Page 28 - 期货和衍生品行业监管动态（2025年10月）
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期货和衍生品行业监管动态
banking framework would be beneficial. It also identifies the need to improve
definitions, calculation methodologies, and thresholds monitoring for investment
firms, while emphasising the importance of harmonising the scope of calculation to
ensure consistent application of the framework.
In addition, the report addresses a wider range of topics, including the adequacy
of own funds requirements, the implications of the Banking Package, the prudential
consolidation of investment firm groups, and aspects related to remuneration. It also
considers the interactions between the IFR/IFD framework and other regulations,
namely the Market in Crypto-Assets Regulation (MiCA), the Undertakings for
Collective Investment in Transferable Securities (UCITS), and the Alternative
Investment Funds Managers (AIFM) Directives.
Next steps
The EBA and ESMA will submit the joint report to the European Commission.
https://www.esma.europa.eu/press-news/esma-news/eba-and-esma-recommend-target
ed-revisions-investment-firms-prudential
7. 欧盟证券与市场管理局发布第二份处罚报告（2025 年 10 月 16 日）
欧盟证券与市场管理局（ESMA，欧盟证券市场的监管者）发布了第二份关
于 2024 年成员国实施行政处罚与措施的报告。
2024 年，各成员国在 ESMA 职责范围内的金融领域共实施 970 多项行政处
罚与措施。与 2023 年相比，行政处罚与措施的数量保持稳定。
行政罚款总额较 2023 年有所增加，超过 1 亿欧元。与去年类似，根据《市
场滥用条例》（Market Abuse Regulation, MAR）和《金融工具市场指令》（MiFID）
作出的行政罚款金额最高。
今年的报告分析了更细化的行政处罚与措施类型数据（包括和解程序）。数
14
