证监会国际组织关于证券公司最低资本标准的两个最新报告，对证券公 司的监管资本框架作了重大发展。新的监管资本框架引入了金融机构广泛使用的计量金融 资产市场风险的ＶａＲ法，同意各国监管当局以ＶａＲ模型的结果作为计算监管资本要求的起 点，并就由此而可能产生的问题作出了具体指引。 Two recent CSRC reports on the minimum capital standards of securities companies have seen significant developments in the regulatory capital framework of securities companies. The new regulatory capital framework introduces the VaR method widely used by financial institutions to measure the market risk of financial assets and agrees that the regulatory authorities of all countries take the results of the VaR model as a starting point for calculating regulatory capital requirements and make concrete the issues that may arise therefrom Guidelines.