清理与更新工作。
信息来源：
http://www.csrc.gov.cn/csrc/c101954/c7579225/content.shtml
http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/5799318/index.html
https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1222151&itemId=915&generaltype=0
http://www.csrc.gov.cn/csrc/c101954/c7579254/content.shtml
https://www.cfachina.org//index/zygx/202508/t2025080582795.html
http://www.shjrfy.gov.cn/jrfy/gweb/xxview.jsp?pa=aaWQ9MTI1MDkPdcssz
https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1223133&itemId=861&generaltype=1
English version
英 文 版
Haiwen Finance and Asset Management Monthly (August 2025)
Introduction
To make the finance and asset management industry keep abreast of the latest industry developments, Haiwen prepares the “Haiwen Finance and Asset Management Monthly”. This monthly reading aims to introduce and provide brief comments on regulatory development and industry news.
In August 2025, regarding regulatory updates, the China Securities Regulatory Commission (“CSRC”) revised the Provisions on Categorisation-based Regulation of Securities Companies; the People’s Bank of China (“PBOC”), the National Financial Regulatory Administration (“NFRA”) and the CSRC issued the Measures for Customer Due Diligence and Management of Customer Identity Information and Transaction Record Retention by Financial Institutions (Draft for Comments); the NFRA issued the Administrative Measures for M&A Loans of Commercial Banks (Draft for Comments); the CSRC issued the Interim Provisions on the Administration of Internet Marketing by Futures Companies; the China Futures Association（“CFA”） issued the Management Rules for Improper Competitive Practices in Futures Company Brokerage Business (Draft for Comments).
Regarding industry developments, the Shanghai Financial Court issued Report on Legal Risk Prevention in Securities Misrepresentation Liability Disputes; the NFRA issued the Notice on the Repeal and Invalidation of Certain Normative Documents.
I Latest Rules and Regulations Latest
1. The CSRC revised the Provisions on Categorisation-based Regulation of Securities Companies
To optimize the categorized regulation of industry institutions, the CSRC has revised the Provisions on Categorisation-based Regulation of Securities Companies to the Provisions on the Categorisation-based Evaluation of Securities Companies (the “Provisions on the Categorisation-based Evaluation”). The amended provisions will take effect on August 22, 2025. The main elements of this revision are as follows.
(1) Strengthening the functions of securities companies: The current evaluation system has been adjusted into a multi-dimensional framework encompassing “risk management capabilities, ongoing compliance status, and business development with effectiveness in fulfilling their functions”.
(2) Promoting high-quality development of securities companies: By optimizing incentive indicators related to business development, companies are guided to enhance comprehensive operational quality and strengthen professional service capabilities in areas such as medium-to-long term capital introduction and wealth management.
(3) Implementing the principle of “targeting major and egregious violations” to enhance comprehensive discipline: The circumstances warranting a direct downgrade in the classification rating have been refined to maintain a firm stance against major serious cases. Pursuant to the principle of proportionality, point deductions for disciplinary actions involving qualification restrictions have been increased, the rules for deducting points based on administrative penalties have been improved, and a graded deduction system has been rationally established.
(4) Summarizing past practical experience in categorized regulation, clarifying specific treatment rules for special circumstances: For instance, point deductions may be mitigated for institutions that, although suspected of violations, voluntarily enter into administrative law enforcement commitments or provide advance compensation.
Haiwen Comment
The Provisions on the Categorisation-based Evaluation implement the guiding principles of the Central Financial Work Conference, further refine the industry's categorized regulatory mechanism, and promote to advancing the development of first-class investment banks and institutions.
2. The PBOC, the NFRA and the CSRC issued the Measures for Customer Due Diligence and Management of Customer Identity Information and Transaction Record Retention by Financial Institutions (Draft for Comments)
On January 1, 2025, the newly amended Anti-money Laundering Law (the “AMLL”) came into effect. To implement the provisions set forth under the AMLL, the PBOC, the NFRA, and the CSRC jointly issued the Measures for Customer Due Diligence and Management of Customer Identity Information and Transaction Record Retention by Financial Institutions (Draft for Comments) (the “Management Measures”) on Auust 4, 2025. Key provisions of the Management Measures include:
(1) Establishing General Requirements for Customer Due Diligence: The Management Measures explicitly stipulate that Customer Due Diligence shall be conducted on a risk-based approach. Financial institutions are mandated to ensure that their due diligence measures are commensurate with the assessed level of risk and must not employ methods that are significantly misaligned with a customer’s actual risk profile.
(2) Elaborating Specific Customer Due Diligence Requirements: Firstly, the Management Measures update the applicable scenarios and methodologies for Customer Due Diligence across various financial sectors, reflecting the current development and practical characteristics of the financial industry. Secondly, the Management Measures further clarify the obligation of financial institutions to conduct ongoing due diligence throughout the business relationship within the existing legal framework. Finally, incorporating international standards, the Management Measures systematically stipulate enhanced due diligence standards for specific scenarios, including those involving beneficial owners, countries (or regions) identified as high-risk or under enhanced monitoring, foreign politically exposed persons (PEPs) and senior management of international organizations, as well as correspondent banking and money transfer operations.
(3) Refine the scope of application of the Management Measures: The Management Measures ensures alignment with the provisions on specific preventive measures stipulated in the AMLL.
Haiwen Comment
The Management Measures effectively operationalize the AMLL and align with international anti-money laundering assessment standards, contributing to the systematic regulation of Customer Due Diligence by financial institutions and the retention management of customer identity information and transaction records.
3. The NFRA issued the Administrative Measures for M&A Loans of Commercial Banks (Draft for Comments)
On August 20, 2025, the NFRA has revised the Guidelines for Commercial Banks on the Management of Risks Relating to M&A Loans (the “Guidelines”), issuing the Administrative Measures for M&A Loans of Commercial Banks (Draft for Comments) (the “Administrative Measures for M&A Loans”). The key revisions of the Administrative Measures for M&A Loans includes:
(1) Expansion of the Scope of Application of M&A Loans: Beyond the control-acquisition transactions originally covered by the Guidelines, the Administrative Measures for M&A Loans permit commercial banks to provide M&A loans for minority-interest acquisition transactions, if specific conditions met.
(2) Establishment of Differentiated Business Qualification Requirements: For commercial banks engaged in providing M&A loans for both control-acquisition and minority-interest acquisitions, the Administrative Measures for M&A Loans have further established differentiated asset size thresholds, subject to the satisfaction of basic conditions such as a sound regulatory rating and compliance with key prudential regulatory indicators.
(3) Optimization of Loan Terms: To better align with the practical financing needs of enterprises, the Administrative Measures for M&A Loans appropriately have raised the cap on the proportion of an M&A transaction that can be financed by debt and extended the maximum repayment period.
(4) Emphasis on Debt Service Capacity Assessment: Commercial banks are required to treat the debt service capacity of the acquiring party as a core evaluation factor, based on a comprehensive consideration of the risks associated with the M&A transaction.
Haiwen Comment
The Administrative Measures for M&A Loans support the development of a modern industrial system and new quality productive forces, facilitating the standardized and sustainable growth of M&A loan business, thereby promoting the optimization and upgrading of the industrial structure.
4. The CSRC issued the Interim Provisions on the Administration of Internet Marketing by Futures Companies
On August 22, 2025, the CSRC issued the Interim Provisions on the Administration of Internet Marketing by Futures Companies (the “Interim Provisions on Internet Marketing”). The main contents are as follows:
(1) Defining the Scope of Marketing: The internet marketing activities defined in the Interim Provisions on Internet Marketing refer to the commercial promotion of futures brokerage services and trading advisory services provided by futures companies through internet platforms.
(2) Strengthening Content Review: Futures companies must uniformly review and manage marketing content to ensure compliance with relevant laws, regulations, and industry standards.
(3) Clarifying Marketing Systems and Responsible Departments: Futures companies shall establish and improve internal management mechanisms for internet marketing and incorporate them into the company’s overall compliance management framework.
(4) Strengthening the Management of Marketing Personnel and Accounts: Personnel engaged in internet marketing activities must be authorized by the futures companies as futures practitioners and incorporated into a unified management system.
(5) Enhancing the Management of Third-Party Institutions: Futures companies shall conduct pre-engagement assessments, select third-party institutions pursuant to laws and regulations, and enter into written agreements that clearly define the scope of cooperation and prohibited conduct. Additionally, the payment of fees for third-party services shall be standardized.
(6) Strengthening Investor Protection Measures: Futures companies must reinforce risk warnings and follow-up reviews, publicly disclose handling fee standards, and ensure that actual charges do not exceed these standards.
(7) Prohibition of Fraudulent or Misleading Conduct: Futures companies and their practitioners are prohibited from engaging in fraudulent promotions or disseminating misleading information during internet marketing activities. Specific behaviors constituting fraud or misleading of clients shall be clearly defined.
(8) Prohibition of Undermining Fair Competition: Futures companies and their practitioners shall not carry out any internet marketing activities that disrupt fair competition order.
(9) Strengthening Supervision and Administration: the CSRC and its local offices are authorized to supervise the internet marketing activities of futures companies through off-site and on-site inspections.
Haiwen Comment
The Interim Provisions on Internet Marketing systematically introduce a series of regulatory measures in light of the current illegal activities and potential risks associated with internet marketing by futures companies, aiming to further standardize the internet marketing practices of futures companies and promoting compliant and orderly operations.
4. The CFA issued the Management Rules for Improper Competitive Practices in Futures Company Brokerage Business (Draft for Comments)
On August 1, 2025, the CFA issued the Management Rules for Improper Competitive Practices in Futures Company Brokerage Business (Draft for Comments) (the “Management Rules”). The main contents include:
(1) Clarifying the Definition of Improper Competitive Practices in Brokerage Business: Improper competitive practices refer to acts committed by futures companies or their personnel during futures brokerage activities that violate relevant laws, regulations, and the requirements of the Management Rules, disrupt normal market competition order, and harm the lawful interests of other futures companies.
(2) Regulating the Management of Handling Fees in Futures Brokerage Business: The Management Rules introduce five key measures to standardize handling fee management: (i) establish and improve management systems; (ii) determine handling fee standards in a scientific and reasonable manner; (iii) publicize the maximum handling fee standards by client type through multiple channels to ensure transparency of information. (iv) clearly agree on fee rates or amounts with clients and strictly adhere to the agreements; (v) strengthen the follow-up mechanism, with a focus on clients who open accounts online, trade frequently, incur high handling fees, or experience significant losses.
(3) Specifying Prohibited Conduct in Futures Brokerage Business: (i) engaging in vicious competition by charging handling fees below the cost of brokerage services; (ii) unilaterally altering agreed handling fee standards with clients or charging fees below the publicly disclosed standards of exchanges; (iii) promotional activities that unduly emphasize benefits, conceal risks, or disseminate false or misleading information; (iv) soliciting clients by discrediting peer institutions; (v) any other illegal or non-compliant means to obtain trading opportunities or competitive advantages, or acts that harm traders’ rights and interests or disrupt market order.
(4) Strengthening Complaint Reporting and Self-Regulatory Management: Any entity that identifies violations of the Management Rules by futures companies or their practitioners may file a complaint or report with the CFA. The CFA may impose disciplinary sanctions or take other self-regulatory measures against involved parties based on its findings.
Haiwen Comment
The Management Rules establish a systematic framework for fair competition in futures brokerage by defining behavioral boundaries, detailing fee standards, and enhancing self-regulation. The precise regulation of handling fees and clear articulation of prohibited practices highlight the regulatory foresight and precision.
II Industry News
1. The Shanghai Financial Court issued the Report on Legal Risk Prevention in Securities Misrepresentation Liability Disputes
On August 20, 2025, the Shanghai Financial Court issued the Report on Legal Risk Prevention in Securities Misrepresentation Liability Disputes (the “Report on Legal Risk Prevention”). The Report on Legal Risk Prevention reviews securities misrepresentation liability cases in Shanghai courts between 2018 and 2024, summarizing several key points.
(i) Firstly, regarding the subject matters of the cases, the plaintiffs are predominantly natural persons, while the defendant issuers span multiple tiers of the capital market; (ii) Secondly, in terms of the types of misrepresentation conduct, misrepresentations in financial information account for more than one-third of the cases; (iii) Thirdly, beyond issuing entities, there has been a notable increase in claims brought against controlling shareholders, actual controllers, directors, supervisors, senior management, intermediaries, and other parties who aided in the fraudulent activities; (iv) Fourthly, with respect to the claims asserted, the majority of investors primarily seek compensation for losses such as investment differentials, brokerage commissions, and stamp duties; (v) Fifthly, the coordination mechanisms between civil litigation, administrative penalties, and criminal litigation still require further refinement.
2. The NFRA issued the Notice on the Repeal and Invalidation of Certain Normative Documents
On August 25, 2025, the NFRA promulgated the Notice on the Repeal and Invalidation of Certain Normative Documents (the “Notice”), which repealed 44 normative documents and declared 7 normative documents invalid. Moving forward, the NFRA will continue to emphasize the overall consistency of the regulatory system and carry out the cleaning and updating of normative documents in accordance with established procedures.
The source of Information
http://www.csrc.gov.cn/csrc/c101954/c7579225/content.shtml
http://www.pbc.gov.cn/tiaofasi/144941/144979/3941920/5799318/index.html
https://www.nfra.gov.cn/cn/view/pages/ItemDetail.html?docId=1222151&itemId=915&generaltype=0
http://www.csrc.gov.cn/csrc/c101954/c7579254/content.shtml
https://www.cfachina.org//index/zygx/202508/t2025080582795.html
http://www.shjrfy.gov.cn/jrfy/gweb/xxview.jsp?pa=aaWQ9MTI1MDkPdcssz
https://www.nfra.gov.cn/cn/view/pages/governmentDetail.html?docId=1223133&itemId=861&generaltype=1