Page 27 - 期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)（2025年10月）
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期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)
極影響，同時(shí)指出需要完善投資公司的定義、計(jì)算方法及閾值監(jiān)測(cè)機(jī)制，并強(qiáng)調(diào)
統(tǒng)一計(jì)算口徑對(duì)確保框架適用一致性的重要意義。
此外，報(bào)告還涉及更廣泛議題，包括自有資金要求的適當(dāng)性、銀行一攬子政
策的影響、投資公司集團(tuán)的審慎并表監(jiān)管，以及薪酬相關(guān)方面。報(bào)告還考量了《投
資公司條例》/《投資公司指令》框架與其他監(jiān)管條例的相互影響，特別是《歐
盟加密資產(chǎn)市場(chǎng)條例》（Market in Crypto-Assets Regulation, MiCA）、《可轉(zhuǎn)讓證券
集合投資計(jì)劃條例》（Market in Crypto-Assets Regulation, UCITS）及《另類投資
基金經(jīng)理指令》（Alternative Investment Funds Managers (AIFM) Directives）。
下一步
歐盟銀行業(yè)管理局與 ESMA 將向歐盟委員會(huì)提交該聯(lián)合報(bào)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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