Page 27 - 期货和衍生品行业监管动态（2025年10月）

期货和衍生品行业监管动态

极影响，同时指出需要完善投资公司的定义、计算方法及阈值监测机制，并强调

统一计算口径对确保框架适用一致性的重要意义。

此外，报告还涉及更广泛议题，包括自有资金要求的适当性、银行一揽子政

策的影响、投资公司集团的审慎并表监管，以及薪酬相关方面。报告还考量了《投

资公司条例》/《投资公司指令》框架与其他监管条例的相互影响，特别是《欧

盟加密资产市场条例》（Market in Crypto-Assets Regulation, MiCA）、《可转让证券

集合投资计划条例》（Market in Crypto-Assets Regulation, UCITS）及《另类投资

基金经理指令》（Alternative Investment Funds Managers (AIFM) Directives）。

下一步

欧盟银行业管理局与 ESMA 将向欧盟委员会提交该联合报告。

The EBA and ESMA Recommend Targeted Revisions to The Investment Firms’

Prudential Framework (2025/10/15)

The European Banking Authority (EBA) and the European Securities and

Markets Authority (ESMA) have issued their technical advice in response to the

European Commission’s Call for Advice (CfA) on the Investment Firms Regulation

(IFR) and Investment Firms Directive (IFD). They propose limiting significant

changes to the framework, which has proven to be fit-for-purpose, as confirmed by
stakeholder feedback during the joint consultation.

The recommendations aim to:

 enhance the proportionality and functioning of the prudential

framework;

 improve the framework's ability to contribute to a level playing field

among investment firms, and between investment firms and financial

institutions that perform similar activities.

The joint report highlights the areas where higher or lower alignment with the

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