{"id":37761,"date":"2018-04-24T15:36:30","date_gmt":"2018-04-24T15:36:30","guid":{"rendered":"https:\/\/leverate.com\/%e6%9c%aa%e5%88%86%e7%b1%bb\/%e9%80%82%e5%ba%94%e6%96%b0%e7%8e%af%e5%a2%83%ef%bc%9a%e7%bb%8f%e7%ba%aa%e4%ba%ba%e5%ba%94%e5%a6%82%e4%bd%95%e5%ba%94%e5%af%b9%e6%96%b0%e6%b3%95%e8%a7%84%ef%bc%9f\/"},"modified":"2025-11-16T13:46:34","modified_gmt":"2025-11-16T13:46:34","slug":"%e9%80%82%e5%ba%94%e6%96%b0%e7%8e%af%e5%a2%83%ef%bc%9a%e7%bb%8f%e7%ba%aa%e4%ba%ba%e5%ba%94%e5%a6%82%e4%bd%95%e5%ba%94%e5%af%b9%e6%96%b0%e6%b3%95%e8%a7%84%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/leverate.com\/zh-hans\/blog\/regulation\/%e9%80%82%e5%ba%94%e6%96%b0%e7%8e%af%e5%a2%83%ef%bc%9a%e7%bb%8f%e7%ba%aa%e4%ba%ba%e5%ba%94%e5%a6%82%e4%bd%95%e5%ba%94%e5%af%b9%e6%96%b0%e6%b3%95%e8%a7%84%ef%bc%9f\/","title":{"rendered":"\u9002\u5e94\u65b0\u73af\u5883\uff1a\u7ecf\u7eaa\u4eba\u5e94\u5982\u4f55\u5e94\u5bf9\u65b0\u6cd5\u89c4\uff1f"},"content":{"rendered":"<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"960\" height=\"600\" src=\"https:\/\/leverate.com\/wp-content\/uploads\/2023\/09\/blog-post-How-Should-Brokers-Respond-to-The-New-Regulations.webp\" alt=\"\" class=\"wp-image-21402\" srcset=\"https:\/\/leverate.com\/wp-content\/uploads\/2023\/09\/blog-post-How-Should-Brokers-Respond-to-The-New-Regulations.webp 960w, https:\/\/leverate.com\/wp-content\/uploads\/2023\/09\/blog-post-How-Should-Brokers-Respond-to-The-New-Regulations-480x300.webp 480w, https:\/\/leverate.com\/wp-content\/uploads\/2023\/09\/blog-post-How-Should-Brokers-Respond-to-The-New-Regulations-768x480.webp 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/><\/figure>\n\n<p>3 \u6708\uff0c\u6b27\u6d32\u8bc1\u5238\u548c\u5e02\u573a\u7ba1\u7406\u5c40 (ESMA) \u91c7\u53d6\u63aa\u65bd\u4fdd\u62a4\u6563\u6237\u6295\u8d44\u8005\u3002 \u8fd9\u4e9b\u65b0\u89c4\u5b9a\u65e8\u5728\u4e3a\u4ea4\u6613\u8005\u63d0\u4f9b\u4e00\u4e2a\u66f4\u5b89\u5168\u7684\u4ea4\u6613\u73af\u5883\u3002 \u6700\u5927\u7684\u53d8\u5316\u662f\u5bf9\u96f6\u552e\u4ea4\u6613\u8005\u9500\u552e\u5dee\u4ef7\u5408\u7ea6\u8bbe\u7f6e\u4e86\u65b0\u7684\u6760\u6746\u9650\u5236\u3002 \u6839\u636e\u65b0\u63aa\u65bd\uff0c\u5dee\u4ef7\u5408\u7ea6\u7684\u6760\u6746\u7387\u9650\u5236\u4e3a\uff1a\u4e3b\u8981\u8d27\u5e01\u5bf9 30:1\uff0c\u975e\u4e3b\u8981\u8d27\u5e01\u5bf9\u3001\u4e3b\u8981\u6307\u6570\u548c\u9ec4\u91d1 20:1\uff0c\u5176\u4ed6\u5546\u54c1 10:1\uff0c\u4e2a\u80a1 5:1\uff0c\u52a0\u5bc6\u8d27\u5e01 2:1\u3002 \u4e3a\u4e86\u5f3a\u8c03 ESMA \u7684\u89c2\u70b9\uff0c\u8c37\u6b4c\u5728\u4e09\u6708\u4efd\u53d1\u5e03\u4e86\u4e00\u7cfb\u5217\u5173\u4e8e\u5dee\u4ef7\u5408\u7ea6\u548c\u4e8c\u5143\u671f\u6743\u7684\u5e7f\u544a\u7981\u4ee4\u3002 \u73b0\u5728\uff0c\u53ea\u6709\u6301\u724c\u7ecf\u7eaa\u5546\u624d\u80fd\u5728\u7f51\u4e0a\u53d1\u5e03\u5dee\u4ef7\u5408\u7ea6\u548c\u5916\u6c47\u5e7f\u544a\u3002<\/p>\n\n<h4 class=\"wp-block-heading\"><strong>\u8fd9\u4e9b\u53d8\u5316\u5bf9\u884c\u4e1a\u6709\u76ca\u5417\uff1f<\/strong><\/h4>\n\n<p>ESMA \u76d1\u7ba1\u673a\u6784\u660e\u786e\u8868\u793a\uff0c\u6b64\u4e3e\u65e8\u5728\u4fdd\u62a4\u6295\u8d44\u8005\u3002 \u8be5\u673a\u6784\u4e3b\u5e2d Steven Maijoor \u5728\u4e00\u4efd\u58f0\u660e\u4e2d\u5982\u662f\u8bf4\uff1a\u201dESMA\u4eca\u5929\u5ba3\u5e03\u7684\u5546\u5b9a\u63aa\u65bd\u5c06\u786e\u4fdd\u4e3a\u6563\u6237\u6295\u8d44\u8005\u63d0\u4f9b\u5171\u540c\u7684\u6700\u4f4e\u6c34\u5e73\u4fdd\u62a4\uff0c\u4ece\u800c\u4fdd\u8bc1\u5728\u6574\u4e2a\u6b27\u76df\u8303\u56f4\u5185\u52a0\u5f3a\u5bf9\u6295\u8d44\u8005\u7684\u4fdd\u62a4\u201d\u3002 \u76d1\u7ba1\u673a\u6784\u5bf9\u4ea4\u6613\u5546\u7684\u5173\u6ce8\u662f\u53ef\u4ee5\u7406\u89e3\u7684\uff0c\u4f46\u7ecf\u7eaa\u5546\u9700\u8981\u505a\u51fa\u9002\u5f53\u7684\u56de\u5e94\uff0c\u4ee5\u5c3d\u91cf\u51cf\u5c11\u5bf9\u5176\u4e1a\u52a1\u548c\u751f\u8ba1\u9020\u6210\u7684\u4efb\u4f55\u4e0d\u5229\u5f71\u54cd\u3002 \u4e00\u4e9b\u4eba\u5bf9\u8fd9\u4e9b\u6539\u52a8\u8868\u793a\u5931\u671b\u3002 \u5bf9\u4e8e\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u4e3b\u8981\u7684\u632b\u6298\u662f\u5bf9\u5141\u8bb8\u7684\u6760\u6746\u7387\u7684\u4e25\u683c\u9650\u5236\u3002 \u4e00\u4e9b\u4eba\u8ba4\u4e3a\uff0c\u8fd9\u4e9b\u53d8\u5316\u662f\u4e0d\u5fc5\u8981\u7684\uff0cESMA \u548c\u5176\u4ed6\u76d1\u7ba1\u673a\u6784\u4e00\u6837\uff0c\u5236\u5b9a\u65b0\u6cd5\u89c4\u4e0d\u662f\u51fa\u4e8e\u5fc5\u8981\u6027\uff0c\u800c\u662f\u4e3a\u4e86\u8bc1\u660e\u81ea\u5df1\u7684\u5b58\u5728\u3002 \u4f46\u4e5f\u6709\u4eba\u8ba4\u4e3a\uff0c\u867d\u7136\u5c0f\u7ecf\u8425\u8005\u53ef\u80fd\u4f1a\u53d7\u5230\u51b2\u51fb\uff0c\u4f46\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u8fd9\u4e9b\u89c4\u5b9a\u5c06\u4f7f\u6240\u6709\u4eba\u53d7\u76ca\u3002 \u4ea4\u6613\u5546\u548c\u7ecf\u7eaa\u4eba\u4f3c\u4e4e\u90fd\u8ba4\u4e3a\uff0c\u957f\u671f\u7ed3\u679c\u5c06\u53d6\u51b3\u4e8e\u6b27\u76df\u6d88\u8d39\u8005\u7684\u53cd\u5e94\uff0c\u4ee5\u53ca\u8fd1\u671f\u7684\u4e8b\u6001\u53d1\u5c55\u3002<\/p>\n\n<h4 class=\"wp-block-heading\"><strong>\u5f53\u4e00\u6247\u95e8\u5173\u4e0a\u65f6\uff0c\u53e6\u4e00\u6247\u95e8\u4f1a\u6253\u5f00<\/strong><\/h4>\n\n<p>\u5c3d\u7ba1\u4e25\u683c\u7684\u6cd5\u89c4\u9884\u793a\u7740\u4e00\u4e9b\u4eba\u5373\u5c06\u8499\u53d7\u635f\u5931\uff0c\u4f46\u5b83\u4e5f\u53ef\u80fd\u5e26\u6765\u4e00\u4e9b\u5c1a\u672a\u5f00\u53d1\u7684\u673a\u4f1a\u3002 \u900f\u660e\u5ea6\u548c\u4fdd\u62a4\u6027\u51c6\u5219\u53ef\u80fd\u4f1a\u9f13\u52b1\u8c28\u614e\u7684\u4ea4\u6613\u8005\u52a0\u5165\u4ea4\u6613\u884c\u5217\u3002 \u8fd9\u5c06\u4f7f\u4ed6\u4eec\u611f\u89c9\u5230\u81ea\u5df1\u5f97\u5230\u4e86\u5145\u5206\u7684\u4fdd\u62a4\uff0c\u800c\u6709\u4e9b\u4eba\u8ba4\u4e3a\u8fd9\u79cd\u4fdd\u62a4\u4e00\u76f4\u7f3a\u5931\u5230\u73b0\u5728\u3002 \u8fd9\u4e9b\u6cd5\u89c4\u8fd8\u53ef\u4ee5\u5c06\u90a3\u4e9b\u6b3a\u9a97\u5ba2\u6237\u3001\u7834\u574f\u884c\u4e1a\u7684 \u201d\u8bc8\u9a97\u7ecf\u7eaa\u4eba \u201d\u8e22\u51fa\u5c40\u3002 \u4e0d\u9053\u5fb7\u7684\u73a9\u5bb6\u5f88\u5feb\u5c31\u4f1a\u5728\u6e38\u620f\u4e2d\u65e0\u7acb\u8db3\u4e4b\u5730\u3002 \u4e0d\u5229\u7684\u4e00\u9762\u662f\uff0c\u4e0d\u53d7\u8fd9\u4e9b\u53d8\u5316\u76d1\u7ba1\u7684\u79bb\u5cb8\u4ea4\u6613\u5546\u4ecd\u7136\u53ef\u4ee5\u7528\u5956\u91d1\u548c\u9ad8\u8fbe 1:100 \u7684\u6760\u6746\u5438\u5f15\u6295\u8d44\u8005\u3002<\/p>\n\n<h4 class=\"wp-block-heading\"><strong>\u9002\u5e94\u65b0\u89c4\u5219<\/strong><\/h4>\n\n<p>\u8c37\u6b4c\u653f\u7b56\u7684\u53d8\u5316\u4fc3\u4f7f\u7ecf\u7eaa\u4eba\u5728\u8425\u9500\u65b9\u9762\u66f4\u5177\u521b\u9020\u6027\u3002 \u8c37\u6b4c\u5e76\u672a\u5168\u9762\u7981\u6b62\u5dee\u4ef7\u5408\u7ea6\u548c\u5916\u6c47\u5e7f\u544a\uff0c\u4f46\u60a8\u5fc5\u987b\u9075\u5b88\u76f8\u5173\u8981\u6c42\u3002 \u9075\u5b88\u89c4\u5219\uff0c\u8fdc\u79bb\u7f5a\u6b3e\u6216\u8d26\u6237\u5c01\u7981\u3002 \u5e7f\u544a\u9650\u5236\u5c06\u9650\u5236\u60a8\u7684\u8425\u9500\u8303\u56f4\uff0c\u56e0\u6b64\u8bf7\u5145\u5206\u5229\u7528\u5176\u4ed6\u7b56\u7565\u3002 \u901a\u8fc7\u5185\u5411\u8425\u9500\u3001\u516c\u5173\u548c\u539f\u751f\u5e7f\u544a\u5438\u5f15\u65b0\u5ba2\u6237\u3002 \u5de7\u5999\u7684\u54c1\u724c\u5b9a\u4f4d\u5bf9\u4e8e\u7ecf\u7eaa\u4eba\u5728 2018 \u5e74\u53ca\u4ee5\u540e\u53d6\u5f97\u6210\u529f\u81f3\u5173\u91cd\u8981\u3002 ESMA \u7684\u6307\u5bfc\u539f\u5219\u4e4b\u4e00\u5c31\u662f\u900f\u660e\u5ea6\u3002 \u4ec5\u6709\u660e\u663e\u7684\u98ce\u9669\u8b66\u544a\u662f\u4e0d\u591f\u7684\u3002 \u65b0\u89c4\u5219\u89c4\u5b9a\uff0c\u60a8\u5fc5\u987b\u62ab\u9732\u5ba2\u6237\u6bcf\u6b21\u4ea4\u6613\u7684\u5b9e\u9645\u4e8f\u635f\u6bd4\u4f8b\u3002<\/p>\n\n<p>\u7ecf\u7eaa\u4eba\u9700\u8981\u9002\u5e94\u53d8\u5316\uff0c\u624d\u80fd\u4fdd\u6301\u76f8\u5173\u6027\u3002 \u91cd\u65b0\u8bc4\u4f30\u4f60\u7684\u7b56\u7565\uff0c\u6539\u53d8\u53ef\u4fee\u6539\u7684\u90e8\u5206\uff0c\u8fd9\u6837\u4f60\u5c31\u80fd\u7ee7\u7eed\u76c8\u5229\u3002 \u5e02\u573a\u4ee5\u53ca\u76f8\u5173\u6cd5\u89c4\u4e00\u76f4\u5728\u6f14\u53d8\uff0c\u5e76\u5c06\u7ee7\u7eed\u6f14\u53d8\u3002 \u8c01\u613f\u610f\u9002\u5e94\uff0c\u8c01\u5c31\u80fd\u8301\u58ee\u6210\u957f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u65b0\u7684 ESMA \u6cd5\u89c4\u53ef\u80fd\u4f1a\u6539\u53d8\u6211\u4eec\u6240\u719f\u77e5\u7684\u884c\u4e1a\uff0c\u4f46\u7ecf\u7eaa\u4eba\u5e94\u8be5\u5982\u4f55\u5e94\u5bf9\uff1f \u9605\u8bfb\u8fd9\u4e9b\u6709\u7528\u7684\u6307\u5357\uff0c\u8ddf\u4e0a\u8d38\u6613\u53d8\u5316\u7684\u6b65\u4f10\u3002<\/p>\n","protected":false},"author":2,"featured_media":37763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1092],"tags":[1156,1110,1097,1159,1160,1107,1109],"class_list":["post-37761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation","tag-cysec-","tag-1110","tag--zh-hans","tag-1159","tag--esma","tag-1107","tag-1109"],"acf":[],"_links":{"self":[{"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/posts\/37761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=37761"}],"version-history":[{"count":0,"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/posts\/37761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/media\/37763"}],"wp:attachment":[{"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=37761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=37761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/leverate.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=37761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}