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  来源:期货日报

  4月24日,《市场准入负面清单(2025年版)》对外发布,其中一处看似细微的调整,实为破解期货监管痛点的关键!

  笔者发现,《市场准入负面清单(2025年版)》明确,“非金融机构不得违法使用‘期货公司’字样”。这则规定直击长期隐匿于期货市场的“李鬼”乱象,标志着相关部门从准入端扎紧“篱笆”,精准监管,合力监管,强化风险防控的决心。

  长期以来,虽然监管层对期货行业一直坚持治标与治本同步推进,但冒牌期货机构的现象依旧层出不穷。去年期货日报发布的《碰瓷!正规期货公司不堪其扰,投资者需擦亮眼!》一文,对多家期货公司反映有不法机构频繁“碰瓷”正规期货公司,利用工商登记与业务许可分离的漏洞,在名称中嵌入“期货”等敏感字样,从而误导投资者的现象进行了报道。

  一些机构利用上述漏洞未经期货监督管理部门许可即开展相关期货业务,显然是违规了。根据期货和衍生品法第六十三条之规定,非持牌机构使用“期货”名称或变相经营期货业务均属违法。《市场准入负面清单(2025年版)》如今再作出进一步规范,不仅体现了相关部门注重现有问题,即查即改,更体现了其着力建立以准入管控、资质审查、动态监测为核心的防控体系,切实筑牢行业治理根基的决心。

  在笔者看来,《市场准入负面清单(2025年版)》中的举措透露出监管层的三个发力点:一是准入端堵漏,严控名称登记,从源头遏制“李鬼”滋生;二是执法端震慑;三是协同联动,构建跨部门信息共享与联合惩戒机制。

  “这是监管履职的法定要求,是深化‘放管服’改革的题中之义。”有监管部门人士坦言,过去简政放权中对期货行业审批准入门槛的调整存在阶段性矫枉过正的现象,“部分市场主体利用政策空窗期,突破‘先证后照’原则抢跑注册,实质上架空了期货和衍生品法确立的准入规制框架”。

  《市场准入负面清单(2025年版)》的发布,既去除了阻碍市场活力的冗余管制,又堵上了重点领域的安全漏洞。其通过强化重点领域风险防控、精准规范市场主体行为,为构建新发展格局提供了法治保障。尤其是针对期货市场新增的“非金融机构不得违法使用‘期货公司’字样”规定,既是对市场乱象的精准打击,展现了国家维护市场秩序、保护投资者权益的坚定决心,又是对期货和衍生品法的深化落实,是对市场治理现代化的一次重要探索。

  同时,《市场准入负面清单(2025年版)》中对于期货领域的这一规范性举措,从源头上切断了“李鬼”的生存空间。众所周知,国内的期货公司并非简单的交易通道提供者,而是整个期货市场的核心组成部分,其职能贯穿交易的前、中、后全流程,是行业健康发展的“生命线”。作为连接市场与监管、服务实体与投资者的核心枢纽,期货公司的行业价值在此次政策调整中得到进一步彰显。

  当“期货公司”四个字成为专业、合规、责任的代名词,当行业生态完成从“规模扩张”到“质量优先”转型,中国期货市场必将以更成熟的姿态,在服务实体经济、防范金融风险、参与国际竞争的道路上行稳致远。对期货公司而言,这既是历史赋予的机遇,更是时代交付的使命——唯有以专业能力筑牢信任基石,方能真正成为国民经济的“护航者”。

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